Reinvention, Resilience + the Future of Consumer Tech

Session Description

From launching and scaling billion-dollar businesses and taking them public - one of only 23 women to have ever done so - to navigating personal and professional setbacks, serial tech entrepreneur Julie Wainwright has earned her spot on the inaugural Forbes 50 over 50 list. In this candid session, Julie sits down with Sarah Lerner-Mantel, Managing Partner at Roll Tack Ventures, to share her unfiltered journey and offer actionable insights for founders looking to:

• Transform Setbacks into Success: Learn when to pivot and rebuild in a tech-driven landscape, turning challenges into opportunities for innovation.
• Build Scalable Consumer Trust: Learn what works (and what doesn’t) when creating a brand that resonates globally.
• Master Strategic Fundraising: Discover what investors are really looking for and how to make your startup stand out.
• Select the Right Board and Investors: Gain insights on choosing the optimal advisors and backers to support your growth / vision at every stage.

Plus, attendees will have an exclusive opportunity to receive a signed copy of Julie’s upcoming book, Time to Get Real, where she shares even more in-depth, real-world lessons from building The RealReal, immediately after her talk, at the GEN Lounge at the center of the GEN Village.

Session Recap

This session offered an insightful journey through the entrepreneurial landscape, featuring the founder of a luxury resale company that significantly impacted the fashion industry. The discussion explored the origins of entrepreneurial drive, inspired by a parent's passion for their work. It delved into the strategic decisions behind committing fully to a new venture, including early market validation and financial projections. The speaker also candidly recounted lessons learned from a prior challenging experience during the dot-com bust, highlighting the critical role of market timing. A core focus of the session was on cultivating customer trust for high-value products through rigorous authentication processes and proactive measures against counterfeiting. The conversation also provided practical advice on navigating capital raising, emphasizing the importance of supportive venture partners and strategic team building that adapts to rapid growth and evolving operational demands.

Outline

• The Entrepreneurial Spark: Discussion on the origins of an entrepreneurial mindset, drawing inspiration from a family background.
• Conviction and Early Validation: How to commit to a business idea and the importance of testing hypotheses and analyzing initial sales data.
• Lessons from Past Ventures: Insights gained from a challenging experience with Pets.com during the dot-com crash, focusing on timing and market shifts.
• Building Customer Trust: Strategies for establishing trust in a high-value product market, particularly through robust authentication processes and combating counterfeits.
• Navigating Capital Raising: Advice on securing venture capital, addressing challenges faced by women entrepreneurs, and identifying supportive investor partners.
• Scaling and Team Building: How to evolve leadership and team structures from a scrappy startup phase to a large, high-growth company, emphasizing adaptability and accountability.
• Scrappy Beginnings and Memorable Moments: Anecdotes from the early days of building a business, including hands-on problem-solving and humorous customer service incidents.

Notable Quotes

• "Every business starts small and I think you guys have heard a lot, but you really need to listen very carefully and to your consumers um, and test your hypothesis. Is it going to work?"
• "Every entrepreneur always gets more nos than yeses when they're out raising capital, but women get more nos than than men. Having said that, a no is just good information because look, at the end of the day, a really good venture apolis will tell you why they had concerns about your business. You have to not take it personally. Listen to what they have to say. And it's all good information. And at the end of the day, you only need one yes."
• "If you're going to if you're thinking about starting a business or you run a business, do it. Do it. Do it. I know it's hard. Entrepreneur are the best people in the world. You end up knowing yourself better than anything. You're testing yourself and I say more power to you. I don't care if you're building a big business or you're building a small business. It is like an honorable great job. So just make it happen."

Key Takeaways

1. Validate Your Hypothesis Early: Start small, listen closely to your consumers, and test if your business idea will work. Early sales data can provide critical validation and project future growth.
2. Embrace "No" as Information: When raising capital, every "no" from investors is an opportunity to gather valuable feedback about your business. Don't take it personally; use it to refine your approach, as you ultimately only need one "yes".
3. Strategic Investor Selection: Seek venture partners who have the capacity to participate in future funding rounds, possess strong networks for warm introductions, and are willing to collaborate actively beyond just board participation.
4. Hire for Skill Gaps and Adaptability: As a founder, identify your own skill gaps and hire individuals who complement them. As the company scales, prioritize candidates with experience who also possess a curious, flexible mindset, as rigidity can lead to failure in high-growth, original ventures.
5. Be Decisive in Hiring and Firing: In high-growth startups, it's crucial to hire people who can keep pace and understand how to apply technology. Be prepared to hire and fire quickly when a team member isn't the right fit, especially in fast-moving operational roles.

Resources Mentioned

• Book: The speaker's new book, which details the process of building The Real Real, was highlighted as a resource for aspiring and current entrepreneurs, covering her experiences without holding back.

Action Items

• Start Your Business: If you are considering starting a business or currently running one, the speaker strongly encourages you to "Do it. Do it. Do it.". It's presented as an honorable and transformative journey that leads to profound self-discovery.
• Obtain the Book: Attendees were invited to pick up free early release copies of the speaker's book at Jen Village, with opportunities for signatures.