Craig Follett: Art Is My Post-Exit Purpose & Business
May 30, 2024
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Entrepreneur Craig Follett shares his journey from building universe.com to creating peggy.com, a secure art marketplace. He discusses finding post-exit purpose through making art affordable, motivations for starting a business, and separating personal identity from business. The podcast covers reflections on wealth, creativity, and the societal impact of art as an appreciating asset and driver of change.
Craig Follett found purpose in making art affordable post-exit, emphasizing financial value and societal impact.
Reflecting on post-business identity shift, detaching from past ventures, and embracing new creative pursuits for motivation.
Deep dives
Post-Exit Mission: Making Art Affordable
Craig Follett, after selling his business to Ticketmaster, founded Peggy.com to create a secure marketplace for investment-grade art. His aim is to make art affordable for everyone, emphasizing the financial value and enjoyment art brings. Through offering art as appreciating assets, artists can shape society and bring about change.
Personal Growth and Identity Shifts
Craig reflected on his post-business identity shift, expressed initially finding it challenging to detach from his past business entity and redefine himself. He described his meditative journey, highlighting the sense of appreciation gained and the motivation it provided for future endeavors.
Creativity and Purpose in Business Ventures
Craig shared how both his business ventures with Adam were driven by a shared passion for creating and building, viewing themselves as artists in their ventures. He discussed how their second venture, Peggy.com, aims for social impact like providing artists with resale royalties.
Art and Investment: A Changing Landscape
He explored the notion that art investment doesn't solely rely on aesthetics but on emotion and impact. By creating Peggy.com, Craig aims to expand the art market, allowing collectors to participate at more accessible levels and fostering a vibrant art community with broader societal impact.
Craig Follett. He built universe.com, a social marketplace for events, and sold it to Ticketmaster in 2015. Following the sale, Craig grew the business 30 -fold and took the company global before leaving in 2019. He then found his calling in building peggy.com, a secure marketplace for buying and selling investment-grade art.
In this episode, Craig shares how and why he found his post -exit mission in making incredible art affordable to everyone.
Peggy: https://peggy.com/
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TIME STAMPS:
(00:00:00) Intro
(00:01:11) Welcome
(00:03:03) Post-Business Life and Feelings
(00:03:46) Sabbatical Experiences and Growth
(00:06:12) Creativity and Business Associations
(00:07:42) Brainstorming New Business Ideas
(00:08:37) Development of New Business Idea
(00:09:16) Understanding the Art Industry and Seeing Opportunities
(00:13:16) Motivations behind Starting a Business
(00:16:54) Desire for Social Impact in Business
(00:18:08) Purpose-driven Business Endeavor
(00:19:29) Reflections on Money and Wealth
(00:20:35) Sharing Success with Loved Ones
(00:21:51) Following Motivation for Creativity
(00:22:18) Money as a Resource and Scarce Time
(22:52) Self Identity and Growth Reflection
(23:48) Imposter Syndrome in Entrepreneurs
(24:04) Separating Personal Identity from Business
(26:03) Investment and Detachment in Business
(27:12) Rediscovering Self Identity after Exiting Business
(27:58) Moral Acceptability of Pursuing Self-Interest in Business
(29:19) Personal Growth and Self-Improvement Plans
(30:15) Relationship with Spirituality
(32:00) The Transition from Entrepreneur to Employee
(34:07) Alternative Investment and Art
(34:56) The Impact of Art on Society
(36:38) The Role of Suffering in Personal and Business Success
(41:33) The Importance of Pleasure and Satisfaction
(43:51) Future Plans for Peggy and Disruption in the Art Industry
(00:45:41) Definition of Canon and Role of Auction Houses
(00:46:39) The Use of Blockchain for Technology
(00:47:38) Future Plans and Legacy
(00:49:02) Discussion on Mental Health and Childhood
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