Julie Wainwright Unveils Shocking Secrets in Her New Memoir: The RealReal Founder’s Journey
Julie Wainwright, a notable entrepreneur, has successfully taken two companies public, a remarkable achievement in the business world. In her new memoir, Time to Get Real, she provides readers with an unfiltered perspective on the intricate and often challenging realities of leadership. This candid memoir explores the tough truths that many successful CEOs face but seldom discuss openly, including the fallout from what many consider her major setback—shutting down Pets.com during the market crash of 2000.
The Rise and Fall of Pets.com
If you remember the early 2000s, the name Pets.com might ring a bell. The online pet supplies retailer became famous for its iconic sock puppet mascot and catchy slogan, “Because pets can’t drive.” However, the dot-com bubble burst left a lasting impact on Wainwright’s career. She recalls, “When I would talk to recruiters, it was like, ‘No one’s going to hire you anymore.’”
A Promising Career Trajectory
Wainwright’s career started on a high note after her time at Clorox and her ascent through various tech companies in the ‘90s, a time when female leadership was scarce. As the CEO of Berkeley Systems and later Reel.com, she dedicated countless hours to her work, successfully increasing Reel.com’s revenue from $3 million to $25 million before its acquisition by Hollywood Video.
The Collapse of Pets.com
The year 2000 marked a turning point in Wainwright’s career. After taking Pets.com public, she faced the devastating task of shutting it down later that same year. The professional setback coincided with personal turmoil as her husband requested a divorce on the same day she had to inform her employees about the company’s closure. Wainwright reflects, “My work is gone, I’m getting a divorce, and I don’t have children,” emphasizing the depth of her crisis.
- Negative Media Coverage: The aftermath was worsened by relentless media scrutiny, with reporters showing up at her doorstep days after the closure.
- Career Roadblocks: For years, Wainwright found herself only being offered roles to lead turnaround efforts at struggling companies.
A Triumphant Comeback
Despite facing significant challenges, Wainwright made a remarkable comeback by founding The RealReal in 2010, which pioneered the luxury consignment market online. Starting from her home, the company has grown exponentially, managing hundreds of thousands of luxury items monthly across over 1.2 million square feet of warehouse space. In 2019, she successfully took the company public, marking her second trip to Wall Street.
Challenges at The RealReal
Wainwright’s journey was not without its difficulties. In 2022, she was suddenly ousted from The RealReal by board members she had personally recommended. She describes this incident as a “power play” by an investor aiming to take control of the company.
Insights and Lessons from Leadership
One of the standout aspects of Wainwright’s memoir is her ability to share both personal experiences and practical wisdom. She provides readers with insights on:
- Sales Strategies: Wainwright discusses her innovative methods for incentivizing her sales team.
- Leadership Evaluation: She shares lessons learned from McKinsey executives regarding the types of hires to avoid, such as the “dumb aggressive” executive.
Continuing the Entrepreneurial Journey
Wainwright is not stopping with The RealReal; she is now venturing into a new project called Ahara, a nutrition company focused on personalized dietary recommendations tailored to genetics and individual needs.
For a deeper dive into Wainwright’s insights, you can listen to our full conversation on TechCrunch’s StrictlyVC Download podcast. If you’re looking for an engaging read that combines memoir with practical advice for entrepreneurs, you can find Wainwright’s book here.
Wainwright states, “I personally wrote it for entrepreneurs to give them a realistic view and hopefully inspire them to avoid the mistakes I made.”
