Drive Episode 7: Rent the Runway’s Jennifer Hyman on Realising Radical Ideas

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NEW YORK, United States — Welcome to episode seven of Drive, BoF’s podcast sequence that features development’s most dynamic entrepreneurs, delivered by DHL. On this episode, Jennifer Hyman, the co-founder and chief authorities of Lease the Runway describes her accelerated journey from Harvard MBA graduate to chief authorities of her private agency.

Hyman launched Lease the Runway in November 2009, along with Jennifer Fleiss, her half mate from Harvard Enterprise School. Their thought was to create a rental enterprise model for luxurious ready-to-wear and gear. The company has since acquired over 10 million members and raised additional funding than one other female-led enterprise backed enterprise in america.

“The considered the experience financial system proper this second, that people select experiences over possession, is nothing new, nonetheless on the time it was radical to think about that the experience financial system might probably be part of the closet and part of getting dressed,” she tells BoF’s Lauren Sherman.

Nonetheless, inside the early days of her agency, disrupting the type possession model required Hyman and her workforce to persistently execute flawlessly. “I wanted to create perception in very fast intervals of time. I entered conferences anticipating that the first 5 conferences with an individual, they could say, ‘No method, that’s horrible, I’m going to on no account do this.’ Then on the end of the meeting I’d say, ‘Okay, correctly, three months from now I’ll come once more and I’ll inform you about how we executed the entire points I merely talked to you about.’ I’d, they usually would possibly begin to see a pattern that they could perception me. That I was actually going to behave on what I promised.”

In an effort to service her new enterprise model, Hyman moreover wanted to cope with the physicality of development product, and the vagaries of renting it to human beings. “We’re inside the enterprise of inbound logistics. Most e-commerce companies cope with outbound logistics. How shortly can I get this product to the shopper? In our enterprise, we cope with how shortly can I get this product once more from the shopper, make certain that it’s good and ship it out to the next purchaser.” The company now operates a very powerful dry-cleaning warehouse on this planet.

Definitely, it’s Hyman’s capability to think about in her imaginative and prescient and cope with sudden challenges, along with a specific kind of passion, resilience and self-discipline, that helped to make Lease the Runway a sustainable enterprise. That’s one factor we title Drive.

We hope you take pleasure in Episode 7!

That’s the remaining episode of Drive Season 1, delivered in partnership with DHL. Maintain tuned for Season 2 in 2019 and uncover the whole series here.