The Hard Part with Evan McCann Craig Follett from Peggy
Craig Follett is the Co-Founder and CEO of Peggy.
Peggy is the social marketplace to buy and sell contemporary art. Peggy partners with galleries and artists, to make living with art accessible to all. Finally, you can buy incredible art at a price you can afford, and can later rehome an artwork with a fellow collector if your tastes change.
Peggy does good by the artists themselves, who can finally earn artist royalties for all future secondary sales as well - something they miss out on today. This is all made possible using sophisticated and proprietary AI and ML which keeps buyers and sellers protected.
Takeaways
- Craig's internship at Spin Master inspired his entrepreneurial journey.
- Universe, Craig's previous venture, was a sharing economy platform that evolved into a ticketing and event management platform and was acquired by Live Nation/Ticketmaster.
- How Craig learned about the art world by attending Art Basel.
- Authentication in the art world and how Peggy does it at scale.
- Parallels between Universe and Peggy.
- Network effects that drive Peggy.
- Raising capital.
- The importance of co-founder relationships.
- Peggy addresses challenges faced by artists and collectors, such as provenance, catalogue raisonné and collecting royalties.
- The impacts of AI, VR and other technologies on the art world.
Chapters
00:00 Spin Master and the Inspiration for Entrepreneurship
06:13 The Genesis Story of Universe
11:02 The Motivation Behind Starting Peggy
27:35 Lessons Learned from Raising Capital
32:30 The Excitement for AI Advancements
38:25 The Value of Investors with Marketplace Experience
42:05 Join the Art Revolution with Peggy
Keywords
Spin Master, Universe, acquisition, entrepreneurship, Peggy, art market, art, royalties, AI, authentication, co-founder relationships, network effects, challenges, future