Clearco circling the drain

Clearco might be a big story in 2023.
OPM 1 min read

Clearco’s situation seems to be worsening. There are rumours that CEO and co-founder Michele Romanow is on the brink of resigning. That Chief Revenue Officer Mark Steinman was let go earlier this week. And that another round of layoffs is imminent.

There’s now a movie adaptation in the works of Sean Silcoff’s book on the fall of BlackBerry. I think the Clearco story is just as compelling if not more. Much remains to be reported. And Sean Silcoff is the man to do it. He should look into the lavish parties on yachts, dalliances between execs, various labour practices.

Meanwhile, Michele has kept an active public profile over the past few months. I have seen puff pieces by The Toronto Star, the Financial Post and Pamela Wallin. Although at least one of these acknowledges the widespread rumours of Clearco’s imminent demise. They also mention the celebrated statistic that 50% of the businesses funded by Clearco have women founders. And 30% BIPOC. Well, colour me skeptical on that. Simply because a sample should somewhat reflect the population it's drawn from. Sources say there's very little data to back those numbers up.

Some might say that a PR blitz should not be a priority while her ship is burning. Others will say that since the outcome is in little doubt, she's right to make the best of it. Michele also appears to be ramping up her career as an influencer. As everyone knows, I'm a diehard Pamela Wallin fan, so I listened to the full 1 hour interview. Michele talks about the struggles of entrepreneurship and how she never sees a "No Parking" sign as an obstacle. I look forward to writing the next chapter of her storied career.

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