Etsy, the online marketplace for handmade and vintage goods, underwent a significant transformation under the leadership of CEO Josh Silverman. Despite its substantial growth, Etsy remained unprofitable for a long time. When Etsy went public, stakeholders demanded higher financial returns and accountability, but the company continued to struggle with cost containment. Silverman implemented a purpose-driven turnaround strategy, making tough decisions like laying off employees for the first time in Etsy’s history. He focused on improving the user experience for buyers and rediscovered the company’s commitment to social and environmental sustainability. This approach led to Etsy becoming profitable while preserving its soul.
Read more at: https://hbr.org