AI is rewriting the economics of building a travel company. Startups that once needed millions in funding and dozens of employees can now achieve meaningful revenue with a small team and little or no outside capital. The implications for the wider industry are significant. Drawing on Phocuswright's startup database and latest European consumer AI research, this session connects the dots among collapsing deal volume, the rise of AI-native competitors and what established travel companies need to do now about their technology, operations and go-to-market strategy before today’s advantages become tomorrow’s table stakes.