Any startup that relies on the network effect to provide value is a daunting challenge. Your product can be amazing, but without the right user acquisition strategy, you'll be left spinning your wheels. Kudos to the AirBNB team for having the vision and determination not to quit.
The cereal fundraising story is mentioned here as evidence of desperation, which it might have been, but Fred Wilson paints the move as an indicator of a great entrepreneur: <a href="http://www.avc.com/a_vc/2011/03/airbnb.html" rel="nofollow">http://www.avc.com/a_vc/2011/03/airbnb.html</a>
Seems like most successful companies of any kind "almost never were." Is there any company that was successful right from the beginning, with no real hurdles?
Interesting that it doesn't mention the craigslist spamming. I'd wager that's far more responsible than YC. As great as YC is for many things it's not a significant source of traction for most startups.