December 10, 2024 • 40 mins
Today, we delve deep into the world of hospitality technology, this episode features an engaging dialogue between Skip Kimpel and Michael Cohen, the Managing Partner of Growth Advisors International Network (GAIN). The discussion begins with a reflection on the challenges faced by the hospitality sector in the wake of the pandemic, particularly regarding staffing shortages and a lack of technological adaptation. Cohen stresses the urgency for businesses to embrace innovation, arguing that those who fail to do so may risk becoming obsolete in a fast-paced market. He articulates GAIN's commitment to providing specialized advisory services that not only address immediate technological needs but also foster a culture of ongoing improvement within organizations.
Cohen's extensive background in technology and marketing shines through as he navigates the conversation towards the importance of strategic planning and execution. He shares insights on how GAIN differentiates itself by blending advisory roles with practical execution strategies, ensuring that clients receive not only theoretical guidance but also actionable steps to realize their visions. The episode touches on the critical role of emerging technologies such as artificial intelligence and automation, which are reshaping customer interactions and operational efficiencies in hotels and restaurants. Cohen's perspective challenges the common narrative that the hospitality industry is lagging, suggesting instead that risk-averse leadership across various sectors contributes to a broader hesitance to innovate.
The culmination of the episode features an exciting announcement regarding GAIN's new partnership with MEWS, a prominent player in the hospitality technology space. This partnership aims to enhance GAIN's service offerings by providing comprehensive technology stack reviews, designed to help clients streamline their operations and improve their competitive edge. Cohen expresses enthusiasm for the collaboration, emphasizing how it reflects GAIN's strategic growth plan and commitment to delivering value to clients. This episode serves as a rich resource for hospitality professionals seeking to understand the importance of innovation and strategic partnerships in driving business success.
Takeaways:
- Michael Cohen emphasizes the importance of innovation in driving growth within the hospitality industry.
- GAIN Advisors differentiates itself from traditional consulting firms by providing actionable advisory services.
- The hospitality sector faces unique challenges in adopting emerging technologies, necessitating knowledgeable guidance.
- Collaboration and strategic partnerships are essential for businesses to navigate the post-pandemic landscape effectively.
- Successful hotel technology stacks must be flexible, scalable, and integrated into a cohesive ecosystem.
- Understanding the MICE industry is crucial, as it encompasses various sectors within hospitality.
Links Referenced in This Episode:
How To Contact Me
Website(s):
- https://SkipKimpel.com (all archived shows and show notes will be posted here)
- https://magicgate.com
Instagram:
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
You are listening to the TechChef Podcast.
This is episode number 81December 10, 2024.
This show is powered by GrowthAdvisors International Network, where
travel and hospitalitycompanies come to grow.
For more information pleasevisit gainadvisors.com this is Michael
Cohen, Managing Partner ofGrowth Advisors International Network
(00:23):
GAIN and you're listening toSkip on the Tech Chef Podcast.
Off Premise Strategy Business Continuity.
How about a taste test ofrestaurant technology?
Drive through or curbsidemobile apps or AI?
It's all on the menu, cookingup for the date.
(00:46):
It's a recipe for success.
You're in good hands with aTech Chef.
Pick a plan to be your best.
Strategy shines with the TechChef welcome back to another episode
of the Tech Chef, yourultimate resource for insights and
(01:07):
strategies to thrive in thedynamic world of hospitality and
food service technology.
I'm Skip Kimple, your host andyour guide, here to serve up a weekly
helping of fresh ideas andinnovative solutions to elevate your
business.
Whether you're a seasonedprofessional or just starting out,
our lineup of expert adviceand practical tips has something
(01:30):
for everyone.
With a passion for blendingtechnology and hospitality, we're
dedicated to keeping you aheadof the curve by spotlighting the
latest trends andbreakthroughs in the industry.
Prepare to dive into a wealthof knowledge designed to inspire
and empower.
Don't miss a single episodeand hit that subscribe button and
(01:51):
join us weekly as we deliverthe tools and strategies you need
to stay competitive and excel Today.
I am thrilled to have MichaelCohen Managing Partner at Growth
Advisors International Network.
Those that follow me on aregular basis have heard me throw
this name around quite a bitlately regarding how GAIN can be
(02:13):
your technology partner on theF and B side.
Today you will hear more abouthow GAIN got started, some of their
core offerings, and some greatinsight around how they have created
an incredible talent pool ofwell known industry experts to help
you with your next hospitalitytechnology project.
With over 25 years ofexperience in the commercialization
(02:37):
of travel, hospitality, mice,AI and spatial computing technologies,
Michael Cohen is a C levelgrowth leader, Strategic Advisor,
Board member, keynote speakerand go to market enabler and of course
an all around nice guy.
(02:59):
Joining the show today, I amvery honored and privileged to have
Michael Cohen Managing Partnerof Growth Advisors International
Network, otherwise known as gain.
Michael, thank you so much forjoining the show today.
It's a real pleasure Skip.
I'm an avid listener, so niceto be participating as well.
Nice.
Well, I'm glad to hear I gotsome listeners out there.
(03:21):
That's a good sign.
And you continue to Come back.
That's a good thing too.
Well, I've been talking aboutGAIN for quite at least a couple
months now.
Some pretty big announcementscame from my side to my network and
I've been talking about how itrelates to the people I know within
the restaurant side of the industry.
(03:41):
But as I'm having theseconversations, there's a lack of
knowledge certainly from mysector in regards to what GAIN is,
what it's all about.
So I thought this would be agreat opportunity to bring you on
the show and talk all aboutthe great things that GAIN does.
But let's talk about you first.
Most importantly, tell us alittle bit about your background
and really, you know, thejourney that got you to, brought
(04:04):
you to GAIN and starting gain.
Well, I won't go back to thesmall shack in Alabama where, you
know, it all started.
No.
I have always been intechnology and innovation space but
in multiple different scenarios.
Originally in some of my firstjobs in the business world and corporate
world were in the advertisingand marketing side of things, pure
(04:26):
play advertising.
And I started working in mylate 20s with a lot of technology
clients, Dell, Apple, as anaccount executive for some of the
largest advertising agenciesin the world.
And I really enjoyed theinteraction with my tech client base.
(04:50):
And over a period of time Igravitated and was frankly offered
opportunities in, in the techside of, of the marketing and advertising
space on the, on the client side.
And once you get into thatmilieu in that space then you're,
you know, you're interactingwith commercial, you're interacting
with innovation, you'reinteracting with engineering.
(05:12):
And I just got really embeddedin the whole cycle of vision, ideation,
take a breath, mvp,confirmation, feedback, execution
and scale.
And that has been the kind offramework of my entire career in
(05:34):
different instances anddifferent scenarios on the client
side, on the sales side, onthe vendor side, on the entity side,
but always with that kind offlow about frankly working with great
people.
Obviously early in my career,great mentors and then in, you know,
(05:55):
mid and later in my careeractively leading the whole concept
of taking vision to realityand predominantly reality is commercial
growth, success, execution.
I think part of the lack ofknowledge about GAIN is my customers
or my, my audience tenants tobe more of a restaurant based audience
(06:20):
and you come from the hotelside of it.
Some of the announcements thatcame out in regards to our cooperation
and our participation togetherand joining your organization to
help develop this new piece ofGAIN is pretty exciting.
We'll talk about that a littlebit later.
But let's talk about, youknow, as the managing partner.
What are some of yourresponsibilities and how do you ensure
GAIN delivers that reallymeasurable value to its clients?
(06:44):
Sure, I mean, it's importantquestion, so.
But it also relates and.
Well, I know we'll talk aboutit a little bit later, but it relates
to why GAIN even exists.
I built GAIN for people like us.
Now.
What does that mean?
It means that, you know, itwas very clear in the stage of my
career and many other peoplethat I trust and respect and have
(07:06):
relationships in all areas oftravel, hospitality, on the restaurant
and the hotel side, and eventhe mice industry, you know, that,
that this, this ongoing focuson growth, ongoing focus on innovation,
ongoing focus on patron,passenger, guest, front of the house
(07:28):
operations, back of the house.
There's a lot ofconsistencies, a lot of similar themes
in this kind of troika ofrelated adjacent industries of restaurant,
hotel and mice.
It was evident post thepandemic that there was a real gap
in capacity and staffing andeveryone was talking, and it still
(07:50):
is talking about at theproperty level or the restaurant
level, you know, the actual,the service level, the engineering
level of on premise, let's say.
Right.
But what was equally evidentis that there was a brain drain and
there was a challenge in the Csuite for all sides of the equation
(08:12):
for technology vendors andrestaurant hospitality, hotel hospitality
and mice, for the brandentities in those adjacent industries
as well.
And even in the what, what Ilike to politely call the money in
the venture capital and, andangel syndicate and family office
world, there was just a lot ofgaps because of post pandemic.
(08:35):
People left the industry,people retired early, etc.
So people talked about theblood on the walls in regards to,
you know, again, the staff atthe customer, patron, passenger,
guest level.
We identified certain partnerslike David Mali and others who were
in the original ideation forgain, that there was a real need
(08:59):
and frankly an opportun andpain in the industry that gain could
be the medicine for.
And that's a metaphor, verysimplistic that we've used, I've
used in my career multiple times.
Any opportunity that's worthworking on usually has two components.
One is that there's a pain ora challenge or a gap.
(09:21):
And the other side is thatthere's medicine, a solution or you
know, an opportunity.
And that's exactly why GAINwas created.
And also, by the way, I, Ipersonally was fortunate.
About 17 years ago, almost 20years ago now, I created another
gain, a previous gain, it wasaround 2000 to 2022 and it was pure
(09:47):
play, innovation, technology.
It wasn't vertically oriented.
And we, and I really saw whatmy calling was perhaps and what I
loved to do, which wasdomestic and international commercialization
and frankly, being atechnology diplomat, taking innovation,
(10:09):
technology from one part ofthe world to the other, from one
vertical industry to theother, putting, you know, organizing
the go to market, organizingthe funding, organizing the product
development, the marketingscenarios to take great tech innovation
that's either in its nascent,you know, startup stage or it's established
(10:29):
in a particular region,particular country, particular vertical
and bring it to where it's not.
That's a really important.
I, we found, I found a reallyvaluable and important skill set
and toolkit that when you candeliver that to regional leaders
or governmental organizationsthat are have incubators or venture
(10:52):
capitalists that are looking,you know, to provide direction and
impact for their portfoliocompanies to go where they're not,
logically go where they'renot, then folks like us are a big
part of that success.
So I guess the.
And.
Yep, go ahead.
No, I was, I was gonna say itbrings up the question about, you
know, how does GAINdifferentiate itself from the advisory
(11:12):
landscape?
Sure.
Well, first of all, and I saythis with love and respect and some
people, you know, may laugh atthe other end of this podcast, consultants
are amazing.
But we are not consultants.
We are advisors.
And there's a difference.
All are respected, all havetremendous value.
But there is a differentiatorbetween consultants and advisors,
(11:35):
which is specifically why weare GAIN advisors, why it's growth
advisors, internationalnetwork, GAIN, etc.
Advisors are, in my opinion, avery tight hybrid between obviously
the skill sets thatconsultants can bring, which is,
you know, the heavy lifting onthe work, on the theory, on the research,
(11:56):
on the planning, et cetera.
And then the other side, wemarry with the actual advisory scenario
on how to get it done and getit executed and be through and run
through the base.
How do we efficiently appendourselves to organizations or come
on advisory boards withorganizations or provide fractional
(12:18):
C suite leadership with theorgan startup scale up or enterprise
to move the ideation andperhaps the planning and the research
that the consultants primarilyexclusively deliver and combine that
with actualization deliveryand true scalability.
(12:40):
So that is to, in myinterpretation, what is different
between GAIN than atraditional consulting firm?
Now we're about to talk aboutthe key offerings of gain.
Sure.
Which, first of all, I wantyou to define mice.
I'm not going to assume thatthis audience knows what MICE is.
And I live in Florida, so it'sthe land of the mouse.
(13:01):
But I'm Assuming we're nottalking about the same thing here.
So it's interesting there, youknow, people in the mice industry
potentially listen to this,are going here we go again.
Because it, because it ismulti, multi billion dollar industry.
What it is, is meetings,incentives, conventions and events.
Hell, hello folks.
(13:22):
Restaurant, hotel meetings andconventions, it's all hospitality.
It's all about facilitation ofdialogue and communications and interactions
and engagements.
Could be between again guestand a brand or it's between, you
know, IBM is looking to wherethey're going to create their entire
(13:45):
meeting and conventionprograms around the world.
Which convention centers,which convention hotels, which F
and B convention hotels thatthey can support them, you know,
which excursions.
So the travel component of it,corporate travel, it's all mice is
the kind of like the epitomeand the amalgamation of corporate
(14:08):
travel, hotel industry,restaurant industry and convention
meetings and conventions and incentives.
So the mice industry isprobably the most multifaceted part
of the, the troika, the threeareas but it's sometimes the least
known unless you're inside it.
Why would a client come to gain?
What are some of the areasthat gain can really help them accelerate
(14:31):
in.
Again, what's really importantit is almost entirely about amplification.
Okay, that's interesting.
That's an odd response.
Perhaps skip them what youwere expecting?
Yes.
So amplification of theirproduct development, application
of their go to market strategyand commercialization.
(14:54):
Amplification of their pureplay brand equity marketing.
Amplification of their just intime advisory when they need to a
reach out to a specific groupof serious and experienced executives
sort of on call.
That also is important part of amplification.
(15:16):
The reality of filling thegaps in senior and C suite scenarios
with fractional leadership.
So people who have certainskill sets, who have run companies,
been founders of companies,who have been senior vice presidents
of companies, all sizes.
We have a bench, we have an,we have a very well curated bench
(15:42):
of senior experienced folks,you know, women and men from the
industries that we've talkedabout and now you skip coming in
and we've proactively workedwith you on you know, our strategy
and our growth now within therestaurant sub vertical.
So as you are the globaldirector of restaurant technology
(16:02):
and innovation for game andyou know, so is that helpful?
Does that give a better ideaof kind of like at a high level,
you know, where we fit, who weare, what is the value we bring?
This is a turnkey executive oncall advisor availability, project
(16:24):
work, you know, six monthagreement, 12 month agreement, perpetual
agreements.
I mean it really is focusedbut there is a level of flexibility
to enable or startups scaleups and enterprise in the restaurant,
hotel and mice industry thatare involved in innovation either
on the brand side or on thevendor side to be able to amplify
(16:46):
and grow their business in themost efficient way.
So part of the GAINterminology and the name is international.
We have advisors all over the world.
How many, how many countriesdo we cover?
For goodness sakes?
It's a lot.
I'm from a country perspectiveI think it's like 14, but from a
(17:09):
continent perspective it's 5.
And what's really important aswell is, and we, we all know this,
anyone listening knows this aswell is you know, business is about
people.
It's not about technology,it's not about finance, it's not
about marketing, it's notabout you know, hr, of course it's
about all those things butreally it's about people.
(17:31):
Either the customers or theorganization, you know, or the funders
or government or theintelligentsia like you know, universities
and thought think tanks etc.
So business is about peopleand you know, using a cliche that
was one of the first thingsthat I was ever taught in my training
(17:54):
at foot.
Conan Belding Advertising oneof the old school global advertising
agencies in the world.
In the old days I was given abook by Mr.
Belding A Foot Kona BuildingFCB and the book was, and people
have heard about this, youknow, the inventory goes down in
the elevator at night.
(18:14):
That's the first significantbusiness book that I read outside
of university was theinventory goes down in the elevator
at night.
And it all focuses on thereality is you can have an amazing
product, you can haveincredible financing, you could have
a wonderful marketopportunity, you could have regional
and global, you know,confirmed interest.
(18:39):
But if you don't have theright people in the right places
at the right time with theright skill set and in the right
mindset, you're going to fail.
What I love about the factthat we have these advisors all over
the world is, you know, I'mseeing it from the F and B side of
it where restaurants areexpanding globally.
(19:02):
How has globalization impactedthe strategies businesses must adopt
for sustainable growth?
From what you've seen?
Well, a couple of things isthat it's, it's, it's only in intensified
in the last 10 years but it'salways been, you know, a logical
strategy of any organization.
If it was a startup, you know,they knew the only way to go global
(19:23):
was they probably would haveto be acquired or a Very rare, small
percentage would, you know,leg it out and get to a point where
they could be a global player.
But you know, on enterpriselevel, obviously that's the whole
raison d'etre.
And that.
And for our American listenersthat means reason for being.
Just so you know, the raisond'etre of these corporate entities
(19:45):
is obviously to grow and scalefrom their home or core market and
their shareholders and theirboard of directors immediately ask
the leadership, where are wegoing, how are we scaling, how do
we amplify, how do we multiplyour business?
And the way to do that manytimes is either you go into multiple
(20:06):
verticals and or you go intomultiple regions.
The challenge and why wedeliver something quite special is
many, many, many experienceswith many organizations, small, medium
and large.
People blow their brains outcreating beachheads in other regions,
(20:30):
travel.
The higher expensive talent,they assume that they're going to
have this kind of turnkeyexpansion, that everything that worked
in North America is going towork in Japan or everything that
worked in Korea is going towork in, you know, Central Europe.
And that's absolutely not the case.
It's very, very rare.
And it's, and there's a ton ofmassive investment from a corporate
(20:52):
perspective.
It's a, if it's a corporateplayer or from a VC who's funding
a scale up, you got to throwso much money at that kind of international
growth to provide the coveragefor all their true challenges of
doing it in these kind of like strategic.
But they're sort of, let's seehow it goes.
(21:13):
No one says that publicly, butthat's really what's happening.
We believe that our successmethodology that in our region is
going to be applicable inanother region.
All we got to do is find threegreat, you know, people to hire for
300 grand each and throw500,000 in other ancillary services,
marketing, trade shows andwe're good to go.
(21:35):
And in my personal experienceand many people who may be listening
and also definitely in ournetworks is not the case.
Having on the groundexperienced, available senior advisory
talent to, to strategically validate.
(21:56):
It's almost like an MVP foryour growth versus MVP for a product,
you know, so it's like minimumviable, it's mvg, minimal viable
growth.
Right.
It's how do we get into theAsian market without, you know, losing
our shirt?
How do we do it in a way thatwe can test, we can escalate appropriately,
(22:19):
we can mitigate some risk andmaximize opportunity.
That's what gain is all about.
And Michael, we're Going tocontinue that thought and strategy
and innovation right afterthis short break.
People stay listening becausewe have some great information and
some pretty big announcementscoming up at the end of the show.
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(22:41):
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(23:08):
And we are back.
Michael, in today's rapidlyevolving market, what role does innovation
play in driving growth and howcan you see businesses effectively
foster an innovative culture?
Important question.
Because it's not onlyinnovation, it's the fact that the
world, your client base, youknow, ideas and knowledge are constantly
(23:34):
in a fast forward mode.
So either you innovate.
I don't like using the clicheinnovate or die.
That's too extreme.
You either innovate or youbecome stale.
That's the challenge.
So innovation is a realitythat every organization in some way,
shape or form, I don't care ifthey sell, you know, they have a
(23:57):
quarry that sells sand to acement company or they're, you know,
working on the next rocketthat's going to be efficiently reusable
rocket to, to fly to the moon.
Progress, science, newbusiness models, demographic changes,
just knowledge in general andalso awareness of what can be consumer
(24:21):
level, business level,governmental level.
It's all happening anyways, folks.
So you as an innovator, youcan be a catalyst, you can even perceive
yourself as a catalyst.
You're actually a reality,you're a realityist.
It's not a futurist, you're a realityist.
It's happening anyways withyou or without you.
So innovation is like a corecomponent of every organization,
(24:47):
every startup, everygovernmental division, every, you
know, financial organizationin some way, shape or form.
So really it's, you know, areyou going to be in the caboose or
are you going to be drivingthe train?
Well, what I find interestingabout that statement, as you know
our industry from both fmb, Imean hospitality in general, we are
(25:09):
very slow adopters and we'rescared of innovation.
I truly believe Covid kind ofchanged that mindset quite a bit
because they realized if youdidn't innovate, you were in trouble.
I think one of the things thatattracted me to your organization
was the fact that you're Doinga lot of stuff.
In AI, you have some emergingtechnologies out there.
(25:31):
How do you see emergingtechnologies like VR, AR and AI,
maybe even automation, kind ofreshaping the future of hotel and
restaurant strategy?
Well, look, first of all, theindustry and people listening to
this are tired of the hype.
They want to see and work withpeople that can actually organize
(25:54):
their plans to implement.
What is the tsunami of change?
The tsunami of change is happening.
You know, automation,artificial intelligence, obviously
it's everywhere and everyone'stalking about it and everyone's either
on board or they're going tobe pulled on board.
And of course, you know,immersive technology, spatial computing,
virtual reality, augmentedreality, these are all part of the
(26:18):
tsunami of change within ourindustry and others in general.
So the key scenario is twothings is innovation and these type
of specific emergingtechnologies, do they have a core
place in your business or acore place in your offering or are
they ancillary?
(26:38):
If they're ancillary, it'sstill important, you still have to
put effort towards it.
But they're not as mission critical.
Many organizations, includingin our industry, which, you know,
Skip, I have to disagree withyou a little bit.
I'm kind of tired of everyonesaying that our industry is backwards,
our industry is slow.
I talk to people in a lot ofother vertical industries and it's
(26:59):
not that much different.
Risk averse leadership, that'swhat it's all about.
Yes.
And that's applicable in manyvertical industries.
Right.
We have, you know, for thelast decades have focused on this.
Most of us have focused ontravel, hospitality, restaurant mice.
So we just go, well yeah, youknow, it's like it's.
(27:22):
People are so slow to adoptand it's real.
It's like talking to a wall.
And well, guess what, ifyou're in the finance industry, unless
you're on bleeding edgefintech, it's the same scenario.
If you're in healthcare,unless you're on super in, you know,
innovative healthcareorganizations, it's the same thing.
If you were, if you're tryingto sell to the government with a
gsa, good luck.
It's very consistent acrossall industry.
(27:44):
Some are more, of course, somethere exist because of innovation.
That's the thing.
Some industries didn't exist10 years ago, 15 years ago, that's
a whole different ballgame.
But the, let's call them the,you know, the core historical bedrock
industries, every one of themhave challenges, are slow, they're
(28:07):
risk averse because change isscary, it's less predictable, hard
to explain to yourShareholders are your quarterly meetings
or your, you know, or your VCsand who you know.
Everyone said, well I got a vc.
They must be, you know, super innovative.
No, guess what?
VCs many of them are, but manyof them want you to make money and
(28:29):
they need you to be able tohave an exit.
And if you're too innovativeand you push too much on emerging
technologies, they, Eventhough they're VCs, you know, on,
you know, in, at Menlo park orthey're in Silicon Alley New York
or you know, Mars center inToronto, I've been in the meetings.
(28:49):
They love the emergingtechnology until it starts to affect
the predictability of thegrowth of the business.
And that's every industry.
Okay, that, so that brings upan interesting question.
We're kind of running out oftime, but this is important.
So what should a hotel beconcentrated on from their hotel
(29:11):
technology stack and you know,what does that look like today?
What should it look like andwhere should it be heading to specifically
in.
The hotel technology space?
There's been an obviousrevolution in the last five to seven
years about on premise tocloud by the way, similar in the
restaurant industry.
Again challenging, you know,legacy systems integrations, all
(29:35):
those sandpaper beyond themove which is happening in great
volumes and many, manyorganizations have already completed
the reality of doing more withthe same.
It's, I'm talking about, I'mgiving you a non pure play technical
answer but it is importantperspective for this conversation.
(29:57):
Any emerging technology orinnovation has to be overlaid on
can you do more with the same.
I didn't say AI, which you cando more with less, which is not true.
You know, that's going toeliminate all these jobs.
Sure.
It's happening in somerespects that there's a reshuffling
of where resources are beingallocated 100%.
(30:17):
Marriott just had a quite asignificant change in their corporate
offices and many people are,you know, hundreds and hundreds of
people moved on and they many,you know, knee jerk reactions was
well that's AI.
AI did this.
Well part of it could be thatit's sure.
But it also is that there is areformulation of where your resources
(30:39):
need to be.
And of course innovation andemerging technologies are the catalyst
or the tools to enact some of that.
But from a hotel tech stackper se, you know, there's a million
acronyms, pms, rms, cms, crs.
There's all kinds and the samething in restaurant and very much
in mice.
(30:59):
There's leaders and there's followers.
What you need to be focused onis how do I get involved in an ecosystem
if the vendors that I'mworking with, are they well integrated?
Is, is there an ecosystem thateither they've built or I'm going
to get into based upon thisparticular vendor's offering or strategic
partnerships, et cetera?
(31:20):
It's no longer and I'll bevery brief.
One of my first deals in mycareer was in hospitality technology
was like 18 years ago and I'msitting in front of very senior executives
at Marriott, at headquartersin Bethesda and they said two things
to me.
They said, michael, yourtechnology is fantastic, but we don't
(31:42):
know which silo it will fit into.
Because their whole vision waswe have the silo for telephony, ippx,
we have the silo for Internetconnectivity, hsia, we have the silo
for pos.
We have the silo, we have thesilo with the silo.
That's all changed.
And if you haven't changed,you are now behind the eight ball.
(32:02):
So the concept of hotel techstack, lots of specific smarter people
than me will be talking aboutthis, have talked about this and
gain, there's a particularshooting partnership that we'll allude
to briefly as well.
There's much more technicallyproficient and smarter people than
me within GAIN that I'm veryfortunate to work with, that I've
surrounded myself with.
(32:23):
Who can explain this better?
But what I just said I thinkis the real meat is it needs to be
flexible, scalable ecosystem,strategic vision on a hotel tech
stack.
So we're going to finish thisout with a big announcement that
just came out in regards to apartnership with Muse.
So even before I talk aboutthe wonderful opportunity and the
(32:46):
wonderful leadership and staffof a global unicorn in the hospitality
industry, Muse GAIN wouldnever have the opportunity to entertain
the engagement with a companylike Muse if we had not built a level
of brand equity, a level ofglobal presence, a strong now history
(33:09):
of execution and sometremendous leadership and GAIN advisors
within our organization.
So first of all, to thank allof our organization and what people
have done and the effort theyput in and how we've been very fortunate
with client partners and thescale that we've done for ourselves,
you know, in lieu of ourclient partners, of course, domestically
(33:31):
and globally.
So Muse is, as many may know,is one of the unicorns of the hospitality
technology industry globally.
They're leader in hospitalityservices that are cloud based.
So you know, pms, rms, theyhave many acquisitions, they've done.
(33:51):
So they're very much thatecosystem strategy that I was alluding
to earlier.
And they're on a high growthtrack track and we're very fortunate
that they saw value in whatGAIN could provide to interested
parties in the, in theindustry that they're particularly
looking to have engagement with.
(34:11):
And you know, we are providingone of our core services, Powered
by Muse, which is called theGAIN Hotel Tech Stack Review service,
Powered by Muse.
And it's very differentbecause it's a program, it's, it's
(34:33):
a partnership of course, instrategic partnership, but it's not
just, you know, transactional,it's more, much more strategic and
it's North America focused atthis time and that's where our focus
with Muse will be.
But you know, there'sobviously global opportunities as
well.
So we're very fortunate, youknow, that it's been a multi month
(34:54):
negotiation and due diligenceand evaluation and we have successfully
launched this futurepartnership publicly this week.
That is exciting news and Ican't wait to start leveraging that
and really working on thatrelationship with Muse and not only,
you know, showing the worldwhat Muse can do, but we, what we
can do for the hotel industryas well.
(35:16):
So this.
Yeah.
And one last thing just toadd, and I'm not trying to just,
you know, pitch here, butwhat's great about it is that that
is a very major initiative butwe have tremendous relationships
with a lot of other, obviouslya lot of other mid to large size
hospitality and soon to berestaurant technology or vendors
(35:37):
and also the entities.
But what's clear is our AI forhospitality practice is growing fast
and, and we are working withpeople who, and major global vendors
who are delivering systems inthe AI space and we'll have announcements
about that in January as well.
(35:57):
So there's a cascading effectin some respect that we're very fortunate
to have a very focusedstrategic growth plan for gain, as
we should, because that's whowe are, we're growth advisors.
But that the opportunity towork with these global organizations,
you know, it's rare and maybewell earned, but it's rare and, and
(36:21):
we're really fortunate and I'mfortunate personally to work with
great people again and greatclient partners to even have the
opportunity to move those forward.
Michael, in closing, how canlisteners connect with you and learn
more about Growth AdvisorsInternational Network?
Yeah, so one funny thing aboutgain is that gain wouldn't exist
if LinkedIn didn't exist.
So absolutely, the primary,you know, vehicle to interact with
(36:45):
me is Michael c.
Cohen on LinkedIn becausethere's another Michael Cohen on
LinkedIn that now works forthe up and come or used to work for
the up and coming presidentwho Lew up my LinkedIn profile years
ago and I had to put my middleinitial in it.
So it's Michael c.
Cohen on LinkedIn and it'sGrowth Advisors International Network
gain on LinkedIn and we have atremendous amount of, you know, thought
(37:08):
leadership, you know, content.
Skip, you've done a wonderfuljob as a significant senior new addition,
adding a tremendous amount ofknowledge and contact on our LinkedIn
company pages and ouraffiliated pages and our GAIN advisors
individually, you know,posting like people like Adam Mogulinsky,
Karen O'Neill, David Mulally,many others.
(37:31):
So that's really the best wayto interact with us.
And also if you spend 15minutes, 10 minutes literally going
through our LinkedIn profilefor our post for the last year, you'd
be amazed, hopefully.
And also I believe it's quiteefficient way to truly understand
the opportunity and the valueof GAIN could bring to your organization.
(37:51):
Yeah, I would highly suggesteverybody listening to the show that
you go out and you follow theGAIN company website because all
the advisors that you did puttogether, Michael, they're very heavy
influencers on LinkedIn, whichis pretty cool because, I mean, there's
tags coming left and right.
I cannot look at my LinkedInprofile without seeing about 20 posts
(38:11):
about gain per day, which justgoes to emphasize how quickly this
organization is building andthe power it has providing offerings
to the industry as well.
So thank you for everythingyou've done to put this organization
together.
I am super excited to be partof it and bringing some of the food
and beverage opportunities tothe hotels and also opportunities
(38:33):
for my traditional restaurantclients as well.
Thank you again for your time today.
The listeners I know willenjoy this show and now they know
a heck of a lot more about gain.
So thank you.
Thanks very much, Skip.
And we are very, very lucky tohave you as senior leadership within
GAIN as well.
And I appreciate theopportunity today.
(38:55):
Well, there you go.
Now you know enough about GAINto be dangerous, right?
Actually, I'm sure you mighthave some more questions and if you
do, you can reach out to me orthe show via everything social@SkipKimple
or everything @ Magic Gate Tech.
This includes X, Facebook,Instagram and LinkedIn.
You can always go to thewebsite@SkipKimple.com for all of
(39:18):
the archive shows and the shownotes and you can also hear all of
these new episodes on theMagic gate website@magicgate.com
and of course you can emailme@skipagicate.com I have so many
exciting new shows ready for you.
I'm not sure which one tobring you next week.
The episode on AI and MLStrategy, XR and Data analytics.
(39:43):
I also got an episode on highimpact leadership for hospitality
executives.
And to top off the year, asurprise guest many of you know in
the hospitality industry.
Who is it you ask?
Well, you're going to have tokeep listening to find out.
It is going to be a busycouple of weeks ahead of us as we
all get ready for the holidays.
This time of year normallyslows down.
(40:05):
Not this year.
For me that means I better goback to work.
So until next Tuesday, staysafe, stay healthy and stay hungry.
My friends.
You are listening to the TechChef Podcast.
This is episode number 81December 10, 2024.
This show is powered by GrowthAdvisors International Network, where
travel and hospitalitycompanies come to grow.
For more information pleasevisit gainadvisors.com this is Michael
Cohen, Managing Partner ofGrowth Advisors International Network
(00:23):
GAIN and you're listening toSkip on the Tech Chef Podcast.
Off Premise Strategy Business Continuity.
How about a taste test ofrestaurant technology?
Drive through or curbsidemobile apps or AI?
It's all on the menu, cookingup for the date.
(00:46):
It's a recipe for success.
You're in good hands with aTech Chef.
Pick a plan to be your best.
Strategy shines with the TechChef welcome back to another episode
of the Tech Chef, yourultimate resource for insights and
(01:07):
strategies to thrive in thedynamic world of hospitality and
food service technology.
I'm Skip Kimple, your host andyour guide, here to serve up a weekly
helping of fresh ideas andinnovative solutions to elevate your
business.
Whether you're a seasonedprofessional or just starting out,
our lineup of expert adviceand practical tips has something
(01:30):
for everyone.
With a passion for blendingtechnology and hospitality, we're
dedicated to keeping you aheadof the curve by spotlighting the
latest trends andbreakthroughs in the industry.
Prepare to dive into a wealthof knowledge designed to inspire
and empower.
Don't miss a single episodeand hit that subscribe button and
(01:51):
join us weekly as we deliverthe tools and strategies you need
to stay competitive and excel Today.
I am thrilled to have MichaelCohen Managing Partner at Growth
Advisors International Network.
Those that follow me on aregular basis have heard me throw
this name around quite a bitlately regarding how GAIN can be
(02:13):
your technology partner on theF and B side.
Today you will hear more abouthow GAIN got started, some of their
core offerings, and some greatinsight around how they have created
an incredible talent pool ofwell known industry experts to help
you with your next hospitalitytechnology project.
With over 25 years ofexperience in the commercialization
(02:37):
of travel, hospitality, mice,AI and spatial computing technologies,
Michael Cohen is a C levelgrowth leader, Strategic Advisor,
Board member, keynote speakerand go to market enabler and of course
an all around nice guy.
(02:59):
Joining the show today, I amvery honored and privileged to have
Michael Cohen Managing Partnerof Growth Advisors International
Network, otherwise known as gain.
Michael, thank you so much forjoining the show today.
It's a real pleasure Skip.
I'm an avid listener, so niceto be participating as well.
Nice.
Well, I'm glad to hear I gotsome listeners out there.
(03:21):
That's a good sign.
And you continue to Come back.
That's a good thing too.
Well, I've been talking aboutGAIN for quite at least a couple
months now.
Some pretty big announcementscame from my side to my network and
I've been talking about how itrelates to the people I know within
the restaurant side of the industry.
(03:41):
But as I'm having theseconversations, there's a lack of
knowledge certainly from mysector in regards to what GAIN is,
what it's all about.
So I thought this would be agreat opportunity to bring you on
the show and talk all aboutthe great things that GAIN does.
But let's talk about you first.
Most importantly, tell us alittle bit about your background
and really, you know, thejourney that got you to, brought
(04:04):
you to GAIN and starting gain.
Well, I won't go back to thesmall shack in Alabama where, you
know, it all started.
No.
I have always been intechnology and innovation space but
in multiple different scenarios.
Originally in some of my firstjobs in the business world and corporate
world were in the advertisingand marketing side of things, pure
(04:26):
play advertising.
And I started working in mylate 20s with a lot of technology
clients, Dell, Apple, as anaccount executive for some of the
largest advertising agenciesin the world.
And I really enjoyed theinteraction with my tech client base.
(04:50):
And over a period of time Igravitated and was frankly offered
opportunities in, in the techside of, of the marketing and advertising
space on the, on the client side.
And once you get into thatmilieu in that space then you're,
you know, you're interactingwith commercial, you're interacting
with innovation, you'reinteracting with engineering.
(05:12):
And I just got really embeddedin the whole cycle of vision, ideation,
take a breath, mvp,confirmation, feedback, execution
and scale.
And that has been the kind offramework of my entire career in
(05:34):
different instances anddifferent scenarios on the client
side, on the sales side, onthe vendor side, on the entity side,
but always with that kind offlow about frankly working with great
people.
Obviously early in my career,great mentors and then in, you know,
(05:55):
mid and later in my careeractively leading the whole concept
of taking vision to realityand predominantly reality is commercial
growth, success, execution.
I think part of the lack ofknowledge about GAIN is my customers
or my, my audience tenants tobe more of a restaurant based audience
(06:20):
and you come from the hotelside of it.
Some of the announcements thatcame out in regards to our cooperation
and our participation togetherand joining your organization to
help develop this new piece ofGAIN is pretty exciting.
We'll talk about that a littlebit later.
But let's talk about, youknow, as the managing partner.
What are some of yourresponsibilities and how do you ensure
GAIN delivers that reallymeasurable value to its clients?
(06:44):
Sure, I mean, it's importantquestion, so.
But it also relates and.
Well, I know we'll talk aboutit a little bit later, but it relates
to why GAIN even exists.
I built GAIN for people like us.
Now.
What does that mean?
It means that, you know, itwas very clear in the stage of my
career and many other peoplethat I trust and respect and have
(07:06):
relationships in all areas oftravel, hospitality, on the restaurant
and the hotel side, and eventhe mice industry, you know, that,
that this, this ongoing focuson growth, ongoing focus on innovation,
ongoing focus on patron,passenger, guest, front of the house
(07:28):
operations, back of the house.
There's a lot ofconsistencies, a lot of similar themes
in this kind of troika ofrelated adjacent industries of restaurant,
hotel and mice.
It was evident post thepandemic that there was a real gap
in capacity and staffing andeveryone was talking, and it still
(07:50):
is talking about at theproperty level or the restaurant
level, you know, the actual,the service level, the engineering
level of on premise, let's say.
Right.
But what was equally evidentis that there was a brain drain and
there was a challenge in the Csuite for all sides of the equation
(08:12):
for technology vendors andrestaurant hospitality, hotel hospitality
and mice, for the brandentities in those adjacent industries
as well.
And even in the what, what Ilike to politely call the money in
the venture capital and, andangel syndicate and family office
world, there was just a lot ofgaps because of post pandemic.
(08:35):
People left the industry,people retired early, etc.
So people talked about theblood on the walls in regards to,
you know, again, the staff atthe customer, patron, passenger,
guest level.
We identified certain partnerslike David Mali and others who were
in the original ideation forgain, that there was a real need
(08:59):
and frankly an opportun andpain in the industry that gain could
be the medicine for.
And that's a metaphor, verysimplistic that we've used, I've
used in my career multiple times.
Any opportunity that's worthworking on usually has two components.
One is that there's a pain ora challenge or a gap.
(09:21):
And the other side is thatthere's medicine, a solution or you
know, an opportunity.
And that's exactly why GAINwas created.
And also, by the way, I, Ipersonally was fortunate.
About 17 years ago, almost 20years ago now, I created another
gain, a previous gain, it wasaround 2000 to 2022 and it was pure
(09:47):
play, innovation, technology.
It wasn't vertically oriented.
And we, and I really saw whatmy calling was perhaps and what I
loved to do, which wasdomestic and international commercialization
and frankly, being atechnology diplomat, taking innovation,
(10:09):
technology from one part ofthe world to the other, from one
vertical industry to theother, putting, you know, organizing
the go to market, organizingthe funding, organizing the product
development, the marketingscenarios to take great tech innovation
that's either in its nascent,you know, startup stage or it's established
(10:29):
in a particular region,particular country, particular vertical
and bring it to where it's not.
That's a really important.
I, we found, I found a reallyvaluable and important skill set
and toolkit that when you candeliver that to regional leaders
or governmental organizationsthat are have incubators or venture
(10:52):
capitalists that are looking,you know, to provide direction and
impact for their portfoliocompanies to go where they're not,
logically go where they'renot, then folks like us are a big
part of that success.
So I guess the.
And.
Yep, go ahead.
No, I was, I was gonna say itbrings up the question about, you
know, how does GAINdifferentiate itself from the advisory
(11:12):
landscape?
Sure.
Well, first of all, and I saythis with love and respect and some
people, you know, may laugh atthe other end of this podcast, consultants
are amazing.
But we are not consultants.
We are advisors.
And there's a difference.
All are respected, all havetremendous value.
But there is a differentiatorbetween consultants and advisors,
(11:35):
which is specifically why weare GAIN advisors, why it's growth
advisors, internationalnetwork, GAIN, etc.
Advisors are, in my opinion, avery tight hybrid between obviously
the skill sets thatconsultants can bring, which is,
you know, the heavy lifting onthe work, on the theory, on the research,
(11:56):
on the planning, et cetera.
And then the other side, wemarry with the actual advisory scenario
on how to get it done and getit executed and be through and run
through the base.
How do we efficiently appendourselves to organizations or come
on advisory boards withorganizations or provide fractional
(12:18):
C suite leadership with theorgan startup scale up or enterprise
to move the ideation andperhaps the planning and the research
that the consultants primarilyexclusively deliver and combine that
with actualization deliveryand true scalability.
(12:40):
So that is to, in myinterpretation, what is different
between GAIN than atraditional consulting firm?
Now we're about to talk aboutthe key offerings of gain.
Sure.
Which, first of all, I wantyou to define mice.
I'm not going to assume thatthis audience knows what MICE is.
And I live in Florida, so it'sthe land of the mouse.
(13:01):
But I'm Assuming we're nottalking about the same thing here.
So it's interesting there, youknow, people in the mice industry
potentially listen to this,are going here we go again.
Because it, because it ismulti, multi billion dollar industry.
What it is, is meetings,incentives, conventions and events.
Hell, hello folks.
(13:22):
Restaurant, hotel meetings andconventions, it's all hospitality.
It's all about facilitation ofdialogue and communications and interactions
and engagements.
Could be between again guestand a brand or it's between, you
know, IBM is looking to wherethey're going to create their entire
(13:45):
meeting and conventionprograms around the world.
Which convention centers,which convention hotels, which F
and B convention hotels thatthey can support them, you know,
which excursions.
So the travel component of it,corporate travel, it's all mice is
the kind of like the epitomeand the amalgamation of corporate
(14:08):
travel, hotel industry,restaurant industry and convention
meetings and conventions and incentives.
So the mice industry isprobably the most multifaceted part
of the, the troika, the threeareas but it's sometimes the least
known unless you're inside it.
Why would a client come to gain?
What are some of the areasthat gain can really help them accelerate
(14:31):
in.
Again, what's really importantit is almost entirely about amplification.
Okay, that's interesting.
That's an odd response.
Perhaps skip them what youwere expecting?
Yes.
So amplification of theirproduct development, application
of their go to market strategyand commercialization.
(14:54):
Amplification of their pureplay brand equity marketing.
Amplification of their just intime advisory when they need to a
reach out to a specific groupof serious and experienced executives
sort of on call.
That also is important part of amplification.
(15:16):
The reality of filling thegaps in senior and C suite scenarios
with fractional leadership.
So people who have certainskill sets, who have run companies,
been founders of companies,who have been senior vice presidents
of companies, all sizes.
We have a bench, we have an,we have a very well curated bench
(15:42):
of senior experienced folks,you know, women and men from the
industries that we've talkedabout and now you skip coming in
and we've proactively workedwith you on you know, our strategy
and our growth now within therestaurant sub vertical.
So as you are the globaldirector of restaurant technology
(16:02):
and innovation for game andyou know, so is that helpful?
Does that give a better ideaof kind of like at a high level,
you know, where we fit, who weare, what is the value we bring?
This is a turnkey executive oncall advisor availability, project
(16:24):
work, you know, six monthagreement, 12 month agreement, perpetual
agreements.
I mean it really is focusedbut there is a level of flexibility
to enable or startups scaleups and enterprise in the restaurant,
hotel and mice industry thatare involved in innovation either
on the brand side or on thevendor side to be able to amplify
(16:46):
and grow their business in themost efficient way.
So part of the GAINterminology and the name is international.
We have advisors all over the world.
How many, how many countriesdo we cover?
For goodness sakes?
It's a lot.
I'm from a country perspectiveI think it's like 14, but from a
(17:09):
continent perspective it's 5.
And what's really important aswell is, and we, we all know this,
anyone listening knows this aswell is you know, business is about
people.
It's not about technology,it's not about finance, it's not
about marketing, it's notabout you know, hr, of course it's
about all those things butreally it's about people.
(17:31):
Either the customers or theorganization, you know, or the funders
or government or theintelligentsia like you know, universities
and thought think tanks etc.
So business is about peopleand you know, using a cliche that
was one of the first thingsthat I was ever taught in my training
(17:54):
at foot.
Conan Belding Advertising oneof the old school global advertising
agencies in the world.
In the old days I was given abook by Mr.
Belding A Foot Kona BuildingFCB and the book was, and people
have heard about this, youknow, the inventory goes down in
the elevator at night.
(18:14):
That's the first significantbusiness book that I read outside
of university was theinventory goes down in the elevator
at night.
And it all focuses on thereality is you can have an amazing
product, you can haveincredible financing, you could have
a wonderful marketopportunity, you could have regional
and global, you know,confirmed interest.
(18:39):
But if you don't have theright people in the right places
at the right time with theright skill set and in the right
mindset, you're going to fail.
What I love about the factthat we have these advisors all over
the world is, you know, I'mseeing it from the F and B side of
it where restaurants areexpanding globally.
(19:02):
How has globalization impactedthe strategies businesses must adopt
for sustainable growth?
From what you've seen?
Well, a couple of things isthat it's, it's, it's only in intensified
in the last 10 years but it'salways been, you know, a logical
strategy of any organization.
If it was a startup, you know,they knew the only way to go global
(19:23):
was they probably would haveto be acquired or a Very rare, small
percentage would, you know,leg it out and get to a point where
they could be a global player.
But you know, on enterpriselevel, obviously that's the whole
raison d'etre.
And that.
And for our American listenersthat means reason for being.
Just so you know, the raisond'etre of these corporate entities
(19:45):
is obviously to grow and scalefrom their home or core market and
their shareholders and theirboard of directors immediately ask
the leadership, where are wegoing, how are we scaling, how do
we amplify, how do we multiplyour business?
And the way to do that manytimes is either you go into multiple
(20:06):
verticals and or you go intomultiple regions.
The challenge and why wedeliver something quite special is
many, many, many experienceswith many organizations, small, medium
and large.
People blow their brains outcreating beachheads in other regions,
(20:30):
travel.
The higher expensive talent,they assume that they're going to
have this kind of turnkeyexpansion, that everything that worked
in North America is going towork in Japan or everything that
worked in Korea is going towork in, you know, Central Europe.
And that's absolutely not the case.
It's very, very rare.
And it's, and there's a ton ofmassive investment from a corporate
(20:52):
perspective.
It's a, if it's a corporateplayer or from a VC who's funding
a scale up, you got to throwso much money at that kind of international
growth to provide the coveragefor all their true challenges of
doing it in these kind of like strategic.
But they're sort of, let's seehow it goes.
(21:13):
No one says that publicly, butthat's really what's happening.
We believe that our successmethodology that in our region is
going to be applicable inanother region.
All we got to do is find threegreat, you know, people to hire for
300 grand each and throw500,000 in other ancillary services,
marketing, trade shows andwe're good to go.
(21:35):
And in my personal experienceand many people who may be listening
and also definitely in ournetworks is not the case.
Having on the groundexperienced, available senior advisory
talent to, to strategically validate.
(21:56):
It's almost like an MVP foryour growth versus MVP for a product,
you know, so it's like minimumviable, it's mvg, minimal viable
growth.
Right.
It's how do we get into theAsian market without, you know, losing
our shirt?
How do we do it in a way thatwe can test, we can escalate appropriately,
(22:19):
we can mitigate some risk andmaximize opportunity.
That's what gain is all about.
And Michael, we're Going tocontinue that thought and strategy
and innovation right afterthis short break.
People stay listening becausewe have some great information and
some pretty big announcementscoming up at the end of the show.
Are you ready to level up yourtech game and understand the world
(22:41):
of xr?
Dive into the world ofextended reality with Magic Gates
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Limited seats are available tosign up now at bootcamp.magicgate.com
that's bootcamp.magicgate.comyour future in XR starts there.
(23:08):
And we are back.
Michael, in today's rapidlyevolving market, what role does innovation
play in driving growth and howcan you see businesses effectively
foster an innovative culture?
Important question.
Because it's not onlyinnovation, it's the fact that the
world, your client base, youknow, ideas and knowledge are constantly
(23:34):
in a fast forward mode.
So either you innovate.
I don't like using the clicheinnovate or die.
That's too extreme.
You either innovate or youbecome stale.
That's the challenge.
So innovation is a realitythat every organization in some way,
shape or form, I don't care ifthey sell, you know, they have a
(23:57):
quarry that sells sand to acement company or they're, you know,
working on the next rocketthat's going to be efficiently reusable
rocket to, to fly to the moon.
Progress, science, newbusiness models, demographic changes,
just knowledge in general andalso awareness of what can be consumer
(24:21):
level, business level,governmental level.
It's all happening anyways, folks.
So you as an innovator, youcan be a catalyst, you can even perceive
yourself as a catalyst.
You're actually a reality,you're a realityist.
It's not a futurist, you're a realityist.
It's happening anyways withyou or without you.
So innovation is like a corecomponent of every organization,
(24:47):
every startup, everygovernmental division, every, you
know, financial organizationin some way, shape or form.
So really it's, you know, areyou going to be in the caboose or
are you going to be drivingthe train?
Well, what I find interestingabout that statement, as you know
our industry from both fmb, Imean hospitality in general, we are
(25:09):
very slow adopters and we'rescared of innovation.
I truly believe Covid kind ofchanged that mindset quite a bit
because they realized if youdidn't innovate, you were in trouble.
I think one of the things thatattracted me to your organization
was the fact that you're Doinga lot of stuff.
In AI, you have some emergingtechnologies out there.
(25:31):
How do you see emergingtechnologies like VR, AR and AI,
maybe even automation, kind ofreshaping the future of hotel and
restaurant strategy?
Well, look, first of all, theindustry and people listening to
this are tired of the hype.
They want to see and work withpeople that can actually organize
(25:54):
their plans to implement.
What is the tsunami of change?
The tsunami of change is happening.
You know, automation,artificial intelligence, obviously
it's everywhere and everyone'stalking about it and everyone's either
on board or they're going tobe pulled on board.
And of course, you know,immersive technology, spatial computing,
virtual reality, augmentedreality, these are all part of the
(26:18):
tsunami of change within ourindustry and others in general.
So the key scenario is twothings is innovation and these type
of specific emergingtechnologies, do they have a core
place in your business or acore place in your offering or are
they ancillary?
(26:38):
If they're ancillary, it'sstill important, you still have to
put effort towards it.
But they're not as mission critical.
Many organizations, includingin our industry, which, you know,
Skip, I have to disagree withyou a little bit.
I'm kind of tired of everyonesaying that our industry is backwards,
our industry is slow.
I talk to people in a lot ofother vertical industries and it's
(26:59):
not that much different.
Risk averse leadership, that'swhat it's all about.
Yes.
And that's applicable in manyvertical industries.
Right.
We have, you know, for thelast decades have focused on this.
Most of us have focused ontravel, hospitality, restaurant mice.
So we just go, well yeah, youknow, it's like it's.
(27:22):
People are so slow to adoptand it's real.
It's like talking to a wall.
And well, guess what, ifyou're in the finance industry, unless
you're on bleeding edgefintech, it's the same scenario.
If you're in healthcare,unless you're on super in, you know,
innovative healthcareorganizations, it's the same thing.
If you were, if you're tryingto sell to the government with a
gsa, good luck.
It's very consistent acrossall industry.
(27:44):
Some are more, of course, somethere exist because of innovation.
That's the thing.
Some industries didn't exist10 years ago, 15 years ago, that's
a whole different ballgame.
But the, let's call them the,you know, the core historical bedrock
industries, every one of themhave challenges, are slow, they're
(28:07):
risk averse because change isscary, it's less predictable, hard
to explain to yourShareholders are your quarterly meetings
or your, you know, or your VCsand who you know.
Everyone said, well I got a vc.
They must be, you know, super innovative.
No, guess what?
VCs many of them are, but manyof them want you to make money and
(28:29):
they need you to be able tohave an exit.
And if you're too innovativeand you push too much on emerging
technologies, they, Eventhough they're VCs, you know, on,
you know, in, at Menlo park orthey're in Silicon Alley New York
or you know, Mars center inToronto, I've been in the meetings.
(28:49):
They love the emergingtechnology until it starts to affect
the predictability of thegrowth of the business.
And that's every industry.
Okay, that, so that brings upan interesting question.
We're kind of running out oftime, but this is important.
So what should a hotel beconcentrated on from their hotel
(29:11):
technology stack and you know,what does that look like today?
What should it look like andwhere should it be heading to specifically
in.
The hotel technology space?
There's been an obviousrevolution in the last five to seven
years about on premise tocloud by the way, similar in the
restaurant industry.
Again challenging, you know,legacy systems integrations, all
(29:35):
those sandpaper beyond themove which is happening in great
volumes and many, manyorganizations have already completed
the reality of doing more withthe same.
It's, I'm talking about, I'mgiving you a non pure play technical
answer but it is importantperspective for this conversation.
(29:57):
Any emerging technology orinnovation has to be overlaid on
can you do more with the same.
I didn't say AI, which you cando more with less, which is not true.
You know, that's going toeliminate all these jobs.
Sure.
It's happening in somerespects that there's a reshuffling
of where resources are beingallocated 100%.
(30:17):
Marriott just had a quite asignificant change in their corporate
offices and many people are,you know, hundreds and hundreds of
people moved on and they many,you know, knee jerk reactions was
well that's AI.
AI did this.
Well part of it could be thatit's sure.
But it also is that there is areformulation of where your resources
(30:39):
need to be.
And of course innovation andemerging technologies are the catalyst
or the tools to enact some of that.
But from a hotel tech stackper se, you know, there's a million
acronyms, pms, rms, cms, crs.
There's all kinds and the samething in restaurant and very much
in mice.
(30:59):
There's leaders and there's followers.
What you need to be focused onis how do I get involved in an ecosystem
if the vendors that I'mworking with, are they well integrated?
Is, is there an ecosystem thateither they've built or I'm going
to get into based upon thisparticular vendor's offering or strategic
partnerships, et cetera?
(31:20):
It's no longer and I'll bevery brief.
One of my first deals in mycareer was in hospitality technology
was like 18 years ago and I'msitting in front of very senior executives
at Marriott, at headquartersin Bethesda and they said two things
to me.
They said, michael, yourtechnology is fantastic, but we don't
(31:42):
know which silo it will fit into.
Because their whole vision waswe have the silo for telephony, ippx,
we have the silo for Internetconnectivity, hsia, we have the silo
for pos.
We have the silo, we have thesilo with the silo.
That's all changed.
And if you haven't changed,you are now behind the eight ball.
(32:02):
So the concept of hotel techstack, lots of specific smarter people
than me will be talking aboutthis, have talked about this and
gain, there's a particularshooting partnership that we'll allude
to briefly as well.
There's much more technicallyproficient and smarter people than
me within GAIN that I'm veryfortunate to work with, that I've
surrounded myself with.
(32:23):
Who can explain this better?
But what I just said I thinkis the real meat is it needs to be
flexible, scalable ecosystem,strategic vision on a hotel tech
stack.
So we're going to finish thisout with a big announcement that
just came out in regards to apartnership with Muse.
So even before I talk aboutthe wonderful opportunity and the
(32:46):
wonderful leadership and staffof a global unicorn in the hospitality
industry, Muse GAIN wouldnever have the opportunity to entertain
the engagement with a companylike Muse if we had not built a level
of brand equity, a level ofglobal presence, a strong now history
(33:09):
of execution and sometremendous leadership and GAIN advisors
within our organization.
So first of all, to thank allof our organization and what people
have done and the effort theyput in and how we've been very fortunate
with client partners and thescale that we've done for ourselves,
you know, in lieu of ourclient partners, of course, domestically
(33:31):
and globally.
So Muse is, as many may know,is one of the unicorns of the hospitality
technology industry globally.
They're leader in hospitalityservices that are cloud based.
So you know, pms, rms, theyhave many acquisitions, they've done.
(33:51):
So they're very much thatecosystem strategy that I was alluding
to earlier.
And they're on a high growthtrack track and we're very fortunate
that they saw value in whatGAIN could provide to interested
parties in the, in theindustry that they're particularly
looking to have engagement with.
(34:11):
And you know, we are providingone of our core services, Powered
by Muse, which is called theGAIN Hotel Tech Stack Review service,
Powered by Muse.
And it's very differentbecause it's a program, it's, it's
(34:33):
a partnership of course, instrategic partnership, but it's not
just, you know, transactional,it's more, much more strategic and
it's North America focused atthis time and that's where our focus
with Muse will be.
But you know, there'sobviously global opportunities as
well.
So we're very fortunate, youknow, that it's been a multi month
(34:54):
negotiation and due diligenceand evaluation and we have successfully
launched this futurepartnership publicly this week.
That is exciting news and Ican't wait to start leveraging that
and really working on thatrelationship with Muse and not only,
you know, showing the worldwhat Muse can do, but we, what we
can do for the hotel industryas well.
(35:16):
So this.
Yeah.
And one last thing just toadd, and I'm not trying to just,
you know, pitch here, butwhat's great about it is that that
is a very major initiative butwe have tremendous relationships
with a lot of other, obviouslya lot of other mid to large size
hospitality and soon to berestaurant technology or vendors
(35:37):
and also the entities.
But what's clear is our AI forhospitality practice is growing fast
and, and we are working withpeople who, and major global vendors
who are delivering systems inthe AI space and we'll have announcements
about that in January as well.
(35:57):
So there's a cascading effectin some respect that we're very fortunate
to have a very focusedstrategic growth plan for gain, as
we should, because that's whowe are, we're growth advisors.
But that the opportunity towork with these global organizations,
you know, it's rare and maybewell earned, but it's rare and, and
(36:21):
we're really fortunate and I'mfortunate personally to work with
great people again and greatclient partners to even have the
opportunity to move those forward.
Michael, in closing, how canlisteners connect with you and learn
more about Growth AdvisorsInternational Network?
Yeah, so one funny thing aboutgain is that gain wouldn't exist
if LinkedIn didn't exist.
So absolutely, the primary,you know, vehicle to interact with
(36:45):
me is Michael c.
Cohen on LinkedIn becausethere's another Michael Cohen on
LinkedIn that now works forthe up and come or used to work for
the up and coming presidentwho Lew up my LinkedIn profile years
ago and I had to put my middleinitial in it.
So it's Michael c.
Cohen on LinkedIn and it'sGrowth Advisors International Network
gain on LinkedIn and we have atremendous amount of, you know, thought
(37:08):
leadership, you know, content.
Skip, you've done a wonderfuljob as a significant senior new addition,
adding a tremendous amount ofknowledge and contact on our LinkedIn
company pages and ouraffiliated pages and our GAIN advisors
individually, you know,posting like people like Adam Mogulinsky,
Karen O'Neill, David Mulally,many others.
(37:31):
So that's really the best wayto interact with us.
And also if you spend 15minutes, 10 minutes literally going
through our LinkedIn profilefor our post for the last year, you'd
be amazed, hopefully.
And also I believe it's quiteefficient way to truly understand
the opportunity and the valueof GAIN could bring to your organization.
(37:51):
Yeah, I would highly suggesteverybody listening to the show that
you go out and you follow theGAIN company website because all
the advisors that you did puttogether, Michael, they're very heavy
influencers on LinkedIn, whichis pretty cool because, I mean, there's
tags coming left and right.
I cannot look at my LinkedInprofile without seeing about 20 posts
(38:11):
about gain per day, which justgoes to emphasize how quickly this
organization is building andthe power it has providing offerings
to the industry as well.
So thank you for everythingyou've done to put this organization
together.
I am super excited to be partof it and bringing some of the food
and beverage opportunities tothe hotels and also opportunities
(38:33):
for my traditional restaurantclients as well.
Thank you again for your time today.
The listeners I know willenjoy this show and now they know
a heck of a lot more about gain.
So thank you.
Thanks very much, Skip.
And we are very, very lucky tohave you as senior leadership within
GAIN as well.
And I appreciate theopportunity today.
(38:55):
Well, there you go.
Now you know enough about GAINto be dangerous, right?
Actually, I'm sure you mighthave some more questions and if you
do, you can reach out to me orthe show via everything social@SkipKimple
or everything @ Magic Gate Tech.
This includes X, Facebook,Instagram and LinkedIn.
You can always go to thewebsite@SkipKimple.com for all of
(39:18):
the archive shows and the shownotes and you can also hear all of
these new episodes on theMagic gate website@magicgate.com
and of course you can emailme@skipagicate.com I have so many
exciting new shows ready for you.
I'm not sure which one tobring you next week.
The episode on AI and MLStrategy, XR and Data analytics.
(39:43):
I also got an episode on highimpact leadership for hospitality
executives.
And to top off the year, asurprise guest many of you know in
the hospitality industry.
Who is it you ask?
Well, you're going to have tokeep listening to find out.
It is going to be a busycouple of weeks ahead of us as we
all get ready for the holidays.
This time of year normallyslows down.
(40:05):
Not this year.
For me that means I better goback to work.
So until next Tuesday, staysafe, stay healthy and stay hungry.
My friends.
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