CHAPTER 6
INNOVATION’S DIRTY LITTLE SECRET
Michele Romanow leaned forward in her chair and listened intently to the deal. At this point, she’d heard about 250 of these pitches over the last few weeks.
The founders in front of her—a father-and-son duo—had a great idea, a great business model, and great execution. They’d already sold about $1 million of their wooden iPhone cases. The metrics were excellent: $10 to make, $10 to advertise, $50 to sell. A proven, safe investment. At the end of their seven-minute pitch, they made their ask.
They wanted $100,000 in cash in exchange for giving the investors a 20 percent stake in their company.
Romanow sat back. That’s a bad deal for everyone, she thought.
A company in a small niche like iPhone cases ...
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