STARTUP STAGE: FlyMeOut is an invitation-only “social travel” club

What is your 30-second pitch to investors?

FlyMeOut is an invite-only social travel club changing the
networking experience during travel. With an explosive 10,000% growth in just
five months, FlyMeOut blends the ease of Airbnb, the networking capabilities of
LinkedIn and the exclusivity of Raya into one seamless platform. Members have
the opportunity to host and apply for trips, while enjoying the added perk of
discounted accommodations at our partner hotels.

Describe both the business and technology aspects of your
startup.

FlyMeOut is an exclusive, invite-only social travel club,
uniquely positioned at the intersection of travel, networking and social
interaction. It targets a niche market of discerning travelers who value
exclusivity, quality connections and unique travel experiences.

Our members span the spectrum, from professional athletes,
mega influencers, TikTokers and YouTubers to lawyers, investors and bankers.
It’s this blend of backgrounds that brings a unique flavor to every trip,
promoting enriching conversations and meaningful connections.

FlyMeOut is built as a mobile-first application, focusing on
user-friendly design and intuitive navigation to enhance the user experience. The back-end infrastructure is designed for scalability and
security, capable of handling a growing user base and ensuring data privacy and
transaction security. The app includes features like trip hosting and trip
applications, in-app matching and messaging, and trip group chats, and a
comprehensive review system (like Yelp but for trip mates!). The app
continually evolves with weekly updates, integrating innovative technologies to
enhance user engagement and streamline travel planning and networking.

Utilizing data analytics to understand member behavior,
preferences and trends. This insight guides business decisions, feature
enhancements and targeted marketing strategies.

Give us your SWOT (strengths, weaknesses, opportunities, threats) analysis of the company.

• Strengths:
  • First-mover advantage: As the first of its kind, FlyMeOut
    has established itself as a pioneer in the exclusive social travel club niche,
    creating a unique market space.
  • Diverse community: Attracting members from various
    professional backgrounds, including influential figures, adds value to the
    network and increases its appeal.
  • Exclusive partnerships: Collaborations with luxury hotels
    and hospitality groups enhance member experiences and offer exclusive perks.
  • Strong brand positioning: Positioned as an elite,
    invite-only platform, which creates a sense of exclusivity and prestige. 
  • Exclusive: All applicants undergo a review process as well
    as an interview.
• Weaknesses:
  • Dependence on high-end market: Reliance on the luxury travel
    market could be risky during economic downturns when luxury spending is
    typically reduced.
  • Resource intensiveness: The high-touch nature of the
    service, including personalized experiences and vetting, requires significant
    resources and effort.
• Opportunities:
  • Expanding member benefits: Introducing additional perks such
    as special access to elite events, exclusive dining experiences, or unique
    cultural activities could significantly enhance the member experience and
    attract new users looking for unique, luxury travel and networking
    opportunities.
  • Technological advancements: Incorporating more advanced tech
    like enhanced AI for better matchmaking and trip planning could further
    differentiate the service.
  • Broader service offerings: Expanding into related areas like
    event planning, influencer retreats, corporate retreats and brand sponsored
    trips. 
  • Community building: Leveraging the platform to create more
    robust online and offline communities around shared interests or professions.
• Threats:
  • Economic fluctuations: High-end travel and luxury services
    are often the first to be impacted by economic downturns.
  • Competitive market entry: The unique concept, once proven
    successful, might attract competitors, potentially with more resources.
  • Reputation risks: Being an invite-only platform, any
    negative experiences or PR issues could significantly impact the brand’s
    reputation and trust.
  • While FlyMeOut occupies a unique position in the market with
    its innovative approach to social travel, it faces challenges typical of luxury
    service providers, including market accessibility and economic sensitivity.
    However, opportunities for growth and diversification, supported by
    technological innovation, present promising avenues for expansion and
    consolidation in the market.

What are the travel pain points you are trying to alleviate
from both the customer and the industry perspective?

FlyMeOut is addressing several critical pain points in the
travel industry for both customers and the industry as a whole:

• Safety and security: One of the biggest concerns in travel,
  especially in social or group settings, is safety. FlyMeOut tackles this by
  curating a community of verified members. This verification process adds a
  layer of security that’s often missing in informal travel arrangements made via
  platforms like Instagram or WhatsApp.
• Transparent community Building: By allowing members to
  review each other post-trip, the platform fosters transparency. This feature
  not only helps in building a safe community but also assists members in making
  informed choices about whom they travel with in the future.
• Public trip records: Keeping digital records of each
  member’s trip history public on the platform is a unique feature that enhances
  trust. Potential travelers can make better informed decisions by having access
  to the travel history and feedback of other members.
• Clear trip itineraries: The platform’s public display of
  trip itineraries allows members to understand what a trip entails before
  applying. This level of transparency helps in aligning expectations and reduces
  potential misunderstandings or disappointments.
• Ease of communication: The chat and group chat features
  simplify the process of meeting new people, discussing trip objectives and
  understanding the overall vibe of the trip. This ease of communication is key
  in building rapport and trust among travelers before they embark on a journey
  together.
• Group matching and coordination: Organizing group travel can
  be cumbersome, especially when trying to match people with similar interests
  and travel goals. FlyMeOut streamlines this process, making it easier to find
  and join groups that match a traveler’s preferences and style.

So you’ve got the product, now how will you get lots of
customers?

FlyMeOut has demonstrated a remarkable ability to attract
customers, evidenced by 10,000% growth in just six months,
primarily through word of mouth with minimal marketing spend. This
growth strategy hinges on several key factors:

• Targeting the right members: By focusing on attracting the
  right members to the platform, FlyMeOut ensures that the community remains
  exclusive, appealing and aligned with the brand’s ethos. This selective
  process creates a network of influential and engaged users who naturally
  promote the platform within their circles.
• Curating unique trips: A major draw for FlyMeOut is the
  quality and uniqueness of the trips offered. By ensuring that the trips
  available on the platform are enticing and well-planned, members are more
  likely to share their experiences and recommend the platform to others.
• Brand association: By maintaining high standards of service
  and exclusivity, FlyMeOut becomes a brand that members are proud to be
  associated with. This pride in association further drives word-of-mouth
  referrals as members naturally share their positive experiences.
• Leveraging nightlife promoters: Collaborating with prominent
  figures in the nightlife industry serves as a strategic move to spread the word
  about FlyMeOut. These influencers have wide-reaching networks and can
  effectively amplify the platform’s reach and appeal to potential new members.
• Prioritizing service quality: At the core of FlyMeOut’s
  strategy is a commitment to excellent service. A great product and stellar
  service encourage members to share their experiences, acting as organic brand
  ambassadors.

Tell us what process you’ve gone through to establish a
genuine need for your company and the size of the addressable market.

• Establishing the need for FlyMeOut and understanding its
  market potential involved a blend of personal experience and strategic
  analysis:
  • Origin from personal experience: The concept for FlyMeOut
    originated from a personal experience. Using a dating app, I updated my bio to
    state that I would be in Mykonos with friends and invited others to join. The
    overwhelming response of over 400 friend requests on Instagram and the
    successful coordination of a trip with six selected individuals (who really felt
    like big family by the time the trip was over) showcased the potential for a
    dedicated platform facilitating such experiences.
  • Validating the concept: This experience highlighted a clear
    gap in the market for a social travel platform that could streamline the
    process of connecting like-minded travelers. To validate this need further, I
    conducted market research, focusing on trends in social travel and networking
    within the travel industry.
  • Customer discovery interviews: Interviews with potential
    users were conducted to understand their travel habits, preferences for social
    travel, and the appeal of an exclusive, invite-only platform. The enthusiasm
    and interest expressed in these interviews provided additional validation. Our
    landing page alone garnered interest from over 500 applicants who signed up to
    our waitlist.
  • Minimum Viable Product (MVP) testing: An MVP of FlyMeOut was
    launched to test the market. The initial user engagement and feedback were
    critical in assessing the platform’s appeal and identifying areas for
    improvement. 
  • Monitoring user engagement: Analyzing how users interacted
    with the platform provided insights into the most popular features, the types
    of trips being organized, and overall user satisfaction. This helped refine the
    platform to better meet user needs.
  • Adapting and evolving: Based on continuous user feedback and
    market trends, the platform is regularly updated to ensure relevance and to
    address the evolving needs of its target audience. Free frequently conduct user
    interviews after each trip has occurred to assure we are consistently building
    a product that helps our users. 
  • Strategic scaling: The strategy for scaling FlyMeOut
    involves expanding marketing efforts, forging partnerships with relevant
    brands, and enhancing platform features to attract more users within the target
    demographic.
• Estimating market size: 
  • The travel and tourism market is poised for growth, with
    projections reaching more than $854 billion in 2023. By 2027, the market is expected to
    grow at a compound annual growth rate of 4.42%, reaching more than $1 trillion, with online sales accounting
    for 74% of the total revenue. Furthermore, the global online dating market is
    poised to reach $9.2 billion by 2025, and with an increasing number of individuals
    harboring a desire for travel and meaningful connections, there’s a clear
    opportunity for a niche product like FlyMeOut.

How and when will you make money?

FlyMeOut’s revenue generation strategy is multifaceted, with
plans to launch subscription services in Q4 of 2023 as a key component. This
will include different tiers of membership, each offering varying levels of
access and perks, tailored to the diverse needs and preferences of our users.
Our subscription model is designed to provide steady, recurring revenue,
ensuring a sustainable financial foundation for the company.

Additionally, we’re exploring other revenue streams, such
as:

• Brand partnerships: Collaborating with travel-related brands
  and high-end hospitality services for sponsored trips and exclusive deals,
  adding value to our members and creating additional revenue opportunities.
• Affiliate marketing: Leveraging affiliate links for bookings
  (hotels, flights, etc.) made through our platform, earning a commission on each
  transaction.

What are the backgrounds and previous achievements of the
founding team?

The CEO/co-founder is Zach Latos, who is a lawyer by trade.
He clerked for a federal
bankruptcy judge and subsequently worked at a top-ranked law firm as a
corporate restructuring associate, where he represented various financial
institutions. During his second year of law school he co-founded Little Planet
Studios, which grew to a full service digital agency doing six figures in
revenue.

The CTO/co-founder Sajal Rajaboj is also a co-founder of
Little Planet. Sajal has eight years of product development experience working for
multinational corporations. He has his master’s degree in data science. 

How have you addressed diversity and inclusion within your
business?

At FlyMeOut, we recognize the critical importance of
diversity and inclusion in driving innovation and fostering a rich, dynamic
culture. Our commitment to these values is reflected in the composition of our
team, which boasts an international presence and a strong female
representation.

We believe that a diverse team brings a multitude of
perspectives, which is vital in creating a travel platform that caters to a
global audience with varied backgrounds and preferences. By integrating
professionals from different parts of the world, we ensure our strategies and
services resonate with a broad user base.

What’s been the most difficult part of founding the business
so far?

Founding a business, especially in the competitive startup
landscape, presents numerous challenges. As someone with a background in
corporate law, I’m well-versed in hard work, diligence and managing complex
tasks. However, transitioning from law to leading a startup has highlighted the
unique challenges of entrepreneurship.

One of the most difficult aspects has been managing people
and building effective teams. In a startup environment, it’s crucial to blend
compassion with clarity in communication. Our goals are ambitious, and meeting
them requires high performance and commitment from every team member. This
balancing act of fostering a supportive environment while driving towards
aggressive goals is a delicate and ongoing process.

Another challenge has been maintaining the frequency and
quality of trips our platform offers, particularly in a climate edging towards
a recession. In the travel industry, especially in the luxury segment, consumer
confidence and economic stability play significant roles. Despite this, user
acquisition hasn’t been our primary hurdle. Instead, the challenge lies in
consistently delivering high-quality, luxurious travel experiences. Our focus
remains on quality over quantity, ensuring that each trip we offer provides
exceptional value and a unique experience to our users. This approach has
helped us maintain a strong position in the market, even as we navigate the
economic uncertainties ahead.

Generally, travel startups face a fairly tough time making
an impact – so why are you going to be one of lucky ones?

FlyMeOut’s success in the competitive travel startup
landscape can be attributed to our unique positioning and the novel approach we
take towards travel and networking. Unlike typical travel services, we’ve
created a first-of-its-kind platform that not only facilitates travel to
sought-after destinations but also fosters meaningful connections among a
curated community of like-minded individuals. What truly sets FlyMeOut apart is
our commitment to not just being a travel service but a global gateway to adventure,
connection and exclusive experiences.

In just six months, we’ve successfully connected hundreds of
people on trips to global hotspots such as Greece, France, Miami, Cabo San
Lucas, Tulum, the Virgin Islands, Las Vegas and the Cayman Islands, to name a
few. This rapid growth and engagement are testaments to our unique value
proposition in the travel industry.

Furthermore, the strength of our team and network plays a
crucial role in our growth trajectory. We bring on board some of the best talent
in the business, allowing us to curate an exclusive and vibrant community. This
combination of unique travel experiences, community building and expert
curation positions FlyMeOut as a standout player in the travel industry, poised
for continued success and impact.

A year from now, what state do you think your startup will
be in?

A year from now, we envision FlyMeOut evolving into the most
exclusive yet highly sought-after community on the internet. Our goal is to
become synonymous with unparalleled travel experiences, blending exclusivity
with accessibility for a curated network of global travelers.

What is your end-game (going public, acquisition, growing
and staying private, etc.)?

Our end-game is focused on nurturing and growing FlyMeOut as
a private entity. While it’s early to think about going public or acquisition,
our current passion lies in refining and enhancing the platform. We’re
dedicated to developing FlyMeOut into the premier network for travelers,
ensuring it offers the best possible experiences and connections. Our goal is
to solidify our position in the market, continuously innovate and maintain the
unique essence of what makes FlyMeOut special. This journey is about building
more than just a company; it’s about creating a community and a legacy in the
travel world.