Therese Tucker just broke a glass ceiling as the first woman founder/CEO to lead a venture-capital-backed Los Angeles startup to an initial public offering, according to The Los Angeles Times’ Paresh Dave.
Not just a woman, but a woman of a certain age, 55, who built her company, BlackLine, over the last 15 years the hard way.
“I funded the company up until 2013, and there were some very difficult times,” she said. “I ended up putting in everything that I had into it. First the nest egg from my options from my previous company. But then I drained my bank accounts and my 401(k). I told my kids, had I been able to access their college savings funds, I probably would have taken that, too. I second-mortgaged my house. I maxed out my credit cards. I begged from friends to cover payroll.
It was difficult and humiliating and scary. I thought, ‘Oh my god, I’m going to be a woman in my 40s who’s bankrupt and starting over,'” she said of the years through about 2005.
That’s grit — the thing everyone is talking about.
BlackLine went public $2 above the target price and soared from there.
On Friday morning, the shares opened at $24.52, a 44% pop. The stock was trading at around $23.31 midday, giving the company a $1.15 billion market cap.
The result of that $2 increase meant raising $46 million more than than the $100 million planned.
Tucker didn’t build BlackLine by raising round after round of funding in an easy money environment—she bootstrapped it.
She did, however, jump on a still unproven new technology/business model.
The turning point happened in 2007, when the idea of cloud computing was very new. She and her team decided to quit making old-fashioned software and sell the service exclusively through the cloud.
And that was true grit.
Congratulations, Therese Tucker.
One Ceiling Down and a few more to go.
This post is dedicated to every woman of every age who has put herself at risk to follow her dreams — whether as an entrepreneur or something else.
Image credit: California Community Foundation