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JaneB
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One of the reasons that Wotif was successful from the beginning is that Graeme Wood – the founder and ideas person – was himself in software development and had experience in tech businesses including working for IBM for years.

He also started small and developed incrementally.

So to answer your question – what do you need to set up a business like wotif – the answer is IT smarts, solid and supportive financial partners, a terrific concept and enough business experience to drive its success.