In 2007, Founders of Airbnb, Brian Chesky and Joe Gebbia had just moved to San Francisco from New York. Unemployed and struggling to make ends meet, the pair saw an opportunity for great business venture when a local conference attracted a great number of visitors. With a high demand for accommodations, their idea was to provide visitors an affordable stay along with homemade breakfast to set themselves apart from the traditional hospitality industry. After purchasing a couple of airbeds and launching their website, the first Airbnb guests were born. Although there were great responses inquiring to see when the site would be available for other destinations around the world, the founders had no way to fund their rental business. In 2008, that turning point came. In the midst of presidential election season, they capitalized on the opportunity to sell collectible political cereals to keep the company afloat and raise brand awareness. With the help of hot glue guns, customized boxes of "Obama O's" and "Captain McCain" were assembled and stuffed with Cheerios and Captain Crunch. Sold at $40 apiece, a total of $30,000 of startup funds were raised in no time and the accumulated debt was paid off.
With an estimate of 37 million one-night stays annually and more than one million listings worldwide, it is safe to say that Airbnb, valued at $25.5 billion is the most valuable accommodations company in the world. All thanks to a box of cereal, the home-sharing giant has now surpassed all its competitors while making a significant impact on the hospitality industry.
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