As the overseas travel industry regains momentum and the golden holiday season begins, it's reported that 150,000 people are traveling abroad daily. When it comes to travel, accommodation is essential. Unless you are staying at a friend's house, you typically rely on hotels or guesthouses. While these places are convenient due to the prevalence of chains, securing a reservation during major events like the World Cup can be as difficult as reaching for the stars. There is a company that has become worth 100 trillion won by allowing people who can't find accommodation to rent out their living rooms; that company is Airbnb. 

Unlike Marriott or Hilton, which own thousands of hotels around the world and provide lodging in their own buildings, Airbnb has popularized a new rental model that offers accommodations in privately owned properties. The core of their business is lodging, but with the shared economy concept, Airbnb was founded in 2008 by two individuals.

It all started with industrial designer Brian Chesky and Joe Gebbia. While preparing to start a business in San Francisco, the two lived together as roommates and were concerned about the high rent. They came up with an idea: there was an upcoming American Industrial Design Conference in San Francisco, and it was expected to be fully booked due to a large number of visitors. Those who couldn't make a reservation would have difficulty attending the conference. So, they decided to rent out their living room as accommodation. Initially, they posted an ad on Craigslist, which was a popular American classifieds site, but there were too many similar ads. Therefore, they decided to create their own site. They built their first homepage under the name AirBed & Breakfast, and it was completed in just 30 minutes. Additionally, they sent out informational emails to people in the design industry who might be interested in the conference, as well as to acquaintances, and promoted it through a blog.

It didn't take long for the three of them to find guests. They set up three air beds in the living room and provided breakfast every morning. Through this rental experience, Chesky and Gebbia discovered the potential for business. While contemplating systems and direction, they included Nathan Blecharczyk, Debbie's former roommate and an engineer. Initially, they prepared a site to connect roommates but later shifted to the same business model they have now, renting out empty spaces to travelers. A business requires more than just an idea; they met with several MZ investors to solicit investments for their startup. However, the investors considered the risks of renting personal space to strangers to be too high, which might have contributed to them not receiving any investments. The money they had on hand...

In order to cover operating costs, during the 2008 election, a cereal featuring the presidential candidates was sold. Obama was represented as Obama O's, while McCain was portrayed as Captain McCain, with each pack selling for about $20. This fun cereal was quickly sold out after being featured on CNN news before the election. Additionally, it was promoted at South by Southwest, the largest content festival in North America, but that effort ended in failure. Although there was an idea, the business lacked a clear design. With a sense of urgency, they sought support from Y Combinator, a startup accelerator. A startup accelerator is an organization that discovers new startups that only have ideas or items and provides non-core support, such as workspace and connections to marketing and public relations experts. Typically, they offer a support program lasting three to four months.

They hold a demo day where business ideas are presented to investors. At this event, companies that receive good evaluations based on their business direction and achievements so far can attract investment. Y Combinator is known as one of the strictest accelerators in the United States, but when Airbnb participated in this program, it was recognized for its potential. Paul Graham of Y Combinator was initially skeptical about Airbnb's business model, but he appreciated the various passions of new entrepreneurs like the founders of Obama’s cereal. Graham encouraged founders who were struggling to find direction to meet actual customers, and they headed to New York, which had the most Airbnb hosts in its early days. New York is a top tourist destination, but it is not cheap, so they believed it was a region with high business potential. Here, they directly...

As a guest, I meet with the host to explore various issues and solutions. Listening to actual customer feedback brings results beyond imagination. First, we eliminate the rules associated with the original concept of air mattresses and breakfast. To reduce confusion regarding air mattresses, we simplified the company name to Airbnb.com. To standardize the disparity in reservation numbers based on photo quality in registered listings, we hired professional photographers to increase the booking rate. After refining the business through these various solutions and improvements, we reached the demo day, where we received business validation. In April 2009, we secured a $600,000 investment from Sequoia Capital, and in 2010, we raised $7.2 million from various investors, including Greylock Partners. Following this, we rapidly expanded into three areas through the development of a review system and host promotions.

However, Airbnb's growth was not a smooth path. One of the reasons it initially struggled to secure investments was due to the perceived risks of sharing personal spaces. As the variety of accommodations increased, unique lodging options emerged in urban areas, such as igloos in Finland, charming castle-like structures, and jungle retreats that allow guests to experience nature up close. With the rise of these exotic and luxurious options, accommodation prices soared to hundreds of thousands of won per night, sometimes even more expensive than hotels and resorts. Airbnb promised trust between hosts and guests through personal profile verification, but incidents such as drug parties, sexual assaults, theft, and arson continued to occur, highlighting fundamental issues within its business model. Recently, a Chinese couple...

They expressed dissatisfaction for not receiving service and wrote a complaint with a score of 120, causing harm. However, Airbnb stated that compensation was difficult because there was no damage reported in March. Accommodations are being conducted in over 1.89 million cities worldwide, and the laws and permits related to each region vary greatly. In South Korea, even in the early days of Airbnb, if the accommodation business was registered, it could only accept foreign customers. Those operating without permission face penalties. Although improvements are being made gradually, the reality is that there is still exposure to the problem of encouraging illegal rentals. To address these issues, Airbnb evaluates posts and grants Superhost status to excellent hosts who have maintained a rating of 4.8 or higher during a year of unsuccessful stays. This aims to enhance guests' awareness of safety and resolve issues. Additionally, a liability insurance system is in place to prepare for accidents that may occur while guests are staying at the property.

By thoroughly reinforcing the payment system, we are trying to address issues such as payment fraud. Nevertheless, incidents still occur, which can hinder Airbnb. Today, Airbnb is one of the outstanding startups in Silicon Valley, but it has faced challenges at every stage. However, rather than opting for quick, short-term solutions, I believe that it has created new value through long-term patience and challenges, leading to what Airbnb is today. That's all for today's video. Thank you for watching.

시장을 뒤바꾼 스타트업의 신화 | 에어비앤비(airbnb)

시장을 뒤바꾼 스타트업의 신화 | 에어비앤비(airbnb)