Traveling SpoonConnecting travelers with vetted, authentic food experiences in

people’s homes around the world

Andrea Angquist, Steph Lawrence, Sanjay Sharma, Aashi Vel

4.3.2013104 interviews

The Idea“My experience with the Traveling Spoon was the highlight of my trip to India! I would jump at the chance to do another wherever in the world I might travel next.”

- Jane Wong, guest

The Team

Andrea Angquist Steph Lawrence Aashi Vel Sanjay SharmaKeval Desai

Hacker, Picker, Designer, Hustler,Advisor,

Technology geek Marketing genius Design expert Finance guruJust awesome!

The market is large and growing

TAMInternational tourist spending

$483 billion

SAMTourism food receipts$159 billion

Traveling Spoon Addressable Market

$26.6 billion

SOURCE UN World Tourism Organization 2012

Business Model Canvas, v1

WebsitePersonal assistanceReviews

What we did

Interviewed 35 Lonely Planet travelers

Where do you STAY?

Which websites do you browse?How do you decide where to eat?

How many PEOPLE do you travel with?

What we found

NOT MUCH NEW, but it was validating.

Willingness to pay

$25

Interested

100%

Logistics

SecurityReviews

What’s important

Customer Demand95% of LP customers would pay for a TS experienceSample size: 200

Net Promoter ScoreNPS = 9, from survey of all existing customers

We were missing something

What we did

Interviewed 30 Luxury travelers

Where do you STAY?

What do you read?

Who PLANS your trip?

How much do you spend on a trip?

What we found

Decision maker Interested

80%

Willingness to pay

HIGHFood safety

HygieneQuality

Conversation

Concerns

Channels

Travel agents,

tour operators

Trust

TripAdvisorWOM

But was our product a luxury product?

“I loved my Traveling Spoon experience, but it was not what I was expecting. Vasudha’s home was, how should I put it, nice. I wasn’t expecting luxury.”

- Paula Crossfield, Traveling Spoon customer

“At first I thought $25 was a lot of money for a meal in India. But when I saw how many courses were offered, and how nice the experience was, it seemed like an incredible value.”

- Jane Wong, Traveling Spoon customer

What we did next

INSPIRATION BOOKING TRAVEL REVIEWS

Inspiration engines

WOM

Social media

Travel guides

PrintedOnline

OTAs

Direct sales

Peer-to-peer

Travel agents

Tour operators

Review aggregators

Group buy

Hotel concierge

Local guides

Tourism offices

Google

Experience aggregators

Which channels are important?

INSPIRATION BOOKING TRAVEL REVIEWS

Inspiration engines

WOM

Social media

Travel guides

PrintedOnline

OTAs

Direct sales

Peer-to-peer

Tour operators

Review aggregators

Group buy

Hotel concierge

Local guides

Tourism offices

Google

Experience aggregators

Travel agency network Travel

agents

How we fit in the ecosystem

US

Host

Destination Mgmt Cos

Traveler

Tour Operator

Experience aggregators

(25%)

Traveling Spoon

INDIA

Traveling Spoon

Interviewed 26 channels

Direct TS Sales

Why would they be interested in us?

“Sometimes we get stuck because travelers ask for home dining experiences and we don’t have hosts in certain cities.”

– Shonali Dutta, Managing Director

“This market is growing! We need new tour operators who have the scale to work with our requirements. You would be perfect.”

- Baidi Li, Asia Product Manager

“Food has become an important part of boutique travel. Home dining is very trendy now, and we want to expand to India.”

– Rumit Mehta, CEO

What we found

Traffic partners Supplier

$500 fixed listing cost

25% commission

Minimal brand

recognition

Requires insurance

Requires TripAdvisor

presence

No fee (they add a

mark-up)

No commission

Requires sales person

1% commission

Loss of control over

touch-points

Minimal brand

recognition

What we did

WHERE am I going?

HOW do I get there? 1

22

3

4

3

1

4 Too much information - it’s OVERWHELMING.

How do I know that I won’t get SICK?

What we changed

What we learned summary

Customer segments

ChannelsValue Prop

Local and

authentic

food

Cultural

exchange

Key partners

Review

websites

Travel guides

Food safety

Logistics

Interactions in

English

Traffic

partners:

Experience

aggregators,

Tour

Operators &

DMCs

Suppliers

Revenue Streams

Fixed

commission

15% Variable

commission

around 40%

The business… is it worth it?

Traveling Spoon Addressable Market

$26.6 billion

Culinary tourism is a $27 billion

industry.

With no major leader.

We think we can change that.

YES.

We remain passionate about connecting travelers with meaningful, authentic culinary experiences in people’s homes

around the world.

To get there…

Launch beta site with first 50 hosts

Build out team with CTO and first regional manager

Develop partnerships with 20+ additional tour operators and DMCs; build partnership with Viator including developing first 10 listings in multiple cities

Secure angel funding for next 12 months of operations

The video

We hope you’ll come with us.

As we build Traveling Spoon after graduating, we would love to stay in touch.

We hope you’ll contact us at info@travelingspoon.com if you are interested in serving as an advisor, investor, team member or friend. We’d love to share a meal with you.

Thanks to all the Lean Launchpad faculty, students, GSIs and advisors for this great learning experience.

We’ve had a lot of fun.

- Aashi, Andrea, Sanjay and Steph

APPENDIX FLIPBOOK!

Week 1

Week 2

Week 3

Week 4

Week 5

Week 6

Week 7

Week 8

Week 9

Week 10

Week 10 (expanded)

Week 10 (expanded)

Week 10 (expanded)

Key Metrics that Matter

CLV = $115.3

Customer Lifetime Value

Revenue/customer $75

COGS $40

Gross margin $35

# of TS experiences/year 1

Retention rate 85% YR 1, 85% YR 2, 50% YR 3

Average TS lifetime 15 years

Average visits per lifetime 3.3

Customer Acquisition Cost

Salary (sales): $40,000Channels/wk: 5Channels/yr: 240Conversion: 5%Partners/yr:12Customer/partner: 100Customers/yr: 1200

Cost/customer: $40,000/2400

CAC = $33.30

Burn rate assumptions

YR 1 Operating costs =

$491,000

Competitive Landscape

Local and regional tour companies based in our geographies

Existing restaurants

Family and friends

Connecting with locals

Provide social travel experiences

Potential partners

Most direct competition

Aggregating kitchens and shared food experiences

Many US-focused; other direct competitors have regional focus (Israel, Spain)

Substitutes (the forks)

Local Tour Companies

Experience AggregatorsHome Dinner