Betsy Cohen

Born in 1941 in Philadelphia, Betsy Cohen grew up in a middle-class family. Her father was a doctor. Her mother encouraged her academic pursuits. From an early age, Cohen showed a fierce intellect and drive.

"I was always curious, always asking questions," Cohen recalls. "My parents nurtured that."

She excelled in school, earning a spot at the prestigious Philadelphia High School for Girls. Then came Bryn Mawr College, where she studied philosophy. Law school at the University of Pennsylvania followed.

In 1966, Cohen became one of the first female law professors in the US. A groundbreaking achievement. But she wanted more.

"Teaching was rewarding, but I felt a pull towards business," she says.

That pull led her to found Jefferson Bank in 1974. At 32, she became Pennsylvania's first female bank CEO. Uncharted territory.

The banking world wasn't ready for her. Many doubted a woman could lead a bank successfully. Cohen proved them wrong.

"I faced skepticism, sure. But I knew my stuff. Results speak louder than prejudice," she states firmly.

Under her leadership, Jefferson Bank thrived. By 1999, when she sold it, it was the largest local financial institution in the Philadelphia region.

But Cohen wasn't done. Far from it.

In 1999, she founded The Bancorp. This was no ordinary bank. It provided banking services to non-bank fintech companies. A novel concept at the time.

"I saw where finance was heading. The internet was changing everything. We needed to adapt," Cohen explains.

The Bancorp grew rapidly. By 2014, when Cohen retired as CEO, it was serving about 1600 fintech companies.

Retirement? Not for Cohen. She co-founded Cohen Circle, an investment firm. Since 2015, they've raised over $5 billion in capital.

Bloomberg dubbed her the "SPAC Queen" for her success with special purpose acquisition companies. She embraces the title.

"Why not? It's accurate," she laughs.

Today, at 82, Cohen shows no signs of slowing down. She's still identifying opportunities, still innovating.

"There's always more to do, more to learn," she insists.

Her advice for aspiring entrepreneurs?

"Look for the negative space. Focus on what isn't being done, rather than what is. That's where the opportunities lie."

Wise words from a pioneer.

Lessons

Lesson 1: Look for the negative space. Cohen's advice to "focus on what isn't being done, rather than what is" is gold. It's how she spotted opportunities others missed. When she founded The Bancorp in 1999, she saw a gap in banking services for non-bank fintech companies. "I saw where finance was heading. The internet was changing everything. We needed to adapt," she explains. This insight led to The Bancorp serving about 1600 fintech companies by 2014.

Lesson 2: Age is just a number in entrepreneurship. Cohen founded Jefferson Bank at 32 and became Pennsylvania's first female bank CEO. She didn't stop there. At 58, she founded The Bancorp. At 74, she co-founded Cohen Circle. "There's always more to do, more to learn," she insists. Your entrepreneurial journey can start - or restart - at any age.

Lesson 3: Stay curious. Cohen's journey from law professor to banker to fintech investor shows a constant hunger for learning. "I was always curious, always asking questions," she recalls. This curiosity led her to spot opportunities others missed and to continually reinvent herself and her businesses.

Lesson 4: Use your expertise to spot opportunities others miss. Cohen's background in law and banking allowed her to see opportunities in the intersection of finance and technology. Your unique knowledge can be your biggest asset in identifying untapped markets.

Betsy Cohen Quotes

On resilience: "I faced skepticism, sure. But I knew my stuff. Results speak louder than prejudice."

On curiosity: "I was always curious, always asking questions. My parents nurtured that."

On lifelong learning: "There's always more to do, more to learn."

On innovation: "Teaching was rewarding, but I felt a pull towards business."

On leadership: "At times as a leader, it's important to be comfortable with the unknown, to be bold, and tenacious."

Speeches and Interviews

• Betsy Cohen | TEDxStLouisWomen
• 'There are risks': Betsy Cohen on banking as a service
• Arta: Q&A with Betsy Cohen

Further Readings

• Betsy Cohen's LinkedIn Post on Commencement Speech
• Betsy Cohen's LinkedIn Post on Conference Attendance
• Purpose Through Service with Betsy Cohen | Ep 169
• Betsy Cohen's YouTube Channel