Marketplaces need supply before demand

I actually just think they're two-sided and you start with the supply and at the end of the day, you can optimize for the demand side or choose who you're going to prioritize in terms of if there's a conflict, we're going to pick this side or the other.

In a marketplace like that where it's real time people trying to get a cab to go from uptown to downtown, you see the inexperience firsthand the impact to your business if you don't have suppliers, if your suppliers aren't happy, if they go on strike, if there's regulations that mean you can't use your service.

Your product really wasn't your technology. Airbnb is nothing without its hosts, nothing. If anything, Airbnb's product was its hosts.

In order to tip a market, you need suppliers to want to lean in on your marketplace. My partner, Bill Gurley talks about how great marketplaces create the new incumbents. So you basically have suppliers who aren't the incumbents.

I think on average when you hear advice about where to focus, people over rotate on supply and actually are under focused on demand. I think ultimately demand is the only thing that matters. If you are successful at aggregating the demand in your industry, you will have the winning marketplace.