Julie Wainwright Memoir: The RealReal Founder's Story

Julie Wainwright's Candid Account of Leadership and Resilience

Julie Wainwright stands out as a leader who has successfully guided two companies through the initial public offering process – a remarkable accomplishment. However, her recent memoir, “Time to Get Real,” provides readers with insights far exceeding a simple recounting of triumphs. It delves into the complex and often challenging realities inherent in leadership positions.

Navigating Early Setbacks: The Pets.com Experience

Wainwright openly discusses difficult truths that resonate with many high-performing CEOs, yet are seldom voiced publicly. She recounts the challenges following what many would perceive as her first significant professional hurdle: the closure of Pets.com amidst the 2000 market downturn.

For those who recall the era, Pets.com was instantly recognizable due to its iconic sock puppet mascot and the memorable tagline, “Because pets can’t drive.” However, the company’s failure, occurring during the dot-com bubble’s collapse, significantly impacted Wainwright’s career for almost a decade. She recalls recruiters being hesitant, stating that securing future employment would be difficult.

A Rising Trajectory and Early Successes

This setback was particularly surprising given Wainwright’s previously impressive career progression. After gaining experience at Clorox, she ascended through various technology firms during the 1990s, a period when female leadership within the tech industry was uncommon.

As CEO of both Berkeley Systems and Reel.com, she dedicated considerable effort to her roles, achieving success and satisfaction. Notably, she oversaw Reel.com’s revenue growth from $3 million to $25 million before the company was acquired by Hollywood Video. Wainwright thrived in environments where she had autonomy, stating, “I just operated better without a boss.”

The Dual Blow of 2000

The year 2000 brought a significant downturn. Wainwright led Pets.com through its IPO, only to be forced to shut down the company later that same year as the dot-com bubble burst. This professional setback was compounded by a personal crisis; she experienced a divorce on the very day she announced the company’s closure to her employees.

At age 42, Wainwright reflected on the situation, feeling as though her work, her marriage, and the prospect of starting a family had all simultaneously vanished. The media attention surrounding the Pets.com closure was intensely negative and intrusive, with reporters appearing at her home shortly after the announcement.

A Remarkable Second Act: The RealReal

Following this difficult period, Wainwright faced a prolonged period of limited opportunities, primarily leading turnaround efforts at struggling businesses. This ultimately paved the way for a remarkable resurgence. In 2010, she established The RealReal, a pioneering force in the online luxury consignment market.

Initially operating from her home, The RealReal quickly expanded, now processing hundreds of thousands of luxury items monthly, with a goal of selling them within 90 days from its facilities exceeding 1.2 million square feet. The company’s success culminated in another IPO in 2019, marking Wainwright’s second venture onto Wall Street.

Challenges at The RealReal and a Commitment to Honesty

However, even this success was not without its difficulties. In 2022, Wainwright was unexpectedly removed from her position at The RealReal by board members she had previously recommended. She candidly describes this as a “power play” initiated by an investor seeking to regain control and improve the company’s performance.

Despite this, Wainwright remains supportive of the company’s current CEO, whom she initially hired. She acknowledges that founders rarely advocate for their own removal, and it is this unwavering honesty that distinguishes both the book and Wainwright herself. In a corporate landscape often characterized by carefully crafted narratives, Wainwright is refreshingly direct, unafraid to express her opinions and admit her mistakes.

Practical Wisdom and Future Endeavors

Beyond personal anecdotes, Wainwright’s memoir offers valuable practical insights. She details her approach to incentivizing her sales team and shares a leadership-evaluation framework she learned from McKinsey executives. This framework highlighted the dangers of hiring “dumb aggressive” individuals – those whose ambition overshadows their capabilities.

Wainwright is currently embarking on a new entrepreneurial venture with Ahara, a nutrition company focused on providing personalized dietary recommendations based on genetic analysis and individual needs.

A full discussion with Wainwright can be found on TechCrunch’s StrictlyVC Download podcast. Her book provides a compelling blend of memoir and practical guidance, offering founders a realistic perspective and valuable lessons.

As Wainwright herself stated, “I personally wrote it for entrepreneurs to give them a realistic view and hopefully inspire them and, you know, maybe they’ll think twice and not make the mistakes I made.”