- Two guys (Joe&Brian) in SanFranciso can’t pay rent.
- They think to rent out 3 air mattresses on floor to people and serve breakfast.
- They make a simple web (a blog with maps) airbreadandbreakdast.com
- 2 men, 1 woman showed up, paying $80 each
- After guests left they thought this could be a big idea
- They invited former room mate (Nathan) as a co-founder to build site
- Launched at SXSW- got two bookings
- Went door to door in NYC and took photos of listed houses
- Realized photos of places were not pretty
- Were making $200 a week for months, not growing
- Got $20 000 in first funding from Paul Graham’s Ycombinator.
- Sold Obama O’s cereal before the election, for $40 each making First Money $30 000
- Made $400 a week started to grow
- Were rejected by a famous VC in NY (Fred Wilson)
- Barry Manilow’s (famous singer) drummer rents an entire house
- Raise $600,000 seed round from SequoiaRaised $7,2 mill, then $112 mill from many investors
- 2014 = 10 Billion valuation
- Their little idea is now valued at $25 Billion