If you had heard entrepreneur Adam Goldenberg say that he was abandoning MySpace’s parent company back in 2005 on Zimbio when it looked like the site was potentially going to take off, you might have thought he was crazy. Well, that is just what he did according to the Huffington Post, and so far it seems he made the right call. MySpace still exists but it’s fallen far from the place its founders had hoped it would become, while meantime Adam Goldenberg and his friend Don Ressler have started several companies, the latest of which is JustFab, and it’s taken off rapidly. A big reason for this has been Adam Goldenberg’s willingness to listen to his customers and stay true to his vision.
It was probably well-known that Goldenberg was going to have a great future ahead of him, but by far surprising in where that future would be. When he was only 15, he started up a company in his own house called Gamer’s Alliance, a website that pointed gamers to popular gaming sites. It was this startup that prompted Intermix Media, the MySpace founding company to hire Goldenberg as strategic director. Shortly, he became their chief operating officer at only age 20, the youngest on a publicly traded company. He helped start Alena Media, a subsidiary that he worked on with Don Ressler, the man who became his close friend and business partner at http://www.forbes.com/sites/tomiogeron/2011/09/21/former-intermix-coo-raises-33m-for-fashion-brand-justfabulous/.
Intermix Media did well under Goldenberg and Ressler’s vision, but then NewsCorp bought Intermix Media and MySpace out, and Adam Goldenberg and Ressler’s ideas clashed with those of their new bosses. So they decided they had enough and left the company and started up their own brands. The companies they founded included Brentwood Cosmetics and Intelligent Beauty, and soon they got the idea to start a women’s fashion line. This field was foreign to Goldenberg and Ressler, but they stuck to it and started up JustFab.
Goldenberg and Ressler’s JustFab became a social media hub, with basically no money spent on advertising but instead using the word of customers to promote it. JustFab attracted several key figures, including Kimora Lee Simmons who made JustFab’s fashion line her own. Also coming on board JustFab were actors Oliver and Kate Hudson who loved the way that JustFab operated. Some venture capital companies decided to invest in this hot new company, including Matrix Partners and Passport Capital. All in all, JustFab has raised over $300 million in venture capital.