Thanks for joining me on my last blog post for Season 3. I hope you enjoyed the behind the scenes look at the pitches and with any luck you received some of my insights into business and investments. This episode had some great businesses and some let’s say.. interesting characters.
JIMALIE COCONUT PRODUCTS
Jimalie coconut products are made from coconuts derived from Jaypee’s family’s coconut plantations in the Philippines.
Coconut products are not only really on trend but people are beginning to understand the versatility and health properties of coconut. They are going coconuts.. for coconut. J (I’ve been waiting to use that one!)
It is proven that specific diets have enormous effects on children’s behaviours. Particularly children with autism. Any parent knows that particularly when your child comes back from a party with an endless supply of lollies or after a visit from the well-intended grandmother…they have no control over the way their bodies react to the sugar filled treats. Rarely does it involve quietly reading or talking a nap!
So any further education or information on products that can assist in this area immediately gain my interest. Health is a topic where there is obviously always new things to learn but the common thread lately seems to be coconut related products. It is clearly the new superfood. Next time you are at your local café, ask if they offer coconut milk. It isn’t super creamy but it is delicious and is another alternative to dairy or soy.
Jaypee had a great story and reason for the business to develop, but you need more that desire and passion to make a business. Jaypee did need help, he did not know his numbers and this is the basis of any business. Analysing your business numbers is like reading a book, it tells you what to focus on and how to grow. I really liked Jaypee but I did not believe that he had what it takes to grow the business. Glen will be an excellent partner and the fact that he has a health supermarket chain will really help Jaypee to get traction.
I hope by this time next year, Jimalie is the biggest name in coconuts in Australia.
FIND MY FUTURE
Find my future helps students to find their career path.
Fergus funded the business by his father selling some cattle from his farm.
It’s interesting that someone who hasn’t had great advice is selling a product that advises people what to do with their careers. Further research would help this business get a little further.
Steve has a solution to a problem, but he does not have the knowledge in tech and would need to rely on experts that charge like wounded bulls to bring his ideas into reality. Without being an expert, he would always be reliant on other people’s advice, which could make it very hard to manage expenses as this is the core of the product. You also need to be sure about your market and your product prior to selling it in order to be successful. You need to be able to defend your product to anyone.
Selling to schools is really difficult. To make things even harder, Fergus does not have tech in his partnership and there are products already like this in the market place. He has so many problems to solve.
This was not a business for me. Good luck to Fergus.
FRESH MEALS 2 U
Fresh Meals 2 U are a meal delivery service making it easy for people that work long hours to enjoy a healthy and nutritious meal plan.
This space is very crowded, everyone and their dog are moving into this space. If you are following my blog you know that I invested in Be Fit Food which is also a delivery service but it has a further market of rapid weight loss. They have a point of difference. You need to have something the no one else has to ensure you have an edge in the market and can solve a problem that currently exists.
Rick and Tracy are passionate about what they do but have a long way to go to understand their business, and this is a worry.
They did not really have their answers, they need to know their COGs (cost of goods). It is not a maybe, it is in the numbers and without knowing your numbers it is hard to grow a business. And no one is going to invest in a business that cannot scale.
To make it worse, they do not own their name which is a risk but I did think of a way that we could do the deal that could minimise the risk..
In essence we get our money back in full and still maintain 10%, so realistically they get our blood sweat and tears – for equity. i.e we give them a loan and then we get 10% for our involvement.
This is a very common way of getting expertise into the business and these guys need it.
Looking forward to working with Rick and Tracy and seeing where we can take the brand and spreading the message of healthy eating to all the busy 9-5ers.
ECTO HAND PLANES
Ecto Hand Planes use recycled surfboards to create a new product that can be taken back into the surf for a variation of their original purpose.
Sustainability and design are some of my favourite things. Chris realised that surfboards were not recycled and found a way of making a niche product and recycling old or damaged surfboards.
As an amateur surfer, this interested me. And I love Chris’ passion for his hobby.
Chris was great. At first I was concerned about his commitment to the business as it is something that he does on the side, but when pushed you see that he is committed to this business and to its success. The hand planes were great. I purchased 4 of them and gave them to my sons – and they love them.
For me Chris needed to go full time as you need to have full focus, especially with a relatively new business. He has only made $80K over five years, which is not great. It was not a great growth story, and his view is quite limited. He view on success was 400 unit, which would be no interest to any of us.
If anyone started a business and got an award for their product and 5 years later you were doing the same amount of sales, you have to realise that something is wrong or that it is just supposed to be a hobby.
In business you need to be in 100% or out and a business will fail if it just a hobby on the side. It’s awesome that he loves the creative side but he did not prove that he was capable of growing the business from an investor’s point of view and more than just a hobby on the side.
Good luck Chris & Naomi. I am sure you will see my 3 sons out on their hand planes at some stage this summer.
And I love Chris.. well, how can you not!?
Thanks for everyone who has followed my blog throughout season 3 of Shark Tank.
We had a ball doing the show and I hope you enjoyed coming on the journey with us.
If you are looking to grow your business, Shark Tank Season 4 are currently taking applications at: https://go.mycastingnet.com/Apply/Show/SharkTankSeries4
We’d love to see you in the tank.