There are four types of key resources to be considered in a destination model 3.0: physical, intellectual, human and financial:
- Physical resources are mainly those related to the platform infrastructure, which account for the land, infrastructures, facilities and business units that are necessary to start operating and developing the business model. They are the ones that must be acquired or integrated to the business before attempting to convince new partners to join the platform. It is necessary to define and dimension the needed facilities, infrastructure and business units according to different levels of business activity, in order to scale up the destination’s service capacity as long as the tourism flows increase over time.
- Intellectual resources are mainly the outcomes of the open innovation system: experiences, stories, marketing contents and designs, and insights and ideas to revamp the business model over time. In many cases, the destination may already have some valuable intellectual resources, such as a reputable brand or unique intangible cultural assets (traditions, stories, gastronomy, or other experiential know how), which should be leveraged to the utmost of their potential. These are to be generated through empowerment, facilitation and an incentive system that truly understands and adapts to the motivations of all stakeholders.
- Financial resources are critical not only for the platform’s investments in facilities, but also for funding the micro-entrepreneurs in their business ventures. This will require two different approaches: for the new facilities and infrastructures the business model should look for investors (see section 3 on selling the vision to shareholders/investors), whereas for the micro-entrepreneurs the business model should look for financial institutions providing micro-loans. Alternatively, the platform could obtain the funds through investors or “macro-loans” and provide the micro-entrepreneurs with subsidized loans out of these funds. A financial analysis of the model should estimate all the needs for funding, as well as the expected profitability to convince investors.
- Human resources are all those who contribute in the generation of intellectual resources, those who participate in the integrated businesses of the platform, and the team of executives who lead and manage the platform. As mentioned in relation to the performance standards, it is critical to identify the key competences the platform needs to develop the business model to the utmost of its potential. Such competences should be described not only for the organizational structure of the platform’s executive team, but also for establishing the partner’s selection criteria and for determining the key talent to be attracted to the open innovation system.
Would you consider any other relevant resource within the mentioned categories?