Portugal Business News interviewed the founder of Portuguese Travel Tech startup Bounce that achieved remarkable growth with an astonishing 20x increase in the past two years.
This is the tip from Bounce for entrepreneurs who would like to create a tech startup in the travel industry in Portugal: “Take advantage of the numerous incubators, accelerators, and government programs designed to help startups succeed. Network actively within the community to build connections and seek mentorship from experienced entrepreneurs”, advises Cody Candee, the founder and CEO of Travel Tech startup Bounce.
1) What is Bounce and what do you do?
Bounce provides flexible and convenient luggage storage solutions for travelers, tourists and eventgoers by partnering with local businesses to turn their spare space into secure luggage storage points. Travelers now have an affordable way to securely store their luggage in convenient locations, enabling them to explore cities and enjoy events hands-free. Launched in 2019 in the US, we’ve since opened an office in Lisbon and expanded the Bounce network to over 2,000 cities worldwide, and now more than 11,000 stores are available through the Bounce platform. And luggage storage is just the start - our mission is to build a world where anywhere you are, you have access to everything you need - and the things you do have, never hold you back!
2) What are the opportunities for Travel Tech startups in Portugal?
For tech companies in general, there’s amazing engineering talent in Portugal, not to mention a growing startup scene. As a travel tech company in particular, Portugal is a great opportunity because the travel industry is booming here. This gives us the on-the-ground opportunity to interact with customers and really understand the needs of our market; it’s a great environment to develop travel solutions in.
Additionally, Portugal's strategic location in Europe, combined with government incentives, and a vibrant startup community, creates a unique environment for travel tech companies to thrive and scale their operations.
3) What are your impressions of the startup ecosystem in Portugal?
The startup ecosystem in Portugal is vibrant and continues to grow rapidly. With strong support from government initiatives like the Startup Visa program, incubators, and accelerators, there is a robust infrastructure in place to help startups succeed. Cities like Lisbon and Porto have become hubs for innovation, attracting entrepreneurs, investors, and tech talent from around the world. On top of that, the city is host to some major tech events - such as the popular tech conference Web Summit - and is spawning unicorns such as customer support startup Talkdesk, HR tech platform Remote and financial crime detection platform Feedzai, which demonstrates the city’s favorable environment for the growth of startups.
4) What are the challenges of scaling a startup in the travel sector in Portugal?
None of this is really specific to Portugal, but building partnerships locally within your industry and expanding market reach both require strategic planning and significant resources. However, the supportive startup community and favorable business environment in Portugal provide a strong foundation for overcoming these hurdles.
5) Is it easy to find investors for startups in Portugal?
As the startup ecosystem matures, finding investors in Portugal is increasingly becoming easier. There is a growing interest from both local and international investors in Portuguese startups, with VCs like Notion, Hoxton, Seedcamp and others, closely engaging with the Portuguese ecosystem alongside some national VCs like Portugal Ventures, Faber ventures etc. Government incentives and funding programs also play a crucial role in attracting investment. However, startups must have a compelling value proposition, a clear business model, and a strong team to attract the right investors.
6) What is the growth of Bounce?
Bounce has experienced remarkable growth, achieving an astonishing 20x increase in the past two years. Bounce has experienced significant growth since its inception, reflecting the increasing demand for flexible luggage storage solutions. This rapid expansion highlights the strong demand for flexible, on-the-go storage solutions and additional travel services. Our turnover has significantly increased as we have expanded our services to over 2000 cities worldwide. With our continuous focus on innovation and customer satisfaction, Bounce is well-positioned for sustained growth in the coming years.
7) Is Bounce currently hiring and what are the positions that are the most in demand?
Yes, Bounce is actively hiring across Ops, Engineering and Design roles, as we continue to expand our operations. We currently have around 20 open positions, available either in Lisbon or remote, offering exciting opportunities for talent in the travel tech space. We are particularly looking for enthusiastic and talented individuals to join us as software developers, data analysts and operations managers. Our open roles are always listed and up to date.
8) What are your partnerships within the Tourism industry in Portugal and overseas?
Bounce has established strong partnerships within the tourism industry both in Portugal and internationally. We collaborate with a wide range of local businesses, including hotels, cafes, and retail stores, to provide convenient luggage storage locations for travelers. Additionally, we work with travel companies and tourism boards such as Visit Lisboa, to enhance our service offerings and reach a broader audience. These partnerships are crucial in ensuring that we can provide a seamless and accessible service to travelers worldwide.
9) What are your future plans for the internationalization of Bounce?
Our future plans for Bounce involve continued international expansion to make our innovative travel solutions available to more travelers worldwide. We aim to enter new markets, particularly in high-traffic tourist destinations, and establish strategic partnerships with local businesses and travel platforms. Additionally, we have plans to introduce new verticals in the future, to provide users with ever more seamless and flexible experiences. We plan to grow our global footprint and become the go-to solution for travelers everywhere.
10) Do you have advice to provide to people who would like to try the startup adventure in Portugal?
For those considering the startup adventure in Portugal, my advice is to leverage the supportive ecosystem available here. Take advantage of the numerous incubators, accelerators, and government programs designed to help startups succeed. Network actively within the community to build connections and seek mentorship from experienced entrepreneurs. Most importantly, stay resilient and adaptable, as the journey of a startup is filled with challenges and opportunities that require a proactive and determined mindset. Embrace innovation and remain customer-focused, as these elements are crucial for long-term success in the dynamic startup landscape.
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