Xconomist of the Week: Gilt Founders Say Friends Can Work Together
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it all comes down to trust. “We were very good friends. That was incredibly important,” she said. “We didn’t have to gain that trust.”
Wilkis Wilson and Maybank met at Harvard Business School and bonded over their shared love of sample sales—limited-time events where deeply discounted fashions are sold. Their idea, quite simply, was to bring the sample-sale model online. During the Xconomy panel, Maybank recalled how in the early days, she and Wilkis Wilson sat “shoulder to shoulder” with their startup team of about a half-dozen in a tiny office in Manhattan’s Chelsea neighborhood, teaching themselves the intricacies of building a website, gaining buzz, and putting in place a customer-support system. All the while, Maybank recalled, “We were deeply afraid no customers would come.”
Building the right relationships was an important part of Gilt’s startup strategy. Maybank said they used the Myers-Briggs personality test on early employees to make sure everyone would be able to work together. “We didn’t want to have a startup team that would derail the business,” Maybank said. The first 10 brands sold on the site all came from references from friends and family, Wilkis Wilson said. In their first two weeks, she added, they used “guerilla marketing” to attract their first 13,000 members. Later on, to lure customers in new markets, Gilt sponsored movie screenings and other events, just so they could get their brand on the radar.
Today Gilt has 5 million members and has branched out into several new product lines, including children’s products and full-priced men’s clothing. The founders’ book, which will be published by Portfolio Hardcover on April 12, will not only provide advice on building a startup, but will also reveal insider details on some of the famous brands that helped make Gilt a success, including Zac Posen, Christian Louboutin, and Valentino.
And what about that old adage that friends shouldn’t be colleagues? Wilkis Wilson is quick to acknowledge that it’s not a scenario that works for everyone. “I don’t recommend you work with just any friend,” she said. But in the case of Gilt, it’s clear this particular melding of personalities works.
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