Etsy Takes Manhattan
How one online craft store could usher in a golden age for NYC tech.
By the Dave Partners Team.
Etsy — everyone’s favorite online vintage store and craft shop — is nearing an IPO that insiders are saying could definitively announce the power of the NYC start-up scene.
When Rob Kalin first launched Etsy, back in 2005, jokes about hipsters were rampant. This, after all, is a site where you can buy flower crowns, vintage typewriters, embroidered Kanye West tweets, and at least one “vegan leather tote bag.” But the market for handmade and independently manufactured goods is strong, and right now, Etsy has over 26 million items for sale on its site, each sourced from an independent creator. Jokes aside, they’ve more than proven their viability and worth on the market.
It’s also worth noting that Etsy has risen this far while creating a strong, ethical culture: In a very real way, the site democratizes consumer-goods for the hip millennial set, allowing them to fund struggling artisans rather than buying a knock-off of their work at, say, Urban Outfitters, and making this kind of hip, quirky style available all over the US rather than keeping them confined to fashionable urban enclaves like Portland or north Brooklyn. They also have a strong ability to attract top talent by treating their people well, and giving them the chance to participate in the company’s mission of creating sustainable business practices in e-commerce.
Etsy is looking to raise $300 million in its IPO, which is not unreasonable, given that they’ve cornered this particular market. And, as Bloomberg News notes, this could be a clarion call for all of the hot New York tech companies that haven’t gone public yet.
We’re huge evangelists for the NYC tech scene, and the possibility that this IPO could announce another golden age for NYC tech has us very excited. We’ll be watching for all the companies having big IPOs in the wake of Etsy’s — and we’d advise you to get in while the getting’s good, because once this is out there, New York tech will be hotter than ever before.
Dave Partners is New York’s leading boutique headhunting firm exclusively for high-growth tech companies. We find the top 1% of A+ talent for our clients. To learn more, contact us or visit us online.
This post originally appeared on the Dave Partners blog.