TourismTech is a red-hot sector for startups around the world. Numerous inventors and startups today are working on disruptive tech-enabled solutions that are rapidly changing the tourism landscape. While creating a killer TourismTech product is one thing, it is another to convert it into a scalable business model. Thankfully, many investors, incubation, and business accelerator centres are willing to put their money into an intelligent travel technology idea ripe with the potential to be the next Uber or EaseMyTrip.
Once you have figured out your solution, done relevant market research and penned down a five-year business plan, it is time to knock on the doors of angel investors and VC firms. But bear in mind that these investors come across a deluge of startup ideas, including some really bizarre ones, keeping them at the edge of their patience – Think Shark Tank!
Creating a highly engaging and creative pitch is the only way to get the investors’ attention. At FiiRE, a dedicated business accelerator for TourismTech startups, we recommend the following five creative pitch ideas for your tourism tech startup:
Accentuate Product Innovation: Showcase how your product brings innovation to the tourism industry. Highlight your product’s unique features and show how it addresses pain points for tourists and tourism businesses. For instance, if you have created a platform that connects digital nomads with local hosts, allowing them to experience the culture of a new city while also having a comfortable place to work remotely, show your investors video testimonials of corporate executives, and homestay owners stating how your platform addressed the issues faced by both parties.
Mention Your Accelerator Program: Mention any accelerator programs or incubators your startup has been a part of. These programs can help validate your business model and provide access to valuable resources and networks. You could talk about how being part of an accelerator helped your startup refine its pitch and product offerings. The FiiRE ecosystem is built especially for TourismTech startups and is recognized by the Ministry of Tourism, Government of Goa, which gives its Incubatees credence and recall value.
Pitch Deck That Stands Out: Use a visually engaging pitch deck to communicate your startup’s value proposition and growth potential. Your pitch deck should clearly outline your target market, competition, revenue streams, and funding needs. Be sure to include compelling visuals, such as mockups of your product, customer testimonials, or infographics that illustrate market trends. Some creative ideas can be presenting the deck in the form of an alluring animation or even a graphic comic. You may also devise a game that engages the investors and explains your solution in a playful, fun way. A word of caution, though; study about the investors you are pitching and opt for a bolder way to present your pitch only when you are sure it would be appreciated.
Rope in the Digital Nomads: Highlight the growing trend of digital nomads and how your product is positioned to tap into this market. Digital nomads are a unique segment of travelers who prioritize flexibility, affordability, and authentic experiences. For example, if your startup offers co-living spaces that cater specifically to digital nomads, providing them with a community of like-minded individuals and access to local cultural experiences, make a short film with characters living a digital nomad’s life, highlighting how your platform is enabling them to lead their offbeat life without glitches.
Talk About Your Seed Fund: Mention any funding opportunities your startup has received, such as the Startup India Seed Fund. This government-backed fund provides financial support to early-stage startups in India, focusing on fostering innovation and job creation. By securing funding through this program, you demonstrate that your startup has already gained traction in the competitive Indian startup ecosystem. At FiiRE, we help fledgling startups and solopreneurs with seed funding opportunities to build their products and help them do a successful market launch. Remember, Pre-Series A Funding, and Angel Investors take note of how efficiently you invested the seed fund in your business. In the end, your funding will depend upon the potential profitability and scalability of your business and how your business utilizes the capital to achieve these objectives.