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How I Built a $300M Startup with No Degree and No NetworkㅣSelfbook, Khalid Meniri
@ EO
04/13/25
Takeaways
KM
Khalid Meniri
04/13/25
@ EO
As a founder, I take the biggest bet and risk on myself and my life.
KM
Khalid Meniri
04/13/25
@ EO
Being born in Algeria, my moonshot was New York City, and I went straight there without a proper education or route to becoming a founder.
KM
Khalid Meniri
04/13/25
@ EO
I don't have the option to fail, so giving up is absolutely not on the table.
KM
Khalid Meniri
04/13/25
@ EO
Every decision I make comes with doubt, but I have a stubborn persona that keeps me focused on my vision and delivery.
KM
Khalid Meniri
04/13/25
@ EO
It's imperative to believe that your product is helping people; perseverance through hardship has made me a better human and founder.
KM
Khalid Meniri
04/13/25
@ EO
Selfbook provides the infrastructure for travel, aiming to eliminate friction in the booking process to increase conversion rates.
KM
Khalid Meniri
04/13/25
@ EO
Before Selfbook, no hotel could accept Apple Pay, but we introduced digital wallets into the industry to streamline the experience.
KM
Khalid Meniri
04/13/25
@ EO
As an immigrant from Algeria, I had to do any job to survive, and despite lacking education or a network, I had to start somewhere.
KM
Khalid Meniri
04/13/25
@ EO
One friend can become your network; during fundraising, I knew only a few people, but they helped me build my network and raise funds.
KM
Khalid Meniri
04/13/25
@ EO
The launch of the iPhone in 2007 sparked my idea to design a mobile app, leading to the creation of my first business, Six Agency. I wanted to push the idea that you don't need a full catalog of products in front of a customer on a small device; the app would show only one highly curated product per day, which could be anything from a pencil from Japan to a beautiful watch.
KM
Khalid Meniri
04/13/25
@ EO
When we started adding travel experiences to the app, engagement increased by 70%, indicating that people were eager to learn about and book experiences, even though it was challenging to do so on the app due to a lack of proper booking infrastructure.
KM
Khalid Meniri
04/13/25
@ EO
The pandemic hit just as we were launching our travel app, which was designed to allow users to easily discover and book hotels. Despite the shutdown of hotels worldwide, I focused on the future, believing that people would want to travel again.
KM
Khalid Meniri
04/13/25
@ EO
I have a stubborn persona and a relentless drive to create a seamless experience, which led us to pivot our strategy during the pandemic. We realized that no hotel could accept Apple Pay at that time, and launching a consumer app was extremely challenging.
KM
Khalid Meniri
04/13/25
@ EO
Selfbook provides hotels with a streamlined booking experience, allowing guests to book directly on the hotel website without leaving for an online travel agency, thus avoiding the 25% commission typically paid to OTAs.
KM
Khalid Meniri
04/13/25
@ EO
Building a guest-first experience is far superior to just creating another B2B product, even though we are a B2B company. The hotel industry has been left behind technologically, with many systems dating back to the 1960s, while user behavior has evolved rapidly.
KM
Khalid Meniri
04/13/25
@ EO
Our rapid growth since launch has been driven by a charmingly relentless push to modernize an industry that I believe is sleepwalking towards a precipice, especially regarding payment solutions like Apple Pay that don't integrate well with outdated systems.
KM
Khalid Meniri
04/13/25
@ EO
We faced challenges in providing flexibility in rates and creating a single API for platforms to sell travel without needing to build every component from scratch, which is essential for a fintech company like ours.
KM
Khalid Meniri
04/13/25
@ EO
Achieving high Gross Merchandise Volume (GMV) early on was crucial for our growth, so we targeted hotels with higher Average Daily Rates (ADR) to increase our volume.
KM
Khalid Meniri
04/13/25
@ EO
In 2024, we tripled our revenue, helped hotels increase website conversion rates by 40%, and reduced cancellations by 44%.
KM
Khalid Meniri
04/13/25
@ EO
As a founder, I constantly face trade-offs, debating different ideas and assumptions, which can lead to mistakes, such as underestimating the difficulty of replacing established hotel systems.
KM
Khalid Meniri
04/13/25
@ EO
Instead of trying to completely replace existing hotel systems, we pivoted to work cohesively with them, integrating our solutions to enhance the booking experience.
KM
Khalid Meniri
04/13/25
@ EO
Our first client was a resort called Nemain, which believed in our vision despite us not having a full product or track record at the time; they valued our commitment to improving guest experiences.
KM
Khalid Meniri
04/13/25
@ EO
Travel is about human connection and culture; at Selfbook, we aim to provide the hospitality that the industry is meant to deliver.
KM
Khalid Meniri
04/13/25
@ EO
Leaving Algeria allowed me to dream bigger and pursue my passion for travel, emphasizing that regardless of your background or education, you can create and succeed.
KM
Khalid Meniri
04/13/25
@ EO
It's easy to give up, but as a founder, you must not be a quitter; perseverance is essential.