Michele Romanow net worth of over £112 million (USD $150 million; CAD $187 million) – CBC Dragons Den Entrepreneur
This article is about ‘Michele Romanow net worth’. I chose the ‘net-worth’ subject again, as a number of people are interested in entrepreneurs-net-worth.
Her aim as a dragon and as a mentor is to demystify entrepreneurship and to respect people for going out there and trying something and starting their own business.
The main sections of this article on Michele Romanow net worth are:
- Michele Romanow networth
- From tea rooms to caviar business
- You can’t be married to one idea
- So how did Michele Romanow make her money and create her current net worth
- Tech entrepreneur Michele Romanow co-founds mobile couponing app
- Michele Romanow and Dragons Den Canada – Agrees $1 million investment in den
- Michele Romanow net worth grows through fintech
- Quotes from Michele Romanow
- An entrepreneur, but a woman at heart, looking for ‘outfit-advice’ from her Instagram followers
- Romamow – one of the 100 most powerful women in Canada
- Michele Romanow dancing on a table with Sir Richard Branson
- Michele Romanow parents are Dagmar and Marvin Romanow
Having already written about a few of the BBC’s Dragons Den investors, I thought I’d introduce Michele Romanow. A Millennial-entrepreneur and a successful Canadian woman in business. As this business blog is an international business blog site, I needed to look over the pond for international entrepreneurs.
Michelle Romanow has been one of the dragon investors on CBC Television Dragons Den in Canada since 2015. A Toronto-based business woman. She will be first of many international entrepreneurs I will write about.
My interest in Michele Romanow is four-fold:
- She’s an entrepreneur for one, and I love to read and write about entrepreneurial people;
- Michele Romanow is not just an entrepreneur, but also a tech-based-business-woman. This is a subject I have already written about.
- Which leads me onto the third reason, which is my interest in ‘Women-in-business‘
- The fourth reason for writing about this amazing millennial entrepreneur is that she’s a dragon on Canada’s Dragons Den too.
Michele Romanow net worth…
Michele Romanow’s net worth is estimated at around £112 million (USD $150 Million; CAD $187 million). Not bad for a young-entrepreneur who was born in 1985.
So at age 32 (the age at the time of writing this article) that’s £3.5 million (USD $4.7 million; CAD $5.85 million) made for each year of her life.
Entrepreneurial life began with The Tea Room at Ontario’s Queens College. The USP for this startup business was a ‘zero-consumer-waste-coffee-shop‘.
Michele Rowman was just 22 when she started her first small business.
Related: Young Entrepreneurs and Millennials with multi-million dollar businesses
She set this business up when she was studying there for her engineering degree. This ‘green-business‘ pioneered both environmentally friendly technologies and practices.
Michele Romanow background and education…
Romanow gained here MBA at Queens University, Ontario alongside her Civil Engineering degree. Michele graduated from St. Mary’s High School in Calgary.
From tea rooms to caviar…
Her next business venture was Evandale Caviar. This new business continued her interest in sustainability and food.
Her company supplied the United States, which is the world’s largest caviar market. It was also aligned to preserving the endangered sturgeon species too.
Cartier Woman’s Initiative Awards…
There’s an interesting interview with Romanow, which is worth a read on Cartier Woman’s Initiative Awards. When asked in this interview about ‘why sustainable food?’ she said ‘As engineering students at Queen’s University in Canada, we were challenged to build things not only faster and lighter. So I started thinking about ways to produce food more sustainably.’
Michele Romanow – “You can’t be married to one idea.”
Related: Ten deadly mistakes of entrepreneurship that could kill an entrepreneurs small business
Why caviar, was the next question. Her answer: ‘I chose caviar because it represents luxury and timeless elegance and has some of the largest profit margins in the food industry.’ However, when luxury retail collapsed in late 2008, and with a change in federal legislation, the business came to an abrupt end.
Romanow was not married to her first business idea…
Not phased from business failure and put-off she said ‘you can’t be married to one idea‘. She’s a switched-on-young-entrepreneur and millennial. Aged just 25 at the time of her second business startup.
Romanow recognised that failure does happen in business. So with oodles of confidence, Romanow moved on to the next business opportunity…
From food to tech entrepreneur…
After making some money from sustainable food, Michele Romanow’s net worth really began to motor, when she switched to becoming a tech entrepreneur…
So how did Michele Romanow make her money and create her current net worth?
Romanow teamed up with two college colleagues with her first two business ventures. These two co-investors, Anatolly Melnichuk and Ryan Marien, joined her in the next joint business venture.
However, business woman Michel Romanow along with her co-founders changed tact.
Tech entrepreneur Michele Romanow co-founds mobile couponing app…
So more recently, Michele Romanow has become a tech entrepreneur or techpreneur, having built SnapSaves and sold this to Groupon.
She also co-founded Buytopia, which was her third and current business.
SnapSaves was acquired in June 2014 for an undisclosed amount by Groupon, and was reported in a local Canadian newspaper.
Smartphone app SnapSaves was created by Toronto-based Buytopia. Chicago-based company Groupon acquired Romanow’s mobile couponing app, due to its similar deal of the day business model.
Buytopia is a deal-finding platform. Their motto is “Because life is better at 50-90% off”.
From humble beginnings back in 2012, where the business began with just three engineers, they have saved subscribers over £750 million (USD $100 million; CAD $124.6 million). You can read some interesting facts about them on the Buytopia annual report page.
Michele Romanow and Dragons Den Canada…
The youngest ever investor on Dragons Den Canada, she brought a new dimension to the CBC show, joining in the tenth season in 2015.
Romanow sits alongside fellow dragons veteran dragon Jim Treliving, Michael Wekerle, fellow woman in business Manjit Minhas, Joe Mimran and returning dragon Arlene Dickinson.
Described as a ‘Tech Titan’ and by Forbes as the only Canadian to rank as one of the top 20 most disruptive “Millennials on a Mission.”
She has an engineering degree and an MBA to her name. So this naturally borne business woman is intelligent as well as a plucky entrepreneur.
One of her Den-Investments is in Tapplock – the world’s first smart fingerprint padlock.
Toronto-based entrepreneurs David Tao and Kayden Li were seeking £120,000 (USD $160,500; $200,000) investment for 5% stake in their business.
The entrepreneurs were offered Angel investment by three of the dragons. The final deal struck with Romanow included 5% royalty and a 6.5% equity stake in the company.
Romanow was thinking outside the box once more, to secure an investment she wanted to run with.
Romanow closed a deal on air on CBC’s Dragons Den for $1 million for a 27% stake in TDot Performance.
Another investment deal on the Dragons Den show was where Michele Romanow offered a staggering £600k (USD $800k; CAD $1 million) investment for a 27% stake in TDot Performance.
An online eCommerce store for performance car parts that ships anywhere in Canada. With a projected turnover of $10 million back in 2015.
Other Dragons Den Investments that will contribute to her ever growing net worth…
Ransom Hawley and Mick Higgins present Canadian-based business Caddle in the Dragons Den. They worked hard to receive an investment from not just Michele Romanow, but three other Dragons too.
Tech sector business Caddle obtained £75,000 (USD $100k; CAD $125k) angel investment for a 28% share stake.
Big businesses have a huge add spend. However, adverts are more commonly blocked by smart online software. So Caddle’s mobile app is designed to approach consumers in a different way. Individuals answer paid surveys, watch adverts and engage with brands they love. In exchange, they are paid upwards of £12 (USD $16; CAD $20).
As many consumers are fed up with pop-ups and ad-overs on the likes of YouTube, with Caddle they have the chance to work on a mutually beneficial ad-relationship instead. Their tag-line reads “Caddle is a new and easy way to make some extra cash. Make money waiting in line, on public transit, or waiting for a friend.“. Now working with some of the largest brand names and set to be a great investment for Romanow and her fellow VC’s.
Michele Romanow gives guidance to investors who pitch for venture capital money…
What she looks for in an investor:
- How fast you can grow.
- Your progress through iteration.
- How badly you want to win.
A recent study by Intuit reported 1 in 10 Canadian Entrepreneurs don’t prepare their investment pitch. Romanow sees this as a serious problem and warns entrepreneurs against making things up on the fly.
She explains in an article on ProfitGuide.com that even with the best prepared investment plan there’s no guarantee of an investment. She says “There’s no such thing as a perfect pitch that every investor will say yes to,” she explains. “Every person you date doesn’t want to marry you, [and] every investor you meet isn’t going to get what you’re doing.”
Entrepreneurs need to “practice, practice, practice“. She also feels that it’s important to make the pitch more personal. It should be more about the entrepreneur themselves. This makes the pitch more compelling and more engaging for VC’s. It helps angel-investors to understand the entrepreneurs-drive and business passion.
The key to a great and compelling investment-pitch is simplicity, back up by a business plan and cash flows, with personality.
Michele Romanow speaking at Start Up Canada…
Romanow is always keen to help fellow entrepreneurs. She has openly said that she wants to demystify entrepreneurship and to respect all those who try to make it in business.
She’s speaking here at the Start Up Canada event. She speaks alongside fellow wealthy Canadian entrepreneur and venture capitalist Bruce Croxon and Offset Market Exchange Canadian female entrepreneur Nicole Verkindt:
She is also seen at Canadian Gateway 17 speaking with entrepreneurs about small Canadian businesses prospering in the Chinese Market:
Michele Romanow net worth grows through fintech…
Investment in fintech companies exceeded £27 billion (USD $36 billion; CAD $45 billion) in 2016, which was up on the 2015 estimate of £15 billion (USD $20 billion; CAD $25 billion), which in itself was up 66% on 2014.
This meteoric rise didn’t miss the keen eye of entrepreneur Romanow. Already a tech-entrepreneur, this seemed like a logical move for this savvy investor.
Michele Romanow and Andrew D’Souza launch Fintech company clearbank.com…
The fintech based company she launched is clearbanc.com. Clearbanc.com is a financial services platform which targets North America’s 50 million freelancers and self employed contractors. Romanow co-founded this business with serial entrepreneur Andrew D’Souza.
Co-founder D’Souza, another wealthy entrepreneur well versed in raising millions of dollars to fund a business.
Looking to build fast traction in her new fintech-business-venture, in her innovative way of thinking she struck a deal with Uber.
She had immediate access to a significant market. In 2016 this was in excess of one million drivers and provided the fast-track-startup she wanted.
‘Part of being an entrepreneur is believing if you keep asking questions, you can figure out.’ Michele Romanow.
In an article in the Financial Post, she is quoted as saying that they’d advance £3.7 million (USD $5 million; CAD $6.23 million) so far, which was growing at a rate of 15% per week.
Inspirational Michele Romanow quotes…
Inspirational Romanow quotes…”Value-based prioritization is key. You can really only do 3 big things a day.”
A second quote from Michele Romanow on Instagram – “As an Entrepreneur you learn by doing“…
Another quote on Michele’s Instagram – “Successful people do what unsuccessful people are not willing to do.“
An entrepreneur, but a woman at heart, looking for ‘outfit-advice’ from her Instagram followers…
Women in business are different to men in business. So although Michele Romanow is a business women, she is all woman at heart. What makes her different to men, is her looking for guidance on her CBC Dragons’ Den outfit on Instagram.
Women in business have a different approach to entrepreneurship than men.
Related: Indra Nooyi Leadership Style – The Five C’s of #Leadership
This is something that a business-man would likely not do, and sets women apart from men. This different approach to business and investing is what sets women apart. A collaborative approach is a great leadership style to possess, and is akin to Indra Nooyi’s female approach at Pepsico.
Romanow – one of the 100 most powerful women in Canada…
In 2014 Romanow was in the top 100 award winners at the WXN network. This is the Top 100 Most Powerful Women in Canada.
These awards celebrate the legacy of female leaders who define what is possible. A list of great Canadian women, which includes some of the boldest female leaders. Women leaders who are prepared to push the boundaries.
Romanow is amongst the top Canadian entrepreneurs. She’s the youngest ever Dragons Den investor. Another business-boundary pushed by Romanow. This is a true reflection of her success in business.
And finally, Michele Romanow dancing on a table with Sir Richard Branson…
I think you can claim to have made it as an entrepreneur when you get to dance on a table with Sir Richard Branson. I guess this is not something a male-entrepreneur would get to do though.
Entrepreneurs around the world aspire to meet the king of entrepreneurship – Branson.
Michele Romanow parents are Dagmar and Marvin Romanow…
Michele Romanow’s dad is Marvin F. Romanow and is of Ukrainian decent. Her dad was CEO of Canadian petroleum company Nexen, a £12 billion (USD $16 billion CAD $20 billion) company. Marvin Romanow was also Executive in Residence at the University of Saskatchewan from 2012, which is where he got his MBA. Currently her father is chairman of Freehold Royalties Ltd in Calgary and a director at Saskatchewan Power Corp.
Although her parents live in Calgary, which is where Michele was born on 12th June 1985, her father grew up in Canora. Speaking with The Canora Courier, Michele describes her special memories of Canora visiting her grandmother with her family in the summer. Her Ukrainian grandmother then used to visit Michele and her family in the winter months. She also recollects her grandmother spending the whole time in their kitchen, making pierogies and pickles.
A personal interview with Michele…
A Personal interview with Michele at Flare about her and her dad with some lovely photo’s of her: Michele Romanow: Why My Dad Rarely Says He’s “Proud” of Me. She explains how she learnt a lot from her father, not least hard work. He would leave the house by 6 am. and not return until 9:55 pm.
Michele has three siblings, which includes two sisters Jacqueline and Nicole and a brother Richard. Marvin Romanow’s idea for parenting is to let his children find their own path in life. Speaking about Michele in the Canora Courier he says: “She is a very normal person but she has the qualities to make her driven and become successful. She has had her share of challenges and failures but she never gives up.”
Which appropriately leads on to a #MICHTIP and quote from Michele’s on Twitter “When you tell yourself you’ve made it, you stop working.”
If you want to follow her personal Facebook page – you’ll find this here: https://www.facebook.com/dragonmichele/. You’ll even find a picture of her with George Clooney:
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Related: Mumpreneur – entrepreneurial mums who have children at the same time as running a business.
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This could not be farther from the truth… Where did you come up with this number? Seriously!!