1. What is your innovation?
TraveLight will bring a global, peer-to-peer business model to the transportation industry. The service will provide a searchable database that allows budget travelers to book transportation abroad with locals who are making the trip themselves. TraveLight hopes to lower transportation costs abroad for budget travelers while allowing access to more remote locations and cultural experiences. Furthermore, transportation providers are able to offset their transportation costs as well.
2. Who gains the most?
The budget traveler gains the most. Generally, these travelers are restricted to large tourist hubs because the cost of moving away from these bigger areas can be expensive. TraveLight offers them an alternative to existing public transportation for just a small percentage of fuel cost that goes to the transport provider. TraveLight also provides a way for travelers to have unique cultural experiences with their transportation provider.
3. Who pays?
Budget travelers and transportation providers pay for this service. For a yearly fee of $10, customers are able to search for transportation or list their own transportation. We also hope to partner with existing travel companies such as Lonely Planet or CouchSurfing.com. Seed money will come from venture capital firms and angel investors.
4. What is your success?
Our success for 12 months is 10,584 customers. These customers will be from all over the world, but we will only offer transport in 50 countries as part of our pilot program. We hope to have a ratio of trips booked to customers of 1:1. In three years, we hope to see 90,000+ customers and a ratio of trips booked to customers of 1.3:1. For five years and beyond, we hope to have over 1 million customers across the globe with a ratio of 2:1.
5. How will you do it?
Our first step is to form relationships with travel bloggers. We will allow these bloggers to test our product for free and give us feedback. After two months, we will roll out our service to regular customers with promotional help from bloggers. The service will limit transportation to 50 countries but allow travelers from all over the world. After one year, we will expand transportation listings to more countries.