It took Airbnb 12 years to build their business. It took the pandemic 6 months to bring it to its knees.
But it wasn't always like this...
But it wasn't always like this...
In 2008, Airbnb co-founders Joe Gebbia and Brian Chesky were at the end of a 'Visa round'.
They had maxed out a bunch of credit cards while attempting to get their startup off the ground. And they weren't making enough revenue to pay off their debt.
They had maxed out a bunch of credit cards while attempting to get their startup off the ground. And they weren't making enough revenue to pay off their debt.
It was time for unconventional solutions. The U.S. presidential election was underway, and while discussing how to make breakfast a part of the Airbnb guest experience, they had the quirky idea of selling politically-themed cereals.
They hired an artist to make 500 boxes of Obama O's and Cap'n McCain's, and sold them at $40 a pop. The Obama O's sold out instantly & they used the money to buy more time.
Soon they were applying to the famed startup accelerator, Y-Combinator (YC).
Soon they were applying to the famed startup accelerator, Y-Combinator (YC).
Unfortunately, Paul Graham, the co-founder was unimpressed with the idea of letting strangers sleep at other strangers' homes and the interview did not go well. Nonetheless, they offered Graham a box of Obama Os and parted ways.
And then out of the blue, they receive a call to join YC. It wasn't because Graham suddenly liked their business idea. It's just that the story of how they funded their startup by selling cereal boxes convinced him of the founders' grit, hustle, and ability to make things work.
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