SoftBank-backed travel startup GetYourGuide has described the COVID-19 pandemic as a "nuclear winter" for the travel industry.
Its founders have committed to pay cuts in 2020, and the company has shortened employees' working hours in order to avoid layoffs.The US and Europe should be headed into peak travel season, as the weather warms up and school vacations loom. Vision Fund startups have a reputation for superfast — even overly fast — spending and expansion, a position that may leave portfolio firms vulnerable to an expected global recession. A number of SoftBank-funded startups have already laid off a collective 3,000 people in 2020,
Tao, aged 35, notes that the firm was built during the 2008 financial crisis. "It definitely builds resilience," he said.Tourist sites, such as Piccadilly Circus in London, are empty.Four of the five cofounders who remain with GetYourGuide, including Tao and Reck, have committed to taking a 50% pay cut this year. Execs have committed to a 30% pay cut.
Other European startups have taken similar measures. Swedish startup Voi furloughed or laid off the bulk of its staff this month to cope with the pandemic. "We realized that we needed to change our strategy and take drastic measures," Voi cofounder and CEO Fredrik HjelmTao says the firm has shifted its focus to helping customers who are stranded abroad or need to change their plans. "We now allow customers to cancel, no questions asked, 24 hours ahead of their tour.
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