Etsy provides a fascinating look at a company who found traction among a very passionate and idealistic group of people, rode that wave to massive growth and an IPO and now must find growth through decisions often at odds with the beliefs of its earliest members. In this growth study, we look at how they did it in the early days, the decisions and dynamics of their business that allowed them to scale, and the company’s efforts to keep finding the new growth lever. The challenge for Etsy, now a public company with a $2 billion valuation, is to find the growth that public markets demand while doing its best to hold on to the users who made them successful in the first place. Author’s Note: A special thanks to Shana Carp for her oral history of the company’s early traction in the feminist craft community. Her feedback and insights were invaluable in creating this growth study.