Thursday, December 10, 2020

New rich

In 2008 two men both age 27 had some room to rent and they set up an online rental system for travelers. They called it AirBnB. They don't have anything to do with the rental space, they just take a small commission for those who use their site. Today millions of renters are making money off their unused space and millions of travelers and getting low priced lodging. Today this company goes public for an estimated $47 billion dollars. In 2013 three Asian American students in their late 20's founded Doordash a company that offers home food delivery. They got $700 million from venture capitalist and last week went public for $38 billion dollars. Millions of people now save time by not having to go out to shop for food. Multiple deliveries are made on each trip saving fuel cost. Will these young men now use their wealth to retire and just spend the rest of their lives buying toys to play with or will they use their entrepreneurial skills to start new businesses?

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