Boomerang: Transforming the Broken Lost & Found ExperienceDeep Dives: a new chapter for Travel Tech Essentialist
Welcome to the second sponsored deep dive on Travel Tech Essentialist. I will send around six deep dives per year, each focusing on a single standout company or startup shaping the future of travel. These pieces will be free for all Travel Tech Essentialist subscribers, and they are designed to go beyond surface-level analysis with in-depth looks at the stories, strategies, and insights shaping the industry. For more on how I select these companies, check out my deep dive philosophy. Today, we’ll look at Boomerang, a startup reimagining the lost and found experience. I first met Boomerang’s co-founder, Skyler Logsdon, at last year’s Thayer Ventures conference in New York City, where Boomerang was featured as a promising startup to watch in travel. Boomerang transforms lost-item recovery into a streamlined, customer-friendly service by bringing AI-driven automation to a traditionally outdated process. From airports to hotels, and from airlines to major venues, Boomerang is helping travel businesses handle lost items with speed, ease, and even profit. Here’s how this innovative platform is turning a logistical headache into a new standard of customer satisfaction. (Note: there is a special offer at the very end of this deep dive). Let’s dive in. We’ve all been there, losing something valuable, maybe your phone at an airport, car keys at a sports event, or your favorite jacket left hanging at the hotel. You’re sure you know where it happened, but the next steps are multiple phone calls, long hold times, and unhelpful, manual processes that often lead to nowhere. For businesses, the story is equally frustrating. Lost and found departments are often overcrowded, under-resourced, and sometimes even clueless about the true cost of lost items. In the US alone, around $5 billion is spent each year replacing lost belongings, with 86% of these losses occurring in businesses such as airports, hotels, and stadiums. The average lost item is valued at over $250, which highlights the significant burden on both individuals and businesses. More than just a logistical hassle, lost and found is a problem that impacts brand reputation, customer loyalty, and operational efficiency. That’s where Boomerang steps in. Founded in November 2021 by Skyler Logsdon, Philip Inghelbrecht (of Shazam fame), and Augustine Diep-Tran, Boomerang is tackling this old and persistent problem with cutting-edge technology. Its AI-powered platform is revolutionizing item recovery by providing a seamless, intuitive process for both individuals and businesses. Whether you’ve lost a phone, a laptop, a diabetes kit, or a Rolex watch valued at $16,750 (real item recovered through its platform), Boomerang makes the process of recovering lost items simple and efficient. It also provides businesses with a much-needed solution to the logistical nightmare that is lost and found management, turning a headache into an opportunity for growth and customer satisfaction.
The problemLost and Found has long been an under-resourced, fragmented service in most industries. For travelers, knowing who to contact when an item is misplaced is not straightforward, as each organization involved in the travel experience (airlines, airports, airport security authorities, etc…) has its own lost-and-found system. One of the biggest challenges travelers face with lost items today is simply knowing who to contact. As a recent Washington Post article points out, the process depends entirely on where the item is lost. For instance, travelers who lose items in the airport but outside the gate area should contact the airport, while anything left behind at a security checkpoint falls under the TSA's jurisdiction. Meanwhile, items lost near the gate or on the plane are generally handled by the airline, making it essential that travelers not only know where they lost their item but also which entity is responsible. This complicated web of contacts leads to frustration, prolonged wait times, and often no resolution at all. Boomerang eliminates this confusion by providing a singular platform on which travelers and businesses can handle all lost-and-found needs. It is a much-needed solution to an outdated, disjointed process. The originThe origin story of Boomerang is relatable: Philip’s girlfriend lost her phone at a Las Vegas nightclub, and they went through the nightmare lost and found experience. What followed was a series of unhelpful, frustrating exchanges with customer service departments: unreturned phone calls, long waits for information, and ultimately, no resolution. This wasn’t a one-off experience either. Philip’s daughters losing items at school reinforced the realization that losing important belongings is a universal, daily problem. The recovery systems in place are outdated and ineffective. Philip’s experience resonated with his co-founders, Skyler and Augustine, who were all together in Cabo, Mexico, that weekend. The three seasoned entrepreneurs decided to explore a simple, AI-driven solution that would get it right on the first try. Boomerang was born out of the idea that technology could do for lost and found what Shazam had done for music identification: make it easy, fast, and reliable.
From idea to opportunityThe idea quickly evolved from a clever concept to a legitimate business opportunity. Skyler recalls the moment it became clear this wasn't just wishful thinking. It started with a series of cold emails to airlines and airports, and the response was immediate. Ed Bastian, the CEO of Delta Airlines, personally replied. Not only did he express interest, but he also connected his executive team to explore Boomerang’s potential and discuss the airline’s ongoing frustrations with its lost and found system. These early conversations with Delta opened a window into the inefficiencies of their current processes and revealed how deeply entrenched this problem was across the entire industry. If a forward-thinking airline like Delta struggled with this problem, it became clear that lost and found was an industry-wide pain point begging for a better solution. They realized they were onto something much bigger than they initially imagined. A new era for customer experienceTraditionally, lost and found has been seen as a logistical burden. A necessary but inefficient service that businesses offer without much thought to its impact on the bottom line. However, Boomerang is flipping that narrative by turning lost and found into a powerful driver of customer loyalty and satisfaction. Consider the typical scenario: you lose a valuable item at a hotel, stadium, or airport. After following the usual frustrating steps (calling different departments, waiting for responses, etc…) there’s no resolution. Your view of the business worsens as a result, and the experience leaves a lasting negative impression. But imagine instead that you report your lost item through a simple, easy-to-use platform. The item is recovered quickly and returned to you with minimal effort. Every item successfully returned turns a potentially frustrating situation into a moment of relief, generating positive word-of-mouth and fostering deeper customer loyalty. Businesses that return lost items retain customer trust and enhance their reputation for reliability. This is the vision Boomerang has brought to life. With a 50% return rate, half of all lost items processed through the platform are recovered and returned to their owners, a significant improvement in an industry where “lost forever” was once the default. Take Savannah / Hilton Head International Airport (SAV) as an example. In January 2023, SAV implemented Boomerang’s AI-powered system to overhaul its lost and found process. Before Boomerang, their team would manually sort through cluttered inventories, wasting hours trying to match items with their rightful owners and drowning in calls and emails for lost and found claims and questions. With Boomerang, customers could simply upload a description or photo of their lost item, and the AI would do the rest. The result? An increase of over 85% in lost item claims because it was easy to do so via Boomerang. A 79% increase in items found, due to having an easy and effective process for the team to follow when they find an item. And a boosted return rate up to nearly 60% of all lost item claims get back their item on Boomerang! In just a few months, the SAV team saved themselves over 11k emails and calls that they used to have to field, but now, thanks to Boomerang that work is fully digitized by the Boomerang platform - significantly reducing customer support center costs. A full case study with SAV is here. These real-world successes highlight how Boomerang is transforming business operations and the customer experience. When customers get their items back quickly and effortlessly, it creates a win-win scenario for everyone involved. As Skyler notes:
The social impact of Lost and FoundA recent viral TikTok video (here it is on IG) which has gotten over 200k likes, highlights just how much visibility the lost and found process can gain with the positive and negative consequences depending on the outcome. The video shows a person who lost an item that could be at LAX, Heathrow, or on a British Airways aircraft. The real-time nature of social media means that whoever finds the item, whether an airport or airline, has an incredible opportunity to gain positive recognition from the creator’s vast audience. A smooth recovery would likely lead to a glowing shoutout, showcasing the business’s ability to handle customer issues with efficiency and care, translating into a major PR win. Conversely, if the item is not recovered, it would be a missed opportunity and could result in negative publicity, hurting the business's reputation. This real-world scenario reflects the growing importance of having a reliable and efficient item recovery system. In an era where trust, integrity, and transparency are critical, particularly on social media, businesses need to take these opportunities seriously. Boomerang offers companies the ability to turn a potentially negative situation into a moment of delight, building trust and driving positive word-of-mouth. Listening to customersBoomerang charges businesses a monthly software fee, which automates the tedious tasks of lost item management. Beyond just streamlining operations, Boomerang has turned lost and found into a potential revenue stream for businesses. For items that go unclaimed, particularly electronics, Boomerang developed an innovative model where unclaimed items can be sold, recycled, or donated, with profits shared between Boomerang and the business. Interestingly, this revenue-sharing model emerged not from internal brainstorming but through customer discovery. During conversations with clients, Boomerang learned that many unclaimed electronics were simply left behind because customers often had insurance that covered replacements. As a result, people didn’t feel the need to retrieve their lost devices. Skyler noted that this insight came directly from listening to customers during routine client meetings, where partners repeatedly raised the challenge of managing unclaimed electronics. Instead of seeing this as just another operational issue, Boomerang saw an opportunity. In true start-up fashion, they embraced the problem and created a process that allowed businesses to turn unclaimed electronics into cash. Depending on the volume and quality of the unclaimed items, businesses could earn anywhere from “coffee money” each month to thousands of dollars from this. What started as a small-scale solution has now become a valuable part of Boomerang’s offering, proving that listening to customer feedback can lead to some of the best product innovations. Revolutionizing Lost and Found with AIAt the core of Boomerang’s innovation is its AI-powered matching system. When an item is lost, the owner can upload a photo or description to the platform. On the business side, items that have been found are similarly entered into the system. Boomerang’s AI then scans for matches, notifying the item’s owner if a match is found. This replaces the need for numerous phone calls, emails, and manual cross-checking, a process that is inefficient and leads to human error. Boomerang’s AI isn’t static; it’s constantly learning and improving. Over time, as more items are processed through the platform, the AI becomes better at identifying potential matches, even when the data is incomplete or ambiguous. This capacity for machine learning sets Boomerang apart from competitors, many of whom operate more like digital bulletin boards where items are listed but not actively matched. For example, imagine a theme park where hundreds of custom stuffed animals are lost every day. Initially, Boomerang’s AI might struggle to differentiate between two similar-looking items, but as it processes more data, it learns to recognize the subtle differences in descriptions and images. The system’s ability to handle corner cases (items that are particularly difficult to identify) improves with each interaction. Another advantage of Boomerang’s AI is its ability to handle multiple potential matches. In instances where there are several identical items lost on the same day (like popular team hats or generic car keys), the AI can flag these cases for further investigation, prompting a manual follow-up to ensure the right item is returned to the correct owner. This hybrid approach, using AI for speed and efficiency, with human oversight for edge cases, ensures both accuracy and speed. Additionally, Boomerang has streamlined the logistics of returning items. For in-person pick-ups, there’s no cost to the customer, but for more than 60% of cases where items are shipped, Boomerang handles the process end-to-end. Customers are presented with shipping options based on speed and distance, and once payment is collected, Boomerang generates a shipping label for the business to print. This process ensures that items are returned quickly, with minimal effort to both the business and the customer. Network effectsBoomerang’s success lies in its ability to form key partnerships with businesses across various industries. The company has collaborated with major airports, hotels, and stadiums, including Universal Studios, Madison Square Garden (MSG), Aeroporti Di Roma (ADR), and many more. The partnership with ADR, for example, will help improve the lost-and-found experience for over 40 million travelers passing through Fiumicino Airport annually. What makes Boomerang’s model particularly powerful is the potential for network effects. As more businesses adopt the platform, the entire system becomes more efficient and effective. Much like OpenTable did for restaurant reservations, Boomerang aims to create a seamless customer experience, no matter where they lose something. The more venues that join the network, the easier and faster the recovery process becomes for everyone. To see the network effect in action, imagine you're planning a trip to Philadelphia to go watch a Philadelphia 76ers game. You start your day by taking an Uber to Charleston International Airport, which is already partnered with Boomerang. During your day, you interact with several businesses, including the airport and, eventually, the stadium where the Sixers play. Let’s say you lose your car keys during your trip. Since both Charleston International Airport and the 76ers stadium are part of Boomerang’s network, you can easily file a claim through Boomerang’s platform. In this case, Boomerang will search both venues for your lost item. The more businesses like these that Boomerang partners with, the faster and more streamlined this process becomes. Now imagine an even more connected future: Uber and Philadelphia International Airport join the Boomerang network. If you misplace your keys during any leg of your trip, Boomerang can conduct a cross-search across all the companies you interacted with that day (your Uber ride, both airports, and the stadium), allowing the system to quickly identify where your item was left. That’s the power of network effects: the more businesses onboard with Boomerang, the more streamlined and effective the customer experience becomes, turning what could be a stressful situation into a simple, automated process. The platform scales as it connects more venues, benefiting users by offering a faster, more accurate lost-and-found system. Competitive landscapeNo startup journey is without challenges. One of the biggest hurdles Boomerang faces is the fragmented nature of the lost and found market. Many businesses still rely on manual processes or outdated digital solutions, and convincing them to upgrade to a new, AI-driven platform takes time, education, and trust. Migrating organizations away from outdated processes requires educational support to manage the transition effectively. But once they see the boosted efficiencies, time savings, and performance of their department, they buy in. Boomerang’s 100% retention rate is impressive and is a testament to the fact that partners who join enjoy the product and see its effectiveness once implemented. The competitive landscape also presents challenges. Boomerang is ahead in technology, but other players might attempt to copy or adapt. To stay ahead, Boomerang is focused on continuous innovation, constantly improving its AI, expanding its network, and building brand recognition to ensure that it remains the top solution for lost and found management globally. Boomerang’s sales strategy has been a key driver of its growth. The company focuses on direct sales, targeting individual brands and operators that manage multiple properties. By demonstrating its effectiveness and the additional value it brings through improving customer satisfaction and revenue growth, Boomerang has successfully converted more than half of its clients from other software providers. The remaining new clients had not previously implemented any lost-and-found solution, highlighting Boomerang’s ability to attract businesses across the spectrum. Growth leversBoomerang’s growth strategy is centered on building partnerships with large organizations that manage multiple properties, such as airports, hotels, theme parks, and stadiums. This approach has already enabled rapid expansion in key verticals and explore opportunities in adjacent markets, such as theme parks, entertainment centers, and healthcare facilities. Looking ahead, Boomerang is focused on international expansion, with recent launches in the UK and Italy proving its global potential. The company is also eyeing other regions where lost and found systems are particularly outdated, positioning itself as a leader in the global market for item recovery. Boomerang is pursuing a $16 billion item recovery global market. If an item is missing, they want to be the go-to platform to help you get it back into your hands. Stress testing the breakthrough ideaMike Maples Jr., in Pattern Breakers, defines the elements driving breakthrough startups: inflections—external changes that enable new behaviors; insights—non-obvious truths that leverage these changes; and founder-future fit—alignment between the founders and the future they’re building. Here’s how Boomerang aligns with this framework: The Insight: Lost and found isn’t just a logistical burden; it’s a powerful opportunity for enhancing customer loyalty. Boomerang’s AI-driven platform elevates lost and found to a core part of customer experience, transforming it from a hassle into a strategic asset. The different future this insight enables: Businesses will view lost and found not as an afterthought, but as an opportunity to create positive, memorable customer experiences that drive loyalty and even revenue. Inflections enabling the insight: The rise of AI and automation is reshaping customer service across industries. Customers today demand faster, seamless interactions, and Boomerang meets this need with a tech-driven solution for a previously neglected area. Why It’s Non-Consensus: Most businesses see lost and found as low-value. Boomerang sees it as an underutilized touchpoint for customer satisfaction and a potential revenue stream. Why It’s Right: In industries like hospitality and travel, customers’ emotional connection is crucial. An effective lost and found system builds trust, turning one-time customers into loyal advocates. Founder-Future Fit: Boomerang’s founders—Skyler Logsdon, Philip Inghelbrecht, and Augustine Diep-Tran—bring relevant experience and personal motivations that align with reimagining lost and found in the digital age. Exclusive offer to Travel Tech Essentialist‘Lost and Found’ may sound mundane, but it’s a challenge that costs billions and leaves businesses and customers frustrated. Boomerang, with its AI-driven efficiency, is reshaping this neglected area, making it easy, reliable, and even profitable. Boomerang turns lost items into new opportunities by automating what was once a logistical mess. If your business handles lost items, joining the Boomerang network could be a game-changer. Boomerang is offering a 30-day free trial exclusively for Travel Tech Essentialist subscribers, a unique opportunity to experience firsthand how you can improve customer satisfaction, streamline operations, and unlock new revenue streams. Click here to express your interest, and I’ll notify Boomerang to extend this exclusive offer to you. The future of lost and found is around the corner—and it might be powered by Boomerang. Thanks for reading this second deep dive. I hope you enjoyed it! Mauricio
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martes, 29 de octubre de 2024
Boomerang: Transforming the Broken Lost & Found Experience
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