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INTERVIEW: 12 Guys and 78 Emails Lead Travefy.com to $31 Billion Group Travel Market

12 Guys and 78 Emails Lead Travefy.com to $31 Billion Group Travel Market

Estimates of the size of the group travel market range from $31 to $87 Billion and between families, college students, wedding and events there is no shortage of groups desiring to travel together.  David Chait saw an opportunity when he and his friends had difficulty coordinating a trip and after a successful 200 person MVP (most viable product) test are now seeing 2% to 3% conversions of visitors to customers using their group travel booking engine at Travefy.com.

 

 

We had the opportunity to interview David recently about his new business and how his government job experience beat out work at McKinsey towards providing the knowledge to start this business.

You can listen to David’s Interview here and read it below:

Roy:   This is Roy Weissman from MediaJobs.com. We’re talking with David Chait at Travefy, a new startup that solves the coordination headaches of group travel, find your best trip, collaborate on details, book travel, and soon, to manage expenses.

David, I appreciate you taking the time to talk with us today and learn more about Travefy. When did you start this service, and give us a sense, in your words, of what Travefy, where it fits into the market and kind of why you started it.

David: Great. Well firstly, thank you so much for the opportunity to chat with you and everyone today. Travefy started about a year ago today, as with many ideas, through frustrations I was having in my own life. A group of us were planning a friend’s bachelor party, and as you can imagine, 12 guys trying to determine when and where we were going to go. We were 78 emails in without any idea. One of my friends, God bless him, decided to grab the bull by the horns and said I think I know the right date. He booked a nonrefundable hotel room, and it worked for most of the people there, except for the guy getting married. I realized that there had to be a better solution for helping groups to coordinate all of their travel. That was really the genesis of Travefy.

Really, what Travefy does, we are a tool that helps solve all of those pain points that you find when planning a group trip, whether it’s finding that right date or location, socially voting and determining what that best hotel or flight might be, and managing painful expenses to really determine who owes what and collecting that without the awkward conversations of begging for money.

Roy:   Now, when you – obviously, you had this need, you had the experience, but how do you know there’s really a market for it? How did you determine what the market is? Do you have a sense of the market size?

David: Absolutely. So firstly, in terms of the market size itself on the data, we have group travel and leisure travel in this country. It’s an industry where there are 1.6 billion per person leisure trips per year in the United States.

In terms of behaviors, people are actually booking online. The United States is one of the most mature online travel markets where 65% of all travel is booked online. So the market is there and the behavior is there.

Now on a more micro level, for us it was very important to test out that we were actually capturing a solution to a problem that we already know existed. So we have a very lean startup mentality. One of the first things we did is we set out and we built a very simple tool that solved the furthest upstream problem we found, which was socially determining your best trip. We built a tool where you can invite your friends via Facebook or email, propose some dates and locations, and actually vote to define them. We put that out in the market, tested it at four universities around spring break time, and had an overwhelming response. Hundreds of accounts, we had almost 200 trips come through the platform, and we realized that we were actually reaching a problem that existed. From the…

Roy:   I don’t mean to interrupt you, but you said you had 200 people – 200 trips, actually 200 groups of people were waiting to schedule this trip and they used Travefy to do it. When you say group travel, the first stuff that comes to my mind is I know there’s tons of group travel from a business perspective or vacation, where companies like Liberty Travel have group travel. Isn’t it kind of an elusive market, informal group travel? Did you have any way of estimating that, or was this test a key determinant?

David: That’s a very good question. I think for us, we knew that the need was out there. This for us was number one the way to test that. People would exactly, to your question, want to just find a tool to help them solve that.

But you do bring up the very valuable point that group travel itself is very fragmented. There’s a long tail of types of use cases, which is why we actually started targeting – I mentioned we went to schools first. We found two very highly capturable segments in the student/young professional market and the bachelor/bachelorette market because there’s a certain moment in time that exists, there’s a certain type of person in which we exist, where you can actually start by reaching them.

Now for us, we’ve actually been able to hopefully solve a lot of that problem around the long tails because of our social integration. If you were to think of something that involves a group trip, you’re invited and you’re actually inviting other people to it. We actually have a social or viral factor of about 3x in terms of the number of people that others invite to their trips. So while you have to find that pinpoint to actually reach our initial audience, we’re able to really grow further beyond that. And we’re seeing that now as we’re really out the gate with our newer, what we’re calling our beta person.

Roy:   When you did those 200 trips, what was the average number of  participants per trip?

David:  Three to four.

Roy:   Three to four. Do you have a sense of what the average spending per person was?

David:   We don’t have that, because again, we put out a minimum viable product, our MVP, to purely test the socially voting. We’re right now, now that we’ve added our hotel search engine and our soon to be released expense management tool, seeing what those expenditures are. It’s too early to actually put some hard numbers around that.

Roy:   So when you did the 200 trips, were they booking the trips through you, or was it just coordinating?

David:  That was the beauty of it, it was just the coordination. We’ve since released our booking engine in which we’re starting to see conversions starting at 2% to 3% already to actually booking through our offerings. But we were able to prove that even just the utility of trying to help you coordinate already exists, and people wanted that and needed that.

Roy:   You brought up the two markets, the student market, and you said the bachelor/bachelorette weddings market. The weddings market is just an enormous market space. I would think that – I mean, I don’t know if you’re targeting that more than students, or you think that students is bigger. Which one do you think really has the potential for you guys?

David:   Well, they’re very different in terms of their behaviors. If you were to think on the student market itself, you have close to 22 million students in the U.S. every year. We know that Gen Y takes an average of 3.9, we’ll call that 4 trips per year. And that spring break moment alone, 38% of students go on some form of spring break. So from volume itself, you have this very large moment where there are new students cycling in.

Now on the bachelor and bachelorette side, you have a little over 2 million weddings a year. We know from Brides.com that a key percent of brides themselves are doing some form of bachelorette. Also, because you typically are seeing younger professionals, their spend in travel will likely be a lot larger, a lot further out. What you see is a mix of probably larger volume on the student side, but larger spend on the bachelor/bachelorette side.

Roy:   Now, bachelor/bachelorette, isn’t that just normally local, like events? Like going to a bar or whatever or a club?

David:   It varies. It varies from the local to, you know, we see a lot of trips come through which are let’s go to Vegas, let’s go to New Orleans, Miami, those tend to be the hot spots that we see traffic go through. The beauty of a tool like Travefy is we can help those larger travel groups that want to go exotic to Las Vegas, coordinate those hotels, soon to be able to coordinate those flights and expenses. Or even those that want that local trip. You know, I grew up in Jersey. Those that just want to take the road trip down to Atlantic City for the night still need to figure out the dates, still need to help coordinate all of that. So the utility is there for any part of that spectrum.

Roy:   That’s great. Do you have any statistics on the percentage of bachelor/bachelorette parties that go out of town?

David:   That we don’t, and that’s a lot of what we’re trying to cull through is estimates around that. What we do know is that 80% are doing something, and they’re on average taking four to five friends or bridal party, however they define it, with them.

Roy:   So that could be five people on the trip? That’s a nice trip.

David:   Exactly.

Roy:   So, I’ve got to believe, is there no one else doing this type of stuff out there? Are there any competitors? I mean, you’ve teamed up with obviously a major travel search engine. Expedia’s huge. Isn’t anyone else doing this?

David:   Absolutely. I mean, part of the beauty of the travel space is it’s enormous and there are lots of different needs out there. Even group itself, while that’s a niche within travel, is very broad. There’s a lot of great tools out there that already exist, and a lot of folks that are starting to enter that are trying to help solve the group problem.

I think where we’re differentiated from that competitive set is in our approach. I think that if I were to say ‘group travel’ right now, I could name you probably ten great companies, many of which I actually personally use, but they’re going about it differently. Some are focused on itineraries. Some are focused on just metasearch options and voting that way. We’re really focused on the coordination issues at the furthest upstream, which is to help you find that date and location. Then let’s help you vote on that hotel and book it. Then let’s help you actually manage expenses. We have, I’d say probably a dozen partial competitors. We have very few direct competitors with the same service offering, which is the fantastic thing about scalable technology. You can really find your niche in terms of who you support.

Roy:   Who would you consider your greatest competitors, to one or two people?

David:   Well, I would consider our greatest competitor, probably one of two companies. One would be TripIt, which to date is not a competitor at all. It’s a great complementary product for helping plan and share itineraries. They have the ability to potentially move into the type of work and space we’re doing with an already built-in audience. We think that we’re actually able to inoculate ourselves from that threat because of the social integration we have, which is a shared travel history, the fact that you already have your friends invited and whatnot. Once we actually get ourselves to a certain scale, we have to have that same competitive advantage of some of those larger previous entrants.

The second one is a company called Tripshare, a sort of fantastic iPad-only product for helping you pin some flights and hotels and talk about them. It’s a great tool. Again, I think we differentiated ourselves from them in the fact that we are open to any browser and any tablet or device so that we’re really reaching that, what I would consider is probably a broader audience in that sense.

Roy:   Do you have a mobile app that you’ve created?

David:   No, we very purposely have built ourselves on a responsive browser stack that’s workable on any phone and it’s able to be viewed very stylistically and wonderfully on a phone or a tablet. We realized that when we were doing testing, for instance, the first touchpoint anyone has with Travefy is that they would receive a poll, a link in email saying you’re invited to this trip, would you like to vote on your dates and locations? We found that the last thing anyone wanted to do is have to download a clunky application to start responding to this. What they can do on their phone is simply click the link and they’re taken to a browser page that’s fully worked and it’s fully responsive.

Roy:   You talk about the social integration. What kind of integration have you done or are you going to do or might you do with obviously the major social sites, Twitter, Facebook, whatever?

David:   So the way we’ve approached it is we all – and I would use myself as a use case, all of my friends in social network are really parked in a lot of different areas. I’ve got a lot of my contacts on Facebook. A lot of them are stored in my Gmail Google account. Some of them are stored in just, you know, I know this person’s email.

What we wanted to do is make sure when someone starts planning a trip, that they don’t actually have to choose a pathway, like, I have to make this a Facebook event and invite Facebook friends, or I have to go to Google. What they can do is link all of those accounts and actually invite whomever. When I go to start a trip, let’s say a fun July 4th weekend, I can link up my Facebook account and my Google contacts, and I can add John from Facebook and Jimmy from Gmail without me or them ever knowing or seeing the difference. It’s pulling all of that information in. So that is the core of where we’re integrated in that it’s a seamless process, bringing in all of these networks.

Beyond that, we also give people the tools that they’re able to share information on their social networks. We know that there’s a phenomenon, we call it the humble brag, where people love to post on Facebook where they’ve traveled and what they’ve done. So at the end of the trip, we give that opportunity to actually have Travefy put up there to say David’s off to Madrid, any ideas, or whatever that posting folks would want it to be.

Roy:   When you say you can pull in, so in other words you’re integrated with Facebook?

David: We’re integrated with Facebook. We’re integrated with Google. You can also add in, if you have your own different types of set up contacts, you can copy and paste emails and other things and add that to your trip contact list.

Roy:   Are you doing anything with LinkedIn?

David:   Eventually. We have a much longer list of social areas that we want to integrate those contacts with, but we found through surveys and conversations that we really were covering the broadest swath of everyone with Facebook and Google contacts for this initial rollout.

Roy:   Right. You did your MVP with the colleges and stuff. Where have you been getting your business from? I mean, when did you actually launch the service officially?

David:   We put out that MVP towards the end of January, and then we released our newer version, called our beta out at DEMO Mobile in San Francisco in mid-April.

Roy:   So it’s relatively – it’s like a month ago?

David:   Yes. It’s been a great month. We’ve seen close to a 35% rise in accounts since that release with no marketing really put behind it, just organic growth. And again, we see that viral factor. We’re poised to release our expense management tool in short order, and that’s when we’re really looking to really push ourselves out the gate. So for us right now, it’s about number one, that customer and user experience, and as we’re scaling up these new aspects, really learning to make sure that we knock it out of the park.

Roy:   Where have you been – how has the business been finding you now? Just word of mouth?

David:   Word of mouth. We’ve gotten some good press. We have a very strong social media push in terms of constant Facebook postings and tweets we create. We love data. As you can tell, I love to rattle off numbers. We’ve been doing some data analytics. We’ve got some great infographics out there. For us, it’s actually been more about – we’re calling this our controlled data we’re in, which is really just learning the ways that folks are interacting with the site to make sure that we get that UX right before we really pull that trigger, which we’re hoping to do in the next month or two. It’s open, anyone can come on and join a trip, but we’re not actually pushing yet.

Roy:   That sounds great. Have you been getting, have you seen, do you have any traffic statistics yet or anything you can share?

David:   Well, I will tell you that we reached one of our very exciting milestones, which was we reached our first 1,000 base customer accounts, which is for us a very exciting thing. 1,000 people have come on to the site, started planning a trip, used it, toyed around. Which for us, again, as we’re in a controlled data and not pushing, it was a good show and sign that we really have something that people want and need and can solve a really big problem.

Roy:   Well, especially considering it’s barely a month since you launched the service, that’s fantastic.

David:   Yeah, we’re very excited, and we’re excited for the future. We’re product guys and we love all the innovations we’re making. We love learning from our users. So every day is an exciting challenge.

Roy:   Where do you see your revenues coming from? What are your revenue models?

David:   We pull revenue from three distinct areas. Number one, for any of that travel booked, we earn affiliate commissions from our partners like Expedia. That can vary what that percentage is, but for any travel booked, we earn that.

Our second is when we roll out this expense management tool. What that tool will essentially do is allow for the capture of all expenses, who owes what, who’s owed, et cetera, to really help manage that process. We also provide the opportunity to do that expense settlement for you. So rather than at the end of the trip netting it out and me owing John $12, Sally owes me $6 and I owe Bill $7, you can all just pay into a pool once or be paid out once, and what we do is we would charge a very small cash management fee for that service.

Third, which is an area we never really touched on in the conversation, is we actually offer a B2B offering of Travefy, which is a white label version of Travefy for travel agents and management providers who love our tool as a way to actually manage customer relationships that come in disjointed. So we earn a monthly license fee for that.

Roy:   Of these three revenue sources, which one do you believe will be your most significant and why?

David:   I think at the end of the day the expense management tool will likely be the most significant, because for that, number one, integration with the booking and other things allows the auto capture of those expenses. But also it has, on top of that, the additional expenses that you’ve incurred. That stream in many ways, because of that example, actually requires all of our booking engine stuff to be there, so in many ways, they’re interrelated. But the actual scale of that stream is much higher that we anticipate that over time, that will be our more lucrative stream.

Roy:   That over time. So do you see the B2B element becoming anything significant?

David:   Oh, the B2B element has a huge, huge potential, especially because, again, if you think about the way that we structure our streams, what’s great about that is all of our expense management tool and our booking engine are things earned on the backend. You bring users and we have conversion factors for what percent are booking, etcetera. Everything with the B2B is upfront because it’s a monthly license fee. That’s a great balance on our cash flows and a great service that these travel agents love.

Roy:   What’s stopping Expedia or any of these other companies from doing the same thing you’re doing?

David:   Well, I think a couple things. Number one, travel is an enormous market, as we know. While the size and scale of something like a group travel planner is very large, if you think about the scope and scale of these businesses, it’s not as large a change in their bottom line. I think you’ve seen a trend, while any of these guys could decide to come in and do this, you’ve seen a trend of let someone else build, let’s have them test the market, and then we’ll come in and buy. Also for them, things like someone building a value-added tool and lead-generation is a key part of their revenue stream. So for them, this is actually what a lot of their business comes from is this sort of push, so for them to actually undercut that type of innovation actually pushes away a lot of their customers.

I’ll give you an example. Very different scale, but Priceline and Kayak. Kayak is a metasearch engine. They earned their money off of lead generation to the largest online travel agents. When Priceline bought Kayak last fall, in some of the analyst reports, I believe they said that Expedia’s revenues were coming from affiliate pushes from Kayak. That’s why you had someone like Priceline say, hey, I actually value you at a much higher multiple because you’re pushing towards me, which is why I’ll buy you. But they never actually built their own. And that just seems to be the trend that you’re seeing across the online travel space. Could it change? Absolutely. Again, we see these folks as partners, and they’ve been fantastic partners. We love the folks over at Expedia. We’ve had great interactions with folks elsewhere. So we really see them as partners.

Roy:   Where do you see the business in 12 months?

David:   In 12 months, it’s a very exciting question. In 12 months, we see ourselves really scaling our user base and really learning from that. We’re on a cycle right now that all of our core feature product development will be done by early fall, which means we’ll really be pushing that customer acquisition. We’ll at that point have learned a lot around our customer lifetime value, which means we can actually put a lot more money back into helping support these customers through rewards programs and exciting other things. But also learning from the way they’re using.

So I think we’re going to see some very cool product innovations coming through based on the way that we see them traveling, see them using, and adapting to that. A year from now, I’m excited to see both that large user base that we anticipate and are excited about, but also what other cool stuff we’re going to do.

Roy:   Where would you like to be in subscriber usage or customers, trips booked? Do you have any metrics in that? Twelve months from now, would you like to say I’d like to see X amount of trips that have been booked or people have traveled or something?

David:   Yeah, so we think of it more on an account and conversion basis. Where I see sort of my goals is I’d like to be at probably around 200,000 active accounts within the year, and I’d like to see our conversions on booking be upwards of 5%, 6%, and on expense management, closer to 10%.

Roy:     Do you have any revenue estimates?

David:   So again, it’s all based off of what those actual bookings are. If you were to take – probably some of your basic examples would be if you were to look at, let’s say like an Orbitz 10K. The average hotel room goes for about $165 a night. I actually don’t have the numbers right in front of me, but you would put the conversion based off of that.

Roy:   So you’re thinking the average trip would be what? When a group books a trip, the average spending, what would you like to see that at?

David:   Again, we can think of it in different ways. In terms of the actual bookings through the site, you’re probably thinking around $500 as you’re talking about anywhere from two to three nights in a hotel room, potential flights. When you’re talking about expense management, you’re probably talking upwards of $700, if not $1,000 for a lot of these larger trips because you’re capturing all expenses, including food, other services, entertainment, etcetera.

Roy:   So with the expense management, is that something they’re going to do just manually inputting this stuff, or is it just for the expenses incurred just through the booking?

David:   That’s the question earlier on, do we have a mobile application, and the answer for the product we have now is no, for the reasons we went into. We actually will be releasing a very lightweight native application for the purposes of capturing those additional expenses. So anything that goes through Travefy will automatically go to your expense management page. But you could also do things with the application you’ll be receiving like take a photo of the receipt when you’re out to dinner, or email that receipt in, so everything can be captured there. Or to your point, a very lightweight automatic app to be released, just type in dinner, Joe’s Restaurant, $25. Here’s who used it.

Roy:   So that way it would be easy for everybody to keep track of every time somebody spends money, so at the end of the trip, you just push a button and it says who owes what?

David:   Exactly.

Roy:   That would be great, because that’s a huge thing when people travel, trying to keep track of who spent what for who, and just entertain whatever.

So at what point, you mentioned that in the fall you’re going to have some core programming done. When do you think you’re really going to hit your stride, really ready to just get out there and start marketing what you’re doing aggressively?

David:   That exact timeline. So we’re in core product development probably through the end of the summer. The beginning of fall is really the point when we’re going to take the great lessons from those controlled beta users, have that product out, and really just be to whatever percentage we can put, 90%, 100%, whatever it might be on, marketing acquisition.

Roy:   At what point do you feel that your efforts will start really paying off? At what point will you say, wow, this is really taking off? Six months, a year, two years? When do you think that will occur?

David:   I think it’ll be about five, six months. I think that once we’re really pushing that out there come the early fall, we’ll get some great users on, we’ll get some great knowledge, and again, there’s that viral factor in terms of inviting. What we’ll see is with the winter travel and then the spring break time because of where we’re going to be focusing some of our target efforts, that’s really going to be that core explosive moment. For us, if I had to put a real marker, I would put that around spring break 2014 as the moment where we already have a very good audience capture, but we can really define ourselves as the necessary tool.

Roy:   It sounds like you’re really focused on the college market?

David:   Well, it’s an interesting question. We’re focused as our point of entry, but we recognize the utility everywhere. In a space as crowded as travel, again, we have a unique offering, but travel itself is a crowded market. We need to find the very good moment and points where we can capture initial users who can then, because of the viral factor of the tool, spider out in terms of reaching others. And for that, students is really a core place for us.

Roy:   Have you raised any funding at this point?

David: Yes, we actually, back in January, we were very grateful to receive a grant from the state of Nebraska, a prototyping grant for the development of the expense tool to be released, and put against that the matching component of the grant, we received a small angel fund.

Roy:   Can you say how much you were able to raise from all those things?

David:   Yes, together we raised around or just below $100,000.

Roy:   Have you been hiring employees, or it’s just you, it’s you and your partner?

David:   There are four of us right now. There’s myself, my co-founder, and our CTO, Chris Davis. We have two other good friends of ours who have been working with us on development and design who upon future raise of a larger round will come on board full time.

Roy:   So in essence, at this point, nobody’s getting paid?

David:   My co-founder is getting paid. He left his job. He was a developer at Hudl, fantastic sports software company. He left them in March and has been on full time as a part of that initial raise.

Roy:   When do you think you’re going to start generating the money to hire the additional people?

David:   We’re in the mix right now of raising a larger seed round. We’re targeting $300,000 to $500,000. The mix of that close, which we’re hoping to happen in the next month or so, and the addition of revenues that we’ll start seeing in the fall, we’re targeting number one, the ability to bring a team on board in the next few months. But in terms of a strong revenue generation, we’re seeing that, again, around the winter/spring time where we can really move ourselves towards self-sufficiency.

Roy:   What do you see as – do you think you’ll still be in this business in five years, or do you think it’ll have been sold to Expedia or somebody like that?

David:    So in terms of our excitement and dedication, we’re in it for that long haul, obviously. I think trends tend to say that once you have that volume, you probably will around that year 3-4 have those offers for joining some of the larger online travel agents and some great synergies. The way we think about this, and to be quite frank, is we’re not building a company for the sake of selling. We’re excited about the product. We want to build it. For us, we don’t think of that as the ultimate goal. What we do think about is what are the best synergies that can help the company and its products grow and develop? So those online travel agents happen to be the best partners that if and when we get to that scale, that probably is the smartest strategic move.

Roy:   Do you envision, I mean, obviously the big money maker in travel is to actually be wholesaling the trips, putting the trips together. Do you envision yourself getting into that end of the business?

David:   Absolutely. We’ve built our platform such that we can add in metasearch capabilities for all of the products and offerings we have as well as direct relationships with vacation providers. So for us, we’re agnostic to the stock we’re serving. We’re already having some great conversations along those lines, and absolutely we’ll have a mix of OTAs stock of hotels and flights as well as some proprietary packages, relationships, etcetera.

Roy:   That sounds fantastic. What is your background? How did you learn all this? How did you get to this point that you could start this business?

David:   Well, I had a pretty fun background. After college, I worked as a consultant for a few years. I worked at McKinsey & Company helping Fortune 500 companies, non-profits, on large strategic questions. Learned a lot about problem solving. It was a fantastic experience. After that, I actually had an interesting ride. I came to business school at Columbia, but then I left after a semester. I had a fantastic opportunity for an appointment the Obama Administration where I worked at Small Business Administration doing policy work and really working with small businesses on their strategic questions, their capital issues, and a lot of those problems. That was really where I fell in love with startups. I fell in love with – as I mentioned, I’ve always loved problem-solving, but really loved the challenges that small businesses were tackling. After that, I came back to school to finish up my MBA. That was the moment where I knew I wanted to work for a small business or a startup, whether it was my own or whether it was some other one existing. I wanted to help solve these exciting problems.

As I mentioned earlier, the reason that Travefy came about was a personal frustration, which is where a lot of ideas come from. The bachelor party was a pain in the butt to plan, and realized that there had to be a better solution. So that’s sort of where it came from. It’s exciting. You really fall into things. But once you have that exciting passion, you just run with it.

Roy:   Did you feel you started this business based on your own experience or more based on market research that determined there was a business opportunity here?

David:   I think both. They have to go hand-in-hand, because first off, I think you need to have a passion for the problem, but you need to prove that it exists beyond you. That’s really how it started. It started with the notion that there’s got to be something better, and then that translated into market research, customer discovery, surveys, understanding are there competitors? Is this feasible? Do people want it? Then from there, that turned into, all right, let’s go for it.

Roy:   With your experience, you obviously have some phenomenal experience at McKinsey, Columbia Business School, the Obama Administration, out of all those different experiences, which one do you think gave you the greatest level of knowledge or expertise to start this business? Which was the most influential – not influential, but just provided what you felt was the strongest experience to start this business?

David:   I would have to say without a doubt it was my time at the Small Business Administration. That really goes to my fantastic boss and mentor, who is the current administrator, Karen Mills, who not only gave me the ability to work with small businesses and learn about their needs, but also really empowered me in terms of the ability to take ownership of projects and management, which not only gave me the knowledge skill set, but the ability to manage a process and team, which has been vital in terms of running a company and a startup. So from both content and development standpoints, I’d say I owe more than anything to the SBA time.

Roy:   That’s amazing when you think about McKinsey teaches people how to analyze a business, just a phenomenal company. Columbia Business School, one of the best business schools, and you felt your experience with the government was the best one.

David:   Absolutely. You never know where experiences and knowledge are going to come from. Life is an exciting and interesting ride.

Roy:   It is pretty crazy. That’s why it’s interesting to hear where people get their greatest foundation to do something. Many times, it is a surprise. It doesn’t mean that any of the other ones were bad, just different elements and different opportunities and different environments can really be influential.

Is there anything you wanted to mention that I did not ask you about that you think is significant or you want to just bring up?

David:   I think you’ve covered a lot of the great questions. The one thing I would say to anyone listening is we love feedback and we thrive on feedback. As we covered throughout all of this, we’re still in the process of building up some great new product features, thinking about the market. Never hesitate to send us an email. Our contact information is up on the website, and we really and truly read every piece of email and we really and truly take it to heart. I’d like to think of this conversation we’re having, Roy, as just the beginning. I’d love to have future conversations with anyone and everyone.

Roy:   How would they reach you? Just by going to Travefy.com?

David:   Yes. Go to Travefy.com. At the bottom, we have on our site map a contact us, which you can click. That’ll take you to email where you can reach us at contact@travefy.com.

Roy:   David, you’ve been fantastic. I really appreciate you taking the time and sharing all this valuable information about Travefy and giving people a good perspective. I wish you guys only the best.

David:   Well, thank you so much. I appreciate the time. Have a great holiday weekend.

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