What makes a startup investible
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MIST tourism startup accelerator 2017 (by victor chua)
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What makes a startup investible
- 1. 1 Copyright © 2017 Gobi Partners. All rights reserved. May 2017May 2017
- 2. 2 Copyright © 2017 Gobi Partners. All rights reserved. Gobi Snapshot â A Regional Platform Note: () indicates the size of the team in each office; Number of portfolio companies includes investments across funds Early Mover One of Chinaâs First Homegrown VC Firms and First Chinese VC to Expand into ASEAN 2002 Gobi Founded 7 Offices in China and ASEAN US$75 0 Million AUM 1000 Deals Evaluated per Month 65% Hit Rate for Exits & Up-Financings US$3.4 Billion Annual Rev. Generated by Gobi Portfolio (2016) 160 Portfolio Companies 8 Funds under Management
- 3. 3 Copyright © 2017 Gobi Partners. All rights reserved. Jazz Tan Yee Mei, 26 Cofounder, YToday Sdn Bhd Qin En Looi, 23 Ying Cong Seah, 24 Oswald Yeo, 24 Cofounders, Glints LV Donglong, 28 CEO, 360FZW Source: Forbes - April 13, 2017 Recognition â Forbes Asia 30 Under 30 Ha Lam, 29 Cofounder, Triip.me Ian Chua, 27 Cofounder & CEO, Hermo Junyuan Qi, 25 Founder & CEO, Teambition Shao Binbin, 28 Founder & CEO, Shifang Direction Travel Agency Christina Suriadjaja, 26 Cofounder, Travelio Sasha Tan, 26 Founder, Favful Abby Zhang, 29 Cofounder, YEECHOO Liew Yueting, 26 Cofounder, Airwallex Korawad Chearavanont, 21 Founder & CEO, Eko Communications Victor Chua, 29 Vice President, Gobi Partners Faeez Fadhlillah, 29 Cofounder & CEO, Tripfez 16 Founders & Gobi Professional Named Over Last 2 Years
- 4. 4 Copyright © 2017 Gobi Partners. All rights reserved. The Random Guy Victor Chua, Vice President of Gobi Partners âąBased in Malaysia âąHonoree of Forbes Asia 30 under 30 of 2017 âąMentor for Founder Institute Vietnam and Thailand âąInvested across Malaysia, Singapore, Thailand, Indonesia and Vietnam âąCo-Founder of online education platform, Hi-Distinction.com and offline tutoring service, Q.E.D. âąScreened through over 600 companies and 70% of them are not in Malaysia âąTravel companies invested include Triip from Vietnam, Tripfez from Malaysia, Travelio and Tripvisto from Indonesia How do I do what do? I TRAVEL.
- 5. 5 Copyright © 2017 Gobi Partners. All rights reserved. The More the Merrier Source: World Travel & Tourism Council & Statista 1.2B 1.9B 2017 2027 $8T $11T 1.4X 1.6X Global Travel Market (US$) # of International Travellers
- 6. 6 Copyright © 2017 Gobi Partners. All rights reserved. Middle Class Distribution Quelle: Kharas, Gertz. The New Global Middle Class: A Cross-Over from West to East. Wolfensohn Center for Development at Brookings Global regional distribution of the middle class (all regions = 100%) 2009 2020 2030 18% 2%10% 36% 28% 6% 10% 2%8% 22% 54% 5% 7% 6% 14% 66%
- 7. 7 Copyright © 2017 Gobi Partners. All rights reserved. How an Investable Travel Startup Look Like 1. Able to identify the travel pattern and address the travel needs of travelers for the next five to 10, or even 20 year! 2. A team that is passionate about travel. 3. Has a really long term relationship with your travelers. 4. Dare to be adventurous in building the experience for travelers.
- 8. 8 Copyright © 2017 Gobi Partners. All rights reserved. Source: World Travel & Tourism Council Economic Impact of Travel
- 9. 9 Copyright © 2017 Gobi Partners. All rights reserved. 1980s Content DigitalizationThe emergence of online booking systems for airlines and hotels via EAASY Sabre saw the first integration between traditional mediums and the Internet. Online travel agents sprang up. The likes of Travelweb, Expedia, Travelocity and Priceline began to build their inventories through partnerships with airlines and hotels. Verticals in the travel sector developed â reviews (Tripadvisor), fare aggregators (Kayak), marketplace (Airbnb), online travel solutions (Travelport) - were formed to better support travel-related business and consumers. The first batch of travel Internet companies in China began to take off. Demand for Content 1990s 2000s Content Differentiation 50 Years of Evolution in Travel Industry
- 10. 10 Copyright © 2017 Gobi Partners. All rights reserved. 2010s The Age of UX Infusion of Deep Tech 2020s 50 Years of Evolution in Travel Industry ïŒ Sub-domains in this sector have emerged: pre-trip, midway and post-trip. Pre-trip involves information discovery served by the companies such as Expedia, Ctrip, Tripadvisor and Airbnb. Midway entails the support to travellers, such as HotelQuickly that offers spontaneity and exclusive access, when they have arrived in destinations. Post-trip involves the sharing of experiences and the comparison of itineraries. We foresee the integration of deep tech in this sector. Areas of this integration include virtual reality travel through VR/AR headsets. Other applications include the refinement of travel searches and chatbots through AI and analytics.
- 11. 11 Copyright © 2017 Gobi Partners. All rights reserved. Identifying the ASEAN Opportunity 620M Population 70% Under the age of 40 $90B Size of ASEAN travel market (US$) Source: Google & Temasek â May 24, 2016 1. Growing population of middle class 2. Increasing income 3. Increasing international travelers Ability to differentiate Ability to localize Ability to serve the mass
Hinweis der Redaktion
- Think we should mention instead of listing them in our slides: Number of investments â 34 investments Revenues generated in SEA â about usd90m revenue from the investments made in the last two years in SEA No. of jobs created â supporting about 1.3k jobs
- Our effort over the last two years have earned ourselves some bragging rights. We have supported many female entrepreneurs and 15 founders of our portfolio have also been recognised internationally, being a part of the Fobers Asia 30 under 30. And out of the 15, 3 of them are actually from our travel companies â Travelio from Indonesia, Tripfez from Malaysia and Triip.me from Vietnam.
- So you might be wondering, who is this guy on stage, why would he invest in travel startups and what does he know about tourism. So here is my CV to justify my worth standing here today. And I have to say, I love the travel industry. Because it is what enabled me to do what I do, to be able to be there for my founders when I am needed.
- Why do I love the travel industry? Because you will never stop traveling once you started it. Some boring yet essential stats to know â the travel industry will be a US$11 trillion dollar industry and over 30% of world population will be traveling internationally. Everyone who is in this industry knows and should know this numbers, what this means is that there will be more and more entrepreneurs jumping on the bandwagon which means more and more competition for everyone in the room. Which is why it is important to know and be able to act on key trends such as (next slide):
- âŠ.the fact that most of the middle class population will be in Asia and these pool of people grows larger over time. As Asian economies grow whilst its population is still young, it means that young people will have more money to spend and it is in their DNA to want to explore the world and experience what it is like to not be in an environment that they are familiar with. The world is changing and so are the consumers in the way they pick an item or a service; or the way they move around. From owning a bike or a car to taking uber or grab everyday. Change is always trendy. Which is why, I think an investable travel startup needs to (next slide).
- Doesnât matter how it used to be â technology and information is changing how we behave and how we move around. 4 years ago in Malaysia, parents would insist on driving instead of taking a cab because cabs were considered more dangerous. Fast forwarding to the present, most people have Grab app on their mobile and traditional Singaporean families are traveling along with their personal tour guides that they hired on Triip, who are actually students but knows their way through local attraction. So the winner will be the one who figure out the pattern and being able to act on it. All journey start with an emotion or a thought â you plan for your long weekend getaways because you want to spend time with your family or friends, thatâs an emotion that is derived from having a heart; you decide to go on a holiday when you are swamped by work, that is an emotion of frustration, of wanting to see a refreshing view beyond just the piles of paper at your desk. Only a team that is passionate about travel can under what goes through the mind of someone who is looking to explore. We all love to travel â if someone tells you that they donât like to travel, they probably are just saying that they donât like to live their life, which is sad if that is true. The point is, you never stop traveling, which makes it more important for a travel startup to be able to build a long lasting relationship with your travelers. What that translates into is that you need to be able to get your travelers to use you again and again and as often as possible. You want your travelers to rely on you for inspirations of destinations, you want your travelers to go to you when they need a specific service or product that only you can provide, build your niche. You want your travelers to be able to feel like they are socializing with you and the people that they meet along their way because travel is social. Once you are able to connect with travelers such way, they will be your best marketeers because travel is social. And if they come back again and again, it means you make enough money to make more travelers happy. To most travelers, a tour to any new destination is an adventure. They probably have done research on what to expect but most of the time experiencing it themselves gives them a very different perspective. So if you are in the travel industry, your role is to make any new exposure a great adventure for the travelers. To make every impression long lasting. That is why travel startups, to me, are seem to be more creative and refreshing. Thatâs why I think it is important for travel startups to be the trend setter in terms of what travelers should see and feel or try out in every trip they make.
- The travel industry as we know brings about significant impact to economies. What most travellers see as the first transaction is the transaction between them and the immediate service providers like airlines, hotels, train, restaurants. But what is not visible is that these service providers have their own service providers that they engage as well. For example restaurants would have to purchase raw material from their suppliers, hotel operators would have to engage training firms in hiring good quality hospitality staffs. The point is really that opportunities exist in any segment of the whole travel industry and the each region operates in different time zone in terms of market maturity. Thatâs why I break these maturity stages down into 5 main phases.
- The digital economy for travel industry started when the manual handling of ticketing and booking became overwhelming and difficult to handle. People needed to rely on a more scalable method to be able to smoothen the process. And it was in the 80âs that internet was officially born. I should be proud because I am a 80âs baby as well. So here comes the computer reservation systems, also known as global distribution system. The key players that are still around after decades are guys like Sabre and of coz Amadeus, which was founded on 17 June 1987, also a 80âs baby. That was the first integration between traditional mediums and the internet. This was the era where content was being successfully digitized for the first time. In the next decade, it was the age of the OTAs. Companies like Expedia, born in 1996, began building their inventory through partnerships with airlines and hotel. In the 80âs, the focus was really to figure out how to bring all these information onto the net and the next decade was really about pushing for more digitization and you start to see the convergence of different type of inventory. For example, Travelocity and Expedia are platforms where you can book your flight and accommodation without having to switch websites. This is the age of consumption of content. 2000 onwards, as travellers become more sophisticated, consumers start to look at differentiated content. Tripadvisor focuses on reviews; from destination reviews to now basically any sort of reviews. You see fare aggregators like Kayak, comparison sites like Skyscanner â having their own unique differentiated use case. And of course, people eventually got bored of staying in 5 star hotels and decided to move into someone elseâs house â Airbnb. Even in China we saw an emergence of outbound travel activity where Chinese tourists were getting more excited about the world beyond the great wall, the scenery beyond the shopping malls in Hong Kong. Thatâs when the top tier OTAs in China like Ctrip and Tuniu started looking at differentiated content â inventories that their competitors wouldnât be able to get, which is tours outside of China.
- Finally, getting to where we are right now, the decade that we are most familiar with. I call this the era of UX, user experience. Travel has become an essential part of our life. Just as how we are always looking for good food, we are always looking for better travel experience. When Indonesia opened up, Traveloka took the opportunity to provide for the emerging middle income Indonesians. These are people who were looking for an adventure and experience that they canât get locally or not through a tour group. This is why startups like Triip appeared. To provide for travellers who want to travel like a local, and who wants to find the happiest way to travel. Startups started focusing on the different segments of a trip. Most of the travel companies in the market caters for the pre-trip experience, meaning they help you get prepared for your travel. There are also startups that focuses on recording your post travel experience, this is where reviews come in. But there is also an emerging group of startups that are looking to help you navigate around when you are traveling. So this is a window of opportunity that many entrepreneurs are eyeing at. Of course there are also special needs companies like HotelQuickly that offers quick and last minute hotel booking. So whatâs next? Would it be a company that is based on IBM Watsonâs AI? Or, a travel experience relying on VR integration or simply just a travel app that provides instant access to a team of real human travel experts who will take care of your every travel need like Lola? Whoever figures that out or able to fill up the current gap in the age of UX, I would say would stand a chanc
- We are in the region of opportunity, with a target audience of not just ASEAN but also the likes of China, Japan and Korea as Asia converges. So some key take away for startups who want to survive, not just being investable, is to be able to differentiate, localize and serve the mass.