Dmitry, Leon & Dennis
OK, let’s start with what we all thought….. That the dude at the end looked exactly like the bad guy from Inglorious Bastards (Quentin Tarantino movie). Once I worked out why he looked so familiar I got into listening to the pitch.
The product was great and very practical. What you missed was the guy with the beard was actually the tech guy and he gave us heaps of other developments that they were doing with the phone- he was very impressive. I thought Steve was going to be impressed as he insisted that tech businesses need a developer on the founding team. Naomi disagreed and in my view, both were correct. Having a developer on the team is critical as you need to keep developing (especially in the early stages), the down side is, if they are not that good, you’re stuck with them, and this can hinder your growth.
They had done their research, with Vision Australia and had the right accreditations. I am not convinced on their solution to not have a key pad though. Their explanation was that their customers could always call sensor Australia on 1234, a line you can call and they can connect you to anyone you want. My issue with this was that it is not cheap to always call 1234, and if customers are on the pension, every dollar counts.
As a team they were a great balance of creative, accounting and tech- the perfect business mix.
Their valuation was very high and the offers from the sharks reflected this.
For the record, Andrew is a bit of a good looker, so I don’t think I am better looking than our very dashing Andrew. But I was born later than him, so this was right….
I have no idea why they went to the back for discussions, because they all spoke in Russian, and none of us would have understood anything they said!
These guys deserved a deal so I am thrilled they got one.
Michael and Robert
Another double-sided market place, like Uber and Air B&B. This time it was about parking spaces.
Really like the idea, there are thousands or parking spaces that are sitting there unoccupied and these guys have a use for them.
Like most tech businesses, they had a really HUGE valuation, these guys were no different with a 30x revenue which in my world, is ridiculous.
Their current marketing strategy is word-of-mouth, which only gets you so far.
Steve always has an issue when businesses hire in tech (as mentioned above), a real issue with people who are in the tech business that do not have founders involved in the tech aspects.
Unlike many business in this space these guys actually had a real business driving real revenue, but the revenue is still low so again, the valuation was far too high.
But, I liked the business so I made an offer at a valuation that I thought was more reasonable.
I think they forgot that sometimes you also need people not just money.
Great offer, mad to reject it.
I really liked Tommy and his product; he was a guy that was just having a go. His product was very similar to the drinks that young people drank in the ‘80s, in fact it was a huge market.
First time I heard the word ‘Spritzer’ however was when David Bowie asked me to get him one when I was a stewardess on his yacht in my youth. He used to drink wine mixed with mineral water, which was called a Spritzer (I think his heavy drinking days were a thing of the past by the time I met him).
The product was actually really good and I knew I could work with Tommy, he was honest and realistic in his valuation and his sales. I really struggle when people give me all this blue sky, thinking that there is never going to be a problem.
I was not alone unfortunately, the other sharks could see a great deal.
I wish Tommy all the success, he will have a lot of fun with his fellow Queenslanders.
Fitzy & Wippa
MMMMM…. What can you say about this pitch? Andrew had no idea who they were as he has been out of the country.
Now for their idea. They wanted to find a cure for Death Breath, with a mint in the bottom of every coffee cup. Actual fact, quite a novel idea… Don’t tell them I said that…
We had a lot of fun with the boys. Cannot believe they did not take my offer!!!
See you next week !!!!