AirBnB has quickly become a household name, no pun intended. The peer-to-peer home-sharing platform was founded in Silicon Valley in 2008 as airbedandbreakfast.com. It was initially scoffed at by investors, who thought the idea would never catch on, given that people already had so many hotel options.
For example, Union Square Ventures co-founder Fred Wilson wrote in 2011 that he passed on AirBnB because he couldn’t picture it working: “We couldn’t wrap our heads around air mattresses on the living room floors as the next hotel room and did not chase the deal,” he said. “Others saw the amazing team that we saw, funded them, and the rest is history.”
In the summer of 2008 alone, the company and its three founders were rejected or ignored by 15 angel investors. However, their big break was coming — thanks to cereal and some quick thinking. [ The Motley Fool ]