Seibel: Pre-Airbnb rental platforms failed because they did not process payments
Michael Seibel · How To Perfectly Pitch Your Seed Stage Startup With Y Combinator's Michael Seibel · Oct 5, 2023 · at 13:18
This episode carries Michael Seibel's own address, with nobody on the show putting questions to them. It still counts as said, and it is kept out of every score on their page.
Y Combinator Managing Director Michael Seibel uses Airbnb to illustrate what constitutes a genuine, non-obvious unique insight in a pitch.
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“All of the other products that came before it that let people do timeshare and list their places online didn't process payments. And as a result, processing payments in a low trust environment, where you have never met the host, and the host has never met you, is scary. And it prevents hosts from hosting, and it prevents guests from booking. Whereas if a third party stands in the middle and processes payments, both parties can trust that third party more than they trust each other, and it facilitates the marketplace working.”
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