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Case Study: Airbnb by Balthazar de Lavergne

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Airbnb has completely changed the way we travel, and even the concept of ownership itself. Very few companies have had the economic success and cultural impact that this startup has had. And yet, as we all know, it almost failed on multiple occasions. Many, many times.

Let's look at Airbnb's story, break it down, and see what we can learn.
On this workshop, Balthazar will take the startup's full story, the stuff you might not have heard before, and see what lessons we can learn.

Veröffentlicht in: Business
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Case Study: Airbnb by Balthazar de Lavergne

  1. 1. The information contained in this document is being provided on a confidential basis to the recipient solely for the purpose of evaluating TheFamily (“TheFamily” or the “Company”). The document is intended for the exclusive use of the persons to whom it is given. By accepting a copy of this document, the recipient agrees, for itself and its related bodies corporate, and each of their directors, officers, employees, agents, representatives and advisers, to maintain the confidentiality of this information. Any reproduction or distribution of this document, in whole or in part, or any disclosure of its contents, or use of any information contained herein for any purpose other than to evaluate an investment in the Company, is prohibited. The information contained in this document or subsequently provided to the recipient whether orally or in writing by, or on behalf of the Company, or any of its respective related bodies corporate, or any of their respective partners, owners, officers, employees, agents, representatives and advisers (the “Parties”) is provided to the recipient on the terms and conditions set out in this notice. CASE STUDY: AIRBNB BALTHAZAR DE LAVERGNE
  2. 2. AN EASY RIDE ? ✓ Built the wrong product first ✓ Almost died before P/M Fit ✓ Feared competition & regulation
  3. 3. ADVICES ARE NOT GENERIC MINDSET IS ✓ Location, team, industry ✓ Before - After P/M Fit ✓ Create a market - Conquer a market
  4. 4. AN UNUSUAL TEAM ✓ 2 DESIGNERS THAT MOVE TO SF ✓ NO DESIRE TO START A COMPANY ✓ NO TECH
  5. 5. MEETING A PROBLEM ✓ Paying their own rent ✓ Designer conference in SF ✓ Creating airbedandbreakfast.com Airbedand breakfast screenshot
  6. 6. AND DOING A COMMON MISTAKE ✓ They became friends with their hosts ✓ So they created a Roommate app
  7. 7. THE ACTUAL IDEA LOOKED (WAY) TOO BAD
  8. 8. LAUNCH 3 TIMES ✓ SXSW ✓ No one sees you, launch again :) ✓ Built an actual MVP in the process
  9. 9. MVP ✓ 3 clics away ✓ Including payment
  10. 10. REAL CLIENTS ✓ Not at conferences anymore ✓ City by City approach
  11. 11. GO FOR FUNDING ✓ 150k at 1.5M pre ✓ No deck ✓ 8 intros, 2 meetings ✓ Techcrunch article ✓ Website down
  12. 12. NO GO
  13. 13. CREATE A MARKET ✓ It takes time ✓ You need the right team ✓ You need to cross the chasm ✓ You’re not all like this
  14. 14. BECOME A COCKROACH ✓ It’s a NEW market ✓ So be creative
  15. 15. AND SELL CEREALS !!
  16. 16. THAT KIND OF ATTITUDE GETS YOU TO YC ✓ People, People, People ✓ They get full time
  17. 17. 100 FANS ✓ More difficult than 1M likes ✓ They are going to craft the all experience ✓ First users are even more important in a marketplace
  18. 18. MEETING
 EVERYONE ✓ What works ? Photos ✓ Why do they host on Airbnb ? Money
  19. 19. MAKE THEM EARN GOOD MONEY ✓ Banks ✓ Promote best listings
  20. 20. THINGS THAT DON’T SCALE ✓ Photos ✓ Founder did it himself ✓ —> 8k photographs
  21. 21. GO RAISE MONEY ✓ But difficult times .. ✓ So they became Ramen profitable ✓ 600k from Sequoia
  22. 22. “One of the startups from the batch that just started, AirbedAndBreakfast, is in NYC right now meeting their users. (NYC is their biggest market.) I'd recommend meeting them if your schedule allows.
 
 I'd been thinking to myself that though these guys were going to do really well, I should introduce them to angels, because VCs would never go for it. But then I thought maybe I should give you more credit. You'll certainly like meeting them. Be sure to ask about how they funded themselves with breakfast cereal.
 
 There's no reason this couldn't be as big as Ebay. And this team is the right one to do it.”
  23. 23. “It's also counter-cyclical. They just arrived back from NYC, and when I asked them what was the most significant thing they'd observed, it was how many of their users actually needed to do these rentals to pay their rents.”
  24. 24. “This is after only a few months. I bet you they will get hotels eventually. It will start with small ones. Just wait till all the 10-room pensiones in Rome discover this site. And once it spreads to hotels, where is the point (in size of chain) at which it stops? Once something becomes a big marketplace, you ignore it at your peril.”
  25. 25. EXPAND TO MORE CITIES ✓ Conversion: Craigslist hack ✓ Acquisition: PR, Word of mouth ✓ No Adwords, that’s after P/M fit
  26. 26. :BE YOUR STARTUP ✓ Travel to every city ✓ Onboarding meetups ✓ Lived one year in a Airbnb
  27. 27. RAISE 7M TO SCALE
  28. 28. ◊FEAR COMPETITION ✓ After P/M Fit ✓ It’s always future competition when you create a market ✓ Rocket Internet launched Wimdu
  29. 29. GO EVEN FASTER TO EUROPE ✓ Scaled to 10 offices in 3months ✓ Dramatically changed the company in 1 year
  30. 30. GOVERNMENTS ✓ NYC law in 2010 ✓ Won in court ✓ Don’t prepare for this
  31. 31. ATTENTION TO DETAILS ✓ The 7 star experience ✓ The superhost program ✓ The office ✓ The design ✓ The daily email
  32. 32. STAY FOCUS ✓ They could have diversified and didn’t: why ? ✓ Will now be the issue to sustain growth
  33. 33. TIME HORIZON ✓ Before P/M fit you need to survive —> Week ✓ After you get a plan —> Month / year ✓ Never think 10 years from now until you’re rock solid
  34. 34. BUILD TRUST ✓ Actionable rating ✓ Curated content ✓ Focus on supply ✓ Best Customer Support EVER
  35. 35. INSURANCE ? ✓ Wait if you can ✓ Airbnb PR crisis
  36. 36. AND THEIR FUTURE ? ✓ 52% of americans never heard of Airbnb ✓ “20% of our business are now stays longer than 30 days”
  37. 37. THANK YOU !

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