Jane Lu

The most expensive thing Jane Lu ever did was confusing growth with financial health. The most profitable was refusing to pay for an audience she could build for free.

Jane built Showpo from a Facebook side-hustle into a business generating more than  $100 million in annual revenue, without ever taking outside investment. No raise, no venture backer, no external capital at any point. Just reinvested cash flow and over fifteen years of learning the hard way what that kind of growth actually costs.

KEY TAKEAWAYS

• Revenue doesn’t always equal financial health. You can be profitable on paper and still run out of cash.

• Community built on trust becomes a competitive advantage money cannot buy. 

• Capital doesn't solve bad  decisions. It just funds bigger ones if you're not disciplined.

• Testing demand before you scale spend is cheaper than discounting your way out of a mistake later.

Showpo wasn't the plan. Jane had already quit her corporate finance job to go all in on her first business and it failed, right in the middle of the GFC, when finding another job wasn't exactly an option either. Her parents still thought she was working at EY. Going home and admitting she'd quit, wasn't something she was ready to do.

So she started selling clothes on Facebook. It was 2010, before brands were using social media to sell anything and something clicked. For the first time she could talk to customers directly, see what they responded to and build something around them, instead of a traditional  retail calendar.

"We weren't just selling dresses," she says. "We were helping women feel excited and confident for the moments that mattered in their lives."

That's still the business, more than a decade later. Fashion is the product, but confidence is what's actually being bought.

Jane is equally candid about where capital discipline became more important than growth.. When sales are growing, it's easy to read that as proof everything is working, so you keep buying more stock, hiring more people, spending more. But revenue can hide a lot. Too much cash ended up tied up in inventory and when products didn't sell as fast as hoped, the only lever left was discounting.

"You can be profitable on paper and still run out of cash."

That single lesson now sits underneath every financial decision she makes. The real cost wasn't just excess inventory. It was the opportunities that capital could no longer fund.

Looking back, Jane says if she could build one thing much earlier, it would have been a cash flow forecast and treat cash itself as one of the biggest competitive advantages she had. She would also get better at testing before investing, proving  real demand before throwing money at an idea.

"I'd still bootstrap if I could. It taught me too much not to. But I'd be more open to strategic investment if it genuinely helped accelerate the business, without giving up control."

If you ask her what the most profitable decision she's made is , the answer isn't a revenue number. It's a community.

Building an organic social media presence early, back when Facebook and Instagram still rewarded genuine content over paid reach, gave Showpo a cost-effective way to find customers that most brands weren't using yet. Instead of relying  on ads, the focus went into content people actually wanted to watch and a real relationship with the people watching it.

"That trust became one of our biggest competitive advantages."

The lesson she keeps coming back to is opportunity cost. Every dollar spent on one thing is a dollar that can't go anywhere else. Early on, everything feels exciting, so it's tempting to chase all of it.

"Now I'm much more focused on asking, will this actually move the business forward? Sometimes the best decision is saying no."

"Money doesn't solve bad decisions. More capital just lets you make bigger mistakes if you're not disciplined."

Jane Lu's story is a reminder that sustainable businesses are rarely built by chasing growth at any cost. They are built through disciplined decisions, thoughtful capital allocation and knowing when to say no.

At F5 Collective, we believe capital works best when it strengthens businesses, preserves ownership and gives founders the confidence to build for the long term.