One session I really enjoyed at last week's PSFK's San Francisco trends conference was Jen Bekman's talk describing 20X200, her online art gallery. Her business plan is pretty simple and described on her website as:
On a Sunday night back in January, Jen came up with a formula:
large editions + low prices x the internet = art for everyone
The 20X200 online gallery introduces two new piece each week. Each piece is limited to 200 prints and the price for small prints is $20 (larger prints and originals cost a lot more). This makes art accessible to pretty much anyone and gives new and emerging artists an opportunity to get promoted and sell their work.
Bekman talked about how the Internet and new technology is enabling her business. She mentioned:
1. That the Internet provides a low cost distribution system that reaches a wide range of potential buyers.
2. Advances in printing technologies and related reductions in print costs allow her to sell prints for $20 and still make a profit.
3. Because of the low costs associated with her online gallery, she can experiment and try new things on a regular basis. This is very different from her physical gallery, where showing pieces is expensive and risky.
20X200 is a great example of how the Internet and new technology is creating new small business opportunities by broadening market opportunities and reducing costs.