AUGUST 1, 2017
For those people who are reading this and may have never seen the Shark Tank TV show; Shark Tank is on channel TEN at 8.45 every Tuesday. Five self-made Aussie business people sit on the panel ready to be convinced that the businesses are worth the investment and fight for their part of the action.
I do this weekly blog to give people a look behind the doors of the tank.
Here are my thoughts on each of the businesses that were on tonight’s episode.
Deliciou is a simple idea, it is a seasoning that brings the flavour of bacon to… anything!
You hear from some people who have given up meat that they would give anything to taste chicken or bacon just one more time without breaking their promise. Well this product was designed with you in mind. Being made from vegetables (not vegan or dairy free), this seasoning allows Vego’s everywhere to revel in smokey goodness once again.
Making anything taste like bacon is an interesting concept. But I am a fan of real food, so I was not into the product from the start however like Steve, numbers can convince me.
Steve turned the tables on Kijetil and pitched the concept at him, Steve (rightly so) believed the valuation was rubbish. But to Kijetil’s credit, the fact that he did not bat an eyelid was interesting. What I have found time and time again when people start their business is that they believe it is worth a fortune and that the sky is the limit. They forget all the hard work and challenges that need to be overcome to achieve their dream. In the early years business has not yet beaten the founders down to a reality check.
Just when I was getting over the blue sky valuation, then the real bullshit started happening; with no track record and 60K in sales behind him, he estimated that he would increase by 10x next year and then to a whopping 5.8 million the next year, however with a small investment of 300K he would then turn the revenue into 25 million dollars – which is bull…. As soon as someone is pitching and are not being realistic, then it is all over for me.
However, just when I thought it could not get any worse, he threw that banger in that he does not even own his recipes or IP…. So clearly I was out, out, out..
He was a very lucky man getting the offer from Andrew!
THE GUITAR STRAP CO.
Bringing some colour and personality to the functional aspect of the guitar, The Guitar Strap Co. are a very impressive team.
OK, anyone that knows my husband, is aware that I am a sucker for guitar players..
These guys were really cool and talented. Tony, Mike & Dave started a business based on seeing a problem or an opportunity in their industry and finding a solution. Guitar straps made by musicians for musicians. The padding and other features that they have included to make the humble guitar strap work for them are very cool.
They had great ideas and knew their business and audience. And something that will be invaluable to them is their endorsements from Gene Simmons (for those people born after 1980 he was from a band called Kiss) Adam Brand and the band that you Gen X & Y’s might know – Taxi Ride.
These guys had the orders if they could get stock. The quality was awesome and I loved the product.
The customisation of the product was what got me across the line. My husband would love to jump on the website and compare styles and colours to suit each of his guitars and I imagine a lot of other musicians would also.
The boys are good fun and I have enjoyed the time I have spent with them….
TYRED DOG BEDS
For me this was a non-business.
CAT NAPPING SUBURBAN RETREAT
I am just not a cat person so this was not for me. People must really like their cats to pamper them so much.. or maybe they send them there so that the owners can get a good nights sleep..
So basically Zepee is Tinder for pets needing to be re-homed. Because he does not want to charge for Pet Tinder, he is selling the collar tags that can be tracked when the pets go walkabout.
Ben is a lovely man who is on a mission to rescue pets. Pet lovers everywhere would be loving the idea of scrolling Tinder style for a rescued pet in hope of finding their forever home.
I think he can actually make money out of the Pet Tinder and the tags are really obsolete. Tags are over complicated, just put your phone number of the collar and you are done.
There are too many steps involved in the process of downloading the app, registering, scanning, calling and calling, when the old phone number on the tag wasn’t really a problem that needed to be solved. He needs to pivot and look at getting advertising involved and making a business from the Pet Tinder.
It is not a business yet but Ben will find a way, I hope he does and I hope that it leads to lots of animals finding their forever homes.
THE MONDAY FOOD CO.
The Monday Food Co. is a great little business from Byron Bay producing handmade grain free, gluten free, Paleo, dairy free, refined sugar free granola.
What a beautiful soul Indi is. She was kind and gentle and her product is amazing. There are many people out there that have learning difficulties, but it does not make them stupid. IQ tests are rubbish as there are so many type of intellect.
When we are younger we try and hide what we are not good at, when you are different you often get teased at school or told that we were not good enough. It is when you are older and you realise that smarts come in all forms that people start to open up and feel more comfortable about what they are lacking.
A top CEO once told me that he is a chronically slow reader, another founder friend of mine has dyslexia – and me, well how long have you got for me to mention all the things that I could do better?
What I am saying is that often challenges when you are younger make you stronger and it encourages you to think outside of the box and your problem solving skills ended up being your greatest asset. Like Indi all she needed was people to believe in her and she could believe in herself.
Despite Indi’s challenges she has a great little business that has doubled year on year; there are many established businesses that cannot say that. Some of the biggest challenges that many young businesses have is how to go from making the product to growing a business, because you cannot do both and grow at the same time.
I believe that Indi needed to hire a partner or a team that complement what she was lacking. Indi needs a partner that has knowledge of logistics and accounting to be able to outsource manufacturing and expand overseas.
Indi has great strengths, so she needs someone that can balance her out and if anyone can do it Glen can.
I wish Indi all the best for her business. Well done getting the business to where it is today. Very impressive.
Check out next week’s episode of Shark Tank at the new time of Tuesday at 7:30pm on Channel TEN.