Episode description
Episode description
My guest today is Craig Newmark – the Founder of the incredibly successful internet marketplace, Craigslist! Craigslist serves 700 cities in 70 countries and has 250 million users a month. In 2018, only four years after formation, Craigslist reached $1 billion in revenue.
During the last eight years, Craig Newmark has been one of our country's most active and generous philanthropist. During that time, he has given away more than $200 million. In 2022 alone, he gave away $81 million, which made him the 24th most generous philanthropist in the United States that year.
(01:50) Craig's parents
- Growing up in a Jewish family in New Jersey
- How his father's death impacted his future
- Stress of going to college from a young age
- The influence of Sunday school teachers
(06:29) Craig's Education (Computer Science)
- Mastering quantum physics and computer science
- Using the first computer for the first time
- Being a nerd in high school and college
- Being bullied as a kid
(12:14) Advice for people who don’t want to go to college
- 63% of people graduating college on financial aid
- Advice to those who don't want to go
- Why 42 is not too late to start a company
- Advice to new founders
- Craigslist started as a hobby
- How Craig became an accidental entrepreneur
(18:53) Turning Craigslist into a real company
- How Charles Schwab got started on Craigslist
- Turning a hobby into a business
- The first dollar ad on Craigslist
- The monetization philosophy of Craigslist
(27:04) When is the right time to leave your job to start a company?
- When is the right time to leave a job to start a company
- The fear of failure
- Why he didn't take money from Craigslist
- Advice to other entrepreneurs
- Evaluate and make judgments on the founder
- Advice to those with founder syndrome
(33:55) What went into the decision to hire Jim as CEO
- The decision to hire Jim as CEO
- Early on, Craig asked for the privilege of not being on the phone
- Treating people the way they want to be treated
(40:12) Customer service is a way to make more money
- The CEO of Verizon (customer service is important)
- Dunbar's number and how it's been guiding principles at Craigslist
- None of the figures can be relied on
- Top five elements of success
(57:32) Humility
- The importance of being humble in search of excellence.
- One of Craigslist challenges.
- How Craigslist has dealt with these issues throughout the years.
- How craigslist dealt with the issues.
(1:03:04) The downsides of having a lot of money
- Net worth is estimated to be between one and $3 billion
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