Impress investors with your financial projections.
At TSI, we’ve worked with hundreds of travel technology startups on their product and investment decks. One of the hardest components is the financial projections. We teach startups to tell the story on what they’ve accomplished (traction) and how they accomplished it with the money they’ve spent. This makes it real for investors and enables you to sell your projections more successfully on what you believe you can execute next with the funding you need. The more realistic and convincing you can be the better chance of acquiring funding. Rocket Pro Forma helps you articulate and document your projections in an easier and more efficient way.
Rocket Pro Forma is now available at a reduced price to TSI (Travel Startups Incubator®) companies.
What It Is: Rocket Pro Forma helps you quickly get comfortable with your numbers so you can run your business and raise money. The easy interface automatically creates a killer pitch deck slide to impress investors. Short videos answer any questions while you build the mental map of how cash flows through your business.
Why It’s Important: The travel industry has been hit hard by the Covid-19 pandemic. In recent mentoring sessions TSI has recommended conserving cash and/or raising money from investors. Rocket Pro Forma helps you map out and quickly implement both strategies.
How It Works: Rocket Pro Forma is a spreadsheet template pre-loaded with different business models that you can mix and match. The unique interface helps you enter and update your assumptions as needed, without having to deal with a million tiny boxes.
Rocket Pro Forma does the heavy lifting for you, and creates a three-year income statement, cash flow statement, and balance sheet. Built-in intelligence helps you map out your sales strategy, as well as your manufacturing strategy if needed.
Pricing is discounted for Covid-19:
(Valid through September 15, 2020 and you must purchase through these links to receive the special bonuses)
Option 1: Self-serve template for $44 (one-time payment)
Option 2: Template + 60-minute coaching session for $99 (one-time payment)
Bonuses for TSI companies:
- Get free email feedback on your financial model from an experienced fundraising professional.
- Choose the coaching session and we’ll upgrade you to 90 minutes.
Contact:
https://rebrand.ly/RocketProFormaTSI
Contact: Mike Lingle
mike@RocketProForma.com
NeoJets partner program enables Travel Agencies, Agents, Enterprises, Brokers, Entrepreneurs to book private jet charters globally, through a web-based online booking engine. NeoJets instant booking capability gives you access to 1,900 private jets. Search for flights, book and pay through a private online dashboard.
If you’re an existing seller of travel or looking to start your own business, NeoJets has all the tools to help you get started. Next generation technology, marketing support, training, economies of scale, low cost setup and high commissions. Own your own clients and the opportunity to build a broker network, team underneath you.
If you’re interested in learning more, please email Matt Zito (matt@travelstartups.co) and request an invite to learn about the NeoJets Partner Program.
TSI portfolio company TraknProtect launches TraknKleen,TM a housekeeping app and data set (API) for corporate travel managers and business travelers.
TraknKleenTM trilaterates data from multiple sources, such as housekeeping carts, I.D. cards, cleaning supplies, and other assets, to automatically track the date, time, and duration of the cleaning process for guestrooms and public areas in a hotel. The tool also uses multiple data points to help hotels assess and confirm compliance with established cleaning protocols, while also inspiring a higher level of trust for guests and hotel staff.
TraknKleen is built on TraknProtect’s advanced IoT Platform, which includes electronic safety devices (ESD’s) and can be seamlessly deployed using existing TraknProtect hubs or WAPs. Leveraging this existing technology, which keeps deployment costs for the solution low, the tool creates an audit trail for housekeeping activities, and tracks the use of designated cleaning assets, such as electrostatic sprayers in all guest areas. This allows properties using TraknKleen to share real-time access to relevant and reliable information regarding the organized and systemic delivery of property-based cleaning activities with corporate buyers, travelers and hotel brands.
Ehave a provider of digital therapeutics (EHVVF) signed a licensing partnership with MyLifeID after a 1:1 meeting at the TSI Travel Tech Investment Symposium on Jan 8th in Miami, FL. Ben Kaplan, CEO of Ehave attended the TSI Investment Symposium as an angel investor. Jeff Cohen, CEO of MyLifeID had a 1:1 meeting with Kaplan which led to the licensing of MyLifeID’s product.
“We believe it’s important that people have their medical records available at all times, especially when traveling,” said Jeffrey W. Cohen, Chief Executive Officer of MyLifeID, Inc. “By partnering with Ehave, MyLifeID helps ensure doctors have access to critical data for a more comprehensive understanding of the patient. This leads to a more accurate diagnosis and treatment.”
MyLifeID is the creator of the Pocket Cloud 2.0, a 32GB credit card-sized USB storage drive designed to hold a person’s critical data. Including, general health and medical history, as well as their mental health information, X-rays, emergency contact lists, prescription drug information, and immunization history. Visit https://www.MyLifeID.com for more information or call 702-832-0112.
Ehave, Inc. (EHVVF) is a provider of digital therapeutics delivering evidence-based therapeutic interventions to patients. Ehave’s primary focus is on improving the standard care in therapeutics to prevent or treat brain disorders or diseases through the use of digital therapeutics, independently or together, with medications, devices, and other therapies to optimize patient care and health outcomes.
Over the last 14-days, TSI talked with senior travel executives and 40 emerging travel tech founders, one-on-one for 20-minutes each. Below is a summary of what we advised and what we learned.
No sugar coating, it’s really bad. In our view worse than the 2001 dot com and the 2008 financial crisis combined. The majority of companies we spoke with are generating close to $0 a day in revenue.
TSI advised:
Build a 3, 6, 12-month survival program with no revenue. Add back 10% and 25% of what you were generating monthly in Dec or Jan. If you can survive with that % of revenue after 6-months then keep going. If not look to sell your technology, merge or close up shop. Bringing together 2-3 companies in a merger is a great strategy and will save companies, don’t overlook this option. Pulling the plug will be hard to do and takes time to decide, don’t wait 12-18 months to do it.
Seek government funding where available. Here in the US there is the SBA Economic Injury Disaster Advance Loan. The SBA Paycheck Protection Program.
Cutting costs to save, to live another day is easy and there are many strategies and info out there on how to execute. The other side is to invest/buy/maintain. I spoke with a founder that was doing 400% growth, year-over-year the last 2-years with a business travel service. My suggestion to him was to hold the line, try to keep his team intact, lower salaries across the board, request long-term employee contracts. The company can raise capital with their sales growth pre-COVID so this is an option to buy time and keep talent on staff.
Talk to your key customers, partners. Let them know that you are still here, ask them what you can do to help them out. You may stumble on an opportunity you didn’t see by just asking.
Contracts – Look at renegotiating your inventory agreements. Review current deals and get re-signed or sign-offed, stating your current deals for the next 6-months are honored. Don’t assume current agreements will be honored. We are in a new world. My instinct says that hotel, air, GDS, OTAs and travel supplier contract agreements are in massive limbo. There will be a major reset, a back to the negotiating table for many suppliers and resellers. Hotels will want heads-n-beds and will do anything to get it, remember Groupon.
Transactions prove to be the lifeblood of travel. Companies that conduct a transaction, booking will survive. The closest to the transaction or booking wins.
Nice to have’s, content, secondary services far from the transaction become non-necessity. If you’re content or a nice to have you’re dead for the short-term. Look for partners to merge/sell too. Someone out there needs your technology to make their product better.
Iterate – Take your core value, it could be a process, a system you designed and apply it in another vertical. A founder I spoke with is taking her e-commerce booking/delivery/shipping system and repurposing it to help local retail merchants deliver products to local consumers.
Innovation and emerging travel technology – Find what larger travel companies will continue to invest in R&D and maintain their in-house incubators and venture arms. These are the companies you want to license your technology to going forward.
NDC – If there has ever been a time for travel ticketing companies, travel agencies, TMCs, OTAs to implement NDC, now is the time. If you don’t go direct now, you’ll never go. Please visit Airlines Technology a former TSI portfolio company, now part of TWAI.
Investment – Yes, investors are still investing in travel tech. An investor that attended the TSI Investment Symposium Jan 8th just invested $200,000 in a company that attended the Symposium. If you have revenue growth pre-COVID you can raise capital. No traction, it’s going to be very hard. No matter what, if you’re raising, don’t stop your communications to investors and spend time trying to build new relationships.
Travel is changed forever. Human behavior will be fundamentally different. This will enable new opportunities and products. Travel and our lives have had the ultimate reset. As entrepreneurs and senior travel executives you can capitalize on this fundamental change. If you’ve wanted to have a different job or build something new now is the time to help create a new world and the future for the travel industry.
Extended Mentoring Service – A few founders and CEOs have asked TSI to continue mentoring and advising them through the COVID-19 crisis. We have a few spots left open if you need help. Please go here to learn more about our 30-day mentoring service. We can customize a plan for you.
