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Airbnb is today considered a genuine business disruptor with a market valuation of around US $ 25 billion. However, when their no-frills hospitality business started, it encountered several challenges. Their business innovation was rejected by several funding agencies until receiving first major seed fund from the Y-Combinator Incubator. It also provided access to investors and mentoring. As a pilot project, they went to a music festival in Austin, Texas. Over time, the founders realized there was a genuine demand in the market for their service. This they realized after coming into contact with customers. They even customized the product to some extent once they realized there were flaws in the initial planning. One of these was the payment in advance as deferred payments may lead to defaulting and brand value erosion. And their persistence paid off.

Source: http://innovationexcellence.com/blog/2016/08/23/innovation-lessons-from-airbnb/

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