Born as a natural entrepreneur, Nathan Blecharcyzk has earned a huge amount of money since his high school days. He started with a marketing business, connecting clients from more than 20 countries. During the financial crisis in 2008, Blecharcyzk took the risk of co-founding Airbnb with his two friends.
Custom cereal box for Airbnb
The company’s establishment didn’t go smoothly. Nearly non-existent funding drove Blecharcyzk and friends to earn their own funding. They sold custom cereal (yes, the breakfast menu) in the presidential election 2008, earning $30,000. Now, Airbnb is one of the biggest companies in Silicon Valley. It has a value of up to $30 billion.
Using a sharing economy model, Airbnb allows clients to borrow or rent assets belong to other people. It is a perfect model for putting properties for rent. Airbnb offers a marketplace for a short-term lease on hotel rooms, hostel beds, apartment rentals, vocational rentals, and homestay.
Asia as the new target
After conquering the market in America and Europe, Blecharcyzk directs Airbnb to dominate the Asian market. The region has a massive population of millennials, the fastest growing generation of customers.
The company started in China and Japan. Firstly by matching it to the local consumer, making it friendlier. The name Airbnb changed to Aibiying, with the meaning of ‘welcoming each other with love’. The strategy has proven to succeed as it’s reported that bookings in Chinese listings had increased by 700%. Even though it was previously pushed away by its competitors.
The growth of the company is very significant after its expansion to the Asian market. In 2016, before focusing on Asia, the company holds around 4 million global listings. In 2018, it has grown up to 5 million listings in 191 countries around the world. With the current growth of travelling activities, Airbnb expects 400 million guest arrivals by 2030, from 100 million in 2018.
