IATA and Travel Capitalist Ventures launch NDC Innovation Fund
Posted: 16 October 2014 | The International Air Transport Association
The International Air Transport Association partnered with Travel Capitalist Ventures, a leading travel-focused investment firm, to create the NDC Innovation Fund…
The International Air Transport Association (IATA) partnered with Travel Capitalist Ventures, a leading travel-focused investment firm, to create the NDC Innovation Fund. This fund will support innovation in airline distribution using the New Distribution Capability (NDC) standard. NDC is a travel industry-supported program launched by IATA for the development and market adoption of a new XML-based data transmission standard.
The Innovation Fund is a stand-alone strategic investment fund. It will make investments in small- and medium-sized companies seeking to develop solutions which support airlines and agents as they leverage the enhanced distribution capabilities enabled by the NDC standard.
“The NDC Standard will modernize the way that airline products are presented through travel agents. It will help to promote efficiency and innovation, while supporting consumer demands for personalized travel products and services through travel agent channels,” said Tony Tyler, Director General and CEO of IATA. “Airlines and travel agents will require tools and applications to manage this content. While we have every confidence in the abilities of existing players, IATA and Travel Capitalist have created the Innovation Fund to help spark creative solutions even more broadly.”
“This is a great partnership. IATA has the knowledge of the NDC standard and strong relationships with its member airlines and others in the air travel value chain. Travel Capitalist brings deep financial and travel investment expertise. It’s a winning combination that will create an attractive opportunity for companies interested in innovation in the airline distribution space,” said Abrar Ahmad, a partner at Travel Capitalist.
The Fund is soliciting proposals from companies seeking the capital and strategic/business development support needed to develop applications and services to meet current and future industry distribution needs.