EasyJet has its roots in the business activity of Greek-Cypriot Stelios Haji-Ioannou, who reportedly gained an interest in the aviation business after being approached as a potential investor in Virgin Atlantic's Greek franchisee. Recognising a vacant niche in the market, Stelios decided to examine the prospects for launching his own airline, having secured a commitment of a £5 million ($7.7 million) loan from his father. While studying various business models in the industry, Stelios took significant interest in the American operator Southwest Airlines, which had successfully adopted the practice of price elasticity to be competitive with traditionally cheaper buses and attract customers that wouldn't normally have considered air travel. This principle became a cornerstone of EasyJet's operations.