What is Travel Creators?
Q: Can you briefly introduce yourself and your company?
A: I’m Janine Salame, co-founder of Travel Creators. We’re a two-sided platform that connects creators with next-gen travelers. Almost like the Shopify of travel for creators.
Q: How did you come up with the idea? Was it through personal experience?
A: Yes, two parts. COVID happened in 2020, disrupting the entire travel industry. With 21 years in the travel sector, I noticed a pre-existing challenge in innovation. Post-COVID, we saw a massive opportunity to be more innovative and reimagine the travel space.
Why Founders Factory?
Q: What motivated you to join Founders Factory?
A: Leaving the corporate world was a big jump. During my research, Founders Factory caught my attention. What stood out were two key aspects: the venture studio and their unique approach to helping founders find a co-founder in tech. Given my non-tech background, this was crucial. The second compelling aspect was their comprehensive process, from design to MVP. The appeal lay not only in the venture studio but also in the prospect of leveraging their design studio, which was something we eagerly anticipated.
Founders Factory Application Process
Q: Can you describe the application process to get into Founders Factory?
A: The initial step involved visiting the platform on the website, where new studio ventures and accelerators within specific fields were opened up. Travel, in our case, had corporate backing, aligning with our focus. The application process delved into the essence of our idea, the problem it solves, and how it fits within the industry, identifying key users. Approximately six or seven questions covered themes like the future of work or sustainability.
Q: What are the steps during the application process?
A: Step one was navigating the online platform, and addressing the questions outlined in the application. This phase focused on articulating our idea’s significance and positioning within the industry. Step two involved the first call with the venture studio team. Two individuals discussed the travel industry, our project’s challenges, and its importance, leading to a third call with the investment committee. This pitch involved presenting our project to the managing director of the travel segment and the design team. The process included pitching what we were building and engaging in discussions on its merits and potential.
Q: Is pitching all part of the application process?
A: Yes, indeed. The pitch to the investment committee occurred during the application process, providing a crucial opportunity to showcase and discuss the project with key decision-makers.
Inside Founders Factory Program
Q: Once accepted, how does the program look like?
A: It’s a full-on structure. Upon acceptance, we received a Google shared drive outlining the first few weeks. The studio side involved a highly structured process with weekly meetings and updates. These meetings were tailored to specific focus areas, be it with the product design team, the technical team, or the growth team. The structure was evident in the weekly hour-long calls, covering progress, validations, and more.
Q: Was this structure part of both the studio and the accelerators?
A: Yes, it applied to both. The studio, being a bit more intense, involved structured sessions using tools like Miro, mapping out user journeys and fundamental aspects of our venture. The accelerator, on the other hand, focused more on product development, fundraising, and user/revenue milestones.
Q: Were you working with the same team in both the studio and the accelerator?
A: Mostly yes, with perhaps one or two changes. We had a project manager or coordinator who played a central role. The “IC” (Internal Coordinator) remained as consistent as possible, ensuring continuity between the studio and accelerator experiences.
Q: Did you receive extra support from other mentors?
A: In the travel track, there was a dedicated travel board, not directly part of Founders Factory but set up to support the travel track. This board offered valuable opportunities for showcasing our venture, networking, and introductions. Additionally, there was a fundraising team comprising two individuals who initiated the process of introducing us to various VCs within their network.
Q: Is there a channel for communication with other people from Founders Factory to facilitate collaboration and support?
A: We use Slack and Notion. Slack serves as a platform for community communication, while Notion contains valuable information on perks and availability with different suppliers like Stripe. These tools, along with direct access to our IC advisor, continue to play a crucial role in ongoing communication and support.
Q: Is the end goal to pitch your idea to potential investors part of the Accelerator and the Studio?
A: Demo day is a crucial part of the accelerator. While in the studio, you pitch to the IC to showcase progress and potential. In the accelerator, after demonstrating improvement, you receive immediate funding and a set date for demo day. This event is designed to aid in the next funding raise.
Q: Does the additional funding you receive have to come from Founders Factory, or can it be from external venture capital companies?
A: The initial funding in the Venture Studio and the Accelerator comes from Founders Factory. However, during demo day, startups present to attract pre-seed or seed round investments, which can come from external venture capital companies.
Sometimes Founders Factory participates in the next rounds. Some startups within our cohort have witnessed follow-on investments from Founders Factory, but it depends on the specific focus and circumstances of each case.
Achieving Milestones and Overcoming Challenges
Q: Do you have a significant milestone achieved during either the studio or accelerator that you’d like to share?
A: We launched our MVP during the accelerator, a key point being that they helped us find a technical co-founder at that crucial time. This support was invaluable, and our co-founder stayed with us for the first year until he had an exit with another company. In terms of milestones, we successfully launched the MVP with a beta group of creators and generated revenue within the first six weeks of the MVP launch. Currently, we bootstrap, having achieved profitability and substantial revenue.
Q: Is connecting with a co-founder part of the program?
A: It’s not strictly part of the criteria, but they do emphasize the importance of having a co-founder with a set skill, combining deep industry knowledge with technical expertise. We were fortunate to find a non-technical co-founder with profound industry knowledge, but they also provide a platform, like Slack, where you can easily connect with others in the startup community, share updates, and find potential co-founders.
Q: Did you face any challenges during the two programs?
A: Yes, two distinct challenges. In the adventure-building phase, our initial hurdle was the absence of a technical team member. However, the program provided crucial support in addressing this challenge, helping us overcome it during the incubation or venture side. Moving to the acceleration phase, while the support for building and refining our project was substantial, fundraising posed a significant challenge. The difficulty was heightened by external factors such as the Ukraine issue and the persisting impact of COVID. Despite these challenges, a positive outcome emerged. I managed to build a substantial network of over 95 investors, individuals I might never have connected with otherwise. So, while fundraising presented challenges at the time, it ultimately led to valuable networking opportunities.
Current Status of Travel Creators and Future Plans
Q: What’s the current status of the company?
A: Currently, we are revenue-generating, having sold over $300,000 worth of travel with a revenue close to $28,000. This year alone, we’ve experienced a remarkable 696% growth. On the sales side, we’ve achieved substantial milestones. Looking ahead, our next opportunity involves raising a pre-seed fund of £450,000. This funding will propel our product development into the next phase and our upcoming sprint.
Q: What would be the next significant milestone for Travel Creators?
A: Closing the fundraising round is indeed the immediate milestone. Once achieved, our next target is to reach 5000 trips with our creators. We currently have over 4000 creators on a waitlist, and onboarding them marks the next phase of scaling our operations.
Q: In terms of growth, have you explored any specific channels?
A: During the accelerator period, we collaborated with Liam Nolan, the head of growth at Founders Factory. Liam was fantastic and played a crucial role in helping us set up the entire growth process. We focused on conducting numerous tests and validations. Interestingly, we’ve adopted a strategy where we minimize spending on traditional growth channels because our creators serve as our primary marketing and sales tools. Through various tests, we identified a sweet spot where we achieve effective growth without heavy reliance on traditional marketing dollars.
Final Advice
Q: Any final advice for founders thinking of approaching Founders Factory programs?
A: Two key pieces of advice. Firstly, be prepared to learn and embrace challenges. You might enter with one idea, but the program surrounds you with smart individuals who will challenge your thinking. Secondly, take action. The program emphasizes weekly milestones, showcasing that your plans are not just talk but backed by a bias for action. As a final point, resilience is crucial. You’ll face challenges, and receive both support and critique from Founders Factory, and throughout the journey—whether in the studio, acceleration, or post-acceleration—resilience will be the key.