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How to Lose Funds and Infuriate Users: Couchsurfing, a Cautionary Tale From the "Sharing Economy"

BY Sam Roudman | Thursday, November 7 2013

Embroidered Couchsurfing SpongeBob, by Courtney Leigh, 2010 (http://www.flickr.com/photos/courtney-leigh/5136501557/)

Couchsurfing is a global travel network founded in 2004. It claims six million adventurous travelers and hospitable hosts, together envisioning “a world made better by travel and travel made richer by connection.” But on October 10, the company cut that connection with 40 percent of its staff, and its CEO Tony Espinoza, who just took over the company 18 months ago, announced he was stepping down. Adding to its trouble, according to TechCrunch, is the fact that the company, which has raised over $22 million since becoming a for-profit more than two years ago, is burning through $800,000 a month. How did the once-successful community platform go south? Read More