How a $40 Box of Cereal Turned Airbnb's Fortunes Around

Airbnb is a popular online marketplace for short-term lodging. It has revolutionized how people travel, offering unique and affordable accommodation options. However, the road to success took a lot of work for the company's CEO, Brian Chesky. In the early days, the company needed help securing investors' funding. Fortunately, Chesky's creativity and unconventional approach helped turn the company's fortunes around. One such instance was when he sold a special edition of Barack Obama-themed cereal boxes for $40 each. In this article, we explore how this move helped Airbnb gain traction in the market and attract investors.

The Struggle to Secure Funding

In the early days of Airbnb, Chesky, and his co-founders struggled to secure funding from investors. Despite their passion and belief in the business idea, investors were skeptical, and they saw little potential in a company that allowed strangers to rent out their homes to other strangers. The founders were even forced to sell cereal boxes to make ends meet.

The $40 Cereal Box

In 2008, Obama was running for president of the United States, and Chesky saw an opportunity. He created a special edition of Obama-themed cereal boxes, which he sold for $40 each. The packages were designed to promote Obama's campaign and Airbnb's business model.

The cereal boxes were an instant hit. They were featured in the media, and people were talking about them all over the internet. The buzz generated by the cereal boxes helped put Airbnb on the map and attract investors.

The Turnaround

Thanks to the success of the cereal boxes, Airbnb secured $600,000 in funding from investors. The company's fortunes began to turn around, and they started to gain traction in the market. Today, Airbnb is valued at $75 billion and is one of the most successful online marketplaces in the world.

How Airbnb's Success Can Benefit Your Business

Airbnb's success is more expansive than just the lodging industry. There are many lessons that other businesses can learn from Chesky's approach. Here are some of the key takeaways:

1. Think outside the box: Chesky's unconventional approach to selling cereal boxes helped to generate buzz around his company. As a business owner, it's essential to be creative and take risks to stand out.
2. Generate buzz: The buzz generated by the cereal boxes helped to put Airbnb on the map and attract investors. Creating a buzz around your brand can generate interest and attract new customers.
3. Use storytelling: The Obama-themed cereal boxes were not just a marketing gimmick. They were a story that resonated with people. Using storytelling in your marketing can create an emotional connection with your audience.
4. Be strategic: Chesky was not just selling cereal boxes for the sake of it. He used them to promote Obama's campaign and Airbnb's business model. When creating marketing campaigns, it's essential to be strategic and align them with your business goals.
5. Embrace your unique selling proposition: Airbnb's unique selling proposition was its ability to offer unique and affordable accommodation options. As a business owner, it's essential to identify and embrace your unique selling proposition to stand out.
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Conclusion

Airbnb's success story is a testament to the power of creativity and thinking outside the box. By selling a $40 box of cereal, Chesky was able to generate buzz around his company and attract the attention of investors. As a business owner, it's essential to be creative and strategic and embrace your unique selling proposition to stand out. Following these principles can take your business to the next level.

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