Meet Jeff Kischuk from Tripian
Q: Could you introduce yourself and tell us about the inception of Tripian?
A: I’m Jeff Kischuk, the co-founder and CEO of Tripian. Our company specializes in in-destination travel planning, focusing on providing services based on actual points of interest (POI) content and location. We use smart routing and sequencing to ensure that the travel itinerary we create is not only well-organized but also tailored to meet the specific travel needs of our clients.
Q: What inspired the creation of Tripian?
A: The inspiration for Tripian came from my co-founder, who previously ran a travel company. A common issue his agents faced was providing travelers with suggestions for activities to fill their day. Travelers often have a great hotel and a tour booked but struggle with what to do with the rest of their time. They’re looking for that expert local insight, which is hard to come by. Travel agents don’t know every destination intimately and often end up suggesting the same few popular spots. We saw a need for a service that offers more personalized, local recommendations, helping travelers discover unique local experiences. This led to the creation of Tripian, aiming to enhance the travel experience by offering tailored suggestions.
Choosing Plug and Play
Q: What motivated Tripian to join the Plug and Play accelerator program?
A: We joined Plug and Play as part of our growth journey, which began in 2017. We were transitioning from a startup to a more established company at that stage. Our motivation was to gain additional learning and support to refine our business model and strategy, and to validate what we were doing. We recognized the potential value of an accelerator at this particular stage of our growth, where it could be beneficial rather than overwhelming.
Q: Can you describe the application process for Plug and Play?
A: The application process requires a deep understanding of your company. It involves detailed questions about your business stage, model, marketing strategies, and ideal client profiles. When we first applied a few years ago, we realized we weren’t ready. We lacked sufficient depth in our planning and experience. However, by the time we applied last autumn, the process was much smoother. We had early revenue clients and were gaining momentum post-COVID, which made filling out the application easier with our more established answers and content.
Q: Did joining Plug and Play involve any funding or equity?
A: No, one of the appealing aspects of Plug and Play is that it doesn’t involve a fee, funding obligations, or equity discussions. This aligned well with our values, focusing on genuine contribution and growth. As an early-stage startup with a tight budget, we preferred to invest our time rather than money, which was a requirement of Plug and Play. This time investment was crucial for us and influenced our decision to join the program.
Daily Life at Plug and Play
Q: What was a typical day like during the Plug and Play program?
A: In the Plug and Play program, every day was different, but a typical week was well-structured. Each day had something scheduled, like mentor sessions with seminars, or ‘reverse pitches’ from industry partners presenting their business cases. There were also opportunities for networking within our cohort and open discussions. Plug and Play made their resources readily available, allowing participants to engage as much or as little as they desired. However, to truly extract value from the program, dedicated time and preparation were essential.
Q: Reflecting back, what part of the program did you find most valuable?
A: The most significant and ongoing benefit from Plug and Play has been the access to their mentors. Initially, it was quite a learning curve, with nearly 30 mentors available in our cohort. The challenge and opportunity lay in identifying our specific needs and pain points and matching them with the right mentor. As the program progressed, we became more adept at this. For instance, during the final summit, we connected with a legal advisor mentor, leading to valuable legal consultation on data integrity and privacy. What stands out about Plug and Play is their commitment to ongoing support. It feels like an active, ongoing relationship, almost like being an alumni, where mentors continue to offer their guidance and expertise. This aspect of continuing support and engagement is a standout feature of Plug and Play, truly embodying its supportive culture.
Overcoming Challenges and Post-Accelerator Progress at Tripian
Q: Did you encounter any challenges during your time in the Plug and Play program, and how did you overcome them?
A: The primary challenge for us was being adequately prepared and ensuring we were deriving the right amount of benefit from the program. The learning curve was significant. We took it upon ourselves to prepare for every session, reverse pitch, and follow-up opportunity. This meant thinking outside our box, engaging in areas not directly related to our industry, and actively participating in each session. The challenge was to appreciate and utilize the broader business opportunities presented, even if they didn’t directly align with our immediate market and needs. This approach drove us to expand our perspectives and engage more deeply across various business aspects.
Q: What has been the status of Tripian post-accelerator, and what have you achieved?
A: Since completing the Plug and Play program, Tripian has experienced significant progress. Our deal velocity improved throughout 2023. We’ve structured our sales operations more effectively, focusing on specific verticals and client segments. This approach has allowed us to understand better and solve focused problems, avoiding the trap of trying to be a ‘super company.’ Our participation in the program, the industry connections, and mentorship have been invaluable.
Furthermore, we’ve developed strategic partnerships with companies from our cohort and the latest cohorts, enhancing our market presence. These partnerships and networks have been instrumental in our growth. We’re also in the process of shaping our advisory board more effectively, leveraging the mentorship and expertise gained from Plug and Play. This strategic positioning is enhancing our sales capabilities and setting us up for a stronger presence as we approach 2024, especially in anticipation of our next round of fundraising. The program has provided us with valuable resources and insights, which are now fundamental to our ongoing strategy and success.
Q: Could you share more about Tripian’s upcoming milestones and how the accelerator program has equipped you for these?
A: Traditionally, as a lean and bootstrapped startup, we’ve relied on private, often family office-type funding, avoiding institutional sources. This approach has been crucial for our growth and stability. However, as we look towards our next phase, our focus is on preparing to enter the market more formally. This includes conducting a proper roadshow, having comprehensive documentation, company structure, reporting, and validated forecasting.
The maturity we’ve gained from our experience with Plug and Play is instrumental in this preparation. In 2024, we aim for a seed extension round to position us for scaling. Our goal is to apply the funds toward scaling our DevOps, sales and marketing, and sales operations teams from a rational, informed standpoint. It’s about raising funds not just to chase a dream but to support a mature product with existing customers. We are focusing on scaling and adoption, transforming from a dream to a more mature company.
The accelerator program has been a catalyst in this evolution, helping us emerge as a more mature entity ready for the next stage of our journey. It has essentially accelerated our growth and prepared us for the upcoming challenges and opportunities.
Final Advice for Aspiring Accelerator Participants and Reflections on Plug and Play
Q: Do you have any final advice for anyone considering applying to Plug and Play or other accelerators?
A: My key piece of advice is to actively participate and contribute. Success in these programs is very much a case of ‘you get out what you put in.’ Being proactive, asking questions, preparing thoroughly, and expanding your network are essential. You must be ready to invest time and effort as nothing will be handed to you on a platter. It’s not just about securing deals; it’s about real growth, learning, and flexing your business acumen.
Q: How do you view the relationship between the cost of an accelerator and the expectations of participants?
A: There’s an interesting hypothesis regarding the correlation between investment in an accelerator and expectations. For instance, if there’s a fee involved, there might be a presumption of more deliverables or tangible returns. In contrast, Plug and Play, which is free, may set different expectations, focusing more on seizing opportunities without a predefined notion of owed deliverables.
Q: How does Plug and Play compare to other accelerators you’ve experienced?
A: Plug and Play stands out as one of the most positive experiences. Its model of not requiring equity and its strong connections are highly valued. The ongoing support and opportunities for engagement, even post-program, add significant value. Being part of the alumni group opens doors to recommendations and meetings, providing a level of validation and vetting.
Plug and Play also serves as a filter layer for their corporate partners, helping identify promising startups. This reflects on their business model and their role in the enterprise ecosystem. The organization’s growth, footprint expansion and regional development are quite impressive.
Q: Can you comment on the operational aspects of Plug and Play?
A: The operational efficiency of Plug and Play is remarkable. From project management to scheduling and structure, it’s evident that the organizers know what they’re doing. The responsiveness, communication, and organization ensure that no time is wasted. The availability of resources, like meeting recordings and materials, is prompt and accessible. It’s these small but significant aspects that enhance the experience, much like seamless service in a high-quality hotel. It’s clear that the people running Plug and Play understand what founders need and how to deliver it through well-executed processes effectively.