Bettor, Promoter or Producer? How Klook’s Ethan Lin describes the next era of travel business – WiT

When you look at Ethan Lin, CEO and co-founder of Klook, you might ask yourself: is he a gambler, a promoter, or a creator – the three archetypes described by Thayer Ventures’ Chris Hemmeter in this article, while he explained the evolution of things. a traveling salesman for the last twenty years. (See related article)

Lin seems to embody every aspect. As his journey with Klook shows, he took risks, mastered the art of storytelling, and dedicated himself to building something lasting. But ask Lin himself, and he’ll tell you – he’s a builder.

The Gambler Spirit: Taking Big Risks in the Early Days

To some, Lin’s journey may seem like it started with a big gamble. Back in 2014, when he and co-founder Eric Gnock Fah decided to start Klook, they invested about $1 million of their own money into the business. It was a big risk – both men were leaving stable investment banking jobs for an uncertain future in the fledgling world of online travel markets. Another decision was motivated by personal experience. After a trip to Nepal, Lin and Gnock Fah realize they narrowly avoided being on a plane crash, a close call that leaves them reevaluating their lives and choices. see of work.

“It could have been us,” Lin said, recalling how the experience gave them the impetus they needed to commit to their vision.

That sense of risk is often associated with the classic “game” – the type of trader who is willing to put everything into perspective. But even though Lin and Gnock Fah started out as a personal gambler, their journey has been about more than high-stakes gambling.

Sponsor Storytelling: Savings of $1 Billion

As Klook grew, Lin and Gnock Fah had to transition from gambling to sponsors. In the competitive world of travel technology, earning money requires not only a strong idea but a compelling story. Although their initial fundraising efforts were modest, as Klook gained momentum, they succeeded in positioning the company as a leader in travel experiences, eventually raising over $932 million. around 10 million in funding from leading investors worldwide.

“Fundraising is not just about numbers; is to share a vision that investors can believe in,” Lin says.

“It also needs to be the right time. As a former banker, one thing I always learned was to take advantage of the opportunities the market gives you. Then you need to spend money wisely and always plan two steps in advance, knowing that you have 24 or more than the running rate until you can get that opportunity. “

Their latest round, an injection of $ 210 million in December 2023, came at a time when capital was very dry, highlighting Lin’s ability as a promoter who can inspire confidence even in difficult times. However, Lin does not talk about his success as a storyteller. He prefers to identify himself as a “builder”, someone who is always focused on creating and growing a company.

A Maker’s Mindset: Building a Platform and Knowing When to Quit

For Lin, the true meaning of entrepreneurship is not about the initial gamble or even about raising a vision, but the continuous act of building. Today, he describes himself as a “builder”, a term he uses to indicate his commitment to product development, operational efficiency, and long-term growth.

He explained: “I’m more of a builder. “I often look at different possibilities that can be done. The most difficult thing when a company is growing is not just about building. It also learns how to sunset – to know when a project is finished and when it is time to stop doing certain things.

This pragmatic approach is key to Lin’s leadership style. He believes that building a company is not just about adding new features or entering new markets, but also about making tough decisions about what to keep and what to cut. It’s a discipline that has helped Klook grow responsibly while remaining adaptable in the fast-changing travel market.

This pragmatism has also led him to commission an independent study by Oxford Economics to measure Klook’s impact on the APAC economy and labor market. “We added $7.2 billion to GDP and supported more than 219,000 jobs. Working with a third party to look at the economic impact is very easy and there is no compliance risk. ”

“Travel has always been a global business. The bigger the network, the more groups, the more customers share the cost. So, the nature of travel is to go global from day one,” says Ethan Lin.

Maximizing Creativity: The Importance of Infrastructure and Team Coordination

As Klook grows, Lin faces the challenges that come with growing a business. With more than 20 teams spread across many countries, he emphasizes the importance of good communication and project management.

“When you have a team of 20 people working with another team of 20 people, if there is no central connection, you end up with hundreds of connections. It can become chaotic,” Lin said. said.

In order to manage this problem, Klook has built a strong structure that allows it to successfully expand into new markets. Their payment system, for example, is designed to easily connect to local market payment gateways and wallets, a setup that allows quick adaptation to local customer preferences.

Visitor Tracking: Expanding Klook’s Reach as Asian Travelers Go Global

As travel patterns continue to change after COVID, Lin has noticed an increase in demand from Asian travelers who are traveling long distances, especially in the US and Europe. Klook’s expansion strategy is to “follow the traveler”, ensuring that Asian customers are well served no matter where they go.

Lin says: “In the last six to 12 months, we have seen very rapid growth in Asian travelers to the United States and Europe. “To grow with our customers, we must expand our supply chain to ensure they are well served around the world.

“Klook’s vision goes beyond Asia, with the goal of building a global platform that serves travelers around the world. Travel is always a global business. The bigger the network, the more groups , most customers share the cost. So the nature of travel is to go global from day one,” he says.

Building Environments: Collaboration as the Key to Growth

Lin believes that in the travel industry, no company works alone. Klook’s business model is deeply collaborative, working with more than 80-90% small and medium businesses to provide a variety of services and experiences. Lin emphasizes that supporting this environment is important for the growth of the industry as a whole.

“In travel, it’s all about the environment – everyone helps each other,” he explains. That is what makes this sector bigger and stronger.

This spirit of collaboration extends to Klook’s partnership with social media platforms such as TikTok, YouTube and Instagram, which it sees as important channels to reach modern travelers.

Measuring Sustainable Growth

While Klook is scaling, Lin is focusing more on the implementation of the travel industry itself. He recognizes the potential for growth, but also the need to manage the environmental and social impact of mass tourism.

“When travel exceeds GDP growth, we will face capacity problems. Solving these operational challenges is critical to the future of our industry,” Lin says.

He sees the rise of travel content on social media as a double-edged sword: while it drives tourism to new places, it can also lead to people’s attention and environmental pressure. For Lin, balancing growth and sustainable practices is not only a business imperative, but an ethical one for the sector.

“The other thing about content is that it makes the site more popular than it needs to be, so it’s going to be very crowded. Whether we decide we belong together is something that’s important in our minds.”

The Way Ahead: Worldview and Personal Growth

Reflecting on his journey, Lin said his experience as a founder has made him resilient and adaptable, especially after facing the challenges of the Covid-19 pandemic.

He says: “I have more peace now.” “Covid has been a big change for a lot of people. It has taught me to focus on what I can control and let go of what I can’t.”

This vision informs his vision for Klook as a global brand that transcends regional brands. Lin does not see Klook as an “Asian” or “Western” company but as a platform for global citizens.

He says: “In this generation, we are all citizens of the world. “It’s less about where the brand comes from and more about how it serves the needs of travelers around the world.”

A Builder’s Legacy

Ethan Lin’s journey with Klook shows the combination of gambler, cheater and maker. Although he and his co-founder took risks and established themselves as successful storytellers, Lin’s heart lies in building – creating a platform that grows with its customers, that supports local businesses, and promoting sustainable travel.

Looking to the future, Lin is set to grow exponentially, setting an ambitious target of 10x expansion over the next ten years.

“I tell the team 10x, but really if you think about it, 10x in 10 years, CAGR-wise is only 26%. That means if you can grow consistently at 25% above the rate of annual growth over 10 years, you’re ten times bigger. I think that sounds very achievable.”

For Lin, being a builder is not just about growth; it is to create something meaningful and lasting. In an ever-changing industry, his commitment to responsible, collaborative and sustainable growth is a testament to the power of the “maker” mindset, a vision that is changing the future of travel.