Meet Roy from Travelin.ai
Q: Can you briefly introduce yourself and your startup, Travelin.ai?
A: I’m Roy Golden, based in Oslo, Norway. Travelin.Ai is our venture into the next generation of business travel platforms. During COVID, we noticed a significant shift in travel behavior, especially in business travel where employees combined business with leisure travel. When everyone started returning to travel, they were using the same old platforms, with no real innovation except in pricing models. l Subscriptions plans
We conducted extensive research during and before the pandemic and discovered that up to 50% of business travel happens outside of traditional business travel platforms. Our interviews with enterprise customers and business travelers revealed a few key insights. First, younger travelers are looking for something more user-friendly than traditional platforms . They prefer B2C platforms for their simplicity and better hotel options. Secondly, many want to combine business and leisure travel, which is tricky with corporate platforms and leads to time-consuming expense management.
The main challenges we found were the loss of employee visibility on physical presence and lower bargaining power when negotiating volume-based deals when employees book travel independently. What we have done differently is by looking how people live, work and travel and then building the solution. Our solution is a platform that employees actually want to use. It simplifies the booking process to just 3 clicks to book a flight, respects the user’s time, and avoids aggressive upselling. One of our unique offerings is enabling business and leisure trip combinations. Our platform can automatically separate expenses for such trips, ensuring no financial burden on the business. This automation and financial clarity remove the need for lengthy approvals or discussions with management.
We also focus on making travel a part of the compensation package, which is especially appealing to millennials who prioritize travel benefits in their job search. We’ve successfully partnered with significant players like Vismas reseller arm Visma Advantage, reflecting the growing need for such innovative solutions in business travel. In 9 weeks, we closed 15 deals on the first demo call, all of which were competitive wins.
Why Plug and Play?
Q: How did you connect with the Plug and Play accelerator?
A: My journey with Plug and Play began with a simple Google search for VCs investing in travel tech. I discovered Plug and Play, which is based in Silicon Valley, and I was keen to move our company to the U.S. The Silicon Valley mindset aligned well with ours, making Plug and Play an ideal choice. I used LinkedIn to identify the person driving the Plug and Play program. Then, I analyzed my network to find a mutual connection with enough influence to introduce me to this key individual. After a successful introduction, I was asked to submit our summary, achievements, and a PowerPoint presentation. I continued to update them over several weeks, and eventually, we were invited to pitch to Plug and Play’s audience, consisting of corporate clients and decision-makers.
In a competitive field of about 30 other companies, we had about six to eight minutes to pitch. Impressively, we received one of the highest ratings among the participants and were among the 7 to 10 companies selected from an initial pool of several hundred. The primary reason for choosing Plug and Play wasn’t just their Silicon Valley location. It was their focus on travel tech and their extensive contacts within the travel industry. Companies like Saber and CWT, which we aimed to work with, were part of their network, making it a perfect match for us.
Q: Was funding included as part of getting into Plug and Play?
A: No, funding wasn’t part of the package with Plug and Play. Although they showed interest in investing in us, and we were certainly open to it, the condition was that we needed a lead investor first. At that time, we hadn’t secured a lead investor, which was necessary for Plug and Play to invest.
A Day Inside Plug and Play
Q: Can you describe a typical day once you joined Plug and Play?
A: Joining Plug and Play was an enriching experience filled with learning and networking opportunities. We had training sessions with industry leaders and experts from various sectors, including Airlines, hotels and GDSs like Saber. This exposure was incredibly educational.
A significant part of our time was spent connecting with key industry players. For instance, I had the chance to present on stage with CWT, one of the world’s largest travel management companies, to all their end customers. This was an amazing opportunity. I also demoed our solution to the Chief Product Officer of Saber, who was impressed with our unique offering, where he commented that he has never seen anything like this
The Plug and Play travel tech team is extremly professional, knowledgeable and always ready to help. Plug and Play was proactive in offering us opportunities, and we were determined to seize every single one.. For example, there was a time when they called me for a pitch opportunity in San Francisco with travel management companies. Despite being based in Oslo, I flew to San Francisco for just a 20-minute pitch, foregoing sleep for three nights. It was a grueling journey, but absolutely worth it. The human connection made during these in-person meetings was invaluable.
One particular interaction from that trip is about to bear fruit, nearly two years later. We’re on the verge of signing a contract with a leader I met there. If this goes through, it could be a game-changer for us. We’re currently waiting on the paperwork and they’re testing our solution, but it’s looking very promising. This experience illustrates the profound impact that being part of Plug and Play has had on our journey.
Post-Accelerator Achievements and Impact on Growth
Q: What have you achieved post-Accelerator, and which aspect of the program had the greatest impact on your growth?
A: The most significant impact of the Plug and Play program was the visibility it provided us. The opportunity to present to other travel management companies during that 20-minute presentation was pivotal. We gained exposure to C-level executives of major travel management companies, many of whom are currently testing our platform. If these deals materialize, they will be transformational for us.
This exposure also increased our visibility to other key players in the industry such as Travelport Travelport for instance help us to secure a contract with Lufthansa City Center, a consortium of travel management companies. We now have the ability to sell our software to their associated travel management companies. This achievement is prompting us to raise more funds to develop further capabilities tailored to these companies’ needs.
Initially, the executive management LCC did not see the need for another booking tool, given their existing partnerships with companies like Amex and Navan. However, our demo made a very strong compelling case. Our solution was recognized as not only unique but also highly relevant to then world of business, leading to a contract with Lufthansa City Center. This is a testament to the value and uniqueness of our platform and the opportunities it opens up in the travel management space.
Quantifiable Success Metrics Post-Accelerator
Q: Can you share any quantifiable metrics that highlight the success of your startup since completing the accelerator program?
A: Our journey post-accelerator is just beginning, as we went live with BETA only recently, at the end of July 2022. Before that, while we were part of Plug and Play, we were still in the development phase and hadn’t launched yet. However, since going live with our beta version, we’ve made significant strides.
One of our notable achievements is signing with Visma. Visma is a large software company with a reselling arm called Visma Advantage. They previously had a contract with Egencia, which they terminated. Egencia is one of the world’s largest travel management and booking tool company, owned by American Express After testing several global platforms, they chose our product, marking the first time in their history that they’ve adopted a startup’s software. Since the end of September, they’ve been actively reselling our platform.
The response has been overwhelmingly positive. In the first demo call itself, we converted about 15 customers,. This rapid customer conversion rate is a strong indicator of our platform’s appeal and effectiveness in the market. It’s a significant metric that reflects our growing success and potential in the travel management industry.
Setting Future Milestones Post-Accelerator
Q: What are the next milestones for your startup, and how has the accelerator prepared you for these goals?
A: Our immediate next milestone is to initiate a seed funding round. This is where Plug and Play’s network becomes invaluable. They have great partnerships with VCs, which we plan to leverage for support in this fundraising process. We aim to start actively pursuing this goal within the next two or three months, collaborating closely with Plug and Play and their contacts.
In addition to securing funding, our focus is also on expanding our platform’s capabilities to cater to travel management companies in the U.S. This involves both technological development and market expansion, positioning our platform as a viable solution for U.S. travel management companies. The accelerator has equipped us with the necessary tools and connections network to approach these milestones effectively. Their network, industry insights, and support structure are instrumental in guiding us through these crucial stages of growth and expansion.
The Role of Plug and Play in Preparing for Future Milestones
Q: Do you believe Plug and Play has effectively prepared you for your upcoming milestones?
A: Plug and Play has been instrumental in preparing us for these significant milestones. They’ve introduced us to potential market players in terms of investment, and they’ve opened doors to even more investors that we hadn’t been exposed to before. The experience and network gained through Plug and Play have been invaluable. The individuals within Plug and Play, especially those in the travel tech group, are amazing. Their insights, guidance, and support have significantly contributed to our readiness to pursue these next steps, particularly in terms of raising a seed round and expanding our platform’s capabilities. Their role in our journey has been fundamental to our growth and development.
Advice for Aspiring Accelerator Participants
Q: Do you have any advice for those considering applying to Plug and Play or other accelerators?
A: The key is to be fully committed and take the opportunity very seriously. Recognize and actively pursue the opportunities that arise. There’s a noticeable difference between Plug and Play and other accelerators I’ve been a part of, especially since it’s corporate-led. This means you get direct access to corporate players, influencers, and decision-makers. Therefore, being an ‘executionist’ is crucial. You must be prepared to execute effectively when meeting these individuals. Have a clear, straightforward plan for execution with any party you’re working with. Avoid complexity; instead, have a simple, step-by-step approach to demonstrate the opportunity or traction behind your solution and how it addresses a specific problem. The focus should be on solving problems in a simplistic manner. Remember, everyone involved is there to help you. So, take full advantage of the resources and networks available, and be ready to act swiftly and efficiently to make the most of the accelerator experience. This type of mindset enabled Travelin.Ai to win the “Hustler of Year” Award by Plug and Play. In 30 Years, they never gave two awards in one batch, this time they made an exception which we really appreciated.