Ep204 – George Hartley (Co-founder & Co-CEO – Bluethumb) on lessons from building a $100M art marketplace
Jan 23, 2025
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George Hartley, Co-founder and Co-CEO of Bluethumb, shares his journey from music to tech and the growth of Australia's leading art marketplace. He discusses the three-year wait for their seed funding and the continued focus on bootstrapping. George emphasizes the importance of risk-taking and experimenting in business, as well as the unique challenges of scaling a consumer marketplace. He also reflects on effective hiring strategies and the impact of his journey on work-life balance as they look to expand into the US market.
Bluethumb's founders successfully bootstrapped the company for three years, laying a strong foundation without external investment to ensure sustainable growth.
Navigating skepticism from the art industry showcased the founders' determination and innovative approach, essential for establishing Bluethumb as a viable online platform.
The contrasting experiences of building a consumer marketplace versus a SaaS company underscored the importance of customer feedback and adaptability in scaling.
Deep dives
The Thrill of Entrepreneurship
Building a startup involves a significant grind, marked by challenges and setbacks. However, the excitement of achieving milestones or making progress provides a unique thrill that keeps entrepreneurs motivated. This sense of adventure drives individuals to create something from nothing, allowing them to deliver value to others. The joy of seeing people enjoy and utilize the products or services developed fuels their passion for entrepreneurship.
Bootstrapping Success
Blue Thumb, Australia's largest art platform, was bootstrapped for its first three years, allowing the founders to establish a solid foundation without external investment. This approach necessitated resilience and innovation to overcome numerous obstacles while proving the viability of their concept. Eventually, the founders raised a seed round, leading to significant growth and expansion opportunities. The experience gained during the bootstrap phase provided invaluable lessons that contributed to their later success.
Navigating Industry Skepticism
When launching Blue Thumb, the founders faced skepticism due to the perceived limitations of selling art online. Many industry professionals believed there was insufficient demand for such a platform, but the founders pushed forward, confident in their vision. Their unique perspective, coming from outside the art world, allowed them to challenge the status quo and build a platform that artists could use to gain recognition. This determination proved crucial in overcoming initial barriers and achieving their goals.
Learning from Past Experiences
The journey of creating SmarterMail, a SaaS company, highlighted the stark differences between building consumer marketplaces and SaaS businesses. Founders learned the importance of adapting their strategies and understanding their customers' needs more deeply. Listening to user feedback and making quick adjustments became critical to finding success. This experience underscored the value of persistence and the need to pivot when necessary, as well as recognizing opportunities in various markets.
Adapting to Life Changes
As the founder of Blue Thumb, balancing personal life and professional ambitions became increasingly important with the arrival of young children. Embracing the joy of parenthood introduced new motivations but also the need for better time management. The founder strives to maintain a family balance while remaining dedicated to the growth of the business. This balance involves setting boundaries at work and prioritizing time with family, all while driving the mission of Blue Thumb forward.
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
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