(BNS) Jennifer Hyman Of Rent The Runway

Jen Hyman discusses her entrepreneurial spirit, influenced by her father's entrepreneurial ventures, despite his lack of tech knowledge. She reflects on growing up in an era before social media while also having early exposure to the internet through family connections. Hyman recalls how the internet became integral to her journey and entrepreneurship, pointing out the missed opportunity to do so earlier in her educational years.

In her early career at Starwood Hotels, Hyman encountered the effects of September 11 on the travel industry, sparking her interest in disruption. She created the first honeymoon registry, showcasing her in-house entrepreneurial skills. Hyman shares insights into her time in various roles where she initially didn't identify as an entrepreneur but was laying the groundwork through collaborations and innovative ideas.

During her time at Harvard Business School, Hyman had the idea for Rent the Runway after witnessing her sister struggle with high fashion costs. She felt inspired to create affordable rental options for high-end brands, reflecting on the rise of social media's influence on fashion consumption. Hyman highlights the urgency and immediacy of starting the business and initial meetings that were crucial to understanding the market.

Hyman and her co-founder Jenny sought funding in an economically challenging landscape, oblivious to the complexities of the venture capital world. They built relationships with industry insiders and learned from existing successful startups. Their unique pitch attracted Bain Capital Ventures, emphasizing the importance of networking and relationship-building in entrepreneurship.

Hyman provides insight into the iterative MVP strategy they employed, conducting pop-up trials to measure demand and customer behavior. They emphasized understanding customer needs, which included offering multiple sizes for rentals, evolving into a customer-focused service. Each iteration brought them closer to launching a viable business.

Hyman underscores the collaborative spirit of NYC's startup scene, explaining how working alongside other founders cultivated mutual support and learning. She emphasizes that New York's unique blend of talents—fashion, media, and capital—created an ideal environment for building Rent the Runway, proving that not all startups need heavy tech backgrounds.