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...
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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.
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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.
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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).
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This story is all wrong. The interview went well. We were dubious about the idea, but we care more about the founders than the idea. And the phone call wasn't out of the blue. YC calls everyone at the end of the day on which their interview occurs.
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