Supermodel and talk-show host Tyra Banks will raise funds from outside investors next year for her self-funded cosmetics direct selling company Tyra Beauty.
At the WSJDLive global technology conference, Ms. Banks discussed her past failures, including an ill-fated attempt to develop an app, and steps women can take to assert themselves.
Every woman needs money to “have to be in control of her future, control of her present so she can make decisions,” she said.
Ms. Banks’ company, Tyra Beauty, relies on independent sellers who earn commissions much like Avon Products Inc. or Mary Kay Cosmetics Inc.
The company is growing, she said. That means she’ll have to veer from her standard practice of self-funding her ventures.
She hasn't previously taken outside investment. Mine is a 100 percent entrepreneurial venture, no licensing, she told Allure last October. There’s no person that’s paying me. It’s all 100 percent self-funded.”
But this will likely change: “Based on our growth, I’m not going to be able to afford to carry it forever so we’re going to be raising some money next year, she said at the conference.
Banks, a Harvard Business School graduate, hinted that she will make Tyra Beauty a higher priority; she has reached out to business executives, including Zappos CEO Tony Hsieh, for advice and will form a legitimate board for the company next year.