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Earlier this month, Rent the Runway announced that its cofounder and CEO, Jennifer Hyman, was stepping down. As some of you can probably guess, I immediately found myself looking into how the company got started and what it’s done to stick around. Fast forward... and here's the outcome of my research.

Enjoy!

Gorick

PS: On the topic of stepping back, I'll be releasing my newsletter on a different schedule going forward: Instead of every Tuesday, you'll hear from me every other Tuesday. I'm still here—just shifting my time to a few new projects based on your feedback. (More to come soon!)

TODAY’S TAKEAWAY

Share what you have access to that others don't.

You'll have a positive impact on not only others’ lives, but also your own career.

THE STORY

Making designer dresses accessible to all

In 2008, Jennifer Hyman, a first-year MBA student, watched her sister buy an expensive designer dress for her wedding—knowing it would only be worn once. Even though it was the Great Recession, designer fashion remained costly and weddings, galas, and formal events still required people to dress up.

So, Hyman wondered: “What if you could access ‘whatever you wanted to wear without having to own it?’”

Hyman went back to campus and immediately shared her idea with a classmate, Jennifer Fleiss. Together, they decided to prove that “renting could make women feel amazing.” 

One year later, Hyman and Fleiss launched “Rent the Runway”—an online platform offering high-end designer dress rentals.

Over the next 15 years, Rent the Runway would go on to…

• Partner with established designers to gain access to more exclusive inventory

• Focus on one-time event rentals, such as weddings and formal occasions

• Introduce a subscription plan that lets users rotate items each month

Despite decreased demand in 2020, Rent the Runway went public in 2021, and by 2025 had rebounded to 147,000 active subscribers—its highest subscription rate ever.

THE UNSPOKEN RULE

Share what you have access to that others don't.

What I learned from Hyman and Fleiss’ story is that many of us have access to something that others do not. Democratize access to that “thing,” and you won’t just make a big impact; you might even make it big yourself.

The important thing to remember is that the thing you’re democratizing doesn’t just have to be something physical; it could also be an idea.

1. Do you have an idea?

→ Try sharing it with others—and comparing it to a concept that others already understand.

→ E.g., “This is exactly like _______. The only difference is that instead of _______, we'd _______.”

2. Do you have experience?

→ Try becoming a coach, consultant, advisor, or even board member. Or, start by volunteering (like former German Chancellor Angela Merkel, whom I’ve talked about before) for a speaking role at an internal meeting or employee training session.

→ E.g., “The challenges you're facing with _______ look exactly like what I saw at _______. Could we chat about how I could help you _______?”

Democratizing access to an idea or thing comes with another benefit, even if you don’t become an overnight success from it (and let’s be real, overnight successes don’t exist, as we’ve discussed regarding MrBeast and Joe Biden): it shows off your Three C’s. 

See you again at the end of June for our AMA,

Gorick

PS: I answer a career question from a subscriber every month. You can submit your own question here.

WHAT I’M READING

Here are 3 articles that I found interesting recently (some with paywalls, but your first article should be free):

1. The tech bros are going to etiquette school (MSN)

2. A personalized vaccine for melanoma cut the risk of cancer returning after five years (NBC)

3. To YouTube and beyond: how online gen Z directors stormed Hollywood (The Guardian)

MORE OF MY WORK

Every newsletter is free and a fraction of my work. Here are 4 of my paid offerings that may interest you:

1. Keynote speaking​​: If your organization is looking for speakers for your internship program, new hire orientation, new student orientation, manager training, all-hands meetings, recruiting season, year-end performance evaluation season, or something else, let's chat!

2. How to Say It: Flashcards that teach you to know what to say in every high-stakes professional setting via hundreds of fill-in-the-blank scripts (just like the examples above). Free shipping on all orders over $40.

3. The Unspoken Rules​: My Wall Street Journal Bestseller that Arianna Huffington calls “a blueprint for anyone starting their career, entering a new role, or wanting to get unstuck.” Used by top companies and MBA programs.

4. Soft skills crash course: Hard skills get you hired, but a lack of soft skills gets you fired. Equip your interns and early career talent with the essential behaviors of high performers in just 3.5 hours.

Gorick Ng
[email protected]​
Harvard career advisor | WSJ bestselling author | Fortune 500 keynote speaker | First-gen

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STORY SOURCES

1. sister buy an expensive designer dress

2. Even though it was the Great Recession

3. 'whatever you wanted to wear without having to own it'

4. Jennifer Hyman, co-founder and former CEO of Rent the Runway

5. “renting could make women feel amazing.” 

6. online platform offering rentals of high end designer dresses

7. Partner with established designers

8. A screenshot of Rent the Runway's website