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<p><div class="image-container float_right" style="width:400px"><div class="image"></div><p class="source"><keyword id="122716" type="CITY" weightage="60" keywordseo="Sequoia-Capital">Sequoia Capital</keyword></p><p class="caption"><keyword id="1765311" type="PERSON" weightage="60" keywordseo="Alfred-Lin">Alfred Lin</keyword>, Sequoia Capital</p></div>Alfred Lin of Sequoia Capital will join the <keyword id="136326" type="ORGANIZATION" weightage="60" keywordseo="Board-of-Directors">board of directors</keyword> of <keyword id="719382" type="COMPANY" weightage="60" keywordseo="Airbnb">Airbnb</keyword>, the lodging marketplace that's one of the most-watched private companies in Silicon Valley today, Business Insider has learned.</p>
<p>Lin and an Airbnb spokesperson confirmed his hire to us on Friday, after Airbnb CEO Brian Chesky announced it internally to the company.</p>
<p>Lin told us he hoped to help Chesky and his team build Airbnb's "unique culture."</p>
<p>Lin is replacing <keyword id="1765312" type="UNKNOWN" weightage="60" keywordseo="Greg-McAdoo">Greg McAdoo</keyword>, who'd previously announced that he was leaving Sequoia. McAdoo led a $600,000 seed round in Airbnb in 2009, making an early and prescient bet on the company.</p>
<p>Airbnb was <a href="http://www.businessinsider.com/airbnb-raises-112-million-2011-7">valued at $1 billion in 2011</a> and is reportedly arranging new financing which could take its value as high as $2.5 billion. Three million guests booked lodging on it last year, and it opened 11 new offices as part of a major international expansion. It could soon be doing $1 billion a year in revenues, according to some estimates, from the cut it takes of bookings and other services.</p>
<p>So why Lin?</p>
<p>Sequoia, Lin, and Airbnb have a long, intertwined history.</p>
<p>Sequoia backed Lin's previous company, Zappos, where he was chairman and COO.</p>
<p>While Zappos CEO Tony Hsieh was the happiness-promoting public face of the e-commerce site, Lin was seen by insiders as a key force behind the company's relentless focus on customer service, which distinguished it from rivals while delivering fast-paced growth. At the time of its sale to Amazon in 2009, it was doing $1 billion in revenues.</p>
<p>Amazon actually approached Lin in 2009 about buying the company, <a href="http://www.inc.com/magazine/20100601/why-i-sold-zappos.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+inc%2Fheadlines+%28Inc.com+Headlines%29">according to an account Hsieh wrote for Inc. magazine.</a> </p>
<p>After the all-stock deal, which ended up being worth $1.2 billion and netting Sequoia $248 million, Lin joined the firm as a partner in 2010.</p>
<p>But in 2011, Airbnb sought to hire him as COO, <a href="http://techcrunch.com/2011/08/01/alfred-lin-almost-leaves-sequoia-for-airbnb-moritz-convinces-him-to-stay/">according to TechCrunch</a>. (At the time, Lin said companies approached him all the time and he wanted to focus on his career as a venture-capitalist.)</p>
<p>There's one key way in which Airbnb's story differs from Zappos.</p>
<p>At Zappos, Lin and Hsieh had two board seats, while investors had three.</p>
<p>While they couldn't force a sale of the company, investors could fire Hsieh as CEO, he wrote in Inc. That prompted Hsieh and Lin to consider whether Zappos and its culture might be better off in Jeff Bezos's hands than with its venture investors, according to Hsieh's account.</p>
<p>Airbnb's board is structured in a way that that could never happen.</p>
<p>Common-stock shareholders—largely its three founders, Chesky, Joe Gebbia, and Nathan Blecharczyk—have the right to elect three board members. Each founder currently holds a board seat.</p>
<p>Sequoia and its other seed investors have one board seat; Andreessen Horowitz and other investors in Airbnb's 2011 financing elect another board member. Andreessen Horowitz partner Jeff Jordan, the former OpenTable CEO, holds that seat.</p>
<p>The language in Airbnb's articles of incorporation, which Business Insider has reviewed, appears to give unusually strong protections to the board rights of common-stock shareholders. For example, if there's a vacancy among the three common-stock board seats, the board at large cannot fill it; only the common-stock shareholders can.</p>
<p>It is a small irony of today's founder-friendly Silicon Valley.</p>
<p>Lin has ascended to what seems like a powerful role at one of the hottest companies around, a board seat most venture capitalists would kill to have.</p>
<p><span style="font-size: 15px; line-height: 1.5em;">Yet its power is circumscribed—in a way that Lin might have wished were true at his previous company.</span></p>

Airbnb Finally Lands The Zappos Veteran It's Eyed For Years

<ul class="summary-list"><li><strong><a href="https://www.heroes.jobs/">Heroes</a> is a social networking job platform that targets Gen Zers looking for <keyword id="11893588" type="UNKNOWN" weightage="60" keywordseo="retail" source="Orion">retail</keyword> and hospitality work.</strong></li><li>The platform resembles TikTok and allows individuals to submit video job applications.</li><li><strong>This is part of Insider's entrepreneur series </strong><strong><em>Star, Rising </em></strong><strong>which highlights early entrepreneurs and businesses. </strong></li></ul><p><strong>Name: </strong>Cyriac Lefort, Tristan Petit, Adrien Dewulf</p><p><strong>Age: </strong>28, 28, 27 </p><p><strong>Location: </strong>New York City, New York, and Los Angeles, California </p><p><strong>Business:</strong> A social networking job platform that targets Gen Zers looking for retail and hospitality work.</p><p><strong>Backstory: </strong>Lefort and Petit were childhood friends in France and met Dewulf, who grew up in Belgium, in 2016 while the trio was studying in London. </p><p>As Lefort, Petit, and Dewulf perused employment sites like LinkedIn and Indeed, they felt the platforms didn't target younger jobseekers like themselves. When they launched <a href="https://www.heroes.jobs/">Heroes</a> in 2019, they kept those customers in mind-the platform resembles TikTok, allows individuals to submit video job applications, and lets employers share day-in-the-life videos of workers. </p><p>Additionally, job seekers on Heroes can add context and clarity to their resumes, including situations like employment gaps, Lefort said. "The job application was broken for people our age," he told Insider.</p><p>Gen Z represents about 30% of the global population and is estimated to become about 27% of the workforce by 2025, according to <a href="https://mccrindle.com.au/insights/blogarchive/gen-z-and-gen-alpha-infographic-update/">research company McCrindle</a>.</p><div type="image" title="Screegrab of the profile of someone using the Heroes app" height="812" width="375" msid="86630170" hostid="261"></div><p><strong>Growth: </strong>Heroes closed a $6 million seed round in 2020, led by Greg McAdoo of venture capital firm Bolt. McAdoo was the first investor of Airbnb. Additionally, Heroes raised a $1.5 million pre-seed round in 2019. <keyword id="12206254" type="UNKNOWN" weightage="60" keywordseo="panda-express" source="Orion">Panda Express</keyword>, Wendy's, Everlane, and <keyword id="12206253" type="UNKNOWN" weightage="60" keywordseo="abercrombie" source="Orion">Abercrombie</keyword> and Fitch are clients and, this summer, Heroes began working with retail giant H&amp;M.</p><p>"These accomplishments in a year are exciting for the future - it shows Gen Zers are really grasping what we build," Lefort said.</p><p><strong>Before Heroes: </strong>Petit and Lefort earned their masters' degrees from the London School of Economics in 2015 and 2016, respectively, before launching a non-profit called W Project which studied global entrepreneurship. Meanwhile, Dewulf, who graduated from the University of Warwick in 2016, ran a lightning company called Victor between 2016 to 2018. They all left their jobs in 2018 to move to the US and launch Heroes. </p><p><strong>Challenges: </strong>During the pandemic, Heroes saw retail and restaurant close, negating their needs for talent.  Meanwhile, the company balanced the growing need for virtual interviews from the employers who remained open.  </p><p><strong>Business advice:</strong> "Focus on <keyword id="11897160" type="UNKNOWN" weightage="60" keywordseo="hiring" source="Orion">hiring</keyword> to build a better company - you have to hire people who know things you don't know," Lefort said. "What they're doing can bring real value." </p><p><strong>Business mentor:</strong> The trio counts McAdoo as a mentor, who has advised them how to enter the US marketplace. Additionally, Nicole Johnson at VC firm Forerunner Venture helped them build a marketing strategy and connect with strategic partners. </p><div type="image" title="A screengrab showing the behind the scenes of what its like to work at Panda Express" height="2778" width="1284" msid="86630171" hostid="261"></div><p><strong>Why now is the best time to start a business: </strong>Out of crisis often comes innovation, such as <a href="https://www.businessinsider.in/tech/news/the-2008-financial-crisis-heralded-giants-like-uber-and-airbnb-we-asked-top-investors-what-they-are-looking-for-during-a-downturn-/articleshow/75119654.cms">Airbnb's birth</a> during the 2008 recession, Petit said. Heroes come as <a href="https://www.businessinsider.com/great-resignation-what-to-know-who-is-quitting-2021-9">The Great Resignation </a>continues to take hold in the US, where both hiring practices and workplace environments are under fire.</p><p>"A lot of companies have to challenge their recruitment process and rethink how they interact with younger generations," Petit said. "There's a huge opportunity here to figure out how to help these companies."</p><p><strong>On hiring:</strong> There are currently 25 people on the team and they are actively looking to expand, especially to help build out more of the social tech elements of the platform, Petit said. </p><p><strong>Managing burnout: </strong>The trio makes sure to take screen breaks and go outside for sports and jogging. They also make sure to read books and spend time with friends.</p>

3 millennial cofounders created a job platform that looks like TikTok and works with Panda Express, H&M, and Everlane

<ul class="summary-list"><li>Insider's <strong>series </strong><strong><em>Star, Rising</em></strong><strong> highlights early-stage <keyword id="12011401" type="UNKNOWN" weightage="60" keywordseo="entrepreneurs" source="Orion">entrepreneurs</keyword> who are gaining popularity.</strong></li><li>Insider has profiled founders all over the world who are innovating their respective industries. </li></ul><p>The pandemic spurred a new wave of entrepreneurship, prompting people to start their own companies, and that doesn't seem to be slowing down. </p><p>The US saw 3.4 million new business applications in 2021, according to the <a href="https://www.census.gov/econ/bfs/index.html">US Census Bureau</a>. That's in addition to the rise in hustle culture, as the <a href="https://fortune.com/2021/04/21/gig-workers-covid-independent-contractors-remote-work-c-suite-executives/">gig economy</a> grows and social <keyword id="11894119" type="UNKNOWN" weightage="60" keywordseo="media" source="Orion">media</keyword> paves way for more <a href="https://www.businessinsider.com/how-to-improve-your-online-shopping-experience-ahead-of-holidays-2020-10">virtual shops</a> and <a href="https://www.businessinsider.com/facebook-instagram-outage-business-losses-money-2021-10">accessible marketplaces</a>. In particular, many millennials and Gen Zers are disrupting the industries they work in as they find their place in the protean landscape of entrepreneurship.</p><p>With so much change, it can often be hard to track the new innovators seeking to redefine the world around them. That's why Insider has started profiling them in its series Star, Rising, which explores how these entrepreneurs built their businesses, who they call mentors, and what advice they would give others looking to follow in their footsteps.</p><p>So far, the series has introduced Oladosu Teyibo, who is sourcing African talent for his software company to increase representation in <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword>, and Sharmadean Reid, who launched a female-centric financial news publication to educate the rising crop of entrepreneurs. Here are the 19 other burgeoning founders in Insider's Star, Rising series. </p><h2><a href="https://www.businessinsider.com/interview-sharmadean-reid-founder-of-the-stack-world-2021-7">Sharmadean Reid's new business aims to empower entrepreneurial women.</a></h2><div type="image" title="Sharmadean Reid" height="2649" width="3532" msid="87021566" hostid="261"></div><p>Reid is the founder of <a href="https://www.thestack.world/">The Stack World</a>, a female-centric financial publication that aims to be the stepping stone between Cosmopolitan and The Financial Times. Based in London, the outlet is on track to hit 10,000 subscribers by this year and has more than 420,000 followers on Instagram.</p><p>In 2019, Reid raised nearly £4 million (<a href="https://techcrunch.com/2019/05/23/beautystack/">$5.5 million</a>) in a funding round led by<a href="https://www.indexventures.com/"> Index Ventures</a> for BeautyStack and has since rebranded and expanded the platform into The Stack World's marketplace. That milestone made her one of 10 <keyword id="11940579" type="UNKNOWN" weightage="60" keywordseo="black" source="Orion">Black</keyword> female entrepreneurs in the UK who's raised venture capital between 2009 and 2019. </p><h2><a href="https://www.businessinsider.com/interview-alexis-de-bernede-and-marius-jacob-of-darmo-art-2021-7">Two Gen Zers turned a $2,000 investment into an art gallery that sells $600K pieces. They want to usher in a new generation of art collectors.</a></h2><div type="image" title="Alexis de Bernede (L) and Marius Jacob (R)" height="2848" width="3797" msid="87021567" hostid="261"></div><p>Based in France, <a href="https://www.instagram.com/alexisdebernede/">Alexis de Bernede</a> and <a href="https://www.instagram.com/marius.jacob/">Marius Jacob</a> are the founders of <a href="https://www.darmoart.com/">Darmo Art</a> gallery. This summer, their two shows netted six figures each, and they are now planning future exhibitions in Paris, the French Riviera, and at the Grand Hotel Heiligendamm, an exclusive report in Germany. </p><h2><a href="https://www.businessinsider.com/interview-with-oladosu-teyibo-founder-of-analog-team-2021-9">The millennial founder of a software company on track to net seven figures is fostering Africa's rising tech stars.</a></h2><div type="image" title="Oladosu Teyibo stands wearing a black shirt in the middle of the street smiling" height="2274" width="3024" msid="87021568" hostid="261"></div><p>Oladosu Teyibo is the founder of <a href="https://www.instagram.com/analogteams/">Analog Teams</a>, a software development company focused on hiring talent from underrepresented communities. The company is on track to net seven figures in revenue last year and has already expanded into six African countries, including Kenya, Ghana, and Nigeria.</p><h2><a href="https://www.businessinsider.com/culted-gen-z-media-news-platform-pavel-dler-2021-11">The 27-year-old founder of a Gen-Z focused media platform is on track to make more than $1 million in revenue this year</a></h2><div type="image" title="A man in a black jacket in front of a black background stands" height="2052" width="2730" msid="88675750" hostid="261"></div><p><a href="https://www.instagram.com/paveldlerr/">Pavel Dler</a>, 27, launched Culted as an <keyword id="12313303" type="UNKNOWN" weightage="60" keywordseo="arts" source="Orion">arts</keyword> and culture-focused news platform designed with Gen Z consumers in mind. Based in London, his company is on track to make $1 million this year and hopes to expand further into content creation. </p><h2><a href="https://www.businessinsider.com/soundmind-gen-z-founders-pandemic-stress-trauma-solution-2021-11">Meet the Gen Z founders who created a music app to help combat pandemic-induced anxiety and depression</a></h2><div type="image" title="Two men in gray shirts hold up cell phones" height="2685" width="3580" msid="88675752" hostid="261"></div><p><a href="https://www.instagram.com/travismchen/">Travis Chen</a> and <a href="https://www.instagram.com/brianfemminella/">Brain Femminella</a> built a therapy app to help people deal with their anxiety and depression, especially during the pandemic, they told Insider. To date, their company has raised six figures in pre-seed funding.</p><h2><a href="https://www.businessinsider.com/interview-with-luxury-backpack-designer-hogo-kpessou-2021-9">Hogoè Kpessou worked as an Uber Eats driver before she launched her handbag brand last year. Now she's on track to net seven figures.</a></h2><div type="image" title="photo of Hogoè Kpessou" height="543" width="724" msid="87021569" hostid="261"></div><p>Luxury designer <a href="https://hogoekpessou.com/">Hogoè Kpessou</a> is best known for her backpacks emblazoned with a gold bumblebee. Before starting her eponymous company, she held weekend shifts at a local restaurant and delivered food for <a href="https://www.businessinsider.com/what-is-uber-eats">Uber Eats</a>. Now she expects to hit seven figures in revenue by the beginning of this year.</p><h2><a href="https://www.businessinsider.com/meet-alex-masmej-founder-nft-art-gallery-showtime-2021-8">The 24-year-old cofounder of an NFT art gallery raised $7.6 million in funds on his quest to create the 'Instagram for NFTs'.</a></h2><div type="image" title="Alex Masmej headshot" height="2274" width="3024" msid="87021572" hostid="261"></div><p><a href="https://alexmasmej.com/">Alex Masmej</a> made headlines last year after turning himself into a token on crypto-platform Ethereum. Now, he's working on his next venture, called Showtime, which is an art gallery that focuses on highlighting non-fungible tokens. In April, he raised $7.6 million in venture capital and hopes to make Showtime one of the biggest NFT art galleries in the world.</p><h2><a href="https://www.businessinsider.com/the-clawset-millennial-founder-nisha-persaud-interview-side-hustle-2021-12">Nisha Persaud's side hustle is creating at-home manicure boxes that are beloved by celebs and have been featured in luxury campaigns</a></h2><div type="image" title="A woman with dark curly hair stands smiling to the camera" height="2999" width="3999" msid="88675753" hostid="261"></div><p>When the pandemic made it difficult for <a href="https://www.instagram.com/nisha.boo/?hl=en">Nisha Persaud</a> to get her nails done, she created at-home manicure kits to get the job done. Since then, she's netted more than $100,000 in revenue and her work has been reposted on <a href="https://www.instagram.com/p/CDm7l_rFA0Z/">social media</a> by <a href="https://www.instagram.com/p/CLrTypllTmS/">Cardi B</a>, received a shoutout by <a href="https://www.instagram.com/p/CHzQLeqFCc1/">Megan Thee Stallion</a> in a video, and gifted to the model <a href="https://www.instagram.com/p/CE2R9rtFrG0/">Teyana Taylor</a> for her baby shower. </p><h2><a href="https://www.businessinsider.com/gen-z-founder-riley-mcdonnell-sells-high-end-bongs-on-glasspass-2021-12">The Gen Zer who launched a website for artists to buy and sell high-end bongs believes people will soon collect them like fine china</a></h2><div type="image" title="A man in a hat with a computer stands smiling to the camera" height="478" width="638" msid="88675755" hostid="261"></div><p><a href="https://www.linkedin.com/in/riley-mcdonnell/">Riley McDonnell</a> wants to build the Sotheby's of glass bongs and pipes. Last year alone, his company has launched an app that has amassed 20,000 users and has done more than $500,000 in transactions.  </p><h2><a href="https://www.businessinsider.com/kingsley-gbadegesin-fashion-designer-interview-2021-12">In just a year, designer Kingsley Gbadegesin launched a six-figure, genderless fashion line seen on TV shows, magazine covers, and Lil Nas X</a></h2><div type="image" title="Headshot of Kingsley Gbadegesin" height="1953" width="2604" msid="88675756" hostid="261"></div><p><a href="https://www.instagram.com/k.ngsley/?hl=en">Kingsley Gbadegesin</a> took his unemployment check, mixed it with his savings, and launched his eponymous fashion line during the pandemic. Already, it has been spotted on Issa Rae's character in her hit HBO show "Insecure," pop star Lil Nas X, and seen on beauty influencer Bretman Rock.  </p><h2><a href="https://www.businessinsider.com/heroes-helps-employers-hire-young-workers-amid-the-great-resignation-2021-9">Three millennial cofounders created a job platform that looks like TikTok and works with Panda Express, H&amp;M, and Everlane.</a></h2><div type="image" title="Three men sit in a grocery store looking at the camera smiling" height="843" width="1125" msid="87021573" hostid="261"></div><p>Tristan Petit, Adrien Dewulf, and Cyriac Lefort are the cofounders of the job platform <a href="https://www.heroes.jobs/">Heroes</a>, which allows individuals to submit video job applications and lets employers share day-in-the-life videos of workers. The platform seeks to help Gen Z workers get jobs at retailers such as Panda Express and H&amp;M. What's more, last year it closed a $6 million seed round, led by Greg McAdoo of venture capital firm Bolt. </p><h2><a href="https://www.businessinsider.com/plantbaed-cookbook-author-founder-anne-onyeneho-interview-2021-8">Entrepreneur Anne Onyeneho turned a cookbook into a meal-prepping business and soon a restaurant.</a></h2><h2><div type="image" title="Anne Onyeneho standing in her kitchen posing" height="3328" width="4437" msid="87021574" hostid="261"></div></h2><p>Last November, Anne Onyeneho authored <a href="https://plantbaed.com/pages/cookbook">a cookbook</a> full of plant-based recipes called <a href="http://plantbaed.com/">PlantBaed</a> to help people prepare their own healthy dishes at home. Four months later, she launched a <a href="https://plantbaed.com/pages/mealprep">meal prepping service</a>, named after the cookbook, so customers could buy healthy dishes directly from her. She was on track to net six figures in revenue by the end of last year and looking to open a restaurant. </p><h2><a href="https://www.businessinsider.com/interview-with-alexandra-oneill-founder-of-markarian-2021-9">Millennial fashion designer Alexandra O'Neill is seeing cocktail dress sales skyrocket as customers prepare for the new Roaring 20s</a></h2><div type="image" title="Markarian designer Alexandra O'Neill sits in front of clothes" height="1803" width="2400" msid="87021575" hostid="261"></div><p>Alexandra O'Neill is the founder of luxury brand <a href="https://markarian-nyc.com/">Markarian</a> and made headlines last year after First Lady Jill Biden wore a custom Markarian piece for Inauguration. Since then, the company has seen sales skyrocket. What's more, O'Neill held her first New York Fashion Week presentation in September, showing off a collection inspired by Lauren Bacall in the movie "How to Marry a Millionaire." </p><h2><a href="https://www.businessinsider.com/interview-with-gen-zers-behind-youth-competition-prospect-100-2021-8">3 Gen Zers created a competition to connect young creatives with cash and careers amid the pandemic. </a><div type="image" title="(L-R) Harry Beard, Alexandre Daillance, Adam Flanagan" height="1139" width="1520" msid="87021577" hostid="261"></div></h2><p>Harry Beard, Alexandre Daillance, Adam Flanagan launched the competition <a href="https://www.prospect100.com/">Prospect 100</a> last year to help young creatives showcase their work as the pandemic shuttered the arts industry. Since last May, it's held six competitions with more than 15,000 participants from 82 countries. Additionally, past judges include Apple cofounder Steve Wozniak and Yeezy design director Steven Smith.</p><h2><a href="https://www.businessinsider.com/interview-brittni-popp-ceo-and-founder-of-betchin-cakes-2021-7">Brittni Popp's 6-figure side hustle is making custom cakes for celebrities like Paris Hilton and Khloe Kardashian.</a></h2><div type="image" title="Brittni Popp" height="360" width="480" msid="87021578" hostid="261"></div><p>Brittni Popp likes to help people commemorate their important life moments, whether that's a bridal party, divorce, or even an expunged DUI. Her business, <a href="https://www.betchincakes.com/">Betchin Cakes</a>, sells customized baked goods that come adorned with decorations like Barbie dolls or empty nips. In the two years since she launched her side hustle, she's landed high-profile customers like <a href="https://www.usmagazine.com/celebrity-news/pictures/buzzzz-o-meter-celebs-love-betchin-cakes/hemp-hydrate-roll-on/">Paris Hilton</a> and <a href="https://www.soundhealthandlastingwealth.com/covid-19/khloe-kardashian-shares-sweet-balloon-display-she-received-from-tristan-thompson-for-mothers-day/">Khloe Kardashian</a>, and was on track to make six figures in revenue last year. </p>

Meet the millennial and Gen Z founders growing their startups, raising millions in funding, and using social media to turn their side hustles into seven-figure empires

<p><div class="image-container float_right" style="width:400px"><div class="image"></div><p class="source">Owen Thomas, Business Insider</p><p class="caption"><keyword id="719382" type="COMPANY" weightage="60" keywordseo="Airbnb">Airbnb</keyword> CEO <keyword id="1757034" type="PERSON" weightage="60" keywordseo="Brian-Chesky">Brian Chesky</keyword></p></div>Airbnb, the online marketplace for spare rooms and other unconventional lodging, is poised for rapid growth, according to Michael Pachter, an analyst at Wedbush Securities.</p>
<p>In a <a href="http://www.forbes.com/sites/tomiogeron/2013/01/23/airbnb-and-the-unstoppable-rise-of-the-share-economy/">recent Forbes cover story on Airbnb</a>, Pachter estimated that Airbnb rented 12 million to 15 million room-nights in 2012. <span style="line-height: 1.5em;">Pachter thinks that could increase to 100 million nights "eventually"—at which point it could be generating $1 billion a year in revenues.</span></p>
<p>(Pachter is the analyst who famously railed against the hoodie that Facebook CEO Mark Zuckerberg wore on his IPO roadshow. He didn't offer commentary on the wardrobe of Airbnb CEO Brian Chesky, who's more fond of tight-fitting sweaters.)</p>
<p>Airbnb is clearly on a hockey-stick growth curve. It had booked 5 million cumulative nights by February 2012; by June, it had doubled that to 10 million.</p>
<p>For comparison, the US hotel industry does more than a billion room nights a year.</p>
<p>Airbnb gets most of its revenues from booking fees; it charges 3 percent to hosts who list a space, and 6 to 12 percent to guests. So if you assume an average rate of $100 a night and an average fee of 10 percent on those bookings, it's pretty easy to see the math behind Pachter's projection.</p>
<p>It's recently <a href="http://www.businessinsider.com/airbnb-local-business-localmind-nabewise-acquisition-2012-12">started recommending nearby shops, cafes, and restaurants</a> to guests, which could one day be the basis of a local-advertising business that competes with Google and Yelp, but that's a nascent experiment at best.</p>
<p>Not all has been smooth at Airbnb recently. Last summer, <a href="http://www.businessinsider.com/four-employees-leave-airbnb-2012-7">four talented early employees left</a>—a small portion of total headcount, but significant losses nonetheless. In October, reports surfaced that Airbnb was raising a new <a href="http://www.businessinsider.com/airbnb-round-peter-thiel-2012-10">round of financing from Facebook backer Peter Thiel at a $2.5 billion valuation</a>, but the company never confirmed that deal and little has been heard since. And most recently, Sequoia Capital, which led an early seed investment in Airbnb, announced that Greg McAdoo, who serves on Airbnb's board of directors, is leaving the firm. (He will presumably be replaced by another Sequoia partner.)</p>
<p>Airbnb also continues to struggle with local regulations, especially in San Francisco and New York, which essentially forbid many of the short-term rentals the site facilitates.</p>
<p>Still, the company has raised a large amount of capital and seems to have a lot of growth ahead, per Pachter's predictions.</p>

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