“If we had tried to come up with a good idea, we would not have come up with a good idea. You just have to find the solution to one problem in your own life.
Napoleon once described England as a nation of shopkeepers. Thanks to Airbnb, we’ve all become a nation of hoteliers too.
By early 2020, Airbnb had advertised over 250,000 UK properties, with one advert for four properties in each part of the country.
In the venture capital space, it’s common for your start-up to have a problem to solve, and in the case of Airbnb co-founder Brian Chesky, it was he couldn’t afford his rent in San Francisco. Brian Chesky and his roommate Joe Gebbia had the brilliant idea of buying air mattresses and renting out their loft for one night. They knew there was a big design conference going on in San Francisco and the hotels were fully booked.
> See also: British, French and German companies spend millions on Airbnb
So three young designers paid the enterprising roommates $ 80 each for the right to sleep on their floor, and Airbnb was born.
Brian Chesky and Joe Gebbia saw the potential as a company and encouraged their old roommate to join them in building the business. In the summer of 2008, the three turned no to 15 angel investors, while others didn’t even respond.
However, the trio unwaveringly found venture capital that understood their vision and by 2011 Airbnb had already booked 1 million stays and spread to 89 countries. In December 2020, Airbnb was worth $ 70 billion after going public.