Rent The Runway CEO Tells How Early Life Lessons Help Build $95M Company

During a recent gathering at Stanford Graduate School of Business, Jennifer Hyman, the visionary behind the fashion sensation Rent the Runway — which has a market cap of $95.93 million — shared an invaluable lesson from her early career days that became a cornerstone of her entrepreneurial journey. 

Interacting with students, Hyman shed light on the pivotal role of personal charm in the business world. Hyman recalled her internship at Starwood Hotels and Resorts, where she championed the innovative idea of honeymoon registries.

Although the company's top brass was initially skeptical, Hyman's charisma and ability to rally support led to the creation of a new business avenue, reported CNBC.

“I had to influence hundreds of people around the world in different divisions to help me,” Hyman told CNBC. “It was just an exercise for me, and [I realized] you don’t need to have authority to actually be a leader.”

Fast forward to 2008, when Rent the Runway was in its nascent stages. Hyman and her business partner, Jennifer Fleiss, identified the magnetic pull of elite designer labels.

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This insight paved the way for a meeting with the iconic designer Diane von Furstenberg. While von Furstenberg had her reservations, Hyman's approach of active listening and addressing concerns turned the tide. They convincingly argued Rent the Runway could introduce a younger demographic to her brand.

“Whenever you make someone else into the expert, that builds a relationship right away,” she said.

Academic research, including studies from institutions such as Harvard University, consistently highlighted the intertwined relationship between likability and influence. Such findings underscore the importance of warmth and approachability in social dynamics.

Hyman's journey from an intern to a renowned CEO underscores the importance of building relationships through engagement and active listening. 

“What you really need in order to kind of build something influence. Influential leadership, especially when it’s positive, influential leadership is the most powerful thing you can do,” she added. 

How can you invest in early-stage startups if you don’t know the founders? Easy. Click here for a list startups you can invest in today.

This story is part of a series of features on the subject of success, Benzinga Inspire.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Kevin Moloney/Fortune Brainstorm TECH via Flickr