Airbnb CEO says his $75 billion company was rejected by investors—until a $40 box of cereal turned things around (via CNBCMakeIt)
Airbnb CEO and co-founder Brian Chesky speaks at The Fast Company Innovation Festival on September 21, 2022, in New York.Some people secure startup investments with well-organized pitches and PowerPoints.And it was almost by accident, CheskyWhen Chesky and his two co-founders — Joe Gebbia and Nathan Blecharczyk — launched the company in 2008, investors were skeptical of the idea that people would casually invite strangers into their homes for overnight stays.
Specifically, they sold self-designed cereal boxes featuring then-presidential candidates Barack Obama and John McCain as a breakfast option in Airbnbs. The cereal proved popular, selling more than 1,000 boxes and making $30,000 for the company, Chesky said. That turned at least one investor's head back in their direction, he added: Tech startup accelerator Y Combinator co-founder Paul Graham offered them an investment specifically because of the cereal.
"If you can convince people to pay $40 for $4 boxes of cereal, maybe, just maybe, you can convince strangers to live with each other," Graham told the trio, according to Chesky. Y Combinator was responsible for one of Airbnb's earliest investments, giving the then-startup $20,000 in exchange for 6% of the company, according to
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