Josh Silverman is using cutting-edge technology to transform Etsy from a hippie flea market into a Wall Street hero—without losing its soul.April 2, 2020, during the chaotic early days of the pandemic, Etsy CEO Josh Silverman awoke to a sales shock.
The team was split. Some saw the face mask market as a fad. To others, it offered a chance for Etsy to show off the power and flexibility of its decentralized, nearly 3 million–strong seller community. “This was our Dunkirk, where we could mobilize cottage industry to come to the rescue,” says Silverman, who is 52. “The world’s supply chains had locked up. You couldn’t get face masks. Yet Etsy’s supply chain was just two hands making.
Since Covid’s March 2020 lows, Etsy shares are up some 600%, torching the Nasdaq , eBay , Walmart and Amazon . The 16-year-old company is worth just shy of $30 billion. Active buyers and sellers on Etsy have doubled to 90 million and 5 million, respectively. As with most digital retailers, growth has slowed in the second half of 2021 as the economy has reopened, but analysts are betting Etsy will hit a 30% sales increase in 2021.
Raised in Ann Arbor, Michigan, Silverman got a BA in public policy at Brown in 1991, worked for progressive New Jersey Senator Bill Bradley and later earned a Stanford MBA. In 1998 he cofounded Evite, the online invitation manager, before spending five years leading eBay marketplaces abroad. He turned around a struggling Skype in 2008 and later ran American Express’s credit-card business from 2011 to 2015.
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