Liz Ribot shares her experience growing up in Puerto Rico, her travel journey, and ultimately co-founding Outsite—a global network of co-living spaces in some of the world’s most epic locations. She opens up about leaving her office job to pursue entrepreneurship, the importance of finding the right business partners, and then explains how the Outsite co-founders divide responsibilities and what her role as the COO entails. Liz explains the value proposition of Outsite and how their primary focus has shifted from “lifestyle design” to “building community”. She also explains how they screen guests, curate community, how their membership-subscription program works, how the virtual Outsite community arose and now thrives on the Slack platform, and what guests can expect when staying at an Outsite location. Liz also takes us behind the scenes of scaling the company and shares what it was like going through the “500 Startups” accelerator program, raising $3.5 million, opening 15 new locations in a single year, and what the #1 biggest business challenge has been for her throughout the process. She shares her top tips for productivity and stress management, and also shares her #1 hiring criteria. She then explains how she manages an internationally distributed team and coordinates project management across multiple continents and time zones. Liz then shares what travel means to her, how she structures her lifestyle as a location-independent business owner, and what the future holds for Outsite. FULL SHOW NOTES AVAILABLE AT www.TheMaverickShow.com
Episode #72: Outsite Co-Founder Liz Ribot on Raising $3.5 Million, Opening 15 New Co-Living Spaces in 1 Year and Building a Global Community
Episode Summary
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About the Guest
Liz Ribot
Liz Ribot is the co-founder and COO of Outsite, a global network of coliving spaces designed to help remote workers and entrepreneurs to travel, work and forge meaningful connections around the world. Outsite accommodations include integrated workspaces, community events, and services designed to help you live your best life in some of the world’s most epic locations. After opening their first location in 2015, Outsite has raised over $3.5million and now has locations across North America, South America, Europe, and Asia. In 2019 alone, Outsite opened 15 new locations and more than doubled its membership. Originally from Puerto Rico and now an itinerant nomad herself, Liz speaks Spanish, English and enough French to get by.
What You'll Learn
- What makes Outsite’s global network of co-living spaces so unique.
- Why Outsite switched its primary focus from “lifestyle design” to “community”.
- The importance of the COO role in co-founding and scaling a company.
Links From the Episode
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See all the OUTSITE LOCATIONS where you can stay
#1 BOOK LIZ RECOMMENDS
TRAVEL PROGRAMS MENTIONED IN THIS EPISODE
- Remote Year (Use this link to get a $100 Discount on Remote Year)
- Hacker Paradise (Use this link to get a $100 Discount on Hacker Paradise)
- Nomad Train (Use Discount Code “MAVERICK” to get $100)
OTHER MAVERICK SHOW INTERVIEW MENTIONED IN THIS EPISODE
TOP 3 WINES THAT LIZ RECOMMEND
TOP 3 FAVORITE TRAVEL DESTINATIONS
TOP 3 FAVORITE BUCKET DESTINATIONS
PLACEs WHERE THE INTERVIEW TOOK PLACE
OTHER PLACES MENTIONED
CONTACT LIZ
Time Stamped Show Notes
[4:02] Growing Up in Puerto Rico, Traveling and Becoming an Entrepreneur
- Traveling to Idaho for University
- Studying Administration and mastering “Operations”
- Partnering with a CEO and co-founding Outsite in California
- Assessing the market for co-living/co-working
- Being the “Community Manager” at the first Outsite location in Santa Cruz
- Deciding to raise investment capital and scale the company
[8:20] Liz’s Role as COO of Outsite
- The role of a COO
- How the Outsite Co-Founders Divide Responsibilities
[11:04] The Value Proposition of Outsite
- Working from epic locations instead of “working from home”
- Educating people on how to become location independent
- Curating “community” as an even higher value than “lifestyle”
- Selecting amazing locations
- Screening Guests
- Flexibility of stay length
- Repeat stays and community cohesion
- Outsite’s Membership Program
- Outsite’s virtual community on Slack
- “Members Only” locations
[20:38] Building and Scaling Outsite
- What Liz learned in the “500 Startups” accelerator
- Liz’s biggest challenge in her transition to entrepreneurship
- The most difficult obstacle in growing Outsite
[25:29] Liz’s Techniques for Productivity and Stress Management
- Liz’s top productivity tip
- Liz’s top stress management tip
[28:10] Hiring and Managing an Internationally Distributed Team
- Liz’s #1 hiring criteria
- How Liz manages an internationally distributed team
- Building a company culture in a remote-first company
- Hosting quarterly staff retreats
- Project management across multiple time zones
[32:10] World Travel
- What travel means to Liz
- How Liz structures her lifestyle and world travel
- What Liz loves most about traveling
[35:01] The Future of Outsite
- Liz’s Vision for Outsite 5 to 10 years into the future
[36:55] The Lightning Round
- Liz’s top 3 favorite wines
- Liz’s #1 Book recommendation
- The #1 piece of advice Liz would give to her 18-year-old self
- Liz’s top 3 favorite travel destinations
- Liz’s top 3 bucket list destinations
[44:00] Contact Liz and Learn More About Outsite
