Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with Peter Richards from TripTide.
In 128 words or less, explain your business idea.
I launched TripTide after visiting Australia for the first time 3 years ago — a trip made memorable by the amount of local word-of-mouth information received. TripTide was developed on the thesis that in the next decade there will be a qualitative shift in the travel experience. The future of travel will be shaped by technological innovations which create easy connections between buyer and supplier. It will allow the traveller to harness the experiences of friends, family and fellow travellers more intelligently and it will herald a new eco-system whereby information is freely exchanged and the idea of one-way transactions are obsolete. TripTide provides an online environment for these ecosystems to proliferate.
What strategies are you using to grow and finance your idea?
In its simplest form TripTide provides a virtual environment where 'buyer meets supplier'. We are investing heavily in online marketing to improve the local Australian supplier's reach to global markets where our main focus is on improving TripTide's natural search capabilities through SEO. Our technology platform is now complete and the next phase of the journey is sales and marketing. For our development phase we have relied on private investment but we are now revenue earning and expect that the company will be entering profitability shortly.
What's the biggest challenge facing your business?
The sheer volume of daily tasks to be completed. It feels like we are sprinting a marathon.
How do your differentiate your business from your competitors?
We believe that we provide a new a unique approach to global tourism by empowering local suppliers and providing them with global market to sell their product through shared experiences. TripTide provides a publishing platform, a community hub, online marketing and advertising and a multi-dimensional ecommerce platform from within each website.
What one phone, tablet or PC application could you not live without?
Definitely my iPhone — bite-sized pieces of dynamic information at my fingertips where ever I am. If I need more granularity I can always switch to bigger devices.
What's the best piece of business advice you've ever received?
Just "do it" — if you think about it too much the opportunity will be seized by someone else.
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