At the WIT Conference last year in Singapore, we recognised 11 individuals whom we felt have had the most influence on the development of online travel in Asia Pacific. This is the fourth article in a series of interviews profiling the WIT Warriors.
Fritz Demopoulos was one of three co-founders of Qunar, China’s first travel meta-search. They sold a majority stake to Baidu in 2011 for US$306 million, making it the most successful exit in travel start-ups in Asia. Qunar was listed on NASDAQ in 2013. Today, Demopoulos invests in start-ups that he handpicks himself and can lend a strategic edge to, is active on advisory boards and mentors and coaches entrepreneurs around the world.
Fritz Demopoulos judging the WIT Start-Up Pitch last year
Q: Tell us your first memory of the Internet and what your thinking was at the time.
I was introduced to an early form of instant messaging while I was travelling in Europe. I couldn’t believe that I could chat for free with my friends in the USA.
Q: Do you recall your first email? Who was it to?
UCLA IT department while I was in graduate school.
Q: What was the first thing you bought online?
Books about online marketing from Amazon.
Q: What was the first thing you sold online?
In 1997, I sold China’s first ever online advertisement to IBM.
Q: How did you venture into online travel as an industry? What motivated you?
Travel was Google’s biggest revenue vertical.
Q: What was behind the thinking of the company you co-founded, Qunar?
We wanted to be the Google of travel.
Q: How did the name come about?
We saw a billboard in Beijing advertising Bill Gate’s book “The Road Ahead” – which we interpreted to mean “where are you going?”. Qunar means “where are you going?” in Mandarin.
Q: What were the earlier challenges you faced and how did you overcome them? (Cite 3 challenges)
Building amazing teams, accepting the craziness of China, not accepting the craziness of China.
Q: What was the first major milestone/success achieved? How did you celebrate?
My first milestone was that I founded China’s largest sports internet company, Shawei.com. Our first major milestone at Qunar was getting Air China to work with us.
Q: What’s been the biggest change in the online travel world in the last decade?
Understanding how our rapidly changing industry will eventually evolve into.
Q: What do you forsee will be the biggest change to come in the next decade?
More websites and apps will be in Chinese than there will be in English.
Q: Do you think online travel is a force for good? How does it make travel better? How does it make the world better?
The industry is much healthier because consumers have better choice of travel products and suppliers have more efficient distribution channels. These greater efficiencies have led to more travel consumption, which overall increases appreciation of all corners, cultures and peoples in the world.
Q: Businesses are built by teams. Every team has a rock star and a steward. If you are the rock star, who’s your steward, the one who’s often behind the scenes making things happen?
I’m not sure I was the rock star, nor was I the steward. Although fairly good teams might have a clearly identifiable rock star, within the absolute best teams, it is hard to tell. By definition, a rock star implies less than rock star status for the other team members. I never thought about it that way.
Q: If you could give an award, what award would it be and to whom would you give it?
I’d give an award for the most accomplished person who didn’t take himself/herself too seriously. There are too many egos in the world today. We need to encourage a higher level of self-awareness whereby it is recognized the role luck and serendipity play in success. The award would recognize those highly accomplished entrepreneurs who are aware of this.
Q: Who were your earliest influencers?
Rupert Murdoch, Steve Jobs, Peter Drucker, Mike Moritz, James Chanos.
Q: Who are your current influencers?
Zhou Hong Yi, Jack Ma, Niel Shen, Lei Jun, Jack Dorsey, Elon Musk, Yuri Milner, Johannes Reck, Jen O’Niel, Carl Shepherd, Raj Kapoor, Brian Chesky.
Q: One thing you feel you have influenced in the business
There is more than one way to skin a cat. Typical stereotypes don’t exist.
Q: Who and what do you wish to influence in the next five years?
I hope to be a good role model for my family, providing a strong sense of values and confidence.
