created in 2008 by PayPal-mafia member Keith Rabois, YouTube cofounder Jawed Karim and Eventbrite cofounder Kevin Hartz. The three pooled their networks and ideas to find exciting new internet consumer companies to back, Rabois told Business Insider.
"He went into this monologue explaining Airbnb. I interrupted him and said, 'This is the coolest thing I've seen since YouTube, and I need to invest. How do I do that?'" Rabois recalled. Rabois was an executive at internet company Slide at the time. "The friction of posting that in a very poorly designed product like Craigslist, which was not designed for this use case, demonstrated that there must be 10 to 100 times, 1,000 times, the number of people that would actually do this," Rabois said.
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