Introduction to Wainwright’s Memoir

In her memoir, Time to Get Real, Julie Wainwright recounts her impressive career, including taking two companies public. However, the book offers more than just a summary of her successes; it reveals the complicated realities of leadership.

Highs and Lows in Leadership

Wainwright’s journey began at Clorox and progressed through various technology companies during the 1990s, a time when female leadership was scarce. As CEO of Berkeley Systems and then Reel.com, she achieved significant growth, increasing Reel.com’s revenue from $3 million to $25 million before its sale to Hollywood Video. “I just operated better without a boss,” she noted.

However, the pinnacle of her career also marked a significant downturn. In 2000, after bringing Pets.com public, Wainwright was forced to shut it down amid the dot-com bubble burst. This setback was compounded by a personal crisis as her husband requested a divorce on the same day she had to inform her employees of the company’s closure.

Navigating a Public Setback

The media scrutiny following Pets.com’s failure added to Wainwright’s challenges. She describes the period that followed as a “long winter,” where her career trajectory took a hit, leading her to take on roles aimed at turning around failing companies.

A Remarkable Comeback

Despite the difficulties, Wainwright rebounded by founding The RealReal in 2010, pioneering the online luxury consignment market. Initially operating from her home, the company expanded rapidly and now handles hundreds of thousands of luxury items each month in its expansive warehouse space. In her second return to the stock market, she led The RealReal through its IPO in 2019.

However, her tenure at The RealReal ended in 2022 when she was unexpectedly ousted by board members she had recommended. Wainwright described this action as a “power play” by an investor dissatisfied with the company’s performance.

Insights and Reflections

What makes Wainwright’s memoir stand out is her candidness. She provides practical insights alongside personal revelations, detailing her decision-making processes and lessons learned regarding hiring practices. One significant takeaway was her realization of hiring a “dumb aggressive” leader—someone whose coercive tactics outstrip their actual skills.

Currently, Wainwright is venturing into new territory with a nutrition company named Ahara, focused on personalized dietary recommendations based on individual genetics.

Conclusion

Wainwright’s memoir does not shy away from highlighting the less glamorous aspects of entrepreneurship, illuminating the realities behind success. As she aptly put it, “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.”