Craig Newmark: Reinventing the Peer to Peer Transaction (Founder of Craigslist) | E59

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 parentsGrowing up in a Jewish family in New JerseyHow his father's death impacted his futureStress of going to college from a young ageThe influence of Sunday school teachers(06:29) Craig's Education (Computer Science)Mastering quantum physics and computer scienceUsing the first computer for the first timeBeing a nerd in high school and collegeBeing bullied as a kid(12:14) Advice for people who don’t want to go to college63% of people graduating college on financial aidAdvice to those who don't want to goWhy 42 is not too late to start a companyAdvice to new foundersCraigslist started as a hobbyHow Craig became an accidental entrepreneur(18:53) Turning Craigslist into a real companyHow Charles Schwab got started on CraigslistTurning a hobby into a businessThe first dollar ad on CraigslistThe 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 companyThe fear of failureWhy he didn't take money from CraigslistAdvice to other entrepreneursEvaluate and make judgments on the founderAdvice to those with founder syndrome(33:55) What went into the decision to hire Jim as CEOThe decision to hire Jim as CEOEarly on, Craig asked for the privilege of not being on the phoneTreating people the way they want to be treated(40:12) Customer service is a way to make more moneyThe CEO of Verizon (customer service is important)Dunbar's number and how it's been guiding principles at CraigslistNone of the figures can be relied onTop five elements of success(57:32) HumilityThe 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 moneyNet worth is estimated to be between one and $3 billionThe downsides to having a significant amount of moneyHis obsession with pigeons(1:09:32) PhilanthropyCraig Newmark Philanthropies (CNP)Pigeon rescue vs other philanthropic giftsHow to get involved in philanthropyThe one piece of advice Craig would give his 21-year-old selfAbout Randall Kaplan: Randall Kaplan is a serial entrepreneur, venture capitalist, executive coach, co-founder of Akamai Technologies, founder and CEO of JUMP Investors, and host of In Search of Excellence. Through his Extreme Preparation™ methodology, he helps founders, executives, business owners, and ambitious professionals improve strategy, communication, decision-making, and execution.Coaching and Staying Connected:1-on-1 Coaching | Instagram | YouTube | TikTok | LinkedIn | X