Experience This Episode 26: Outsourcing your Life Series (Part 2) - Your Virtual Closet________________________________________________________________All the way back in 2001, Jennifer Hyman had started to notice a change in her friends' behavior compared to that of her parent's generation. They had started to value experiences and time over goods and services. This culminated in her starting the first ever wedding registry for Starwood, as her friends no longer wanted pots and pans for their wedding gifts, they wanted excursions to locations and activities.In 2009, Jenn alongside her friend Jenny Fleiss set up Rent The Runway. The company was built on the idea that although clothing was extremely important to women, owning it was not. Instead, they valued renting curated high fashion outfits on a subscription basis. Today, the company is bringing in $100m in annual revenues, with a valuation of close to $1bn.Kiran and Tom spoke with a Rent The Runway superuser Sharon Bajwa who has been renting clothing for many years, to get a sense on how this service works, and why she values it so much. Her comments really sum up the value of the experience economy - 'It's saved me a lot of money, and it's saved me a lot of closet space for sure'. We also insights from Jennifer Hyman (CEO, Rent The Runway) on how an innovative approach to business models allowed them to solve new problems and capitalize on the experience economy to create a new market.________________________________________________________________Leave some feedback:• What should we talk about next? Please let us know on Twitter - twitter.com/rumjog or in the comments below.• Enjoyed this episode? Let us know your thoughts in the comments, and please be sure to subscribe.⚡️ Subscribe to Podcast:Google Play: bit.ly/2F2FAB4iTunes: apple.co/2F2qpHVSpotify: spoti.fi/2CnC0RtStitcher: bit.ly/2W1rHtJSoundCloud: bit.ly/2O7fOQ5🧔 Bio:The world is changing and so is the way we work. At Rumjog, we provide clients with consulting services to help rethink business. We advise at every stage of the change lifecycle from constructing strategies to solution implementation.☕️ Direct Contact:[email protected]