Manage episode 226722690 series 62727
“I don’t think CEOs should be able to be CEOs if they can’t code,” says Grant Petty, founder and CEO of Blackmagic Design.
That’s a bold statement, but Petty is a bold guy. Working as an engineer in the television industry, he realized the technology was overpriced. So he started a company that cut costs and put power into the hands of creators.
“Really what I was doing was a protest against the way the TV industry was,” he says.
And soon, Petty began to challenge the status quo of business in general. He runs his company a little differently: There are no spreadsheets, very little planning, and to him, metrics hardly matter.
“In the Western world, business culture becomes so rigid and so inflexible,” he says. “If you’re a creative person, you can get destroyed by that because they don’t allow you to exist.”
Today, Blackmagic Design boasts nearly $300 million in annual revenue and is still 100% bootstrapped. Its technology is used by 80% of modern day feature films. We sat down with Petty to discuss what he’s learned about how to run a meaningful business in the face of opposition.Key Takeaways
- How his frustrations with the TV industry inspired him to start Blackmagic
- The story behind Blackmagic’s first product and how he got it off the ground
- The challenges with getting funding and the struggles he faced when he decided to self-fund
- The “wave of hatred” that can come when you try to disrupt an industry
- How long it took to become an industry leader
- How to know when it’s the right time to add a new product to your line
- Balancing his creative side with the operational duties of being CEO
- One common thing that’s destroying creativity in businesses
- Blackmagic’s culture and how it fosters creativity
- What’s next for the company
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