December 12, 2006
Craigslist Among the Capitalists
This DealBook entry on Craigslist CEO Jim Buckmaster’s presentation at a media conference in New York is really fun:
Wendy Davis of MediaPost describes the presentation as a “a culture clash of near-epic proportions.” She recounts how UBS analyst Ben Schachter wanted to know how Craigslist plans to maximize revenue. It doesn’t, Mr. Buckmaster replied (perhaps wondering how Mr. Schachter could possibly not already know this). “That definitely is not part of the equation,” he said, according to MediaPost. “It’s not part of the goal.”
It’s amazing how the decision not to maximize profit has become Craigslist’s unbeatable competitive advantage. It is the one move other companies can’t copy.
The post really struck a chord; the conversation that follows is the longest I’ve ever seen on DealBook, by far.