Airbnb is worth something in the neighborhood of $30 billion now, but back in 2008 the founders had their sights set significantly lower. As co-founder Brian Chesky explained on Medium, they were attempting to raise $150,000 at a $1.5 million valuation. That means you could have bought 10 percent of the company for all of $150,000.
But when Chesky and his co-founders approached seven prominent Silicon Valley investors, five passed and two ignored them completely.
There are a couple lessons to take from this story. From the entrepreneur’s perspective it’s an illustration of the importance of perseverance. From the investors’ it shows just how hard it is to spot a billionaire in the making.
A home rental platform may sound like a no brainer business plan now, but back when Chesky was pitching paying to crash on a stranger’s air mattress, the idea just seemed insane. How do the best