The investors that rejected us were smart people, and I am sure we didn't look very impressive at the time.
Key highlight
On June 26, 2008, we were attempting to raise $150,000 at a $1.5M valuation. That means for $150,000 you could have bought 10% of Airbnb. Below you will see 5 rejections. The other 2 did not reply.
Highlights (4)
Next time you have an idea and it gets rejected, I want you to think of these emails.
Chesky's closing line — the entire point of publishing the rejection letters.
Even warm intros from a respected founder (Michael Seibel) to top-tier investors are no guarantee of a check. 5 of 7 said no, and 2 didn't even bother to reply.
The cost of being wrong about a startup is asymmetric: the rejecting investors lost the chance to own 10% of a company worth tens of billions for $150K. Conviction, not consensus, is what compounds.
Discover the greatest founder wisdom on the internet.
Subscribe to get one timeless startup resource in your inbox every week day.
Keep reading
EssayDon't Fuck Up the Culture
Brian Chesky
Apr 2014 · 3 min read
Why culture matters more than anything else — the letter Chesky sent the entire Airbnb team in 2013.
EssayGuide to Startups, Part 1: Why not to do a startup
Marc Andreessen
Jun 2007 · 10 min read
The emotional, logistical, and interpersonal reasons why starting a company is much harder than most people realize.
EssayGuide to Startups, Part 2: When the VCs say no
Marc Andreessen
Jun 2007 · 11 min read
How to reduce layers of risk in your startup plan after VCs say no.
EssayGuide to Startups, Part 3: 'But I don't know any VCs!'
Marc Andreessen
Jun 2007 · 10 min read
Andreessen's prescription for outsiders trying to break into the VC network.