Reid Hoffman

Entrepreneurs get it right away. But I'm like, well, I'm working in a company. Am I going to seem disloyal to my company if I establish a profile here? Interesting. Because back when we started it, no one's going to use that. Why?

Entrepreneurs get it right away. But I'm like, well, I'm working in a company. Am I going to seem disloyal to my company if I establish a profile here? Interesting. Because back when we started it, no one's going to use that. Why?

Well, because they're worried about will their company fire them or not give them a bonus or something else because they have a LinkedIn profile because they're saying they're disloyal.

Well, because they're worried about will their company fire them or not give them a bonus or something else because they have a LinkedIn profile because they're saying they're disloyal.

Literally, everyone said to me, this won't work because you're individual focused. You need to be selling products to companies. Okay. Right? Right. And so I was like, no, no. I think I'm right about the way the world can and should be. Right? And so I'm going to take that risk. And that's the contrarian risk. I'm going to take that risk, and I'm going to play it forward.

Literally, everyone said to me, this won't work because you're individual focused. You need to be selling products to companies. Okay. Right? Right. And so I was like, no, no. I think I'm right about the way the world can and should be. Right? And so I'm going to take that risk. And that's the contrarian risk. I'm going to take that risk, and I'm going to play it forward.

And if I'm right, I will create something that will transform the industry, that will be amazing for individuals, amazing for companies, et cetera. And we can go, obviously, whatever length you want to go through the LinkedIn journey, we can do that. Now, Airbnb is an investor example. So Airbnb was my first investment at Greylock.

And if I'm right, I will create something that will transform the industry, that will be amazing for individuals, amazing for companies, et cetera. And we can go, obviously, whatever length you want to go through the LinkedIn journey, we can do that. Now, Airbnb is an investor example. So Airbnb was my first investment at Greylock.

And I was at Greylock because David Z, who was the Greylock partner, who was my most valuable board member at LinkedIn, convinced me that I should do venture at Greylock. And I'm very close to David. And so I bring in Airbnb as an investment. And David looks across the table from me and says, look, every VC has to have a deal they're going to fail on. Airbnb can be yours.

And I was at Greylock because David Z, who was the Greylock partner, who was my most valuable board member at LinkedIn, convinced me that I should do venture at Greylock. And I'm very close to David. And so I bring in Airbnb as an investment. And David looks across the table from me and says, look, every VC has to have a deal they're going to fail on. Airbnb can be yours.

Yes. Because Airbnb at the time had so little volume in its transactions that the founders could have called everyone who used Airbnb that week if what they did is dedicated making phone calls, like five minutes of phone call through the week. That was how small it was. And David's argument at the Greylock Roundtable was – Look, this is very strange.

Yes. Because Airbnb at the time had so little volume in its transactions that the founders could have called everyone who used Airbnb that week if what they did is dedicated making phone calls, like five minutes of phone call through the week. That was how small it was. And David's argument at the Greylock Roundtable was – Look, this is very strange.

Staying in other people's houses, you know, like the danger of something going wrong. Cities are going to hate it. Hotel lobbies are going to try to outlaw it within cities. You know, like this is just going to be a train wreck all over the place. And I was like, no, but I want to take the bet. And he's like, great. Like, we hired you as a partner. We think you're smart. Go ahead. Right.

Staying in other people's houses, you know, like the danger of something going wrong. Cities are going to hate it. Hotel lobbies are going to try to outlaw it within cities. You know, like this is just going to be a train wreck all over the place. And I was like, no, but I want to take the bet. And he's like, great. Like, we hired you as a partner. We think you're smart. Go ahead. Right.

Now, to David's credit, six months later, the transaction volume at Airbnb is like this classic hockey stick. It was years of very small. And then it grew to being very big.

Now, to David's credit, six months later, the transaction volume at Airbnb is like this classic hockey stick. It was years of very small. And then it grew to being very big.

So that hockey stick hadn't started yet. And David came to me and said, okay, because like the always be learning is also useful in venture capital. He came and said, okay, you were totally right about Airbnb. And I was totally wrong. What did you see that I didn't see?

So that hockey stick hadn't started yet. And David came to me and said, okay, because like the always be learning is also useful in venture capital. He came and said, okay, you were totally right about Airbnb. And I was totally wrong. What did you see that I didn't see?

Like how did you know when I was sitting there blowing smoke at you saying this is going to be a total failure, you said, nope, I want to do this. I said, well, look, you were right about all of the risks, right? about that could happen with Airbnb. You are absolutely right. Any of those things could have made the business worth zero. But this is the reason as investors, we do a portfolio.

Like how did you know when I was sitting there blowing smoke at you saying this is going to be a total failure, you said, nope, I want to do this. I said, well, look, you were right about all of the risks, right? about that could happen with Airbnb. You are absolutely right. Any of those things could have made the business worth zero. But this is the reason as investors, we do a portfolio.