Shark Tank for those who have not seen the show, is on Channel Ten at 9pm on Sundays. It is a TV show franchise that is in over 22 countries around the world. People come and pitch their ideas and five successful investors are there to see if they want to invest in innovative and sometime crazy ideas.
Mick Spencer – On the Go – Personalised Sports gear.
Mike is one of those guys who has the tenacity to succeed.. Sometimes adversity can make you stronger and more resilient and he certainly has had to overcome some personal battles when he was younger which involved severe short sightedness and bulling. People react two way to challenges in life, they either become a victim or makes then stronger, and after you meet with Mike you know that the later is true with sheer determination to get his business to the next level. The business is on trend as personalisation is really where many products are heading.
He was well prepared and knew his numbers and more importantly he had a plan.
Planning is a critical path for growing a business, it is like a road trip, you will not even get in the car unless you know where you are actually going. At Boost we stop every 6 months and review where we are, where do we want to go and how are we going to get there. In fact I recommend that everyone should have the top 5 personal and professional goal and review them yearly. You will be the surprised how powerful this is for people.
The pitch went for well over an hour, and he held up well under the pressure.
Steve had his digs to me on valuation, which he tends to do, but at the end of the day you need to make a return on your investment.
Thrilled that we did the deal with Mike and we got to know him better.
David Lambasa – Clever Score – Portable score boards for sports
David is a true inventor and I have to say, he has done a great job with his product. But, you need more than a good idea to have a business. He has been going for 10 years and not really making decent money. The offer he put forward was for the International business only, which is a very difficult place to start, as immediately he will have a split focus in his business. He did not look into the future to see that his investors will be looking to him for a return and if his focus is on the domestic business then growing international business will suffer.
When looking for an investor, splitting your business in two is the quickest way of losing your investors interest. The International and Domestic businesses are so intertwined with sharing resources like accounting, offices, etc and it would be impossible to make it work separately. Keep your deals simple to understand and more importantly simple to execute is the best way to get an investor, and what David was proposed would have been a nightmare.
David was very likable but lacked the business nouse to take the business to the next level. He was also not very clear in his communication, which is critical when getting an investor. What he needed was a great Partner in business not an investor. Glen’s deal I thought was great as he has a proven track record for success and would have balanced his skills out beautifully.
The huge negative to the whole deal was the Glen beat me in shooting goals. After years of netball I clearly chocked at the critical moment. I think we need a rematch.
Linton V Harris – Sharknado – Portable theme attraction
Well, if you say nothing else about Linton, he can certainly make an entrance. If you saw the show you will see that four out of the five sharks, where already thinking that there is nothing we can do to help this guy succeed as we do not the industry, and really what was he on 🙂
He was a bit too much of a salesman for me, and I was already jotting down reasons that it was not an investment for me… That was until Andrew Banks started pitching for him. He sold the vision and the business case that actually made sense. The view was that if we sold the attraction to at least event then that should paid for the building of the attraction and anything above this would be profit. Andrew works in this world and I was backing him in and his contacts to make this work, hence why my condition was that Andrew was to run the Due Diligence to really see if the business was what Linton said it was.
When pitching try and make sure you do not oversell it. Often people run a mile if they think they are being ‘sold’ something instead of been offered and opportunity, and Linton for me was selling hard.
You could see by our faces that we were not keen but the power of the charm that is Andrew, won us over.