"Strong relationships are built on empathy. By listening and showing care, I foster trust and collaboration, turning partnerships into meaningful connections that drive success".
Startups are at the forefront of innovation, driving change across various industries with fresh ideas and cutting-edge technologies. These emerging companies are not only disrupting traditional markets but also creating new opportunities and transforming the way we live and work. What makes these startups successful, and what can we learn from their journeys? As a part of this series, I had the distinct pleasure of interviewing Teresa (Tee) Guastella.
Teresa (Tee) Guastella is the CEO of RoomRite, a leading provider of innovative B2B platform solutions in the hospitality industry. With a passion for solving the $21+ billion problem of unused accommodations, her leadership has guided RoomRite to become a trusted partner for hotels, cruise lines, businesses, nonprofits, meeting planners, and travel advisors worldwide. Teresa has a diverse background, having founded four companies and held leadership roles in live event production, branding, technology, hotel management, and the lighting industry.
Thank you so much for your time! I know that you are a very busy person. Can you tell us a story about what brought you to this specific career path?
Myjourney to becoming a CEO has been anything but linear — it’s been full of unexpected twists and turns. From an early fascination with making a difference, I started in hospitality as a brand manager and buyer before transitioning into hotel management with Marriott and Hilton, eventually leading an award-winning team at Hilton Corporation. A chance encounter with a General Manager at a hotel while working at SYSCO that sparked my shift into the hotel industry, which ultimately reshaped my career path.
Years later, I founded my own agency and spent over 15 years leading it, alongside my role as Vice President of Strategy and Accounts for Multi Image Group, a $60+ million event production agency. Today, I am deeply grateful to the mentors, colleagues, and partners who have helped to shape my journey, and I wouldn’t trade the experiences that brought me to this fulfilling chapter of my life.
Can you share the most interesting story that happened to you since you began at your company?
One of my most memorable experiences happened in 2021, just after the height of COVID. Hotels were still under immense pressure, and while I had clients traveling globally, some attendees were understandably hesitant to travel, leaving one of my clients in an attrition situation.
Recognizing an opportunity, I reached out to another client whose smaller group was planning to travel to the same destination. I proposed a solution: combining efforts to help fill the block for the first client while meeting the needs of the second. The resort was eager to collaborate, knowing that while attrition charges cover some costs, they still lose incremental revenue from staffing, restaurants, meeting spaces, and activities. Attrition doesn’t just impact sleeping rooms — it disrupts the entire ecosystem.
Through quick thinking and collaboration, we resolved the issue, saving the client and the hotel from a costly situation. The VP of the client we assisted was so impressed that they eventually became a Partner and Chief Administrative Officer for our company.
This experience was a powerful reminder of the importance of teamwork and adaptability in navigating crises. It also sparked deeper research into the broader implications of attrition, revealing it to be a $21 billion problem. Motivated by this discovery, my team and I began working on innovative ways to address this industry challenge and make a lasting difference.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
Early in my career, I made a memorable (and slightly embarrassing) mistake during a presentation to senior leadership. Each of us had been assigned a specific category to research and present, but when it was my turn, it became clear — amid a few awkward chuckles — that I had spent all my time studying and preparing for the wrong category.
Rather than freezing or letting the embarrassment get the best of me, I quickly apologized, made a lighthearted joke about the mix-up, and asked if the audience was still interested in hearing about the topic I had prepared. To my surprise, they were receptive, and the situation turned into an unexpected success.
The lesson learned? Even in professional settings, a sense of humor and the ability to laugh at yourself can work wonders. It not only helps diffuse tension but also allows you to connect with your audience on a more human level. Mistakes are inevitable, but how you handle them often matters more than the mistake itself.
What are some of the most interesting or exciting projects you are working on now?
We’re currently working on several exciting initiatives, including the development of an innovative product and platform that’s designed to be more user-focused, while also expanding into new markets. Additionally, we’re implementing a company-wide social impact arm, which I’m particularly passionate about.
Our vision for the social impact arm is to create partnerships with numerous non-profit organizations, enabling us to give back while operating as a for-profit company. This initiative has the potential to significantly enhance our industry’s impact, benefiting meeting planners, attendees, and hotels alike, while driving our own growth. It’s a challenging but deeply rewarding endeavor that aligns with our mission to create meaningful change.
I’m also excited about upcoming initiatives launching this fall that will empower meeting planners to generate revenue in new and unexpected ways. These projects embody our “win-win-win” philosophy, creating value for all stakeholders. Stay tuned — there’s so much more to come!
You are a successful leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?
Resilience: Setbacks are inevitable, but I’ve always focused on bouncing back and staying committed to long-term goals. Resilience has been key to overcoming obstacles and navigating uncertainty.
Curiosity: Continuous learning drives me to attend conferences, read, and stay informed about the event technology and travel industries. This curiosity helps me adapt to the ever-changing business landscape.
Empathy: Strong relationships are built on empathy. By listening and showing care, I foster trust and collaboration, turning partnerships into meaningful connections that drive success.
Ok super. Thank you for all that. Let’s now shift to the main focus of our interview. What was the initial inspiration behind your startup, and how did you turn that idea into a reality?
Turning an idea into reality is both a challenging and rewarding journey. It required navigating significant changes, engaging new stakeholders, conducting countless hours of market research, developing a solid business plan, understanding what it takes to secure funding, and building a winning team. While we’ve faced numerous obstacles along the way — especially with our initial vision for RoomRite 1.0 — our passion and dedicated team of subject matter experts have joined forces to bring our reimagined vision, RoomRite 2.0, to life.
Can you describe a significant challenge your startup faced and how your team overcame it?
One of the most significant challenges we faced was the lack of initial funding, coupled with the difficulty of building a dedicated team and realizing that we had launched RoomRite 1.0 too soon.
To overcome these hurdles, we crafted a more compelling pitch deck, fostered a strong company culture, refined our business model with a laser focus, and hired a highly regarded tech company to rebuild the original tech stack. We also assembled an incredible board and executive team to help guide us forward.
This experience taught us invaluable lessons about the importance of building strong relationships, remaining adaptable, leveraging resourcefulness, and staying persistent in the face of adversity. These lessons continue to shape our approach as we move forward with RoomRite 2.0.
What strategies have you found most effective in scaling your startup and reaching a wider audience?
Strategic Partnerships: Collaborating with complementary industries has expanded our reach and created mutually beneficial growth opportunities.
Direct Hotel Relationships: Building strong, direct relationships with hotels allows us to streamline communication, offer tailored solutions, and enhance our presence in the hospitality industry.
Digital Strategy: A robust digital strategy, including targeted marketing, social media, and data insights, helps us connect with a wider audience and stay relevant in a competitive market.
TravelRite Program: Our TravelRite Program adds unique value for clients and their attendees, differentiating us in the market and enhancing the overall travel experience.
How do you foster innovation within your company to stay ahead of the competition?
Encouraging Experimentation: We’ve cultivated a culture that embraces risk-taking and experimentation, empowering our team and board of advisors to explore new ideas. By fostering this mindset, we create an environment where creativity thrives, and groundbreaking solutions can emerge.
Continuous Learning and Development: To stay ahead in a rapidly evolving industry, we invest in training and development programs that keep our team updated on the latest trends and technologies. This commitment to ongoing education ensures our growth is fueled by fresh perspectives and cutting-edge insights.
Based on your opinion and experience, what are your “5 Things You Need To Create A Highly Successful And Innovative Startup” and why?
1. Identify a Strong, Solvable Problem
2. Offer a Unique and Differentiated Solution
3. Build a Passionate and Dedicated Team
4. Be Prepared to Adapt Your Business Model
5. Cultivate a Culture of Innovation and Learning
More than four out of five startups fail. What have you done to break out from that pattern, and be successful when so many others have not?
Breaking the startup failure pattern comes down to addressing real, solvable problems and remaining adaptable. For us, identifying the $21 billion issue of room block attrition and creating a tailored solution has been key. We didn’t give up when RoomRite 1.0 didn’t meet market needs — by pivoting and refining our business model, we were able to relaunch with RoomRite 2.0, better equipped to serve our clients.
Additionally, fostering a culture of innovation, learning, and resilience has kept our team motivated and agile. Building strong partnerships and maintaining a dedicated team with complementary skills has also been critical to our success. These elements combined have allowed us to break the pattern of failure and stay on the path toward sustainable growth.
Because of the role you play, you are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
If I could inspire a movement to bring the most good to the most people, it would focus on leveraging the substantial revenue of the global hotel industry to support non-profit organizations. The hotel industry is projected to generate approximately $511.91 billion in revenue by 2029.
This was really meaningful! Thank you so much for your time.