Brian Chesky, cofounder of Airbnb, once read aloud an investor’s rejection letter — and the irony is brutal. Back in the early days, Airbnb tried raising just $150,000 at a $1.5M valuation. One investor passed, writing: “The potential market opportunity did not seem large enough for our model.” Fast forward to today: Airbnb now processes nearly as much money as the entire GDP of Croatia. Roughly $1 of every $1,500 spent worldwide flows through Airbnb. And the core business model? Almost identica
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