You don’t have to give away control of your company in order to scale. Better alternatives for growth capital may be right for you.
The idea for a company can happen in an instant. That was the case for Susan Walvius, who at the time was the head coach of the women's basketball team at the University of South Carolina, and Michelle Brooke-Marciniak, who was an assistant coach there. In 2007, both were wearing athletic wear made from performance fabric. The fabric is moisture-wicking, quick-drying, and breathable.
Like many entrepreneurs, with opportunity came challenges. Initially, the two sold directly to consumers. The pair hustled and got a meeting with Bed Bath & Beyond. It didn't just want to test the idea; it wanted to sell SHEEX in 600 of its stores. Manufacturing and developing a back-end operation became an obstacle. The solution — license the manufacturing to Li & Fung, a supply-chain management company. After about five years, SHEEX took back its license.
Walvius and Brooke-Marciniak had previously raised money through friends, family, and angel investors. They took money in small increments as they needed it. This time, the company needed more money than those sources could provide. The pair spoke to venture capitalists, private equity firms, family offices, and revenue-based financing companies.
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