This chapter explores the unconventional fundraising strategies that challenge traditional bootstrapping methods, showcasing the impact of initial funding rounds on business growth. The discussion also emphasizes the significance of effective hiring practices, introducing 'top grading' as a method to evaluate candidates while valuing passion and creativity. Through personal anecdotes, the speakers highlight the role of resource availability and strategic decision-making in fostering startup success.
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My guest for Ep204 of The Startup Playbook Podcast was George Hartley.
George is the Co-founder & Co-CEO of Bluethumb, Australia’s largest art marketplace.
Since its launch in 2012, Bluethumb has grown into the leading art marketplace platform, connecting over 23,000 artists with buyers and selling more than $100 million worth of artwork.
In addition to Bluethumb, George was also the Co-founder and CEO of SmartrMail, an email marketing platform designed to help e-commerce businesses delight their customers and boost sales. SmartrMail’s success led to its acquisition by Relay Commerce in 2022, delivering a 5x return to its seed investors.
In this episode, George shares insights into:
Why Bluethumb waited three years to raise their seed round and why they’ve stayed bootstrapped since
The importance of continuously taking risks and experimenting to drive growth
The unique challenges and strategies for scaling consumer marketplaces versus SaaS companies
Timestamps:
1:49 George’s background
7:30 His journey from music to tech
11:33 How to know when to stick with something vs pivot
15:45 The early days of Bluethumb
19:52 Staying true to your vision despite external noise
24:18 The fundraising journey for Bluethumb
32:03 The SmarterMail journey
38:02 Identifying and hiring talent
45:34 How he thinks about taking risks and running experiments
52:54 US Expansion
Our partners:
A big thank you to Freddy Grant and Ed Hartley for their help with this interview!
Also a big shout out to our partners for the show:
Scendar
Scendar is the OG startup accounting firm in Australia catering to all stages of your business’ life. If you’re busy running your startup, you don’t have time to do your own books and forecast. Instead, fully outsource your finance function, giving you time and resources back to focus on what you do best in growing your business. Find out more at Scendar.com
Vanta
Vanta helps businesses get — and stay — compliant by automating up to 90% of the work for the most in-demand compliance frameworks. And with over 300 integrations, you can easily monitor and secure the tools your business relies on. Join over six thousand fast-growing companies that use Vanta to manage risk and prove security in real time. Startup Playbook Podcast listeners get access to an exclusive offer of USD$1000 off their plans. Head over to vanta.com/playbook to get access to this exclusive discount.
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