This week we have Steve sucking on a bottle and getting very excited, some seriously yummy food, a very sad story of what you should not do in business, and an actor who wants to be a business person, or does she..? have a read of my blog post and see what you think of the businesses on tonight’s episode..
One of my investments from season 1! I love working with Ash and watching his business go from strength to strength.
The Subo cup is a solution to the mess that our little darlings spread around our homes, cars and clothes while we rush around trying to clean up after them.
This is a great product because parents with little ones will rejoice the time they claw back knowing that at least the kids food is contained to this very clever bottle and not on.. everything else..
It was not surprised that Steve loved this product and that he wanted to invest.. Why was he so keen you ask? I would have to say that this may be due to Steve having twins recently and getting completely sick of having food spread all over his house, car and plane seat and he thought, “OMG there is a God’ and He has created the solution that every toddler parent is looking for”!
I have to agree with him, it was a great idea and it is very well designed. You have to admire Julie-Anne and Glen for their belief in their product. They not only had an idea, but they took that idea all the way to making it an actual product and then generated some great sales. This was brave, and sometimes this is what it takes to get an idea off the ground. They believe in themselves and their product and more importantly they had the drive to make it happen. Also let’s not forget about the half a million dollars that they have spent to get the product up and running, these guys are all in.
This product will go nuts is my predication after the show as there are millions of dollars spent on cleaning cars and dry cleaning not to mention the time spent chasing the kids to wipe them down so I think they will be a huge success.
Tip : Getting into business is a high risk, 4 out of 5 business fail in the first five years, so you need to be brave and have courage and you have to be all in to get your business up and running as scary as this may be.
DELICIOUS FOODS AUSTRALIA
Nicole is very passionate about her business and her product – rightly so, they are seriously yum…
Taste is everything when it comes to developing food products and these meals certainly have that plus they are very good for you. The product is directed at 12% of the population who is either vegan or vegetarian, but the product tasted so good that it would appeal to a larger market of people wanting to look after themselves or looking for a healthy, convenient option. All 6 products have the 5 star health rating plus are gluten free and low salt.
Where Nicole’s pitch fell down was her blue sky prediction in regards to sales. Going from 71K to 1 million dollars just does not happen overnight or if it does, it is the exception not the rule. Hence why we were immediately sceptical..
I look forward to seeing Nicole’s plan for the business and see how she can turn this business into something special and if anyone can, Nicole is your woman.
Tip : Keep focus. When people throw numbers at you like growing from $71K to $1 million dollars and you begin down the path of “it seems good to be true” then it usually is.. Be realistic with your figures and the most important thing is to deliver on what you promise. When you promise 1 million dollars, you may find the investors losing confidence pretty quick if you do not deliver. A better plan is to always under promise and over deliver.
SCREWDRIVER DOUBLE HEAD.
(Could not find a website link)
Bill and John are a great team and I was enjoying the pitch until we fully understood Bill’s almost lifetime journey with actually getting this product to market..
Bill is the original mad inventor – in 1990 he created his first product which he heard from builders it is a great product.. So why after 28 years and the sale of two family farms and $2.5 million dollars has Bill only got one drill to show for it?
The answer is this; he got so caught up in the invention that he forgot about planning the execution and actually running the business which takes into account, selling, marketing (and not getting ripped off which has clearly happened over the years). But there is no one to blame but himself, as his stubbornness to never give up has cost him everything. I mentioned in the Subo copy above that you need to be committed and stay with problems, but there is a difference between staying with problems and not knowing when enough is enough.. At some point you are just throwing good money after bad.
My hope for Bill is that through our contacts and through the exposure on the show that one of the big manufacturing companies sees his awesome invention and develops the product and then Bill can get a royalty.
Tip : at some point in business you have to know when enough is enough, and you have to cut your losses before you get into Bill’s situation, which is having lost everything.
This was a really interesting pitch for me. Laura did a good job at presenting the pitch and she was honest that her passion is not the business but being an actor and the business was a means to allow her to do what she loves which is acting.
Asking Sharks to invest in a business which is not what you really want to commit to full time, is not the way to instil confidence in the investor that they will ever see a cent of return. You have to take asking for people’s money really seriously and give the time and commitment required to grow the business, and that includes living in the country, and putting more than part time hours into the business.
If what she said about the business is true then it is a good little business, but I invest in people and I want the people whom I invest in to be passionate about the work that they do, as this how businesses grow and thrive. With what I know about business I could never invest in her.
Tip : Do your research to understand the audience that you are pitching to and know that they want a focused business person who takes their investment seriously, not someone who is funding their other dream with no plans to grow or even focus on the business.