WEBVTT

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Welcome to the Innovation Conversation, a podcast

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about innovators, both in business and real life.

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Hosted by myself, Ricardo Rescual and Harry McCona.

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This podcast is also sponsored by ODEV Tech.

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ODEV Tech is your premier software development

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partner. Make sure you check them out at odev

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.tech. The podcast is also sponsored by Notion

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.so. Notion is offering six months for free for

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new users. Make sure you check out our website,

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thestoreofevents .co .uk to read in the software.

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Hi and welcome to another episode of the Innovation

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Conversation. Today we are joined by André Stoze.

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André, welcome. Thank you. André, would you like

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to tell the audience a little bit more about

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yourself and what you do? So I'm a mechanical

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engineer born and raised in Lisbon, Portugal.

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And yeah, after taking my education, I ended

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up working on a robotic startup. And after a

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bunch of things, I ended up starting a company

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called trip .com where currently we have 2 million

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users and we have been through the proper startup

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protocols here. So very happy to share. the experience

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with trip .com and the ongoing challenges that

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can be growing worldwide started. So how did

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trip .com get started? So basically in 2018 I

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came to Denmark to take a master's in product

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development and innovation and as part of my

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studies I had the opportunity to study in China

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during the summer and as part of that study program

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I had to come up with a business idea that would

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connect the Nordic countries with the Chinese

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market. And when I was doing the trip, I was

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also not only staying in China, but I was hopping

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between different cities around Asia. And that

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whole trip was a pain to plan. Like it took a

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long time and I thought like what we are doing

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here or what I'm doing as a human which is looking

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into big data tables from Google fights and trying

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to stitch different routes and find the cheapest

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tickets and the cool places to go probably could

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be done much better and faster by an algorithm.

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So when I was doing this course I basically ran

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with this idea in this course of a startup that

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would enable Chinese travelers to go to Europe

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and hop between different locations. And that

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was the start of TripleCom. Initially, I was

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thinking that I could assemble a Chinese team

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of developers and run things in Europe, having

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the Chinese people in China. But unfortunately,

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the developers that ended up being in the initial

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team, they didn't speak English. So that was

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quite a challenge to get things running. Yeah,

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it was an issue, yeah. A slight issue. So basically,

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what I said was, told myself, okay, this is not

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going to work with Chinese developers. I need

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to find friends and colleagues that can help

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me build these in Europe. And I had a bunch of

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friends from Lisbon, from technical, from Nova,

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and also from Denmark, very good engineers. I

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just grabbed the phone and told them, hey, I

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have this idea. I tried this with some Chinese

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developers. It didn't work out, would you guys?

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like to help me build this open -ended platform

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that can create dynamic trips from anywhere to

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anywhere. And that was the starting point, was

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basically this relatively small group of five

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other people besides me, all software engineers

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working, then COVID came working on this project

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in our homes during our free time. And then it

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started gaining size and the engine getting better

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and better. which led us to quit our jobs and

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start for time on the company. Interesting. Were

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you in Lisbon at the time or you were back in

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Denmark? No, I was back in Denmark. I started

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this project at the end of my first year of master's

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education and I was running with it for the Covid

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year, basically in 2020. and then I started working

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for the university in Denmark as a research assistant

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doing something totally different with com site

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materials research lecturing students but still

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keeping basically the pep project in a way on

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the side with my colleagues and we would have

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weekly meetings about trip .com and work slowly

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on the project and then it got to a point where

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like the engine was giving really good recommendations.

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It was also maybe because at that time flight

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tickets were very cheap. So the engine like it

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could come up with a bunch of combinations and

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actually it was like amazing because it was super

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affordable. But we felt like the combinations

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that were suggested by the engine were pretty

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good. So we had something to go crazy basically

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at quit our jobs. And that's what we did. Myself

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and our CTO Elio, he was working for a startup

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in Portugal. He decided also to quit his job.

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together with another Danish colleague and we

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had no money in the account basically and we

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just had the will of creating something that

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would enable people to travel much easier and

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go to places that they wouldn't be expecting

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if it wasn't for our recommendations. I'm assuming

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at some stage you went and got some funding to

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continue this or you're completely self -funded?

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No, no, actually from the starting point, I remember

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my first speech about trip .com was in China.

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I was pitching to it to a group of investors.

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I asked for basically 40 ,000 euros for, I think

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it was like a 15 % stake or 25 % stake in the

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company. So from the get -go, I was trying to

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raise money for the project. We just didn't get

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money. So we had to, especially during COVID

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times, no one wanted to invest in a travel project.

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So we just had to basically bootstrap and do

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things by ourselves. When it came to us quitting

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our jobs, we were lucky enough that after three

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months of quitting our jobs, and basically having

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no money in the company by then, that we got

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two angel investors from Denmark that said, we

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don't really get this engine. We like the team.

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We like the fact that you guys are crazy, that

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we quit your jobs to do this. We like your big

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ambition. So they gave us basically each one

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about 40 ,000 euros each one. And we got also

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the support of the Danish Innovation Fund, Danish

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Pro Fund. So we did what we could call a pre

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-sig round of 250 ,000 euros. That was our first

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basically capital raise as a startup. Was it

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hard to start a company in Denmark overall? Because

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for example in the UK I think it's fairly easy

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to start a company but how is it like in Denmark?

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Well, at the beginning I was a bit lost. It's

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very digital Denmark. The system is there actually

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to help you so everything should be very easy

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but I don't speak Danish or I don't speak almost

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anything of Danish so it gets a bit difficult.

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By then we had a guy called Jordan that was advising

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us in this kind of procedures. So I created the

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company and created a holding company, but it

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was not done very properly. So he was then able

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to fix the things and make it right. But I think

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the Danish side is very helpful in anything.

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There is plenty of financing opportunities, soft

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funding basically. So it's a very friendly environment.

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And how, you know, you actually mentioned the

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ecosystem. How is the ecosystem over there for

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startups? Because everyone knows that, you know,

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the taxes are incredibly high. So is it still

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the case when it comes to startups? So you actually

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have some type of tax deduction or exemption?

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Well, a funny fact is that at least for salaries,

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taxes are very much in line with what we would

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be paying in Portugal. Actually, it's the same.

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And with the added benefit that things in Denmark

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are just easier. If, for example, as an employee,

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I set my monthly wage as 3 ,000 euros, this is

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how much I'm going to spend. For Android, it's

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3 ,000 euros. Well, in Portugal, you pay 3 ,000

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euros, but actually, you are not going to pay

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3 ,000 euros. You're going to pay much more because

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you have all these hidden taxes. So in that sense,

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I think the system is very straightforward. And

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at the end of the day, you end up with 45, 50

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% almost tax. But if you are being paid 3 ,000

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years per month in Portugal, there are going

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to be taxed almost 50 % as well when you're looking

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to how much money the company is putting and

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how much money you get after taxes at the end

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of the month. So I quite like the Danish system.

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In terms of the startup ecosystem, Denmark is

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a place where there is a lot of protections.

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So people don't feel stressed. There is never

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the pressure to basically what is going to happen

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after I graduate or like what happens if I get

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out of job. Like I think people have a easier

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life and that looks like sometimes, and this

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is a generalization on the startup culture, that

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many people don't go into startups because like,

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why would I do so? why would I risk all the headaches

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and uncertainty when I can have a certain life

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with a very well -paid job in a big company.

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However, I think like in any country that there

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is that like 1 % or 2 % of people that are crazy

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in a way but also very eager to create their

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own things and to just physically build something

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from scratch. I do find like that those kind

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of things they are incredibly They have an extremely

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good education that is very practical in many

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things and they excel. And that's why I think

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you see many Danish unicorns or some decent Danish

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unicorns that have an impact. Interesting. And

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do you think that, you know, people over there,

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you mentioned they're not very risk prone on

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that they actually don't see the point in joining

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a startup in the first go. But is the government

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trying to change that overall? Like, are they

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giving out grants and stuff like that? So basically,

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from the Danish government side, you have two

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mechanisms. You have the Innovation Fund. The

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Innovation Fund, they have basically one reasonably

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big program, which is called InnoFounder, where

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you are actually paid to be on your own startup.

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So you can be paid 3 ,000 euros per month to

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be on your own startup. So talk about the Danish

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security. They found a way to basically insert

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Danish security into the system. no equity, they

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will ask you nothing, will be when you're being

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subsidized basically by this program. And that

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was a program that we got when we started, which

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was wonderful for us because it enabled us. We

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were a mixture of Portuguese people, Danish people.

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It enabled the team all to come together in Denmark.

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So we had two people from Portugal that were

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under this program, basically being paid by the

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company to work on the company, which was really

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lovely. And then the second mechanism is the

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Danish Growth Fund, which will basically end

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out loans with quite favorable conditions for

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Danish startups. Of course, you'll need to pay

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it back if you don't go bankrupt before that,

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but it's quite friendly conditions and they have

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been supporting also a lot of companies. But

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these are the two main basically supporters,

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like when we talk about bigger panning, it's

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Innovation Fund and the Growth Fund. It's actually,

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it's pretty good. I mean, if you, if you're able

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to launch a startup and you're already getting

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paid by the government salary, that's actually,

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it's a very good deal because in the beginning,

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there's never any, any revenue coming in unless

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you're extremely likely and actually have an

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amazing product market. So it's one of those

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moments where you see you are paying almost 50

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% tax, but it goes somewhere. It's like the same

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with our education. If you study in Denmark,

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as a bank you are also going to be paid by the

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state and that's about 800 euros per month after

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taxes so it's pretty good that you are paid throughout

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every month of your education so at least you

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see that some of the money is being put to good

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use and it's being used to basically people studying

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and also to boost your innovation. That makes

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sense and tell me tell me about trip. I mean

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you guys launched in 2020 We're talking about

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this and then we kind of went Off track a little

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bit and how how is it going now? Because you're

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still up and running So I'm assuming the last

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what 44 or five years have been fairly successful.

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The website looks amazing. So yet, how is it

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going right now? Yeah, thank you. So Just to

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close the round conversation, so in 2023, in

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the beginning of the year, we raised another

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round of 500K euros. That round was with a VC,

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so it was more like a bigger round in a way.

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We also had angel investors and again, the growth

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fund also supporting us. To go back a bit with

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what was our initial idea with RIP .com and how

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it turned out to be, our initial idea was we

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want a place where first the engine knows all

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the flights, all the trains if possible, and

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a lot of the process data for the whole year.

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So it doesn't matter where you are in the world

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as a user, the platform should know from now

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till the next year what are the different possibilities

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for you to travel from any location to any location.

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And this has been the first basically cornerstone

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for us is have a very complete picture of what

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are the possibilities and routes around the world.

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And the second cornerstone is with this very

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big data set, how can we do smart combinations

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that are likely to interest users? So basically

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I can grab a flight from Lisbon to Copenhagen

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and that flight can cost 200, 300 euros. Is that

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a good deal? Is that something that if I push

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to Ricardo, is it something that is likely to

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interest him? And that has been like our second

00:14:49.250 --> 00:14:52.169
big, basically source of headaches and source

00:14:52.169 --> 00:14:55.750
of work is how can we have an engine that stitches

00:14:55.750 --> 00:14:57.789
different tickets to get rid of accommodation

00:14:57.789 --> 00:15:01.049
in a way that is likely to interest users. We

00:15:01.049 --> 00:15:04.549
started with this vision. And then I think I

00:15:04.549 --> 00:15:08.009
started also realizing it didn't come as part

00:15:08.009 --> 00:15:13.220
of the initial pitch, but having algorithms decide

00:15:13.220 --> 00:15:16.879
what I'm going to basically digest as a human

00:15:16.879 --> 00:15:20.340
is becoming very mainstream. Like back 10 years

00:15:20.340 --> 00:15:22.460
ago, I would go to YouTube and I would search

00:15:22.460 --> 00:15:25.220
for things. I would search for cat videos. Now

00:15:25.220 --> 00:15:28.720
I go to YouTube and the algorithm, I never search

00:15:28.720 --> 00:15:30.860
for anything on YouTube. The algorithm is understanding

00:15:30.860 --> 00:15:34.059
who I am and suggest me things for me. So that

00:15:34.059 --> 00:15:37.879
has become the big goal for 3 .1 is being the

00:15:37.879 --> 00:15:39.759
platform that for the travel industry is able

00:15:39.759 --> 00:15:41.899
to understand who you are as a consumer and give

00:15:41.899 --> 00:15:43.960
you the travel suggestions that are likely to

00:15:43.960 --> 00:15:46.840
interest you. So that has become like our main

00:15:46.840 --> 00:15:49.720
focus. And because of that, that's why we created

00:15:49.720 --> 00:15:51.960
such an open platform where you don't need to

00:15:51.960 --> 00:15:53.539
input dates, you don't need to input where you

00:15:53.539 --> 00:15:57.539
want to go, any sort of budget or restrictions,

00:15:57.919 --> 00:16:00.279
like the platform will just find what is likely

00:16:00.279 --> 00:16:03.940
interest to you. Interesting. How are you doing?

00:16:04.159 --> 00:16:05.799
I'm assuming there's a lot of machine learning,

00:16:05.860 --> 00:16:09.740
a lot of AI also running on the background. How

00:16:09.740 --> 00:16:12.419
hard was it to get that started and implemented

00:16:12.419 --> 00:16:18.419
from day one, I guess? You need to start in a

00:16:18.419 --> 00:16:22.360
simple format, which is very tough in the travel

00:16:22.360 --> 00:16:25.259
industry because the main barrier to entrances

00:16:25.259 --> 00:16:27.059
is how are you going to get the flight data?

00:16:27.179 --> 00:16:29.580
How are you going to get the trains data? Because

00:16:29.580 --> 00:16:31.820
there is no single platform where you can just

00:16:32.039 --> 00:16:35.120
take that data from and use it. So those were

00:16:35.120 --> 00:16:38.440
some of our initial difficulties. It required

00:16:38.440 --> 00:16:42.440
basically quite a decent sized team. So we have

00:16:42.440 --> 00:16:44.820
basically at the moment like 12 developers working

00:16:44.820 --> 00:16:47.419
full time on the project. And this group has

00:16:47.419 --> 00:16:49.840
a ton of API integrations. It requires scraping

00:16:49.840 --> 00:16:52.440
different sources. It requires taking data from

00:16:52.440 --> 00:16:54.840
different companies so that we can build this

00:16:54.840 --> 00:16:57.919
very big data set. And when we talk about like

00:16:57.919 --> 00:17:00.419
our big data set, we are talking currently about

00:17:00.419 --> 00:17:03.039
more than 70 million flights, trains and buses

00:17:03.039 --> 00:17:05.480
that every day basically we need to keep updated.

00:17:05.960 --> 00:17:08.519
So without exaggerating like in a math we'll

00:17:08.519 --> 00:17:10.859
take more than we'll take billions of data points

00:17:10.859 --> 00:17:13.660
to update basically this 70 million flights,

00:17:13.660 --> 00:17:16.039
trains and buses. So in terms of infrastructure

00:17:16.039 --> 00:17:19.480
is quite expensive and there is a lot of groundwork

00:17:19.480 --> 00:17:22.799
then to create this very big system. And then

00:17:22.799 --> 00:17:26.039
in terms of the recommendation algorithm, it's

00:17:26.039 --> 00:17:29.420
kind of this problem where to give good recommendations,

00:17:29.599 --> 00:17:32.599
you need customer data, right? And to get customer

00:17:32.599 --> 00:17:35.279
data, you need a good product. So at the beginning,

00:17:35.640 --> 00:17:38.460
we did a lot of assumptions of what would be

00:17:38.460 --> 00:17:41.619
likely to interest people. And we have been replacing

00:17:41.619 --> 00:17:44.200
those assumptions by our deep learning model

00:17:44.200 --> 00:17:46.680
that is understanding based on our big customer

00:17:46.680 --> 00:17:49.460
data, what have been the patterns in terms of

00:17:49.460 --> 00:17:52.039
conversion, in terms of what is interesting people

00:17:52.039 --> 00:17:55.500
to click to basically. change trips, like all

00:17:55.500 --> 00:17:59.200
of these different user behaviors. Interesting.

00:17:59.859 --> 00:18:02.740
It's a fascinating marketing ring because there's,

00:18:02.740 --> 00:18:04.980
I guess there's been platforms like this for

00:18:04.980 --> 00:18:07.119
quite some time, but I don't think they've gone

00:18:07.119 --> 00:18:10.500
that deep into what the possibilities are for

00:18:10.500 --> 00:18:13.039
the traveling industry, right? I'm thinking,

00:18:13.039 --> 00:18:14.599
I don't know, Kayak or something like that, which

00:18:14.599 --> 00:18:16.539
I'm sure is one of your competitors. But at the

00:18:16.539 --> 00:18:18.000
same time, I don't think they do half of what

00:18:18.000 --> 00:18:22.160
you do. So it's quite interesting. Like the industry

00:18:22.160 --> 00:18:25.680
is from Atletina, funny way. This idea for trip

00:18:25.680 --> 00:18:28.240
.com of having a super travel platform, finding

00:18:28.240 --> 00:18:31.839
the nice combinations, being quite open is nothing

00:18:31.839 --> 00:18:34.240
new. It has been one of the holy grails in the

00:18:34.240 --> 00:18:36.339
travel industry, but it has never been done.

00:18:36.799 --> 00:18:39.460
And I think there are two main reasons for it

00:18:39.460 --> 00:18:42.480
never have been realized. The first reason is

00:18:42.480 --> 00:18:44.880
just barriers to entrance. If you come as a startup,

00:18:45.519 --> 00:18:47.880
the amount of developer hours, the amount of

00:18:47.880 --> 00:18:50.440
complexity that you'll need to build to create

00:18:50.440 --> 00:18:52.609
something like this, it's just crazy. Basically,

00:18:52.690 --> 00:18:55.450
we have been working on this for more than three

00:18:55.450 --> 00:18:58.630
years. There's still a lot of things to be done.

00:19:00.029 --> 00:19:02.490
The second thing is that the industry has been

00:19:02.490 --> 00:19:05.230
formatted in a funny way. So you mentioned Kayak,

00:19:05.490 --> 00:19:08.789
the Sky Scanners, the Google Flights. They don't

00:19:08.789 --> 00:19:11.329
sell flights. They are what is called a meta

00:19:11.329 --> 00:19:14.569
-search platform. So what they do is basically

00:19:14.569 --> 00:19:16.809
are like a catalog of the different possibilities,

00:19:17.150 --> 00:19:19.759
but they never sell those possibilities. who

00:19:19.759 --> 00:19:22.079
sells the flights is what is called online travel

00:19:22.079 --> 00:19:27.019
agencies like the Booking .com, eDreams and these

00:19:27.019 --> 00:19:30.579
all travel platforms with the exception of Booking

00:19:30.579 --> 00:19:34.180
.com have generally not been very good at creating

00:19:34.180 --> 00:19:37.140
a brand for themselves. What they have been very

00:19:37.140 --> 00:19:40.200
good is understand the dynamics of the meta search

00:19:40.200 --> 00:19:44.119
and be able to give and bid with flight routes

00:19:44.119 --> 00:19:46.920
at the right time at the right price to travelers.

00:19:47.480 --> 00:19:50.390
So the dynamic has been you have the anonymous

00:19:50.390 --> 00:19:53.390
OTAs, many times, that are giving their flight

00:19:53.390 --> 00:19:56.029
content to the MetaSearch, which is the Skyscanners,

00:19:56.190 --> 00:20:00.289
the Kayaks, and people go to the MetaSearch,

00:20:00.509 --> 00:20:03.089
they buy the cheapest flight in the MetaSearch,

00:20:03.210 --> 00:20:05.329
and they really don't care if they are buying

00:20:05.329 --> 00:20:10.170
it in trip .com, in eDreams, Opoldo, whatever

00:20:10.170 --> 00:20:11.990
is the website, they just care about the cheapest.

00:20:12.849 --> 00:20:15.869
So from this second, there is not a lot of incentive

00:20:15.869 --> 00:20:18.609
for innovation. So that has been the second problem.

00:20:18.799 --> 00:20:22.059
is that the meta search, they just need to basically

00:20:22.059 --> 00:20:24.279
be that catalog. They can be a bit open in terms

00:20:24.279 --> 00:20:26.940
of catalog, but at the end of the day, they are

00:20:26.940 --> 00:20:31.519
paid by the OTAs to send people there. And the

00:20:31.519 --> 00:20:34.119
OTAs, their innovation needs to be on being very

00:20:34.119 --> 00:20:36.619
good at bidding. And this is a totally different

00:20:36.619 --> 00:20:38.940
logic from what we have at Trip .com, where we

00:20:38.940 --> 00:20:42.079
actually need to be the ones showcasing things

00:20:42.079 --> 00:20:44.599
to the consumer, understanding what is likely

00:20:44.599 --> 00:20:46.839
to convert with them without... them doing searches

00:20:46.839 --> 00:20:49.259
and then also doing the transactional part of

00:20:49.259 --> 00:20:53.480
selling and holding them as customers. I guess

00:20:53.480 --> 00:20:56.019
I always like asking this question, which is,

00:20:56.400 --> 00:20:58.819
when you're building this and the journey you

00:20:58.819 --> 00:21:01.480
have been on, what was the hardest day and how

00:21:01.480 --> 00:21:03.420
did you overcome it? Because I'm sure you had

00:21:03.420 --> 00:21:08.160
like really, really rough days when you go over

00:21:08.160 --> 00:21:16.039
and pass that. Well, it's a good question. You

00:21:16.039 --> 00:21:21.880
find a lot of hardship. Still, even though we

00:21:21.880 --> 00:21:26.660
passed a lot of years after COVID, travel is

00:21:26.660 --> 00:21:29.579
a space where investors are a bit afraid. There

00:21:29.579 --> 00:21:33.160
have been a lot of startup failures in this vertical.

00:21:34.240 --> 00:21:37.779
So we reached a point in the beginning of 2023

00:21:37.779 --> 00:21:40.259
where we had basically zero money in the bank

00:21:40.259 --> 00:21:43.960
account. We were not paying ourselves as founders

00:21:43.960 --> 00:21:47.269
for quite some time. and things were basically

00:21:47.269 --> 00:21:51.789
six months late with our round. And I think that's

00:21:51.789 --> 00:21:53.609
the moment where we told ourselves, like, hey,

00:21:53.650 --> 00:21:55.829
we are cockroaches. We'll survive anything that

00:21:55.829 --> 00:21:57.950
people throw at us or that we need to endure.

00:21:58.430 --> 00:22:00.470
And that needs to be sometimes our mentality

00:22:00.470 --> 00:22:03.470
as a startup. It's just focus on what you need

00:22:03.470 --> 00:22:08.910
to do and don't overthink headaches. Just live

00:22:08.910 --> 00:22:12.930
day by day, you know, doing your stuff, aiming

00:22:12.930 --> 00:22:16.500
at keeping your focus. as it is, don't disperse,

00:22:16.579 --> 00:22:20.420
don't go crazy, and there will be a way. I think

00:22:20.420 --> 00:22:23.900
when you have done the maximum you could have

00:22:23.900 --> 00:22:27.640
done, then there will always be some way of getting

00:22:27.640 --> 00:22:30.519
out of finding a solution. I think that that's

00:22:30.519 --> 00:22:33.059
the same principle when we did our first round,

00:22:33.400 --> 00:22:35.299
because we could have raised from day one, but

00:22:35.299 --> 00:22:37.599
actually that wouldn't be a good outcome. If

00:22:37.599 --> 00:22:40.400
we had raised at that valuation when we started

00:22:40.400 --> 00:22:42.079
on the first day, it shouldn't be a good outcome.

00:22:42.839 --> 00:22:45.519
do the maximum you can, and then good things

00:22:45.519 --> 00:22:48.619
will happen. I think when you reach a point where

00:22:48.619 --> 00:22:50.740
you say, like, yeah, I've done everything, I

00:22:50.740 --> 00:22:53.279
cannot improve anymore, I just need this to happen,

00:22:53.880 --> 00:22:56.839
then if you do things right, it will happen.

00:22:57.759 --> 00:22:59.319
It will happen. So have a little bit of faith.

00:22:59.700 --> 00:23:01.759
And how, you know, on a personal level, how do

00:23:01.759 --> 00:23:04.900
you manage those moments? Like, what do you do?

00:23:04.900 --> 00:23:06.859
Do you go over to friends, family? I mean, what

00:23:06.859 --> 00:23:12.019
works for you? Good question. I think it's just

00:23:12.019 --> 00:23:14.500
you have a lot of moments where you think why

00:23:14.500 --> 00:23:18.740
am I doing this and is it all worth it but I'm

00:23:18.740 --> 00:23:21.680
very focused on work and if I have something

00:23:21.680 --> 00:23:24.920
to do I want to do it so just like I set myself

00:23:24.920 --> 00:23:27.380
to do this I'm going to do it doesn't matter

00:23:27.380 --> 00:23:30.200
what is thrown what happens like we'll give it

00:23:30.200 --> 00:23:32.819
a try and sometimes just out of stubbornness

00:23:32.819 --> 00:23:34.799
like you have said I'm going to do it so you

00:23:34.799 --> 00:23:38.039
need to do it basically that's that's like it

00:23:38.039 --> 00:23:40.180
has been your goal from the beginning so don't

00:23:40.180 --> 00:23:43.079
give up on it, so that's sometimes the driver.

00:23:44.160 --> 00:23:46.519
I get the stubbornness. I think every founder

00:23:46.519 --> 00:23:49.339
needs to be incredibly stubborn. Needs to listen,

00:23:49.420 --> 00:23:51.259
but also be incredibly stubborn, because you're

00:23:51.259 --> 00:23:52.480
going to get a lot of noses. You need to be able

00:23:52.480 --> 00:23:54.000
to say, you know what, I'm still going to push

00:23:54.000 --> 00:23:55.700
ahead with this, because I feel like doing it.

00:23:57.180 --> 00:23:59.640
The amount of people that have told us this is

00:23:59.640 --> 00:24:02.059
ridiculous already. It's not going to work. Even

00:24:02.059 --> 00:24:04.019
people from the industry are saying, this doesn't

00:24:04.019 --> 00:24:06.299
make any sense. It's going to be impossible to

00:24:06.299 --> 00:24:08.079
build such an engine. How are you going to get

00:24:08.079 --> 00:24:10.819
the data? Like, do you know what you're getting

00:24:10.819 --> 00:24:14.319
yourself into? And you'll need to have that stubbornness.

00:24:14.640 --> 00:24:17.019
Like, if you actually done your homework and

00:24:17.019 --> 00:24:20.400
you think this is going to work, then you also

00:24:20.400 --> 00:24:23.279
will need to be a bit stubborn and ignore the

00:24:23.279 --> 00:24:26.680
noise. Yeah, I think that's always the trickiest

00:24:26.680 --> 00:24:28.660
thing. You know, I talk with a lot of founders

00:24:28.660 --> 00:24:32.480
and investors and one of the key things that...

00:24:32.820 --> 00:24:34.880
is at least for investors, I always say is I

00:24:34.880 --> 00:24:36.940
always look at the team first, not so much the

00:24:36.940 --> 00:24:39.619
idea. I look at the team because they might be

00:24:39.619 --> 00:24:42.279
on to the wrong path. But if they have the right

00:24:42.279 --> 00:24:43.960
attitude, they're going to be able to pivot.

00:24:44.539 --> 00:24:46.619
And then when you talk with a founder, the ones

00:24:46.619 --> 00:24:48.759
that are normally very successful, the ones that

00:24:48.759 --> 00:24:50.759
started with one idea and end up with a completely

00:24:50.759 --> 00:24:53.019
different idea, but they've grown so much in

00:24:53.019 --> 00:24:55.720
that process that they actually made them who

00:24:55.720 --> 00:24:57.579
they are. And that's a person you want to invest

00:24:57.579 --> 00:25:00.380
in. But it's 100 % a journey. It's very hard,

00:25:00.480 --> 00:25:05.660
isn't it? Yeah, and you also need to balance

00:25:05.660 --> 00:25:09.039
very well you being stubborn because you need

00:25:09.039 --> 00:25:11.240
to be stubborn sometimes but also being able

00:25:11.240 --> 00:25:13.380
to hear what others have to say because sometimes

00:25:13.380 --> 00:25:15.500
you are not right you are totally wrong so you

00:25:15.500 --> 00:25:20.079
need to also balance that and I think a big problem

00:25:20.079 --> 00:25:23.039
that I've seen with startups and with founders

00:25:23.039 --> 00:25:26.920
that if they get a bunch of things right then

00:25:26.920 --> 00:25:30.940
they think they are the the holy grail of startup

00:25:30.940 --> 00:25:33.960
founders. And then that totally destroys the

00:25:33.960 --> 00:25:36.019
company because then people start having egos,

00:25:36.400 --> 00:25:38.680
like, oh, I'm the visionary. I know so much about

00:25:38.680 --> 00:25:42.299
this. So I'm right and I'm going to be stubborn.

00:25:42.839 --> 00:25:46.539
So it's, I think be stubborn about some of your

00:25:46.539 --> 00:25:48.700
initial ideas. If you think it's going to work

00:25:48.700 --> 00:25:52.700
as a founding team, be stubborn about it. There

00:25:52.700 --> 00:25:55.079
are so many internal decisions and things going

00:25:55.079 --> 00:25:58.359
on where you also cannot be stubborn. So it's

00:25:58.359 --> 00:26:02.640
a very delicate balance. When you're talking

00:26:02.640 --> 00:26:04.779
with investors, what do they normally say in

00:26:04.779 --> 00:26:06.960
terms of the progress you guys have made and

00:26:06.960 --> 00:26:09.180
the way they see the market? Are they super excited

00:26:09.180 --> 00:26:11.319
about it or on the contrary, they keep on throwing

00:26:11.319 --> 00:26:14.759
objection after objection? It depends a lot.

00:26:14.960 --> 00:26:17.480
I think there are investors that will never be

00:26:17.480 --> 00:26:20.759
satisfied. We had a lot of investors back in

00:26:20.759 --> 00:26:24.819
the day saying, get to 20K MRR and then we'll

00:26:24.819 --> 00:26:28.619
talk. We have long surpassed that. But if I come

00:26:28.619 --> 00:26:32.339
to them right now with our MRR, which is much,

00:26:32.579 --> 00:26:34.240
much bigger than what they were asking, they

00:26:34.240 --> 00:26:37.220
will always find an excuse to say, well, actually

00:26:37.220 --> 00:26:40.420
great progress, but there is going to be something.

00:26:42.599 --> 00:26:46.960
With investors, I think the ones that work with

00:26:46.960 --> 00:26:49.539
us have been the uncomplicated ones. The ones

00:26:49.539 --> 00:26:51.920
that say, I like this, I would like to go for

00:26:51.920 --> 00:26:54.299
it. So that's the best investor that you can

00:26:54.299 --> 00:26:56.819
have is someone that gets to know you as a person,

00:26:57.099 --> 00:26:59.079
get to know the team and say, yeah, I feel good

00:26:59.079 --> 00:27:02.900
about this. I want to do it. Now, how do you

00:27:02.900 --> 00:27:04.539
reach out to those investors? Because that's

00:27:04.539 --> 00:27:07.779
always a tricky thing, I think. Is there a magical

00:27:07.779 --> 00:27:09.619
formula you found and no one else has found?

00:27:11.039 --> 00:27:13.319
Well, the first investor was super random because

00:27:13.319 --> 00:27:17.839
we were walking on this... started fair in Denmark.

00:27:18.259 --> 00:27:21.859
And there's this very tall guy that looks into

00:27:21.859 --> 00:27:24.440
me and another Portuguese colleague and is saying

00:27:24.440 --> 00:27:27.220
like, oh, funny t -shirts. And how did you get

00:27:27.220 --> 00:27:30.319
a Dritnall Colm name? And we start telling him

00:27:30.319 --> 00:27:32.980
the story and we go for a beer and the whole

00:27:32.980 --> 00:27:34.700
thing happens from there. So it's totally random,

00:27:34.880 --> 00:27:37.420
but we have to be at that point that that started

00:27:37.420 --> 00:27:40.279
fair. So we have to basically leave the basement

00:27:40.279 --> 00:27:45.240
in a way and be out there on an event. Sometimes

00:27:45.240 --> 00:27:47.359
it's like this, other times, like for example,

00:27:47.440 --> 00:27:51.460
one of our now is our chairman, a very good advisor.

00:27:52.519 --> 00:27:55.079
It was just LinkedIn writing saying, hey, I know

00:27:55.079 --> 00:27:57.680
that you are an authority in this industry. I

00:27:57.680 --> 00:27:59.920
would love to meet you and talk about this idea.

00:28:00.700 --> 00:28:04.019
So it's just outreach and I mean, there are 10

00:28:04.019 --> 00:28:05.640
billion people in the world. You'll always find

00:28:05.640 --> 00:28:08.519
someone that has a time at least to hear you

00:28:08.519 --> 00:28:11.339
and that will find you someone or give you some

00:28:11.339 --> 00:28:16.450
nice advice. You know in I'm thinking about your

00:28:16.450 --> 00:28:18.450
customers like all the trips they've done and

00:28:18.450 --> 00:28:21.150
all that Did they normally get back to you and

00:28:21.150 --> 00:28:23.009
say thank you? I really obviously you always

00:28:23.009 --> 00:28:24.529
have feedback on the website But they actually

00:28:24.529 --> 00:28:26.529
say you know this trip has changed my life and

00:28:26.529 --> 00:28:30.730
stuff like that Yeah, we get that and it's like

00:28:30.730 --> 00:28:35.190
it's like Consumer is like a roller coaster emotions

00:28:35.190 --> 00:28:37.289
when they you can be like feeling shit because

00:28:37.289 --> 00:28:40.009
you have this Person that is so difficult to

00:28:40.009 --> 00:28:42.009
deal with like it's like this four -year -old

00:28:42.009 --> 00:28:44.910
on a adult body, just being such a pain. But

00:28:44.910 --> 00:28:47.349
then the next time you have someone being so

00:28:47.349 --> 00:28:49.789
wonderful and saying, be a strip, I love your

00:28:49.789 --> 00:28:53.269
platform. And if you go to our trust palette,

00:28:53.289 --> 00:28:55.789
for example, and start seeing the reviews, sometimes

00:28:55.789 --> 00:29:00.349
you start feeling quite good with what we have

00:29:00.349 --> 00:29:03.329
built because people can be very, very nice as

00:29:03.329 --> 00:29:07.470
well. Nice. On the journey, you've been yourself.

00:29:07.690 --> 00:29:10.490
What advice, I don't know, the top three things

00:29:10.490 --> 00:29:12.630
you would advise someone who's just getting started,

00:29:12.930 --> 00:29:17.910
who would that be? As a startup founder, what

00:29:17.910 --> 00:29:19.289
are the top three things you'd say, you know

00:29:19.289 --> 00:29:25.289
what, do this and do that? So I think the first

00:29:25.289 --> 00:29:27.150
question that you need to answer yourself is

00:29:27.150 --> 00:29:30.089
do you want to build something that makes you

00:29:30.089 --> 00:29:31.490
some money or do you want to create something

00:29:31.490 --> 00:29:34.089
that is really big? And if you want to create

00:29:34.089 --> 00:29:38.359
like something that is we could say unicorn potential

00:29:38.359 --> 00:29:41.460
as a startup, then you'll have a lot of hard

00:29:41.460 --> 00:29:44.500
work. There is no easy way. You have so many

00:29:44.500 --> 00:29:46.519
people thinking about what can be the next thing.

00:29:46.759 --> 00:29:48.680
If it was that easy, other people would have

00:29:48.680 --> 00:29:52.160
done it. So you need to answer very well as an

00:29:52.160 --> 00:29:56.000
individual, how am I going to pull this off and

00:29:56.000 --> 00:29:59.440
why that others haven't been able to come up

00:29:59.440 --> 00:30:03.440
with? If you're going for a big shot. You can

00:30:03.440 --> 00:30:07.579
also go for like a small shot and like you can

00:30:07.579 --> 00:30:09.960
use a large language model and create some nice

00:30:09.960 --> 00:30:13.319
thing that makes you so many, but for me it's

00:30:13.319 --> 00:30:15.119
not like a startup per se because it's not like

00:30:15.119 --> 00:30:17.500
the big shot, it's not the big dream. If you

00:30:17.500 --> 00:30:19.220
want to go for the big shot you need to answer

00:30:19.220 --> 00:30:23.559
why and are you really willing also to put to

00:30:23.559 --> 00:30:25.539
work the crazy work for you to be able to build

00:30:25.539 --> 00:30:29.599
this because it's not going to come easy. And

00:30:29.599 --> 00:30:33.430
the second one is like no excuses. I hear so

00:30:33.430 --> 00:30:35.089
many people saying, oh, I don't know how to code.

00:30:35.230 --> 00:30:38.650
I don't know how to do this. How many million

00:30:38.650 --> 00:30:41.769
students are around you, like in Europe, that

00:30:41.769 --> 00:30:44.289
are very willing to build something together

00:30:44.289 --> 00:30:48.589
with other students? Like a ton of them. And

00:30:48.589 --> 00:30:52.349
you can find a ton of qualified people that just

00:30:52.349 --> 00:30:55.769
want to get some experience. And if you don't

00:30:55.769 --> 00:30:59.349
have a big ego and you actually are reasonable

00:30:59.349 --> 00:31:02.750
to deal with, you'll find a lot of people, and

00:31:02.750 --> 00:31:04.789
you can build a great team that can build anything

00:31:04.789 --> 00:31:07.990
that you want to imagine. So I think there's

00:31:07.990 --> 00:31:10.509
no excuses from the personal side. Oh, I need

00:31:10.509 --> 00:31:14.170
money to raise money to outsource some developers.

00:31:14.970 --> 00:31:17.750
Like, fuck off. You should be doing this in home.

00:31:18.049 --> 00:31:19.990
You should be doing it properly with your own

00:31:19.990 --> 00:31:23.849
team. So this would be my second advice. Well,

00:31:23.970 --> 00:31:25.869
the third one, I think I already talked with

00:31:25.869 --> 00:31:28.710
a lot, so maybe these two advices are good enough.

00:31:30.140 --> 00:31:32.440
Okay, I got an interesting question, which is,

00:31:32.680 --> 00:31:37.900
what was your favorite trip so far? Good question.

00:31:38.420 --> 00:31:41.440
I think this one, I'm right now in China, so

00:31:41.440 --> 00:31:48.740
this one was pretty lit. We basically went from

00:31:48.740 --> 00:31:52.319
Copenhagen to Vienna, Vienna to Abu Dhabi, Abu

00:31:52.319 --> 00:31:56.759
Dhabi to a city I forgot the name in Uzbekistan.

00:31:57.019 --> 00:31:59.619
then traveled in three cities in Uzbekistan,

00:31:59.779 --> 00:32:03.900
went to Kazakhstan, grabbed a bus to the land

00:32:03.900 --> 00:32:06.720
border in China, visited like four cities in

00:32:06.720 --> 00:32:09.420
the north of China, and now we are in Xian. So

00:32:09.420 --> 00:32:12.039
that's a cool trip. But we have done many trips,

00:32:12.480 --> 00:32:15.599
like trip .com style, and also created by trip

00:32:15.599 --> 00:32:19.880
.com, that are very centered on this hopping

00:32:19.880 --> 00:32:22.700
concept of like, I don't want to stay 15 days

00:32:22.700 --> 00:32:24.799
in the same place, I want to be hopping, exploring

00:32:24.799 --> 00:32:27.990
different places. So we have like a plethora

00:32:27.990 --> 00:32:30.529
of adventures and crazy situations from these

00:32:30.529 --> 00:32:35.410
kind of trips. In a way, now a completely different

00:32:35.410 --> 00:32:37.630
topic, which is what's the best advice you can

00:32:37.630 --> 00:32:40.470
give for someone going on such a trip? So nothing

00:32:40.470 --> 00:32:42.509
to do with business, but just like what advice

00:32:42.509 --> 00:32:45.210
would you actually give them? Thistrip .com.

00:32:47.230 --> 00:32:49.650
I guess when you're actually on the trip, what

00:32:49.650 --> 00:32:54.549
advice would you give them? That's the thing

00:32:54.549 --> 00:32:56.450
is that I hate planning. That's why I created

00:32:56.450 --> 00:33:01.170
triple calm if I would either have trail of conduit

00:33:01.170 --> 00:33:04.730
or ask my wife to Like 10 things in the in the

00:33:04.730 --> 00:33:07.250
location for me Just like I bring everything

00:33:07.250 --> 00:33:09.990
in one backpack Because that's what allows me

00:33:09.990 --> 00:33:12.470
to to travel for trip in low -cost carriers and

00:33:12.470 --> 00:33:14.910
believe me You can fit everything for one month

00:33:14.910 --> 00:33:16.789
two months in a backpack So that would be my

00:33:16.789 --> 00:33:19.170
advice for you. Just if you want to save bring

00:33:19.170 --> 00:33:21.819
it back back and that's it Okay, I think we should

00:33:21.819 --> 00:33:23.900
do a YouTube video just with you packing your

00:33:23.900 --> 00:33:25.920
bag so people can actually see how that works.

00:33:27.220 --> 00:33:28.839
Because I know a lot of people that go on trip

00:33:28.839 --> 00:33:31.880
days and they bring the whole house with them.

00:33:33.180 --> 00:33:36.019
We have customers like this, they need like 60

00:33:36.019 --> 00:33:38.859
kilos of luggage to bring like the stuff for

00:33:38.859 --> 00:33:41.420
their three -day trip and just think, that doesn't

00:33:41.420 --> 00:33:46.480
compute to me. Yeah, that's hard to do. André,

00:33:46.519 --> 00:33:48.619
if people want to reach out to you, how can they

00:33:48.619 --> 00:34:08.380
do so? The podcast is also sponsored by Notion

00:34:08.380 --> 00:34:11.300
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00:34:11.300 --> 00:34:13.800
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