How Etsy Found Its Purpose and Crafted a Turnaround | Cold Call
Etsy, the online seller of handmade goods, was founded in 2005 as an alternative to companies that sold mass-manufactured products. The company grew substantially but remained unprofitable under the leadership of two early CEOs.
Ten years later, Etsy went public and was forced into a new arena, where it was beholden to stakeholders who demanded financial success and accountability. Unable to contain costs, the company was almost bought out by private equity firms in 2017 – until CEO Josh Silverman arrived with a mission to save the company financially and, in the process, save its soul.
Harvard Business School professor Ranjay Gulati discusses the purpose-driven turnaround Silverman and his team led at Etsy – to make the company profitable and improve its social and environmental impact – in the case, “Etsy: Crafting a Turnaround to Save the Business and Its Soul.” (https://hbsp.harvard.edu/product/821092-PDF-ENG?Ntt=821092)
This episode originally aired on Cold Call on March 22, 2022.
You can also listen to this episode on HBR.org, and wherever you listen to podcasts:
- HBR.org (transcript available here): https://hbr.org/podcast/2022/03/how-etsy-found-its-purpose-and-crafted-a-turnaround
- Apple Podcasts: https://podcasts.apple.com/us/podcast/how-etsy-found-its-purpose-and-crafted-a-turnaround/id1156646189?i=1000554854577
- Spotify: https://open.spotify.com/episode/2dx8t9mEiBplJcucOS1Lwc?si=2bb154762918456c
- Stitcher: https://www.stitcher.com/show/cold-call/episode/how-etsy-found-its-purpose-and-crafted-a-turnaround-201597920
- Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmhhcnZhcmRidXNpbmVzcy5vcmcvaGFydmFyZGJ1c2luZXNzL2NvbGQtY2FsbA/episode/dGFnOmF1ZGlvLmhici5vcmcsMjAxNi0wOS0xNjpjb2xkLWNhbGwuMDE3MQ?sa=X&ved=0CAIQuIEEahcKEwjQlsH78vz_AhUAAAAAHQAAAAAQLA
Series Description:
Harvard Business School’s legendary case studies, distilled into podcast form.
About Harvard Business Review:
Harvard Business Review is the leading destination for smart management thinking. Through its flagship magazine, books, and digital content and tools published on HBR.org, Harvard Business Review aims to provide professionals around the world with rigorous insights and best practices to help lead themselves and their organizations more effectively and to make a positive impact. Learn more at www.hbr.org.
Chapters:
00:00 – Intro
2:02 – Financial and Social Performance
6:27 – Defining Deep Purpose
8:46 – What Is Etsy / Founder Rob Kalin
11:38 – CEO Chad Dickerson & IPO Troubles
14:41 – CEO Josh Silverman & Making Commerce Human
22:13 – Is Deep Purpose Necessary?
24:37 – Outro
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Ten years later, Etsy went public and was forced into a new arena, where it was beholden to stakeholders who demanded financial success and accountability. Unable to contain costs, the company was almost bought out by private equity firms in 2017 – until CEO Josh Silverman arrived with a mission to save the company financially and, in the process, save its soul.
Harvard Business School professor Ranjay Gulati discusses the purpose-driven turnaround Silverman and his team led at Etsy – to make the company profitable and improve its social and environmental impact – in the case, “Etsy: Crafting a Turnaround to Save the Business and Its Soul.” (https://hbsp.harvard.edu/product/821092-PDF-ENG?Ntt=821092)
This episode originally aired on Cold Call on March 22, 2022.
You can also listen to this episode on HBR.org, and wherever you listen to podcasts:
- HBR.org (transcript available here): https://hbr.org/podcast/2022/03/how-etsy-found-its-purpose-and-crafted-a-turnaround
- Apple Podcasts: https://podcasts.apple.com/us/podcast/how-etsy-found-its-purpose-and-crafted-a-turnaround/id1156646189?i=1000554854577
- Spotify: https://open.spotify.com/episode/2dx8t9mEiBplJcucOS1Lwc?si=2bb154762918456c
- Stitcher: https://www.stitcher.com/show/cold-call/episode/how-etsy-found-its-purpose-and-crafted-a-turnaround-201597920
- Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmhhcnZhcmRidXNpbmVzcy5vcmcvaGFydmFyZGJ1c2luZXNzL2NvbGQtY2FsbA/episode/dGFnOmF1ZGlvLmhici5vcmcsMjAxNi0wOS0xNjpjb2xkLWNhbGwuMDE3MQ?sa=X&ved=0CAIQuIEEahcKEwjQlsH78vz_AhUAAAAAHQAAAAAQLA
Series Description:
Harvard Business School’s legendary case studies, distilled into podcast form.
About Harvard Business Review:
Harvard Business Review is the leading destination for smart management thinking. Through its flagship magazine, books, and digital content and tools published on HBR.org, Harvard Business Review aims to provide professionals around the world with rigorous insights and best practices to help lead themselves and their organizations more effectively and to make a positive impact. Learn more at www.hbr.org.
Chapters:
00:00 – Intro
2:02 – Financial and Social Performance
6:27 – Defining Deep Purpose
8:46 – What Is Etsy / Founder Rob Kalin
11:38 – CEO Chad Dickerson & IPO Troubles
14:41 – CEO Josh Silverman & Making Commerce Human
22:13 – Is Deep Purpose Necessary?
24:37 – Outro
Follow Harvard Business Review:
https://hbr.org/
https://www.linkedin.com/company/harvard-business-review/
https://www.facebook.com/HBR/
https://twitter.com/HarvardBiz
https://www.instagram.com/harvard_business_review/
Sign up for Newsletters: https://hbr.org/email-newsletters
#HarvardBusinessReview #business #management #harvardbusinessschool
Copyright © 2022 Harvard Business School Publishing. All rights reserved.
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