At BALFIN, innovation is a core value that leads corporate culture and paves the way for every operation within Group companies. A manifesto of such, Balfin Innovation Summit is a key annual event, where new ideas emerge – ideas that will shape our future, challenge the status quo, and feed our ambition.
Last year’s edition was won by Balfin Real Estate & Hospitality and their project Time Share & Vacation Exchange. Miri Troka, Eva Bellova, Fjoralba Barjami, Soel Birjani and Emir Bubeqi captured the jury’s attention with the presentation, but it did not stop there. A year later, the triumphing team tells us more on the project’s progress, what it takes to win and how to foster innovation.
You are the winners of Balfin Innovation Summit’s last edition. Can you tell us what you think the jury appreciated most from your idea?
Time Share & Vacation Exchange is a new concept in the Albanian market. Given that tourism is a priority on the agenda of the Albanian government, we think that this was a “hot” topic that captured the jury’s interest. Basically, the project means exchanging the property at Green Coast Resort & Residences with a similar property in the world, at no extra cost. Moreover, the main goal of this project was to create value not only for the customers of Green Coast Resort & Residences, but also to bring an innovation to the tourism industry as a whole.
Looking back, who came up with the idea of Time Share & Vacation Exchange? Was it a person’s idea or did it come from a group?
Time Share & Vacation Exchange is more than an idea; it is a vision conceived by investors at the same time as the Green Coast Resort & Residences was conceived. This innovation for the Albanian market was a result of the research that Balfin Real Estate & Hospitality conducted in foreign markets, where it identified the most prominent partners for the provision of this service. After adapting this service to the Albanian market, Balfin Real Estate & Hospitality was the first to bring this innovation to life through the business model and detailed financial evaluation.
Balfin Innovation Summit was the ideal event to introduce this idea to the other companies in the group and to the wider public.
How would you rate the organization of the annual Balfin Innovation Summit?
We think it is the most important event of BALFIN Group for unveiling new ideas. BIS 2020 was held during the pandemic, with a limited number of participants, but this did not diminish at all the impact it had and the emotions of being announced the winning project.
In our judgment, BIS is an event that encourages everyone to think, even for a moment, about the importance of innovation within the company and BALFIN group in general. Innovation Summit is not just a challenge of the moment, but a rather beautiful path along which vision and ideas are transformed into challenging, courageous and adrenaline-filled initiatives. It is precisely this adrenaline that, although at first glance challenges you, eventually transforms into delight the moment your idea is announced the winning one.
How did the project evolve after BIS 2020? What were its results this year?
Balfin Real Estate & Hospitality has signed an agreement with Interval International, the world’s largest platform dedicated to the holiday exchange program. Although travel and exchanges were limited due to the pandemic this year, Balfin Real Estate & Hospitality has prepared all the infrastructure to welcome the first exchanges once the situation normalizes, and despite this situation, we remain quite optimistic for optimal results.
What do you think it takes for a team to emerge victorious at the Balfin Innovation Summit?
First, the idea must be quite innovative and interesting, it must ‘strike’ the panel, but at the same time be tangible and workable. The presentation of the idea to the jury and the public should be short, illustrated with facts and analysis that are easily understood. This certainly requires close teamwork and very good presentation skills.
Has BRE&H thought about the next project it will present at BIS 2021?
This year is a double challenge as we must overcome the standards set by ourselves, but also other very competitive ideas of the group companies. Therefore, for the moment we will not reveal anything about the next project … Let the best idea win ?
As the winner of the BIS 2020 edition, what advice / message about promoting and managing innovation would you give to BIS 2021 participants?
Our main advice is to all employees: To engage in such projects because this way, they will be encouraged to think differently, making innovation an integral part of everyone’s life.
An idea for a new product or improvement of a common process at work remains and is always appreciated as an innovation, not only at Balfin Innovation Summit, but also everywhere else. If you have this one idea, continue until its finalization by insisting endlessly because in one place or another, whether today, tomorrow or in the future, it will bear its fruit.
