The VC panel this morning echoed a theme I have heard a lot over the last 8 months: VCs will only invest in online travel companies that have already established customers and revenue. The important thing to remember is that the true disruptors in the online travel market where not funded by VCs. Expedia was an incubator at Microsoft, Travelocity was launched with funding by Sabre and Orbitz was founded by the airlines. History teaches us that VCs are not very good at understanding the next online travel trend and with the current climate most will likely miss the next disruptive application