Michele Romanow, co-founder of Clearbanc, has been running her own ventures since her university days. Now a judge on the hit TV show "Dragon's Den," the Canadian version of "Shark Tank," Romanow tells aspiring entrepreneurs that the secret to success lies in tenacity and perseverance.
"If there's one characteristic of an entrepreneur, it's never give up, keep iterating and keep trying"
Clearbanc, a startup funding company, was inspired by Romanow's experiences as a judge on "Dragon's Den," which led her to create a more affordable way for entrepreneurs to raise capital than going through the traditional venture capitalist route.
"They had a company that makes really cool cell phone cases. They make them for 10 bucks, sell them for $50, and cost $10 in ad spend and they needed a hundred grand to grow that business. And so I said look, I'll give you the money, you just give me 5% of your revenue until you pay me back, plus a little fee, we charge 6%," said said. "So it's way cheaper than going to venture capitalists."
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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.