Airbnb co-founder Joe Gebbia details the pricing of the initial AirBed & Breakfast experiment in San Francisco.
Assertion Not checkable as stated
20 investor introductions yielded zero seed funding for Airbnb in 2008
“We get introduced to 20 investors in Silicon Valley. 10 of them reply to our email. Five of them meet us for coffee. Zero invested in us.”
Assertion Supported
Paul Graham accepted Airbnb into YC for founder hustle, not the idea
“The reason we got in wasn't because of our idea. It was because through the breakfast cereal, we had proven to him that we had hustle, we had grit, we had the, if we could figure out how to sell breakfast cereal for 40 dollars a box, we could figure out how to…”
Insight
Gebbia: Early-Stage Brands Should Prioritize Channel Reach Over Selectivity
“I think the idea is that eventually over time you build, build a brand that people recognize and you grow out of your reliance on the, on a platform like Amazon and have your own distribution channels that are independent. But I think at this stage, you know, …”
Insight
Gebbia: The Best Time to Raise Capital Is When You Don't Need It
“The best time to go raise money is when you don't need it. And so if you're in a position where you've got, you know, ramen profitability, where you're able to cover your expenses and your costs, and it's effectively unlimited runway. You have a unique advanta…”
Assertion Not checkable as stated
Gebbia: Top VCs behind Google and Facebook said Airbnb would never work
“I can tell you all the times and show you all the emails from really credible investors, like people that, these, they're investors that picked Google and PayPal and YouTube and Facebook and all of the kind of internet greats that came before us, and so sittin…”
Insight
Gebbia: Airbnb formalized an existing informal way of traveling
“People are already traveling this way. It's just not formalized. It's not easy.”