63 us 64 airbnb was

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34 This idea was originally meant to help with rent and was not supposed to last beyond the design conference, but it ballooned into something more. The three roommates quickly realized that their concept could work on a much larger scale. Conceptually, they could make an incredible and unique business by constructing a network of people who had extra space to rent out. In early 2008, they took their idea to fifteen angel investors. They were rejected by eight and ignored by the other seven. However, they were not dissuaded and decided to continue trying to make the business work. The group seized another golden opportunity and opened the business up in Denver, CO for the 2008 Democratic Convention.65Once again, they thought there would be a shortage of traditional hotel rooms, and they believed their unique model would increase the supply. During this time, the major issue that they found was a lack of awareness of their website. In order to increase awareness, the three designerscreated two limited edition cereals; Obama O’s and Cap’n McCains. Each box contained its limited edition number as well as a card containing information about Airbnb. Not only did this successfully get the word out about Airbnb, but it also generated over $30,000 of additional income.With proven results to back-up their business concept, the founders searched for investors once more. The majority of investors still had trouble seeing the value in shared rooms and air mattresses. However, in 2009 they landed a $600,000 investment which gave them the foundation that skyrocket them to be in the position that they are in today.65-guests-airbnb-was-already-in-89-countries-and-had-hit-1-million-nights-booked-on-the-platform-it-also-finally-won-the-break-out-mobile-app-award-at-sxsw--despite-having-tried-to-launch-there-three-years-earlier-16
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35 Primary Products/Services Airbnb is an online marketplace that allows hosts to post their spaces for rent and allows guests to seek accommodations while traveling. Airbnb collects a host service fee of approximately 3% and charges a guest service fee that ranges between 5% and 15%, depending on location and circumstance.66Airbnb also facilitates guest profiles, reviews, and offers 24 hour support.67Perhaps most importantly, Airbnb supports a digital community that allows for the easy sharing of experiences.68The Airbnb website boasts planned events for travelers, meetups, club activities, and events for local communities.69This active community
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