The Power of Partnership: Jennifer Fleiss’s Journey to Success
From Harvard Business School to Rent the Runway
Jennifer Fleiss, a Harvard Business School graduate, co-founded Rent the Runway with her classmate Jennifer Hyman in 2009. The idea was to teach consumers to rent designer clothing via subscriptions. Fleiss acknowledges that she faced significant mental health hurdles during her tenure as CEO, but she credits her partnership with Hyman as vital to her perseverance.
Overcoming Challenges
Fleiss and Hyman implemented biweekly check-ins, where they would sit down and chat about their relationship, whether they had something to talk about or not. Fleiss credits this structured accountability for her success and the strength of her partnership with Hyman. "There was some hard stuff that came up and some funny stuff that came up," she said.
Growing Rent the Runway
Fleiss and Hyman raised nearly $700 million in venture capital funding and grew the company to 1,000-plus employees. In 2021, the company went public, with Fleiss holding a $12 million stake. Despite the challenges they faced, including the Covid-19 pandemic, Fleiss reflects on her 16 years building Rent the Runway with Hyman as a special and rewarding experience.
The Importance of Partnership
Fleiss notes that some of her daily conversations with Hyman are business-related, but much of it is "life-related." "In the course of Rent the Runway, what I feel the most proud of is my relationship with Jen [Hyman]," she said. Fleiss emphasizes the importance of having a strong partner who cares just as much as you do. "The idea that you’re not in this alone because your cofounder implicitly cares just as much as you do…that’s what kept me afloat in a very sane way."
Conclusion
Jennifer Fleiss’s journey to success is a testament to the power of partnership and the importance of having a strong support system. Despite the challenges she faced, Fleiss remained committed to her vision and her partnership with Hyman. Her story serves as a reminder that even in the most difficult times, having someone who cares just as much as you do can make all the difference.
FAQs
Q: What was the idea behind Rent the Runway?
A: Rent the Runway was founded on the idea of teaching consumers to rent designer clothing via subscriptions.
Q: How did Jennifer Fleiss and Jennifer Hyman grow Rent the Runway?
A: Fleiss and Hyman raised nearly $700 million in venture capital funding and grew the company to 1,000-plus employees.
Q: What challenges did Rent the Runway face during the Covid-19 pandemic?
A: The company reported net losses of more than $150 million for two consecutive years due to the pandemic.
Q: What is Jennifer Fleiss’s current role?
A: Fleiss is now a partner at venture capital fund Initialized Capital and the cofounder of scooter suitcase brand Roll Rider.
Q: Does Jennifer Fleiss still talk to her cofounder Jennifer Hyman?
A: Yes, Fleiss and Hyman still talk daily, both about business and personal matters.
Author: fortune.com
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