Out of some 1500 local and international applicants, 85 start-up were chosen to receive a US$40K grant and take part in their start-up accelerator program. Tripcover co-founders Des and Steve Sherlock will be taking part in the program, in Santiago, at the start of November, this year.
"This is very exciting and it really came out of the blue as we were not really expecting a foreign government to be doing what our local governments should be doing here; that is supporting budding start-ups" said Des Sherlock. "We are very grateful and we hope we can do as much as possible to thank the Chilean government for their support".
Tripcover is a standalone, low cost, car rental excess insurance site that competes head on with the car rental companies.
Selling excess cover (the $3300 liability gap) for up to 60% less than the car rental companies, Tripcover is not liked by the rental companies and is seen as a threat by them to their expensive excess reduction offering.
Starting some 18 months ago using $10K of private investment and sweat from Des Sherlock, Tripcover's story is that of the cliche start-up, run out of a garage, or in this case a Surfers Paradise Starbucks. "This injection of "no strings attached" funds should allow us to consolidate the business in Australia and expand to Latin American and set us up to focus for the next 6 months on strategic planning, seek some possible partnerships.
"We have been bitten before and we are now twice shy when it comes to investor funding, so we are in no real rush to seek external funds" said Des Sherlock.
He concluded with,"At the moment we have zero investors, zero debts and zero worries, and that is a nice way to run a startup for once."
Tripcover’s cause is to offer car rental customers the peace of mind that comes with having their car rental excess covered and not costing a fortune. Working with Allianz Global Assistance, we have used our combined experience in the car rental industry and travel insurance sector, to produce this car rental excess cover in the Australian market.
P: Skype des.sherlock1
M: Skype des.sherlock1