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There are, for example, companies that own scores of franchises from hotel chains like Marriott and Hilton. Other hotels operate under these same nameplates but are independently owned. Similarly, many hotels are run on behalf of their owners by large management companies, while others are owner managed.

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For Skyscanner, and for our chief executive, the potential for start ups is clear. Pioneering new ideas and ambitious newcomers have a chance to make their mark in an industry that is competitive, yet still has traveller problems waiting to solved. There is still room for trailblazing new ideas to disrupt.

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Households, companies, bankers, government regulators just about everyone became more cautious and, in economics jargon, “risk averse.” Consumers skimped on spending; companies limited hiring and investment.Technological advance, an engine of growth in the 1990s, also seems to have faltered. Economist Robert Gordon of Northwestern University argues that the information technology boom is weakening. A Federal Reserve study shows growth in the IT sector has slowed considerably since 2009.Finally, demographics may hurt.