Fit for Discussion: Brynn Putnam’s Revival After the Sale of Mirror
Well, well, well! If it isn’t Brynn Putnam, the entrepreneur who sold her last company, Mirror, to Lululemon for a neat $500 million just as The Pandemic That Shall Not Be Named knocked on the door like a needy ex. Initial gut feeling? She might have started her residuals album with a premature exit. But lo and behold, she played her cards right. Timing matters, folks, and frankly, it was dazzlingly genius!
During the early lockdowns, we saw home fitness booming faster than a hamster on a treadmill: Peloton skyrocketed and then—boom!—crashed like it had just discovered the fridge at midnight. Mirror, meanwhile, took its exit like a professional magician—poof! Gone! And while there was a year spent as Lululemon’s general manager, Putnam didn’t just sit there sipping herbal tea; she was soaking up insights like a sponge at a puddle party.
From Janky Demos to Exciting Ventures
Conversations with investors can be as awkward as a first date filled with overly intimate small talk. But when Ben Lerer from Lerer Hippeau first laid eyes on Brynn’s not-so-very-polished demo, it was like watching someone try to impress you with magic tricks using a paper towel. He said it was “totally janky”—the kind of phrase likely to make your parents cringe. Yet, he saw potential, like finding a diamond in a pile of floss!
Fast forward four years, and here’s Brynn, ready for her next bold venture—a new arm of the glorious tech tree set to bloom publicly in 2025. It’s not just a tech startup; it’s a family affair! Brynn is leveraging her experience from Mirror to create something that binds people together, instead of mirroring their questionable choices after a Zoom happy hour.
More Than Just a Sale
Now, was selling Mirror a wise choice? You bet! “We weren’t looking for an acquirer,” Brynn said. Riiiight. Sounds just like that friend who “didn’t want to date anyone seriously.” But with Lululemon and years of synergy, it became clearly advantageous—like putting on a suit to one of those ‘casual Fridays.’
Ben Lerer, ever the insightful investor, comments on the power dynamics of venture capital, like a referee in a wrestling match—“Hey, you’ve got to sell when others are greedy!” Advice, friendship, or a friendly slap on the back, he had her covered. And look at the crystal ball of success! The world has now realized—it was a *brilliant* move. After all, who are we to argue when we’ve got dollar signs as the final word?
A New Focus on Family and Connection
Post-Mirror, Brynn had two kids and suddenly realized that “quality time” had turned into a scavenger hunt with the iPads playing the role of the hidden treasure. Like a loving parent should, she’s re-evaluating priorities! Gone are the days of vanity projects; she’s creating tech designed for bonding. Forget the latest fitness trends! This isn’t about working on that summer bod; it’s about setting the table for dinner.
In the words of our heroine, “it’s about using tech to connect people.” And thank goodness for that! If you put technology in the hands of families instead of just individual users, you might find them communicating like people instead of robots. Can we finally have “family game night” without running into those *awkward* Monopoly traps?
The Golden Age of Hardware?
Now let’s shift gears. Putnam mentions, “We’re about to enter a golden age of hardware.” A bold statement, or the kind of caffeine-induced hallucination one might have at 3 AM? Only time will tell! Perkins and the legacy of the iPhone pave the way, while our dear friend AI is the new shining knight in glitzy armor waiting to woo the masses with its capabilities. It seems appropriate: first, we had selfies, and now we may have ‘selfless’ tech—or at least that’s the hope!
It’s not another personal computer, but a vision of tech that helps gather families. Imagine a device that lets your kids stare into each other’s faces (rollercoaster of emotions included) without a screen acting as the third wheel. Who knows, they might just create more family inside jokes than they initially bargained for!
Look Ahead, Not Back
So, with consumer tech slowly busting out of hibernation thanks to influential founders and a refreshing influx of quality ideas, it seems like the spirit of ambitious creation is making a comeback. For all the naysayers, meeting over lukewarm coffee contemplating the doom of consumer tech, it’s time to lace up because Brynn’s ready to bring the shiny back!
The pulse of technology is beating, and if you squint hard enough at the horizon, you can almost hear future entrepreneurs sharing champagne toasts in celebration of their innovative endeavors. Well, here’s hoping they’re stockpiling a few ideas for the rest of us!
When Brynn Putnam sold her innovative fitness startup, Mirror, to Lululemon for an impressive $500 million at the early onset of the pandemic, many questioned the timing of her decision, considering it might have been a premature exit from the burgeoning smart fitness market.
However, hindsight revealed her timing to be strategically astute, as the home fitness trend experienced a sharp decline almost as quickly as it had surged during the initial lockdown phase. During her tenure as general manager at Lululemon, Putnam gained invaluable insights and experiences, ultimately leading her to conceive a fresh business idea set to launch publicly in 2025.
The venture firm Lerer Hippeau has already invested in Putnam’s stealthy new startup, having previously led Mirror’s $3 million seed round years ago. On Wednesday night in New York City, I had the opportunity to converse with both Lerer Hippeau Managing Partner Ben Lerer and Putnam about the direction of her new venture. Our discussion also encompassed the broader consumer tech resurgence, primarily driven by entrepreneurs from the previous wave of successful consumer startups.
Ben Lerer on writing that first check:
When we invested [in Mirror], Brynn had a compelling but rather rudimentary demo, showcasing a two-way mirror featuring a computer screen at the back, depicting how her concept could revolutionize fitness if she successfully raised the necessary capital. It was fascinating to see that she had invented a device specifically engineered to enhance her boutique gyms, which underscored her innovative prowess. Upon witnessing her vision, it was apparent that Brynn was more than just a savvy entrepreneur; she was an inventor. We were quickly convinced of her potential, and while it may have seemed like a risky bet initially, our faith in her ideas has aged remarkably well.
Brynn Putnam on selling Mirror just four years after founding it:
We weren’t actively in the market for a buyer and had only recently launched our offering. However, our long-standing collaboration with Lululemon facilitated our connection. Having partnered with them at my gyms for around a decade, we had formed a solid relationship, collaborating on content and hosting engaging events together. The synergy between our organizations made it clear that selling to them would enable us to expand the reach of Mirror into homes worldwide, and it was an opportunity that we simply couldn’t let slip away.
Putnam on what led her to develop her new startup:
Once I transitioned from my role at Lululemon, my priorities shifted significantly. I moved from the anticipation of becoming a new parent to juggling life with two children and deeply reflecting on my values during that period. Mirror had been a personal endeavor, centered around self-improvement and individual aspirations. Yet, at this new chapter in my life, my focus shifted toward enriching my relationships with family and friends. The struggle I faced in cultivating quality family time was alarming; I recalled my childhood filled with shared meals and board games, and I wanted to recreate that magic for my children, who appeared increasingly preoccupied with screens. This realization ignited a desire within me to harness the lessons learned from Mirror to innovate within the realm of play and build meaningful connections through technology.
On not focusing too much on the technical specifications of hardware but focusing more on the overall experience being created, Putnam said:
I discovered an intriguing design philosophy that Nintendo embraced, which revolves around utilizing ‘withered’ technology with lateral thinking. This approach involves leveraging mature, cost-effective technologies paired with the creation of engaging user experiences, mirroring our strategy with Mirror. The technology was undoubtedly accessible; it wasn’t cutting-edge, yet it allowed us to construct a captivating experience that drew people in. We’re applying that same mindset to our current project.
On the feeling that ‘consumer’ as a category is swinging back:
As a fund, our core philosophy prioritizes founders. Reflecting on the initial cluster of New York-based entrepreneurs in the early 2010s, a surge of consumer-focused companies emerged fueled by the rise of the iPhone and the App Store, alongside the explosion of social media. This culmination of trends created prime conditions for innovation and direct-to-consumer commerce. However, the past several years have seen a lack of substantial technological shifts that inspire fresh ideas. I genuinely believe that AI is now acting as a significant catalyst for the consumer sector, reigniting enthusiasm among founders eager to explore what can be achieved now that wasn’t possible just a year ago. This resurgence is thoroughly invigorating for me, as consumer-driven ventures are my core passion.
What are some ways consumer technology can enhance family bonding and connection?
Elationships and family bonding space, rather than solely emphasizing individual achievements.
On the future of consumer tech:
We stand on the cusp of what feels like a renaissance in consumer technology. As entrepreneurs re-emerge, inspired by past successes, there’s a renewed focus on creating products that bring people together, fostering connection rather than isolation. The aim is not merely to produce hardware for profit but to develop tools that nurture shared experiences—devices that inspire families to participate in activities sans the relentless distraction of modern gadgets.
As we move forward, embracing this vision of ‘selfless’ technology, it is essential to keep our eyes fixed on the horizon, anticipating innovations that spark joy, laughter, and togetherness in households. With Brynn’s emphasis on connecting families through tech, it’s a thrilling time for those of us who’ve been waiting for a return to more meaningful interactions—both in person and via the devices we increasingly rely on.
Ultimately, the route to the ‘golden age of hardware’ may be paved with the goal of improving human connections, reminding us that technology can—and should—serve as a bridge, not a barrier, to the relationships we cherish.
