Spencer Rascoff

I want to see from them that it weighed on them, that they cared deeply, that they gave it their all. So that's a turnoff if people shrug their shoulders about past failures. In terms of how we persisted at Hotwire, I think... It helps, frankly, when the world is falling apart all around you because it's not quite as lonely.

I want to see from them that it weighed on them, that they cared deeply, that they gave it their all. So that's a turnoff if people shrug their shoulders about past failures. In terms of how we persisted at Hotwire, I think... It helps, frankly, when the world is falling apart all around you because it's not quite as lonely.

So we were in a category of online travel that the whole thing was a bit of a mess, right? And so it didn't feel that personal. It wasn't like, oh, we made a mistake and therefore our company is failing. I think that would be a lot harder. Zillow I managed through a very similar set of circumstances in 2008. through the financial crisis.

So we were in a category of online travel that the whole thing was a bit of a mess, right? And so it didn't feel that personal. It wasn't like, oh, we made a mistake and therefore our company is failing. I think that would be a lot harder. Zillow I managed through a very similar set of circumstances in 2008. through the financial crisis.

And similarly, the mortgage meltdown and the foreclosure crisis was affecting the whole country, the whole world, but certainly our industry of real estate. And so we were not alone. And I think that helped quite a bit because this wasn't of our own making. This was macro. And now we have to fight through it as best we can.

And similarly, the mortgage meltdown and the foreclosure crisis was affecting the whole country, the whole world, but certainly our industry of real estate. And so we were not alone. And I think that helped quite a bit because this wasn't of our own making. This was macro. And now we have to fight through it as best we can.

I joined Expedia in 2003 and left in 2005. I wanted to be at a size company where I felt I could make more of a difference and where there was a ton of innovation happening. that I could be a part of. And so I basically wanted to be back at a startup again.

I joined Expedia in 2003 and left in 2005. I wanted to be at a size company where I felt I could make more of a difference and where there was a ton of innovation happening. that I could be a part of. And so I basically wanted to be back at a startup again.

And so I left Expedia and I reached out, I as the co-founder of Hotwire that had recently sold to Expedia, I reached out to the co-founders of Expedia who had recently left Expedia and we joined up and spent a couple months brainstorming startup ideas. And all three of us were shopping for homes at that time. I was buying my first home.

And so I left Expedia and I reached out, I as the co-founder of Hotwire that had recently sold to Expedia, I reached out to the co-founders of Expedia who had recently left Expedia and we joined up and spent a couple months brainstorming startup ideas. And all three of us were shopping for homes at that time. I was buying my first home.

We were pregnant with our first child, and it felt like the right time to buy a house. And I was surprised. Here we are in 2005. The internet is more than 10 years old, yet the state of... websites for shopping for home was pretty terrible.

We were pregnant with our first child, and it felt like the right time to buy a house. And I was surprised. Here we are in 2005. The internet is more than 10 years old, yet the state of... websites for shopping for home was pretty terrible.

And we started messing around with doing mashups of Google Maps, with Craigslist listings, with listings from MLS data, with county data that we could glean from King County, which is the county that Seattle is in. And it became clear that although there were plenty of websites out there, there were no real estate sites that prioritized the consumer.

And we started messing around with doing mashups of Google Maps, with Craigslist listings, with listings from MLS data, with county data that we could glean from King County, which is the county that Seattle is in. And it became clear that although there were plenty of websites out there, there were no real estate sites that prioritized the consumer.

Everything back then prioritized the real estate agent. And we thought that was backwards, that we could build something that prioritized the consumer experience rather than the agent experience. And so that was the genesis of Zillow.

Everything back then prioritized the real estate agent. And we thought that was backwards, that we could build something that prioritized the consumer experience rather than the agent experience. And so that was the genesis of Zillow.

And the product insight was rather than focusing on what's for sale, which many other real estate websites do, why don't we try to answer a different question, which is what's my house worth? And that's where the Zestimate came from. And the Zestimate is Zillow's opinion of what every home's value is.

And the product insight was rather than focusing on what's for sale, which many other real estate websites do, why don't we try to answer a different question, which is what's my house worth? And that's where the Zestimate came from. And the Zestimate is Zillow's opinion of what every home's value is.

And so figuring out that first version of the Zestimate was what we then took another couple months to launch. And we launched in 2006. I forget what month. But when we launched Zillow, we had a million visitors on our first day. We had four million visitors in our first month. It was one of the fastest launches of any consumer product.

And so figuring out that first version of the Zestimate was what we then took another couple months to launch. And we launched in 2006. I forget what month. But when we launched Zillow, we had a million visitors on our first day. We had four million visitors in our first month. It was one of the fastest launches of any consumer product.