Jennifer Hyman shares how her company's 'closet in the cloud' is changing in a post-pandemic world.
What were some of the hurdles you faced in getting the company off the ground?
Another big challenge in the business was raising funding for Rent the Runway. We were pitching a massive consumer behavior change. We were pitching the idea for a closet in the cloud at a time when the sharing economy was still nascent, at a time when secondhand clothing was still nascent — even when online shopping was still nascent. Women are only raising 2% of the capital that is divvied up to entrepreneurs on an annual basis.
And simply, will this person help me make more money? Showing the investor who you are and that you're someone who is ambitious and aggressive and passionate and can build a great team of people around you is even more important than convincing them that your idea is right.
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