Airbnb announced it plans to go public in 2020 on Thursday.
After their first guests, Airbnb’s founders realized they were on to something bigger than a stopgap for rent. They faced rejection plenty of times — and created their own version of Obama O’s cereal — but the three founders of Airbnb have built a big business in the past nine years.
Here’s how they turned their idea to rent out an air mattress into a business that has the hotel industry running scared.
This post has been updated from an earlier version written by Biz Carson.