Alumni interview with Marcus Räder: “I started my first business when I was eleven”
Räder says he grew up in modest circumstances and had always been interested in business and economics. Applying to Hanken therefore felt like a natural choice.
“I started my first business when I was eleven years old. It was a bank where I lent my money to classmates and charged interest. When the teachers and other parents found out, they did not think it was a particularly good idea, so the business had to be shut down.”
Räder studied at Hanken from 2002 to 2007, majoring in marketing. After graduating, he worked at several start-ups. Born in Sweden and raised in Finland, he says he never quite felt at home in Finland. After spending some time in Amsterdam, he eventually moved to Canada.
Annual turnover approaching 100 million euros
In Canada, Räder decided it was time to become an entrepreneur again, and in 2015 he founded Hostaway together with Saber Kordestanchi and Mikko Nurminen. Today, the company is valued at more than 1 billion euros and generates annual revenue of nearly 100 million euros.
Hostaway develops software for companies that rent out holiday properties and is the market leader in several of the world's largest markets, including the United States, Finland, Sweden, the United Kingdom and Australia. The company, which is based in Finland, employs around 300 people worldwide and serves customers in more than 100 countries.
“Renting out accommodation is not a new phenomenon. For thousands of years, people have hosted travellers in exchange for payment. What was interesting around 2015 was that several major societal trends were occurring at the same time. Globalisation accelerated, travel increased, and wealth began to concentrate among fewer people.”
Among other things, these developments prompted Räder to take a closer look at the industry. He began interviewing companies operating in the holiday rental sector to understand the challenges they faced and what prevented them from growing.
“I was very pleased with the answers because almost everyone said the same thing: the business model worked, customers were there and the market was growing, but they lacked technology. There was no software tailored to their needs, so we decided to build it.”
The best in the world
Asked why Hostaway has performed so well compared with its competitors, Räder says it is probably because they have been more desperate than most.
“I grew up very poor, and that has always been a strong motivator for me. I am also extremely competitive. For me, there is only one definition of winning, and that is being the best in the world. With Hostaway, we have achieved that.”
Räder says the company is currently in a particularly exciting phase, especially when it comes to artificial intelligence and the way consumers discover products and services.
“People search for information in completely different ways than they did just a year ago. This will likely also change the way consumers book holiday accommodation.”
Don't let anyone tell you what to think
Räder says Hanken has been an important contributing factor in what he has achieved and that the School provided him with an excellent foundation for the rest of his life.
“I met the right people, which helped me find jobs and build my professional network. But even more importantly, Hanken encouraged me to explore the world. We had the opportunity to study languages, go on exchange programmes and take part in various international activities.”
According to Räder, the best lectures at Hanken were those that challenged students to think critically, and his message to today's students is to question everything that is taken for granted.
“Don't let other people decide how you should think. There are many norms in society that people accept without question, even though they are not necessarily fixed truths. And remember to stay curious. The more questions you ask, the more you learn.”
Heavy metal and marathons
Räder now spends seven months of the year in Warsaw and five months in Miami with his family. Music, and heavy metal in particular, is one of his greatest passions.
“Heavy metal has inspired and motivated me throughout much of my life. What I appreciate most is that many metal bands address major and difficult issues such as death, illness, loss, friendship and faith. For me, that music has been a way of understanding the world and growing as a person.”
Another passion is running, and Räder has set himself a specific goal: to run 100 marathons in 100 different cities.
“I don't want to run organised races where someone else decides when and how I should run. I want to do it my own way. Once I have completed all one hundred, I plan to donate 100,000 euros to Alzheimer's disease research. My mother, who is also a Hanken alum, has been diagnosed with the disease, so this project means a great deal to me. So far, I have completed 18 marathons, so there is still some way to go. But I have no doubt that I will reach my goal.”
Text: Jessica Gustafsson
Photo: Private
In this article series, we interview Hanken alumni. Do you know someone you think we should interview? Or do you want to volunteer yourself? Email us with tips at alumni@hanken.fi.