Michele Romanow is a celebrated name in the Canadian entrepreneurial world. She is Canada’s top tech entrepreneur, prolific investor, a key judge at the entrepreneurial show ‘Dager’s Den’, and the youngest female entrepreneur who bootstrapped five companies before her 33rd birthday. Her business journey is fascinating, inspiring, and engaging for all the young female entrepreneurs.
Michele’s first business venture was a coffee shop which she started in 3rd year of college and graduated with $100,000 in profit. After graduation, she started a sturgeon fishing business named Evandale Cavier. Later she launched Buytopia, a deal-finding site that made 2.5 million subscribers. She founded Snapsaves, a mobile couponing application that revolutionized retail shopping. The most successful business initiative of her career is Clearbanc that she launched in 2015. She is currently the president of this world’s largest e-commerce investor.
What you should know about Clearbanc
Clearbanc is the largest and fastest digital lending platform that provides business loans to the founders based on business data insights rather than personal credit scores or guarantees. The business founders pay back when sales are made. This e-commerce investor gives capital and a global network to companies for growth. Clearbanc has invested over $2 billion into 4500 companies using AI.
On April 21, 2021, this tech giant announced a $100 million Series C funding round that brought the company’s valuation to $2 billion, and Clearbanc also rebranded itself as Clearco. According to Michele Romanow “The move from Clearbanc to Clearco signals our move beyond the capital.”
Learn how Michele Romanow made Clearbanc a successful e-commerce investor
Innovation is the lifeblood of entrepreneurship and the primary reason behind the success of Clearbanc is the innovative approach adopted by Michele Romanow. Before Clearbanc, SMB lending did not exist in Canada and banks used to finance the new business and wanted entrepreneur’s assets as collateral. So, she innovated Clearbanc by making it an e-commerce investor that neither needs personal guarantees nor a fixed payment timeline.
Besides, Michele Romanow like every successful entrepreneur knows how to convert technology into profit. She used technology productively by basing Clearbanc on AI that uses algorithm-based funding. For instance, Clearbanc’s signature product is an algorithm-based 20-Min Term Sheet that ensures expansion of nondilutive growth capital by tailoring friendly funding terms. This technology-driven approach has made business investment inclusive by removing bias from its decision-making. By using AI to make funding decisions, Clearbanc has funding millions of female-founded businesses. Thus, she helped the female entrepreneurs in fundraising. She proudly says” Algorithms don’t discriminate.”
Michele Romanow relied on a customer-centric mindset to make Clearbanc eminent
Likewise, Michele Romanow relied on a customer-centric mindset to make Clearbanc eminent. For example, the first product at Clearbanc was for Uber drivers so it took Uber rides and pitched the driver during the ride. Not only that, Clearbanc waits longer to get paid if the venture has slow revenue to create ease for customers.
Moreover, The fintech uses “first-of-its-kind” inventory funding to ease the founder’s expense. Clearbanc buys inventory upfront and companies only pay back the financing with a six percent fee on top. It became a game-changer for founders because they bought inventory without taking risks. Apart from digitalization, innovation, and collaborative business approach, Michele Romanow is known for her resilience and experimentation.
Michele Romanow: an inspiration for other female entrepreneurs
She is the only Canadian entrepreneur on Forbes’ “Millennials on the mission”. The World Economic Forum recognized her as Young Global Leader and she remains one of Canada’s Most Powerful Women. She truly is an inspiration for all Canadian entrepreneurs.
About the CanadianSME Business Magazine
The familiarity with successful business strategies is just a click away because of the CanadianSME. Our publication the CanadianSME business magazine is all that you need to have to acquire entrepreneurial success. If you want to read more success stories of famous entrepreneurs then subscribe to our magazine https://www.smemagazine.ca/
About the CanadianSME
The CanadianSME is a national organization with a big business vision. It wants to empower small businesses across Canada because they’re the backbone of the Canadian economy. CanadianSME was built to provide a much-needed support system for hard-working business owners.
See how at https://www.canadiansme.ca/