The theme for the second group of startups is "the perfect trip," with the goal of finding entrepreneurs and people with ideas to improve the business travel experience from the decision to travel to reimbursement.

The TAMS committee is looking for early-stage and "pre-revenue" companies, a different profile than the first cohort, which only had to be in the general travel space. Some already had significant customers or multiple rounds of funding, Sharma said. New applicants, though, should have a formalized business plan focused on a product market fit and a baseline strategy for customer acquisition.

The team also plans more structure to the program and will spread out the series of master classes—one- to two-hour sessions led by experts—throughout the length of the program, instead of clustering them at its end.

The first TAMS incubator cohort had six participants, including Troop, which raised $8 million in Series A funding last September—although Sharma said they were on their way to raising that before finishing the incubator program—and Certified Africa, which through the TAMS program met with a United Airlines executive and signed a partnership with the carrier. The company puts together packages for travelers looking to book African heritage experiences.

For Troop, which had participated in multiple incubation and acceleration programs previously, "the unique value proposition of the TAMS incubator for us was the access to industry professionals," founder and co-CEO Dennis Vilovic wrote in an email. "Especially for a company like ours where none of the founders had any travel industry experience previously, it was extremely valuable. We were able to openly discuss strategic business decisions with industry experts, including buyers, and their feedback helped us to refine our strategy."