In the world of entrepreneurship, few stories resonate as powerfully as that of Julie Wainwright. With a remarkable track record of taking two companies public, her new memoir, Time to Get Real, offers readers an unfiltered glimpse into the complexities of leadership. Wainwright bravely addresses the harsh realities that many successful CEOs face but seldom discuss openly, including the significant challenges she encountered after the closure of Pets.com during the tumultuous market crash of 2000.
For those who remember the early 2000s, Pets.com was a household name, thanks in part to its quirky sock puppet mascot and memorable tagline, “Because pets can’t drive.” However, the rapid rise and fall of this online pet supply company left a lasting impact on Wainwright’s career, casting a long shadow that would follow her for years. Reflecting on her experiences, she recalls the disheartening conversations with recruiters who suggested that her career prospects had diminished significantly.
Wainwright’s career began with a promising trajectory. After gaining valuable experience at Clorox, she navigated the tech landscape of the 1990s, a time when female leaders were a rarity. As the CEO of Berkeley Systems and later the online video retailer Reel.com, she dedicated countless hours to her work, achieving impressive results, including a revenue increase from $3 million to $25 million before the company was sold to Hollywood Video. Wainwright thrived in environments where she had autonomy, stating, “I just operated better without a boss.”
However, the unexpected collapse of Pets.com in 2000 marked a turning point in her life. The company went public only to shut down within the same year, a setback compounded by personal turmoil as her husband filed for divorce on the same day she announced the closure to her team. At 42, Wainwright faced what felt like a complete upheaval of her life, grappling with the loss of her company and the end of her marriage, all while enduring intense media scrutiny.
Describing the aftermath as a prolonged winter, Wainwright found herself only being offered positions to lead struggling companies. Yet, this challenging period ultimately paved the way for a remarkable comeback. In 2010, she founded a new venture that would revolutionize the luxury consignment market online. Starting from her home, her company quickly expanded, processing hundreds of thousands of luxury items each month and operating from over 1.2 million square feet of warehouse space. In 2019, she successfully took the company public, marking her return to Wall Street.
Despite her achievements, Wainwright’s journey was not without its difficulties. In 2022, she faced another setback when she was unexpectedly ousted from her own company by board members she had previously recommended. This experience, which she candidly discusses in her memoir, highlights the cutthroat nature of corporate politics and the challenges founders often face. Wainwright describes the incident as a “power play” by an investor who felt he could manage the company better.
What sets Wainwright apart is her refreshing honesty. In a corporate landscape where many leaders craft narratives to portray themselves as infallible, she embraces transparency. If she disagrees with a perspective, she is unafraid to voice her opinion. Her memoir not only recounts her personal journey but also imparts valuable lessons on leadership. She shares insights on her decision-making processes, including how she structured bonuses for her sales team and the importance of recognizing different leadership styles.
Wainwright’s entrepreneurial spirit continues to thrive as she embarks on a new venture with a nutrition company focused on personalized dietary recommendations based on genetics. This new chapter in her career reflects her commitment to innovation and growth.
For those seeking a blend of personal narrative and practical guidance, Wainwright’s memoir serves as an invaluable resource. She wrote it with the intention of providing aspiring entrepreneurs with a realistic perspective on the challenges of leadership, hoping to inspire them to avoid the pitfalls she encountered along the way.