Interviewing the Founding Father of the Israeli Travel Tech Startups community
It’s not a secret to say that my startup is in the Travel Tech space, one of THE hardest industries for startups to succeed in. The big players take humongous chunks out of the market, and potential investors feel threatened by it. There is something beautiful happening in the industry though. I don’t use the word Messiah very often, but if you were to look up “Messiah for the Israeli Travel tech” I’m sure Itai Green’s picture would pop up.
I met Itai at one of the events he organized for travel entrepreneurs in Israel and right away we hit it off. Itai is the most prominent figure in the Israeli travel tech scene and known for bridging the gap between travel corporates and startups.
His Israeli Travel Tech Startups ITTS community started with about 50 entrepreneurs and today counts over 350 entrepreneurs in several WhatsApp groups, a co-working space at one of Israel’s most exclusive ones — LABS and many more plans to make this community a force to be reckoned with in the industry.
Needless to say, I HAD to interview the Founding Father of the ITTS, in person.
Who is Itai Green pre-ITTS?
Itai has worked for over 12 years in startups as an entrepreneur and executive in different fields such as Media, Mobile, and even Homeland Security. Following that, Itai worked for travel magnate Amadeus, looking for innovation and technologies that would value Amadeus and its customers to collaborate with.
This is where he first touched base with travel tech and came to the conclusion around the immense value that these travel tech startups have for big corporates. After leaving Amadeus, Itai decided to work as an independent consultant in the means of “corporate open innovation.”
He is an entrepreneur himself and as no one better, understands the pain points. He’s been there… Itai left the corporate world and consults to provide for his family, but his real passion lies with the travel startups.
Why was ITTS founded?
According to Itai, there was no other way to help travel startups, not an effective way anyway. He felt the absolute need of such a community, to bridge the gap between startups and corporates.
Initially the community should have been on Facebook, but due to the platform’s guidelines and algorithm, it would’ve been very hard to manage the community in a proper fashion.
WhatsApp was the way to go, and the results positively surprised him and never thought it could be this big today.. It started with 50 entrepreneurs and today there are well over 350 in different WhatsApp groups. All are Israeli in one way or the other, but some have relocated abroad to expand their operations
These startups vary in stages. From pre-seed idea-based startups, to revenue generating Series A and above type companies, they’re all united into one tight-knit community.
The vision is to make Travel Tech stand out in Israel, and shine a huge spotlight on the community. This will give a motivational boost to entrepreneurs considering this space, as well as investors & corporates. The travel space shouldn’t scare away people. Seeing a strong community that brings a lot value will convince them otherwise.
What is the most challenging part in forming a strong community?
Itai’s main goal is to be relevant and give value to the startups. He always needs to innovate. Entrepreneurs know exactly what they need and don’t have time to waste. The main goal is to provide effective and efficient business development.
How does 2018 look like for Itai Green and the ITTS?
Itai has huge plans for the ITTS in 2018. He’s planning to bring innovators and corporates much faster and more relevant together, via worldwide niche WhatsApp groups. This will also enable the ITTS to cross borders and start gaining traction outside of Israel.
Itai wants to boost the networking between the entrepreneurs, building relationships and partnerships so they can work faster and actually give value to each other, instead of competing.
Another major development, will be the example of Booking.com, who chose to open an R&D center in Israel instead of Silicon Valley, which is a huge milestone and statement for the Travel Tech scene in Israel. According to Itai, three other “big fish” will make similar moves this year and eventually all the others will follow.
Although confidentiality prohibits Itai from stating who will come, he does mention that he is actively involved in bringing them to Israel.
In addition, Itai closed a partnership recently with Israel’s most exclusive co-working space “LABS” and has now over 50 co-working spots, 90 by the end of the month, all for Travel Tech startups.
He’s now also implemented a “premium” package for the community where, with a small monthly contribution, they’re helping the community (and therefore themselves) get better exposure. This will start with online with social media campaigns to reach the big corporates in the travel industry worldwide.
What 3 startups (don’t worry, we won’t get offended) are going to blow up in 2018, according to Itai?
There’s no right answer to this question, but mark my words when I say the following: in 2018, at least 3 travel companies will either IPO, be acquired or raise US$50 million. He’s certain of this, because foreign giants actually consult him about M&A opportunities.
Corporates see the big opportunity in pre-A companies, where the valuation is lower than in Silicon Valley but the innovation is just as good, if not better, in Israel.
He would like to emphasize his pride in companies such as FlyMoney, Bitemojo, and Gooster for representing the community and winning prestigious competitions; and many more that are having success around the globe, such as Roomer, Fairfly, Aspectiva, Pruvo and more. Itai has recently published two posts with regard to the Israeli Travel Tech players in the B2B and in the B2C space.
What’s in it for Itai Green?
In certain companies he is on the board of advisors, while with others he’s involved in the M&A processes. Itai believes that he brings real value to entrepreneurs and there’s nothing better than the acknowledgement and gratitude he gets from the startups. Without the ITTS community, this wouldn’t have been possible.
He knows the industry and knows exactly where and how to connect with the right people. His motivation is to take ITTS to the next level and to be taken seriously around the world. Foreign travel corporates even rely on his advice on how to operate in Israel and with whom.
The number one piece of advice for Travel Tech Entrepreneurs?
Itai has a clear piece of advice for entrepreneurs with a travel startup, or those that are planning one. When developing the product or concept, consult with the big players (your ideal client) to validate your product/idea as early as possible. You have to understand whether the corporates NEED your innovation before you put in additional hours of hard labor into it.
It will save the entrepreneurs a lot of money, effort, and time. These big players know EXACTLY what they need.
If Itai were a piece of fruit, what would he be?
Itai sees himself as a cactus fruit, or “Sabres” in Hebrew. It’s truly Zionistic, as is Itai, and it’s prickly from the outside with a nice and warm interior —exactly how Itai sees himself.
ITTS — to infinity and beyond.
I am very excited about the ITTS, being a part of it, and can’t want to witness firsthand what 2018 has in store for us! Are you as curious as me? Sign up for the ITTS Newsletter here and get the latest scoops directly into your mailbox as well as the Israeli Travel Tech eco-system map.
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