Smashed, Still Standing, Soaring: Travel is a Cockroach
Travel has endured wars, oil shocks, recessions, terrorism, pandemics and now AI disruption. Yet over 76 years, international travel demand has continued to grow. The real question isn't whether people will keep travelling - it's which companies will survive the next technology cycle.
In this month's essay, Roger Sharp, Founder of North Ridge Partners, examines 19 major crises, the evolution of Travel Tech since 2000, and what history reveals about valuations, venture funding, M&A and recovery. The analysis also explores why today's sell-off may be different, as AI reshapes the booking journey while geopolitical risks continue to pressure the sector.
Download the full PDF to explore the complete research, including 76 years of historical analysis, market data, capital cycle insights, and what the current downturn could mean for founders, investors and listed Travel Tech companies.