Mitt Romney is an American politician who served as the 70th Governor of Massachusetts from 2003 to 2007 and was the Republican Party's nominee for President of the United States in the 2012 election. He is also a successful businessman, having co-founded the private equity firm Bain Capital. Romney has been involved in politics since 1994, when he ran unsuccessfully for the U.S. Senate in Massachusetts. He was elected Governor of Massachusetts in 2002 and served until 2007. In 2012, he was the Republican Party's nominee for President of the United States, but lost to incumbent Barack Obama.