The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: The Rent the Runway Memo: How Paid Marketing & Growth Hacking Ruined a Generation of Companies, When Will Rent the Runway Be Profitable & How Does it Compare to Other Fashion Co's and Why "I Wish I Ran My Startup Like a Public Company"
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Jun 28, 2023 Jennifer Hyman, Co-Founder and CEO of Rent the Runway, shares her journey of scaling the first shared designer closet to an IPO. She reflects on her initial naivete and the lessons learned, emphasizing the importance of hiring the right talent and cultivating resilience, especially during the pandemic. Hyman critiques the industry's reliance on paid marketing, advocating for authentic customer experiences instead. She also contrasts the operational differences between public and private companies, discussing the transformative role of AI in enhancing business efficiency and talent acquisition.
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RTR's Aha Moment
- Jennifer Hyman's sister bought an expensive dress she'd only wear once, accumulating credit card debt.
- This sparked the idea for Rent the Runway: a cloud closet offering rental options and evolving with users' lives.
Hiring for Ownership
- Hire for a "founder mentality" by assessing resilience, not just career experience.
- Explore personal lives in interviews to uncover values and commitment, prioritizing missionaries over mercenaries.
Private vs. Public
- Running a private company focuses on highlighting differences, while public companies emphasize similarities within the industry.
- This comparison reveals competitive advantages and areas for improvement.