1 00:00:02,920 --> 00:00:05,240 Speaker 1: One of the most important companies in the travel industry 2 00:00:05,240 --> 00:00:08,840 Speaker 1: today is Airbnb. It started less than two decades ago 3 00:00:09,200 --> 00:00:11,840 Speaker 1: as a concept of renting out one's room to make 4 00:00:11,880 --> 00:00:14,640 Speaker 1: some extra money. Now all over the world people are 5 00:00:14,640 --> 00:00:17,759 Speaker 1: renting out their homes their apartments to other people. I 6 00:00:17,800 --> 00:00:21,000 Speaker 1: actually used an Airbnb recently in Alaska and found to 7 00:00:21,000 --> 00:00:23,880 Speaker 1: be quite good experience. I sat down with Brian Schofsky, 8 00:00:23,960 --> 00:00:26,720 Speaker 1: who conceived of Airbnb has now built it into one 9 00:00:26,720 --> 00:00:29,520 Speaker 1: of the largest travel companies in the world. You came 10 00:00:29,600 --> 00:00:31,560 Speaker 1: up with the idea with your partners of starting this 11 00:00:31,640 --> 00:00:34,839 Speaker 1: company around two thousand seven two thousand eight. Did anybody 12 00:00:34,840 --> 00:00:37,080 Speaker 1: tell you it was a good idea? No? I mean 13 00:00:37,320 --> 00:00:41,200 Speaker 1: it was pretty universally considered a terrible idea. I um. 14 00:00:41,240 --> 00:00:43,400 Speaker 1: I remember the first person I told the idea to. 15 00:00:43,680 --> 00:00:45,840 Speaker 1: I said, Hey, we've got this idea. We're gonna build 16 00:00:45,840 --> 00:00:48,479 Speaker 1: this website where you like strangers could other strangers in 17 00:00:48,520 --> 00:00:51,480 Speaker 1: their homes. And the person who was kind of somebody 18 00:00:51,479 --> 00:00:53,400 Speaker 1: I looked up to in Los Angeles, he looks at 19 00:00:53,400 --> 00:00:56,440 Speaker 1: me in the straight face. I said yes. He said, Brian, 20 00:00:56,520 --> 00:00:58,440 Speaker 1: I hope that's not the only idea you're working on. 21 00:00:59,040 --> 00:01:00,680 Speaker 1: And that was by the way one the nicer things 22 00:01:00,720 --> 00:01:02,920 Speaker 1: people said. But the reason I think it worked was 23 00:01:03,000 --> 00:01:06,520 Speaker 1: because I stumbled into this idea of my roommate. I mean, 24 00:01:06,560 --> 00:01:09,240 Speaker 1: there was this design conference coming to San Francisco in 25 00:01:09,280 --> 00:01:12,840 Speaker 1: October two seven. I couldn't afford to pay rent this 26 00:01:12,920 --> 00:01:15,400 Speaker 1: design conference conference service to go. All the hotels were 27 00:01:15,400 --> 00:01:17,200 Speaker 1: sold out. And we have this idea, we said, when 28 00:01:17,360 --> 00:01:19,640 Speaker 1: we just turned our house into a bed and breakfast 29 00:01:19,680 --> 00:01:22,000 Speaker 1: for the design conference. I didn't have any beds, but 30 00:01:22,080 --> 00:01:23,640 Speaker 1: Joe had three our beds. We pulled them out of 31 00:01:23,640 --> 00:01:26,480 Speaker 1: the closet. We called the air bed and Breakfast dot com. 32 00:01:26,560 --> 00:01:28,839 Speaker 1: We made enough money pay our rent, But more importantly, 33 00:01:29,080 --> 00:01:31,040 Speaker 1: we actually ended up making friends of these three people 34 00:01:31,040 --> 00:01:32,959 Speaker 1: because they live with us for a week. And at 35 00:01:32,959 --> 00:01:36,160 Speaker 1: that point, I think we realized if people could experience 36 00:01:36,200 --> 00:01:38,840 Speaker 1: what we experienced, that this would be an idea that 37 00:01:38,880 --> 00:01:41,440 Speaker 1: would spread around the world. But little did I know 38 00:01:41,640 --> 00:01:44,640 Speaker 1: that it was going to be a very difficult uphill road. 39 00:01:44,840 --> 00:01:46,800 Speaker 1: Where did you get your initial money? Was that the 40 00:01:47,000 --> 00:01:51,680 Speaker 1: y combinator from Paul Graham? Well, actually, um, there's kind 41 00:01:51,680 --> 00:01:53,960 Speaker 1: of a weird story about how we raised money. So 42 00:01:54,000 --> 00:01:56,560 Speaker 1: we had this kind of quirky idea to sell collectible 43 00:01:56,600 --> 00:02:00,000 Speaker 1: breakfast cereal. Um So, Barack Obama John Keane are both 44 00:02:00,040 --> 00:02:02,520 Speaker 1: running for president, and we thought, you know, the breakfast 45 00:02:02,520 --> 00:02:05,080 Speaker 1: isn't selling the bet that we're bet and we're a 46 00:02:05,080 --> 00:02:07,600 Speaker 1: bet and breakfast. We're not selling beds. Maybe we can 47 00:02:07,640 --> 00:02:11,239 Speaker 1: sell breakfast. And so we started selling collectible breakfast cereal, 48 00:02:11,440 --> 00:02:14,560 Speaker 1: a Barack Obama theme cereal called Obama Ohs, which is 49 00:02:14,600 --> 00:02:16,959 Speaker 1: like cheerios, and we called it the Breakfast a Change. 50 00:02:17,360 --> 00:02:19,560 Speaker 1: And we learned about John McCain was a captain the Navy, 51 00:02:19,600 --> 00:02:22,400 Speaker 1: so we called it Captain McCain's a Maverick Entervy Bite. 52 00:02:22,880 --> 00:02:25,360 Speaker 1: And we made these really funny like looking cereal boxes. 53 00:02:25,400 --> 00:02:28,400 Speaker 1: We actually ended up selling thirty thousand dollars with a 54 00:02:28,440 --> 00:02:31,800 Speaker 1: collectible breakfast cereal and that was actually originally how we 55 00:02:31,800 --> 00:02:34,760 Speaker 1: funded a company. So now it's late two thousand eight, 56 00:02:35,120 --> 00:02:38,440 Speaker 1: we're like desperate. We've launched three times, no one's using it. 57 00:02:38,480 --> 00:02:41,720 Speaker 1: I'm hockling cereal boxes in my kitchen. I'm thinking to myself, 58 00:02:41,760 --> 00:02:44,200 Speaker 1: I wonder if Mark Zuckerberg or Steve Jobs ever had 59 00:02:44,200 --> 00:02:46,440 Speaker 1: to hock blue cereal boxes in their living room. The 60 00:02:46,480 --> 00:02:48,960 Speaker 1: answer was no, they hadn't done it. This was a 61 00:02:49,000 --> 00:02:51,920 Speaker 1: foreboding sign. And I'm going out to dinner at a 62 00:02:51,960 --> 00:02:55,680 Speaker 1: tire restaurant in San Francisco with the founders of Justin 63 00:02:55,720 --> 00:02:57,880 Speaker 1: That TV, who are Ye Combinator, and they said, you 64 00:02:57,919 --> 00:03:01,280 Speaker 1: should join Why Combinator because you guys are dying and 65 00:03:01,480 --> 00:03:03,800 Speaker 1: I thought, well, it's probably too late. We already launched, 66 00:03:04,200 --> 00:03:07,280 Speaker 1: but Paul Graham eventually allowed us to apply. We actually 67 00:03:07,280 --> 00:03:09,400 Speaker 1: missed the deadline, but he allowed us to apply after 68 00:03:09,440 --> 00:03:12,600 Speaker 1: the deadline and we got an interview, and that's when 69 00:03:12,639 --> 00:03:15,280 Speaker 1: Paul Graham said, like in our first question, people actually 70 00:03:15,280 --> 00:03:17,959 Speaker 1: doing this? And I said yes, and he goes, what's 71 00:03:18,000 --> 00:03:20,480 Speaker 1: wrong with them? So the interview kind of went downhill 72 00:03:20,560 --> 00:03:23,200 Speaker 1: from there. He didn't He's the admitted he hated the 73 00:03:23,240 --> 00:03:25,840 Speaker 1: idea of airbnb at first. Who didn't get it? But 74 00:03:25,880 --> 00:03:29,639 Speaker 1: as we're leaving the interview, my roommate Joe, hands him 75 00:03:29,680 --> 00:03:32,520 Speaker 1: a box of Barack Obama cereal that we made and 76 00:03:32,520 --> 00:03:34,560 Speaker 1: he looks at it and he goes, what what is this? 77 00:03:34,600 --> 00:03:36,080 Speaker 1: Why am I getting this? And we said this is 78 00:03:36,080 --> 00:03:38,680 Speaker 1: how we funded the company, and he looks to us. 79 00:03:38,720 --> 00:03:40,160 Speaker 1: He said, if you can figure out how to get 80 00:03:40,200 --> 00:03:42,320 Speaker 1: people to pay forty dollars for a four dour box 81 00:03:42,360 --> 00:03:44,840 Speaker 1: of cereal. Maybe you will convince them how to sleep 82 00:03:44,840 --> 00:03:47,760 Speaker 1: in each other's homes. So why commentator let us in 83 00:03:48,080 --> 00:03:50,840 Speaker 1: the program? I think we barely I don't know if 84 00:03:51,080 --> 00:03:53,600 Speaker 1: we got in barely got in. And the moment we 85 00:03:53,600 --> 00:03:56,240 Speaker 1: got into the program, you know, the recession is occurring. 86 00:03:56,760 --> 00:04:00,280 Speaker 1: People are desperate to save their homes, and lot of 87 00:04:00,280 --> 00:04:02,760 Speaker 1: people started trying to Airbnb to save their homes by 88 00:04:02,800 --> 00:04:05,000 Speaker 1: renting them out. At the same time, you have a 89 00:04:05,000 --> 00:04:07,200 Speaker 1: great recession which is causing a lot of young people 90 00:04:07,240 --> 00:04:09,640 Speaker 1: to feel like, well, I need to save money. You know, 91 00:04:10,040 --> 00:04:13,720 Speaker 1: Facebook and social media is growing, so people are comfortable 92 00:04:13,720 --> 00:04:15,760 Speaker 1: meeting people on the internet, and it was kind of 93 00:04:15,760 --> 00:04:18,760 Speaker 1: the supernova forces that led to an opening for everybody 94 00:04:18,800 --> 00:04:22,360 Speaker 1: to finally take off. So traditionally people might build a 95 00:04:22,400 --> 00:04:24,640 Speaker 1: company like yours and five or six years later they 96 00:04:24,640 --> 00:04:27,479 Speaker 1: would take a public and liquefy for the employees, the 97 00:04:27,520 --> 00:04:31,279 Speaker 1: founders and also the investors. But you were resisting pressure 98 00:04:31,279 --> 00:04:33,919 Speaker 1: to do that. Why didn't you go public sooner? And 99 00:04:33,960 --> 00:04:36,120 Speaker 1: you have any regrets about not going public sooner than 100 00:04:36,160 --> 00:04:39,960 Speaker 1: you did. I just didn't feel like we were ready 101 00:04:39,960 --> 00:04:43,120 Speaker 1: to go public sooner. And I think in hindsight, maybe 102 00:04:43,200 --> 00:04:44,720 Speaker 1: we could have gone public sooner. I mean, just so 103 00:04:44,760 --> 00:04:47,800 Speaker 1: it's important. Remember when we were growing really quickly, there 104 00:04:47,800 --> 00:04:50,080 Speaker 1: were not regulations on the books for Airbnb, and a 105 00:04:50,080 --> 00:04:52,480 Speaker 1: lot of people are wondering was this business going to 106 00:04:52,560 --> 00:04:55,560 Speaker 1: get regulated out of existence? That to me was one 107 00:04:55,600 --> 00:04:59,279 Speaker 1: of many existential questions. Eventually, we able that we were 108 00:04:59,320 --> 00:05:01,120 Speaker 1: able to get law as in the books and nearly 109 00:05:01,200 --> 00:05:03,320 Speaker 1: every big city in the world we were able to 110 00:05:03,360 --> 00:05:07,520 Speaker 1: collect four billion dollars. Hotel tax became legitimate. We expanded 111 00:05:07,520 --> 00:05:10,719 Speaker 1: a nationally, We built an executive team. But I felt 112 00:05:10,760 --> 00:05:13,560 Speaker 1: like going public was a big stage. It was almost 113 00:05:13,600 --> 00:05:16,640 Speaker 1: like it's almost like, you know, if you're I don't know, 114 00:05:16,640 --> 00:05:18,440 Speaker 1: there's a kind of a weird analogy, but if you're 115 00:05:18,480 --> 00:05:20,920 Speaker 1: like baking a cake, going public is putting in the oven. 116 00:05:21,040 --> 00:05:22,920 Speaker 1: You know, It's it's hard to change the ingredients after 117 00:05:23,000 --> 00:05:25,120 Speaker 1: you go public, right, And so I wanted to make 118 00:05:25,160 --> 00:05:29,080 Speaker 1: sure that everything was kind of baked before we went public. Now, 119 00:05:29,160 --> 00:05:31,800 Speaker 1: once the pandemic hit, that was more than a decade 120 00:05:31,800 --> 00:05:34,800 Speaker 1: after we started, I was accused of having waited too 121 00:05:34,800 --> 00:05:38,000 Speaker 1: long and having missed the I P O window. I 122 00:05:38,000 --> 00:05:40,520 Speaker 1: would have never imagined what had transpired over the course 123 00:05:40,560 --> 00:05:43,640 Speaker 1: of but I think looking back, it worked out really 124 00:05:43,640 --> 00:05:48,320 Speaker 1: well for everyone. Well, you went public in December after 125 00:05:48,360 --> 00:05:51,680 Speaker 1: the pandemic, but you obviously were probably you had to 126 00:05:51,720 --> 00:05:53,400 Speaker 1: lay off some people during that period of time, Is 127 00:05:53,400 --> 00:05:55,760 Speaker 1: that right? You know? Like when the pandemic hit, I 128 00:05:55,800 --> 00:05:58,320 Speaker 1: was working on our S one, and like many people, 129 00:05:58,400 --> 00:06:00,680 Speaker 1: I came back from the holidays and twenty team thinking 130 00:06:00,760 --> 00:06:02,400 Speaker 1: my life was going to go in one direction, not 131 00:06:02,440 --> 00:06:05,479 Speaker 1: realizing our entire world was about to get rocked. I 132 00:06:05,520 --> 00:06:07,760 Speaker 1: felt like a captain of a ship and a torpedo 133 00:06:07,839 --> 00:06:11,040 Speaker 1: hit the side. We lost eighty percent of our business 134 00:06:11,080 --> 00:06:13,040 Speaker 1: in eight weeks, and we were doing tens of billions 135 00:06:13,040 --> 00:06:15,720 Speaker 1: dollars a year in bookings and then suddenly go from 136 00:06:15,800 --> 00:06:18,680 Speaker 1: high flying to people predicting is this the end of Airbnb. 137 00:06:18,800 --> 00:06:21,800 Speaker 1: I mean there were multiple mainstream journalists predicting that we 138 00:06:21,800 --> 00:06:23,279 Speaker 1: were going to go out of business. It was almost 139 00:06:23,320 --> 00:06:26,039 Speaker 1: like our business flash before our eyes, and I ended 140 00:06:26,120 --> 00:06:28,520 Speaker 1: up having to confront this reality David that I realized 141 00:06:28,520 --> 00:06:30,760 Speaker 1: we're gonna lose half our business. And so it's like 142 00:06:30,839 --> 00:06:33,360 Speaker 1: running into a burning house if you can only save 143 00:06:33,400 --> 00:06:35,800 Speaker 1: half your furniture, Like and half your stuff, what do 144 00:06:35,839 --> 00:06:37,600 Speaker 1: you take with you? And I said, we're going to 145 00:06:37,680 --> 00:06:41,080 Speaker 1: get back to the original idea of Airbnb, the individual people. 146 00:06:41,120 --> 00:06:44,320 Speaker 1: They are sharing their homes and experiences all over the world. 147 00:06:44,839 --> 00:06:46,560 Speaker 1: We had to make the hard decision I've ever made, 148 00:06:46,880 --> 00:06:50,200 Speaker 1: which we had to lay off of our workforce nearly 149 00:06:50,240 --> 00:06:53,600 Speaker 1: two thousand employees. But I wanted to make sure even 150 00:06:53,600 --> 00:06:56,240 Speaker 1: in a layoff, we could show compassion, to be really principled, 151 00:06:56,279 --> 00:06:58,720 Speaker 1: So we end up giving people a year of healthcare. 152 00:06:59,440 --> 00:07:01,760 Speaker 1: We're I think very chivers our severance. So when you 153 00:07:01,800 --> 00:07:05,560 Speaker 1: went public in December, you priced the I p O 154 00:07:05,720 --> 00:07:08,320 Speaker 1: or the underwriters did at half of the price that 155 00:07:08,480 --> 00:07:11,160 Speaker 1: ultimately ended up that day. So some people might say 156 00:07:11,200 --> 00:07:13,640 Speaker 1: you left twenty three or four billion dollars on the table. 157 00:07:13,640 --> 00:07:15,040 Speaker 1: Do you look at it that way where you think 158 00:07:15,120 --> 00:07:17,480 Speaker 1: it was miss price or you're okay with it. We 159 00:07:17,640 --> 00:07:20,840 Speaker 1: came back from nineteen as a somewhere between on the 160 00:07:20,880 --> 00:07:24,520 Speaker 1: private markets a thirty to forty billion dollar valuation at 161 00:07:24,520 --> 00:07:27,120 Speaker 1: the depth of the pandemic. Our valuation was below eighteen 162 00:07:27,120 --> 00:07:29,360 Speaker 1: billion dollars. I mean, we probably would have struggled to 163 00:07:29,400 --> 00:07:31,880 Speaker 1: raise money at eighteen billion dollar evaluation. We had warrants 164 00:07:32,480 --> 00:07:34,480 Speaker 1: and to be able to be a hundred billion dollar 165 00:07:34,600 --> 00:07:38,679 Speaker 1: company eight months or seven months after that low point. 166 00:07:39,000 --> 00:07:41,240 Speaker 1: It was really hard to imagine any of that was 167 00:07:41,280 --> 00:07:42,680 Speaker 1: going to happen. And I think part of the reason 168 00:07:42,760 --> 00:07:45,160 Speaker 1: our stock popped was I believe we had hundreds of 169 00:07:45,200 --> 00:07:48,440 Speaker 1: thousands of people in retail trying to buy our stocks. 170 00:07:48,440 --> 00:07:50,680 Speaker 1: So I don't feel bad. I never took the highest 171 00:07:50,720 --> 00:07:53,200 Speaker 1: price in any round. We totally could have priced to hire. 172 00:07:53,440 --> 00:07:55,600 Speaker 1: But it was pretty hard, I think at the time 173 00:07:55,680 --> 00:07:57,320 Speaker 1: to foresee that this was going to be a company 174 00:07:57,320 --> 00:07:59,680 Speaker 1: that was going to reach evaluation like that. Now as 175 00:07:59,720 --> 00:08:02,640 Speaker 1: we talk, you've just reported your earnings for last quarter 176 00:08:02,680 --> 00:08:05,880 Speaker 1: and last year, and they were record earnings, record revenues, 177 00:08:05,920 --> 00:08:07,960 Speaker 1: and so forth. And you said, I think at the 178 00:08:08,040 --> 00:08:11,520 Speaker 1: release that Covid has changed everything. People are changing the 179 00:08:11,520 --> 00:08:13,520 Speaker 1: way they work and the way they travel. Can you 180 00:08:13,560 --> 00:08:15,600 Speaker 1: explain what you mean. I think the world is never 181 00:08:15,640 --> 00:08:18,200 Speaker 1: going back to the way it was fully before the pandemic, 182 00:08:18,280 --> 00:08:20,440 Speaker 1: and one of the changes I think, David, it's been 183 00:08:20,480 --> 00:08:24,280 Speaker 1: a change in how we work. You know, for many people, 184 00:08:24,360 --> 00:08:27,080 Speaker 1: not all, but many people had a job at the office. 185 00:08:27,480 --> 00:08:29,160 Speaker 1: They're not going to be required to come back to 186 00:08:29,200 --> 00:08:31,720 Speaker 1: the office five days a week, and I think that 187 00:08:31,880 --> 00:08:34,640 Speaker 1: I don't think CEOs per se are going to determine 188 00:08:34,840 --> 00:08:38,000 Speaker 1: these policies. I think workers will because all of us CEOs, 189 00:08:38,040 --> 00:08:40,880 Speaker 1: I think, want the best talent, and I think flexibility 190 00:08:41,280 --> 00:08:44,120 Speaker 1: is going to be the second most important benefit after compensation. 191 00:08:44,440 --> 00:08:45,920 Speaker 1: So I think we're now living in a world where 192 00:08:45,920 --> 00:08:48,920 Speaker 1: many people are gonna work remotely. They might go into office, 193 00:08:48,960 --> 00:08:50,880 Speaker 1: but not five days a week. If you don't have 194 00:08:50,920 --> 00:08:53,120 Speaker 1: to go in office five days a week, you're more flexible, 195 00:08:53,120 --> 00:08:55,560 Speaker 1: You're less tethered to anyone's city. And so I think 196 00:08:55,559 --> 00:08:58,520 Speaker 1: what that means is that for millions of people, they 197 00:08:58,559 --> 00:09:01,920 Speaker 1: can now live anywhere. Some people that don't have kids, 198 00:09:01,960 --> 00:09:05,080 Speaker 1: like me, can literally live nomadically. You can stay city 199 00:09:05,120 --> 00:09:06,839 Speaker 1: to city, hopping around. I think a lot of young 200 00:09:06,880 --> 00:09:09,240 Speaker 1: people and retires to do that. All of this, David 201 00:09:09,280 --> 00:09:12,640 Speaker 1: has culminated AIRBB not just being a company about traveling, 202 00:09:12,960 --> 00:09:16,600 Speaker 1: but now a company about living. Half of people don't 203 00:09:16,600 --> 00:09:19,360 Speaker 1: realize is half of our nights booked are for stays 204 00:09:19,360 --> 00:09:21,920 Speaker 1: a longer than a week. A fifth of our knights 205 00:09:21,960 --> 00:09:24,960 Speaker 1: booked are for stays are longer than a month. So 206 00:09:25,000 --> 00:09:28,760 Speaker 1: there's this whole new category of travel that's not classic too. 207 00:09:28,840 --> 00:09:31,400 Speaker 1: Three nights in a city, it's not long term housing, 208 00:09:31,640 --> 00:09:34,800 Speaker 1: and it's completely emerged because of the pandemic. So let's 209 00:09:34,840 --> 00:09:36,640 Speaker 1: go back to your background. For those who don't know 210 00:09:36,720 --> 00:09:39,560 Speaker 1: your background, what part of the United States are you from. 211 00:09:39,600 --> 00:09:43,200 Speaker 1: I'm from a small town in upstate New York called 212 00:09:43,280 --> 00:09:46,760 Speaker 1: Niskey and which is a suburb of Schenectady outside Albany. 213 00:09:46,880 --> 00:09:49,920 Speaker 1: And your parents they were social workers. My mom and 214 00:09:50,000 --> 00:09:52,720 Speaker 1: dad were social workers. Both my grandfather's worked for General Electric, 215 00:09:52,920 --> 00:09:54,760 Speaker 1: but my my mom and dad were kind of lived 216 00:09:54,880 --> 00:09:58,240 Speaker 1: normal lives of social workers. And when you're growing up, 217 00:09:58,360 --> 00:10:00,240 Speaker 1: I understand you wanted to be a hockey play or 218 00:10:00,240 --> 00:10:02,080 Speaker 1: when you were young, Is that true? Yeah? When I 219 00:10:02,160 --> 00:10:04,360 Speaker 1: was five years old that would have been nine six, 220 00:10:04,360 --> 00:10:06,520 Speaker 1: Wayne Gretzky was the greatest hockey player in the world, 221 00:10:06,600 --> 00:10:08,040 Speaker 1: and I wanted to be just like him. I had 222 00:10:08,360 --> 00:10:10,840 Speaker 1: posters and Wayne Gretzky in my wall. The problem with 223 00:10:10,880 --> 00:10:13,520 Speaker 1: athletics is your dreams come crashing down pretty quickly. By 224 00:10:13,520 --> 00:10:15,280 Speaker 1: the age of six, I realized I wasn't gonna be 225 00:10:15,280 --> 00:10:18,079 Speaker 1: Wayne Gretzky. Hey, when that dream went away, you decided 226 00:10:18,120 --> 00:10:19,640 Speaker 1: you might want to be an artist because you had 227 00:10:19,679 --> 00:10:22,280 Speaker 1: good skills in that area exactly. I ended up getting 228 00:10:22,320 --> 00:10:24,960 Speaker 1: a scholarship to go to Ronald School Design, and they 229 00:10:25,000 --> 00:10:27,120 Speaker 1: only gave away a few scholarships, so it was kind 230 00:10:27,120 --> 00:10:29,440 Speaker 1: of a big deal to get the scholarship. And my 231 00:10:29,480 --> 00:10:31,800 Speaker 1: mom said like, well, you know, my mom, Dad, you 232 00:10:31,800 --> 00:10:33,840 Speaker 1: can go to art school, but you've got to promise 233 00:10:33,920 --> 00:10:36,560 Speaker 1: me that you one day get a real job. And 234 00:10:36,559 --> 00:10:38,280 Speaker 1: I said, well, what's a real job. She said, A 235 00:10:38,280 --> 00:10:40,200 Speaker 1: real job is a job that gives you health insurance. 236 00:10:40,200 --> 00:10:42,360 Speaker 1: And I said, okay, I promise I'm gonna go to 237 00:10:42,440 --> 00:10:44,160 Speaker 1: Risdy and one day I'm gonna a real job with 238 00:10:44,200 --> 00:10:46,719 Speaker 1: health insurance. That was kind of my ambition. I mean, 239 00:10:46,720 --> 00:10:50,280 Speaker 1: my high school yearbook quote literally was I'm sure I'll 240 00:10:50,320 --> 00:10:52,280 Speaker 1: amount to nothing. I don't. I think I was being 241 00:10:52,360 --> 00:10:55,800 Speaker 1: kind of sarcastic, but I didn't really think I was 242 00:10:55,840 --> 00:10:57,520 Speaker 1: going to be a tech founder. I mean, you know, 243 00:10:57,520 --> 00:10:59,840 Speaker 1: I didn't really see very much beyond my small town. 244 00:11:00,600 --> 00:11:02,760 Speaker 1: So let's talk about it. You graduate from Rhode Island 245 00:11:02,800 --> 00:11:06,320 Speaker 1: School Design and then you moved to California, Los Angeles 246 00:11:06,440 --> 00:11:09,280 Speaker 1: to become a designer, So then you ultimately didn't like 247 00:11:09,320 --> 00:11:11,439 Speaker 1: it that much and decided to move to San Francisco. 248 00:11:11,559 --> 00:11:13,839 Speaker 1: Was that right? I liked it for like three months, 249 00:11:13,880 --> 00:11:16,400 Speaker 1: because there's like a thrill when you're a student. Nothing 250 00:11:16,400 --> 00:11:18,720 Speaker 1: you make is real, and you just have this yearning 251 00:11:18,720 --> 00:11:20,800 Speaker 1: that you want to make something that's real, that's not 252 00:11:20,840 --> 00:11:23,400 Speaker 1: a shelf and people pay money for. But then after 253 00:11:23,440 --> 00:11:25,760 Speaker 1: a few months of doing that, maybe a year, I 254 00:11:25,840 --> 00:11:29,120 Speaker 1: kind of remember thinking my I was like twenty four, 255 00:11:29,360 --> 00:11:32,640 Speaker 1: maybe twenty five years old. I remember like feeling like 256 00:11:32,679 --> 00:11:34,760 Speaker 1: I could see the rest of my life and the 257 00:11:34,840 --> 00:11:36,840 Speaker 1: rest of my life look like a road that disappeared 258 00:11:36,880 --> 00:11:38,800 Speaker 1: in the horizon and exactly look exactly like the road 259 00:11:38,840 --> 00:11:40,280 Speaker 1: behind me, and it kind of terrified me. I was like, 260 00:11:40,320 --> 00:11:43,280 Speaker 1: I don't really want to just be a designer. I 261 00:11:43,400 --> 00:11:45,000 Speaker 1: at this point realized, I think I want to be 262 00:11:45,000 --> 00:11:47,160 Speaker 1: an entrepreneur, but I don't know what I'm gonna build 263 00:11:47,240 --> 00:11:49,559 Speaker 1: or what I'm gonna start. And this is now two 264 00:11:49,600 --> 00:11:52,520 Speaker 1: thousand seven, and so I think like the Internet revolution 265 00:11:52,640 --> 00:11:55,520 Speaker 1: was really taking hold. You know, YouTube was just sold 266 00:11:55,520 --> 00:11:57,840 Speaker 1: to Google, it was kind of the biggest company. Facebook 267 00:11:57,880 --> 00:12:00,640 Speaker 1: was rising, the tech had come out, the ashes, the 268 00:12:00,720 --> 00:12:04,000 Speaker 1: dot com crash, and it just felt like the gears 269 00:12:04,040 --> 00:12:06,840 Speaker 1: of the world we're starting to turn in San Francisco, 270 00:12:07,280 --> 00:12:09,440 Speaker 1: and so I just had this premonition that, like, I 271 00:12:09,480 --> 00:12:11,679 Speaker 1: have to come to San Francisco. It's pulling me. Right. 272 00:12:11,720 --> 00:12:15,880 Speaker 1: So you started the company with your roommate Joe, right, yep, 273 00:12:16,080 --> 00:12:18,480 Speaker 1: you brought a third partner in. Yeah, so really not 274 00:12:18,600 --> 00:12:21,160 Speaker 1: long after it was just Joe and I were both designers, 275 00:12:21,200 --> 00:12:23,680 Speaker 1: so we can design a website, but we can't actually 276 00:12:23,720 --> 00:12:26,040 Speaker 1: code and build a website. You need a software engineer 277 00:12:26,120 --> 00:12:28,920 Speaker 1: to do that. And so after we host the three guests, 278 00:12:29,440 --> 00:12:31,920 Speaker 1: I looked at Joe and I said, like, who's the 279 00:12:31,960 --> 00:12:35,319 Speaker 1: best engineer you know? And Joe said, well, it's funny 280 00:12:35,360 --> 00:12:38,199 Speaker 1: you ask, because there was an engineer who used to 281 00:12:38,240 --> 00:12:40,079 Speaker 1: live with me before you moved in the house of 282 00:12:40,120 --> 00:12:42,040 Speaker 1: me named Nate. And so the three of us got 283 00:12:42,040 --> 00:12:43,640 Speaker 1: together and we said, you know what if you could 284 00:12:43,679 --> 00:12:45,719 Speaker 1: build a website where you can book someone's home the 285 00:12:45,760 --> 00:12:47,800 Speaker 1: way you can book a hotel anywhere in the world. 286 00:12:48,160 --> 00:12:50,440 Speaker 1: And that was the original vision. Um, little did I 287 00:12:50,480 --> 00:12:51,880 Speaker 1: know how hard it was going to be to get 288 00:12:51,880 --> 00:12:53,760 Speaker 1: it off the ground, but that was a pretty simple idea. 289 00:12:54,000 --> 00:12:56,240 Speaker 1: So as you look back on what you've built, what 290 00:12:56,280 --> 00:12:58,600 Speaker 1: would you say is the best decision you made, and 291 00:12:58,600 --> 00:13:01,080 Speaker 1: what was the biggest regret you had have so far, 292 00:13:01,120 --> 00:13:04,440 Speaker 1: and what you do, what you built. The most important 293 00:13:04,440 --> 00:13:07,319 Speaker 1: piece of advice I ever got was when I first 294 00:13:07,360 --> 00:13:10,880 Speaker 1: started Airbnb. It was actually Paul Graham. He told me something. 295 00:13:11,400 --> 00:13:14,640 Speaker 1: He said, it's better to have a hundred people love 296 00:13:14,679 --> 00:13:18,120 Speaker 1: your service then have a million people that are kind 297 00:13:18,160 --> 00:13:20,559 Speaker 1: of like your service but a little apathetic. He should 298 00:13:20,640 --> 00:13:24,040 Speaker 1: start with a small group and perfect your product. Do 299 00:13:24,200 --> 00:13:27,079 Speaker 1: things that don't scale, turn them to advocates. Because of 300 00:13:27,160 --> 00:13:30,160 Speaker 1: those hundred people love your service, they're gonna tell everyone 301 00:13:30,160 --> 00:13:33,080 Speaker 1: about them. They're gonna become your marketing And it's easy 302 00:13:33,120 --> 00:13:35,320 Speaker 1: to improve your service when you only have a hundred customers. 303 00:13:35,360 --> 00:13:37,360 Speaker 1: When you have a million customers, really hard to change it. 304 00:13:37,880 --> 00:13:40,800 Speaker 1: And so do things that don't scale, go above and beyond. 305 00:13:40,880 --> 00:13:42,679 Speaker 1: And that was something we did, and I think that 306 00:13:42,720 --> 00:13:46,800 Speaker 1: really helped explain why we're so successful. I think the 307 00:13:46,800 --> 00:13:51,280 Speaker 1: biggest mistake I made was when you're in your twenties 308 00:13:51,600 --> 00:13:54,160 Speaker 1: and you never imagine being an entrepreneur and suddenly you're 309 00:13:54,200 --> 00:13:56,840 Speaker 1: a multibillion dollar company and somebody gives you billions of 310 00:13:56,880 --> 00:14:00,720 Speaker 1: dollars and you hit on something that's hugely successful. You 311 00:14:00,760 --> 00:14:03,439 Speaker 1: tend to start to believe that you can do anything, 312 00:14:03,840 --> 00:14:05,480 Speaker 1: and you try to do everything, and you try to 313 00:14:05,480 --> 00:14:08,040 Speaker 1: do everything at the same time. And before the pandemic, 314 00:14:08,200 --> 00:14:10,800 Speaker 1: we had like ten divisions and we were extending all 315 00:14:10,840 --> 00:14:14,400 Speaker 1: different places. And in hindsight, I think having too much 316 00:14:14,440 --> 00:14:17,120 Speaker 1: money is sometimes worse than having not enough money, because 317 00:14:17,160 --> 00:14:20,800 Speaker 1: I think not having enough money creates constraints, It creates discipline, 318 00:14:20,840 --> 00:14:23,360 Speaker 1: it creates focus, It forces you to create trade offs. 319 00:14:23,600 --> 00:14:26,600 Speaker 1: I think when corporations and start ups to get over capitalized, 320 00:14:26,960 --> 00:14:30,720 Speaker 1: they can avoid making tough decisions. The accountability goes down. 321 00:14:30,840 --> 00:14:34,320 Speaker 1: There's a real sense of complacency that goes into the company. 322 00:14:34,560 --> 00:14:37,280 Speaker 1: And I think a little that lack of focus happened 323 00:14:37,320 --> 00:14:39,600 Speaker 1: Airbnb before the pandemic. So you have a lot of 324 00:14:39,600 --> 00:14:41,600 Speaker 1: mentors that have helped you over the years. How did 325 00:14:41,600 --> 00:14:43,560 Speaker 1: you get to know Barack Obama? Is he's staying at 326 00:14:43,560 --> 00:14:47,920 Speaker 1: airbnbach he has stayed in the Airbnb is actually um. 327 00:14:47,960 --> 00:14:50,600 Speaker 1: You might recall that UM we lifted the embargo in 328 00:14:50,640 --> 00:14:53,080 Speaker 1: Cuba when he was president. President Obama end up going 329 00:14:53,080 --> 00:14:56,200 Speaker 1: to Havana, Cuba, and he wanted to bring American businesses 330 00:14:56,200 --> 00:14:58,360 Speaker 1: with him to show that business is now open between 331 00:14:58,480 --> 00:15:01,160 Speaker 1: US and Cuba. Well, the problem is there weren't really 332 00:15:01,160 --> 00:15:04,120 Speaker 1: any of US businesses in Cuba except for Airbnb. So 333 00:15:04,160 --> 00:15:05,880 Speaker 1: I went with him to Havannah. I got to know 334 00:15:06,000 --> 00:15:07,880 Speaker 1: him and we kept in touch, and so I think 335 00:15:07,880 --> 00:15:10,240 Speaker 1: it was just helpful to have somebody who could help 336 00:15:10,280 --> 00:15:11,920 Speaker 1: me see the world in a broader away and just 337 00:15:11,920 --> 00:15:15,000 Speaker 1: think a little more systematically about my decisions and the 338 00:15:15,040 --> 00:15:17,600 Speaker 1: consequences that we would have on society. So that's where 339 00:15:17,880 --> 00:15:19,920 Speaker 1: how he became very helpful to me. Now, as I 340 00:15:20,000 --> 00:15:23,400 Speaker 1: understand that you're spending a year or so going to Airbnb, 341 00:15:23,520 --> 00:15:26,120 Speaker 1: is around the United States, Yeah, most of the United 342 00:15:26,120 --> 00:15:28,680 Speaker 1: States kind of reasonable time zone. So when you want 343 00:15:28,680 --> 00:15:30,960 Speaker 1: to book an Airbnb, do you have a trouble getting 344 00:15:31,000 --> 00:15:33,200 Speaker 1: a place where you want to go or no? I 345 00:15:33,560 --> 00:15:35,480 Speaker 1: you know, there's six million homes to choose from, so 346 00:15:35,720 --> 00:15:38,720 Speaker 1: I've got more than enough options. I don't really say 347 00:15:38,760 --> 00:15:41,240 Speaker 1: who I am, Um, I you know, and I think 348 00:15:41,320 --> 00:15:44,080 Speaker 1: sometimes they find out, sometimes they don't, but um, yeah, 349 00:15:44,080 --> 00:15:48,640 Speaker 1: I kind of his book last minute. I was in Atlanta, Nashville, UM, Charleston, 350 00:15:48,800 --> 00:15:51,600 Speaker 1: Los Angeles, now Miami. I need ideas for where to 351 00:15:51,640 --> 00:15:54,560 Speaker 1: go next. So when you book when an Airbnb, do 352 00:15:54,600 --> 00:15:56,080 Speaker 1: you do it yourself or you have a team of 353 00:15:56,120 --> 00:15:58,480 Speaker 1: people that pick it for you. I do it myself. 354 00:15:58,560 --> 00:16:00,600 Speaker 1: I I gotta I gotta see whatever else is doing. 355 00:16:00,680 --> 00:16:03,720 Speaker 1: I mean, I always feel like people who build great 356 00:16:03,720 --> 00:16:06,840 Speaker 1: products ideally are building products they themselves want to use. 357 00:16:06,960 --> 00:16:08,920 Speaker 1: I also think there's only so many things you see 358 00:16:08,920 --> 00:16:10,640 Speaker 1: in the data. You have to like just have a 359 00:16:10,680 --> 00:16:12,680 Speaker 1: feel for the product, and so I try to use 360 00:16:12,680 --> 00:16:15,480 Speaker 1: it as much as I can. I always wonder who 361 00:16:15,520 --> 00:16:18,320 Speaker 1: sets the rate? Do you set the rate and airbnbad 362 00:16:18,360 --> 00:16:20,280 Speaker 1: or is they host set the rate? And do you 363 00:16:20,320 --> 00:16:23,760 Speaker 1: negotiate rates? No? No, no host sets rate. They can 364 00:16:23,840 --> 00:16:26,280 Speaker 1: charge whatever they want from ten dollars a ten thousand 365 00:16:26,320 --> 00:16:28,640 Speaker 1: dollars a night or beyond. And you know, we have 366 00:16:28,720 --> 00:16:32,720 Speaker 1: people renting luxury villas that are incredible, like Luxy villas, 367 00:16:32,800 --> 00:16:36,080 Speaker 1: and then we people renting like, you know, little spaces 368 00:16:36,080 --> 00:16:38,320 Speaker 1: in their backyard. I mean we had in two thousand 369 00:16:38,400 --> 00:16:40,200 Speaker 1: nine a member when we first launched, we had people 370 00:16:40,280 --> 00:16:43,160 Speaker 1: renting spaces under their kitchen table because they kind of thought, oh, 371 00:16:43,160 --> 00:16:44,920 Speaker 1: it's space. I can rent any kind of space. So 372 00:16:45,280 --> 00:16:47,600 Speaker 1: it's kind of everything from a couch to a castle 373 00:16:47,640 --> 00:16:49,760 Speaker 1: and everything in between. And they set the rate and 374 00:16:49,800 --> 00:16:52,680 Speaker 1: we basically take So when you stay at a place, 375 00:16:52,720 --> 00:16:54,240 Speaker 1: do you ever call up the host and say, by 376 00:16:54,280 --> 00:16:56,840 Speaker 1: the way, you're charging too much or charging not enough. 377 00:16:57,520 --> 00:16:59,920 Speaker 1: I try to give feedback less on the value, but 378 00:17:00,040 --> 00:17:02,240 Speaker 1: more on the kind of hospitality. Like sometimes like a 379 00:17:02,280 --> 00:17:04,879 Speaker 1: host will want me to like, you know, like go 380 00:17:05,000 --> 00:17:07,399 Speaker 1: through some like they'll give me like a rental contract 381 00:17:07,400 --> 00:17:08,960 Speaker 1: because we used to doing on other websites, and I'm like, 382 00:17:09,160 --> 00:17:11,920 Speaker 1: Airbnb is a contract. You don't need to do this, um, 383 00:17:11,960 --> 00:17:13,760 Speaker 1: But it would be pretty weird to be a tech 384 00:17:13,800 --> 00:17:16,320 Speaker 1: founder of Airbnb and saying, hey, I think you're overcharging me. 385 00:17:16,320 --> 00:17:18,240 Speaker 1: It would just kind of send a slightly weird message. 386 00:17:18,280 --> 00:17:20,520 Speaker 1: But I try to give them feedback. And we have 387 00:17:20,560 --> 00:17:24,719 Speaker 1: a review system. Guest and host review each other at 388 00:17:24,720 --> 00:17:26,480 Speaker 1: the end of day. So I've tried to write a 389 00:17:26,480 --> 00:17:29,320 Speaker 1: pretty detailed review for every host. I I try to 390 00:17:29,320 --> 00:17:32,480 Speaker 1: be positive but honest about the reviews. But you signed 391 00:17:32,680 --> 00:17:36,239 Speaker 1: b C or Brian Ky, Brian Sewsky, so they know 392 00:17:36,320 --> 00:17:38,560 Speaker 1: by the time I leave review who I am. I'd 393 00:17:38,560 --> 00:17:40,040 Speaker 1: say half the time they know who I am when 394 00:17:40,040 --> 00:17:42,080 Speaker 1: I book either half of I don't like I don't 395 00:17:42,080 --> 00:17:43,960 Speaker 1: want to be a secret shopper where I'm like lying 396 00:17:44,000 --> 00:17:46,399 Speaker 1: to them and then booking under a pseudonym. But I 397 00:17:46,440 --> 00:17:48,040 Speaker 1: also don't want to tell them who I am, like 398 00:17:48,080 --> 00:17:50,680 Speaker 1: I'm expecting special treatment, because then I'm not going to 399 00:17:50,760 --> 00:17:53,040 Speaker 1: get the real experience. So be half the time I 400 00:17:53,119 --> 00:17:55,040 Speaker 1: know they know who I am. Half they don't. But 401 00:17:55,080 --> 00:17:58,080 Speaker 1: it's a pretty fun experience. You're forty years old. Yeah, 402 00:17:58,160 --> 00:18:00,679 Speaker 1: so at forty you've already achieved more wealth and almost 403 00:18:00,680 --> 00:18:04,359 Speaker 1: anybody could possibly imagine. Have you thought about stepping back 404 00:18:04,440 --> 00:18:07,000 Speaker 1: and smelling the roses or doing something else with all 405 00:18:07,040 --> 00:18:11,840 Speaker 1: the money you have? No, I I feel like I'm 406 00:18:11,880 --> 00:18:14,199 Speaker 1: just it's really just getting fun now. I mean it 407 00:18:14,240 --> 00:18:16,720 Speaker 1: was fun when I started, and then like there was 408 00:18:16,760 --> 00:18:19,200 Speaker 1: this like corporate adolescence was it was kind of painful, 409 00:18:19,240 --> 00:18:21,440 Speaker 1: the growing of the company. But I'm having so much 410 00:18:21,440 --> 00:18:23,440 Speaker 1: fun right now. And if I were to step back, 411 00:18:23,480 --> 00:18:25,760 Speaker 1: I'd probably only do that to start another company, to 412 00:18:25,800 --> 00:18:28,240 Speaker 1: spend another ten years just to get back to this place. 413 00:18:28,280 --> 00:18:30,240 Speaker 1: So when you've got a good thing going, you want 414 00:18:30,240 --> 00:18:32,520 Speaker 1: to keep going. And I just feel like, you know, 415 00:18:32,560 --> 00:18:33,879 Speaker 1: I have so much I still want to do with 416 00:18:33,920 --> 00:18:36,040 Speaker 1: the company. I think there's like a lot of loneliness 417 00:18:36,080 --> 00:18:37,720 Speaker 1: in the world, and I think part of our bigger 418 00:18:37,760 --> 00:18:40,080 Speaker 1: contributions to help try to bring people together around the 419 00:18:40,119 --> 00:18:42,919 Speaker 1: world living communities. So that's what I'm focused on now. 420 00:18:42,960 --> 00:18:46,240 Speaker 1: The company that I started and built had to partners 421 00:18:46,280 --> 00:18:48,480 Speaker 1: with me for the entire thirty plus years and we're 422 00:18:48,520 --> 00:18:51,240 Speaker 1: still together. It's hard to have three people work together 423 00:18:51,520 --> 00:18:54,359 Speaker 1: for a long time. You've had three people working together 424 00:18:54,400 --> 00:18:56,439 Speaker 1: for quite some time as well. Don't you ever have 425 00:18:56,520 --> 00:18:58,919 Speaker 1: fights with each other or get jealousies or how do 426 00:18:58,960 --> 00:19:01,920 Speaker 1: you work together? So so well, it's a great question, David. Yeah. 427 00:19:01,920 --> 00:19:03,399 Speaker 1: I mean, we're one of the only companies in the 428 00:19:03,440 --> 00:19:05,680 Speaker 1: world as valuable as we are intact to have three 429 00:19:05,680 --> 00:19:09,240 Speaker 1: founders have been together for fourteen years. I think it's 430 00:19:09,240 --> 00:19:12,800 Speaker 1: a couple of things. Number One, I'm really lucky because 431 00:19:12,840 --> 00:19:15,200 Speaker 1: I had the gift of having two incredible co founders 432 00:19:15,200 --> 00:19:17,040 Speaker 1: that are really high integrit and you always put the 433 00:19:17,040 --> 00:19:20,000 Speaker 1: company before themselves, and they were very supportive of me 434 00:19:20,440 --> 00:19:22,840 Speaker 1: as CEO. But the other thing is we had a 435 00:19:22,840 --> 00:19:26,280 Speaker 1: principle we said we're never gonna allow being right to 436 00:19:26,359 --> 00:19:28,840 Speaker 1: get in front of the relationship, like if you try 437 00:19:28,880 --> 00:19:30,960 Speaker 1: to be so principal that you try to win every 438 00:19:30,960 --> 00:19:34,400 Speaker 1: single argument, you'll kind of see the trees and lose 439 00:19:34,440 --> 00:19:37,000 Speaker 1: the forest, Which is say that we knew this company 440 00:19:37,000 --> 00:19:39,720 Speaker 1: would only survive. It had a really strong founding team 441 00:19:39,720 --> 00:19:42,879 Speaker 1: attack and that mean that occasionally each of us are 442 00:19:42,880 --> 00:19:45,520 Speaker 1: going to have to kind of make compromises. So we 443 00:19:45,560 --> 00:19:49,439 Speaker 1: tried to never let debates go so far that winning 444 00:19:49,480 --> 00:19:51,439 Speaker 1: an argument got in the way of the relationship. I 445 00:19:51,440 --> 00:19:54,440 Speaker 1: think that made a big difference. So on philanthropy, giving 446 00:19:54,480 --> 00:19:56,760 Speaker 1: away money sounds like it's easy, but it takes time 447 00:19:56,800 --> 00:19:58,919 Speaker 1: to do it. Well, so how are you thinking about that? 448 00:19:58,960 --> 00:20:00,800 Speaker 1: Are there certain areas you to give away some of 449 00:20:00,840 --> 00:20:02,399 Speaker 1: the money you've committed to the the given way half of 450 00:20:02,400 --> 00:20:04,439 Speaker 1: your net worth, but you you know you have to 451 00:20:04,480 --> 00:20:07,400 Speaker 1: take time to do it. So for me, I wanted 452 00:20:07,440 --> 00:20:10,280 Speaker 1: to join the Giving Pledge in my thirties because I thought, 453 00:20:10,400 --> 00:20:12,480 Speaker 1: you know, the main reason was even though it wasn't 454 00:20:12,480 --> 00:20:14,560 Speaker 1: at that point ready to give away all my money, 455 00:20:15,000 --> 00:20:16,960 Speaker 1: I did want to send an example if if it 456 00:20:16,960 --> 00:20:19,560 Speaker 1: takestent that I could for the next intern entrepreneurs. You 457 00:20:19,600 --> 00:20:22,719 Speaker 1: know that, like you know, it's it's like redistribute the 458 00:20:22,720 --> 00:20:25,400 Speaker 1: majority of wealth back to society seemed like a reasonable 459 00:20:25,400 --> 00:20:28,000 Speaker 1: thing to do was better for everyone, But I didn't 460 00:20:28,000 --> 00:20:30,480 Speaker 1: know what I wanted to focus on. I did write 461 00:20:30,480 --> 00:20:32,399 Speaker 1: in my giving pledge letter, though, that one of the 462 00:20:32,440 --> 00:20:35,320 Speaker 1: issues that I want to focus on is just helping 463 00:20:35,720 --> 00:20:38,879 Speaker 1: maybe create scholarship programs helping young kids like me. You know, 464 00:20:38,960 --> 00:20:41,920 Speaker 1: I wasn't I wasn't poor, I wasn't underprivileged. I was 465 00:20:42,000 --> 00:20:45,000 Speaker 1: just kind of obscure middle class. But had it not 466 00:20:45,080 --> 00:20:48,040 Speaker 1: been for a series of people in my lifetime, I 467 00:20:48,080 --> 00:20:50,560 Speaker 1: wouldn't be here talking to you today. You would have 468 00:20:50,600 --> 00:20:52,199 Speaker 1: just never met herd of me, and I would have 469 00:20:52,200 --> 00:20:54,520 Speaker 1: never left my town. And so I think that so 470 00:20:54,560 --> 00:20:59,159 Speaker 1: many kids have untapped potential like me that their teachers 471 00:20:59,200 --> 00:21:01,840 Speaker 1: would have never probably get predicted, would have had the 472 00:21:01,920 --> 00:21:04,440 Speaker 1: journey that I've had. And I want to help kids 473 00:21:04,480 --> 00:21:07,359 Speaker 1: see their unrealized potential and maybe help them change reject 474 00:21:07,440 --> 00:21:10,600 Speaker 1: their lives. So that's maybe one area I'm passionate about, 475 00:21:10,920 --> 00:21:12,680 Speaker 1: but make no mistake, there's a lot of other things 476 00:21:12,680 --> 00:21:14,240 Speaker 1: I like to learn about and be able to help. 477 00:21:14,320 --> 00:21:17,960 Speaker 1: The final question for somebody that's young, younger than you, 478 00:21:18,000 --> 00:21:20,119 Speaker 1: if they want to be the next Brian Schowsky, what 479 00:21:20,240 --> 00:21:23,000 Speaker 1: is the advice about how you would recommend they build 480 00:21:23,000 --> 00:21:26,240 Speaker 1: a company. I would say a couple of things. The 481 00:21:26,240 --> 00:21:28,480 Speaker 1: first thing I'd say is, don't listen to your parents. 482 00:21:28,600 --> 00:21:30,959 Speaker 1: Don't take career advice and your parents. I love my parents. 483 00:21:31,000 --> 00:21:33,399 Speaker 1: They want what's best for me. But you know, like 484 00:21:33,560 --> 00:21:36,600 Speaker 1: your parents, um, and when I use parents or proxy 485 00:21:36,680 --> 00:21:39,080 Speaker 1: for anyone, and when wise and old, most of them 486 00:21:39,119 --> 00:21:40,920 Speaker 1: are gonna try to talk you out of crazy things. 487 00:21:40,920 --> 00:21:43,320 Speaker 1: But sometimes the crazy ideas are the ones that do 488 00:21:43,640 --> 00:21:46,240 Speaker 1: kind of spread around the world. The second thing I'd 489 00:21:46,280 --> 00:21:49,399 Speaker 1: say is probably solve your own problem. A lot of 490 00:21:49,400 --> 00:21:52,199 Speaker 1: people are looking for markets. We weren't looking to go 491 00:21:52,240 --> 00:21:54,000 Speaker 1: into a good market. We were just trying to solve 492 00:21:54,000 --> 00:21:56,560 Speaker 1: our own problem. If you solve your own problem, you 493 00:21:56,600 --> 00:21:58,520 Speaker 1: may have just solved the problem for millions of other people. 494 00:21:58,560 --> 00:22:01,119 Speaker 1: And it might be quite marketable and monetize herble, you know. 495 00:22:01,160 --> 00:22:03,600 Speaker 1: I think last thing I'd say is just like, focus 496 00:22:03,720 --> 00:22:06,080 Speaker 1: on on on, focus on love. It sounds like a 497 00:22:06,119 --> 00:22:08,520 Speaker 1: weird thing, but I think a business is really simple. 498 00:22:08,760 --> 00:22:11,960 Speaker 1: And build a prop company people love working for that 499 00:22:12,000 --> 00:22:15,720 Speaker 1: creates something people love consuming or using. I just think 500 00:22:15,720 --> 00:22:18,119 Speaker 1: it's I don't want to say it's so simple, but 501 00:22:18,160 --> 00:22:21,679 Speaker 1: it kind of is all comes back to passion. Thanks 502 00:22:21,680 --> 00:22:24,080 Speaker 1: for listening to hear more of my interviews. You can 503 00:22:24,119 --> 00:22:28,359 Speaker 1: subscribe and download my podcast on Spotify, Apple, or wherever 504 00:22:28,440 --> 00:22:28,840 Speaker 1: you listen