Julie Wainwright has taken two firms public, an unbelievable feat by any customary. But in her new memoir, Time to Get Actual, she affords readers one thing much more useful than a form of victory lap: a have a look at the messy realities of management. Wainwright shares powerful truths that many high-achieving CEOs can relate to however hardly ever talk about publicly, together with the aftermath of what many would contemplate her first main setback, which was shutting down Pets.com throughout the 2000 market crash.
When you’re of a sure age, you undoubtedly keep in mind it. The net pet provides startup had change into immediately recognizable because of its memorable sock puppet mascot and catchy slogan, “As a result of pets can’t drive.” However what appeared like only a fleeting second within the dot-com bubble’s burst would forged a shadow over Wainwright’s profession for practically a decade. “Once I would discuss to recruiters, it was like, ‘Nobody’s going to rent you anymore,’” Wainwright mentioned in an interview with this editor earlier this week.
It got here as a shock, provided that Wainwright’s profession trajectory initially appeared unstoppable. After slicing her tooth at Clorox, she rose by way of tech firms within the ‘90s when feminine management within the sector was exceedingly uncommon. As CEO of Berkeley Methods and later the net video retailer Reel.com, she labored “tons of hours” however was comfortable and, by her telling, succeeding, together with rising Reel.com’s income from $3 million to $25 million — a time throughout which the corporate was offered to Hollywood Video. “I simply operated higher and not using a boss,” she mentioned.
Then got here the collapse that may have completely derailed many careers. In 2000, Wainwright took Pets.com public, solely to close it down later that very same 12 months throughout the dot-com bubble burst. The skilled blow was exacerbated by a private one: she says that on the exact same day she knowledgeable workers of the corporate’s closure, her husband requested for a divorce.
“My work is gone, I’m getting a divorce, and I don’t have kids,” Wainwright, then 42, recollects considering as she confronted what felt like whole life collapse. Making issues worse, the media protection was “extremely adverse and intrusive,” to the purpose that she says days after the corporate’s closure, reporters confirmed up at her doorstep.
Wainwright describes what adopted as a form of lengthy winter, the place she was solely supplied roles main turnaround efforts at failing firms. However that crossroads led to a exceptional second act. In 2010, she based The RealReal, serving to within the course of to pioneer the luxurious consignment market on-line. Like a variety of founders, Wainwright first arrange the corporate out of her own residence, however it quickly outgrew her lounge, and immediately, it processes many tons of of hundreds of various luxurious gadgets every month that it goals to promote inside 90 days out of its greater than 1.2 million sq. ft of warehouse house. It’s additionally publicly traded; in her second journey to Wall Avenue, in 2019, Wainwright took the outfit by way of the standard IPO course of.
Sadly, this comeback has its personal harsh chapter. In 2022, Wainwright was abruptly pushed out of The RealReal by board members she had beneficial – one other twist she doesn’t shrink back from sharing. As an alternative, she names names within the ebook, and earlier this week, she described the transfer as a “energy play” by an investor who “didn’t get his cash out of the corporate and thought he might run the corporate higher.”
Wainwright — who totally helps the corporate’s present CEO (she was the corporate’s first rent) — remains to be miffed. She famous in dialog that “no founder is ever going to say they have to be shot and eliminated,” and it’s that truthfully that makes the ebook – and Wainwright herself — so refreshing. Within the company world, the place individuals usually spin narratives to make themselves look bulletproof, Wainwright is a straight shooter. If she doesn’t like one thing, she isn’t going to carry her punches. If somebody spins the story otherwise than she sees it, she’ll name it out. The place she messes up, she says so.
Even higher about this memoir — on this reader’s opinion — is Wainwright’s potential to supply not simply private revelations however sensible knowledge. She walks readers by way of her resolution to bonus her gross sales employees a sure manner, and shares her learnings a couple of leadership-evaluation quadrant she gleaned from McKinsey executives, together with the belief she had employed one of many worst sorts: a “dumb aggressive,” that means, in her phrases, somebody whose “have to bully and coerce and to be on prime supersede their talents.”
There’s additionally an fascinating new chapter unfolding. Wainwright is constant her entrepreneurial journey with Ahara, a vitamin firm that’s growing personalised dietary suggestions primarily based on genetics and particular person wants.
You could find our full dialog right here, by way of TechCrunch’s StrictlyVC Obtain podcast. Within the meantime, should you’re considering a learn that’s nearly equal elements memoir and handbook, providing founders one thing way more worthwhile than idealized success tales, you possibly can choose up the ebook right here.
Mentioned Wainwright after we spoke, “I personally wrote it for entrepreneurs to present them a practical view and hopefully encourage them and, you recognize, possibly they’ll suppose twice and never make the errors I made.”
