Image Source Ten Play
Hopefully Shark Tank is getting those entrepreneurial juices going. You will see on the show in coming weeks all sorts of inventions and businesses that will make you say or think, “I can do that”; and you can. If there is a second season then you may get your chance. Every week, I will put down various tips for you to consider when pitching your ideas to potential investors.
Tip 1: Do your Research:
Marketing and business is very simple: Find out what the customer wants and give it to them. Easy right…? The number of people who have pitched to us and said their family and friends loved their idea but they had not done any real research was staggering.
When we opened our first store we wanted to know how many people walked by the door. We did not guess; we got Jeff’s dad, Mike, to sit behind a table and literally count them. When we launch new products we ask our customers what they think – not just a couple but hundreds.
If you are pitching your idea, make sure you have done the work to know if the consumer of that product wants your product, and that it’s not just your very nice family and friends sayings it is good!
Episode three was a mixed bag of interesting products and businesses.
Offer: 120K for 5%
What an amazing product that would give us enormous peace of mind in the water. I am on the Shark side, (this is even before I became a shark!) They do not deserve to be killed for doing what they do naturally but if there is an opportunity to be safer in the water then I am all ears. In the Allis family we are in the water all the time, either scuba diving or surfing, and there is many a time that we see a dark shape in the water and freak out, only to find out that it is just a seal or dolphin, so this product had particular interest for me.
Dave was very likable and you know that you could trust him. The product was good but it had to be built into a surfboard which would increase the cost of the board by up to $400. This on its own is not a major problem but the reality is that most surfers have a number of boards that they use for different conditions so that they would need to have it on all of their boards, which start to add up. Dave’s idea for version two which would go into your wetsuit is very appealing. I will wait until this is perfected and then knock on his door. One other concern was that Steve made an offer and wanted to see if there was a counter offer and Dave was immovable. Not sure how much he really wanted an investor?
Side note: it would be amazing if type of product could remove the need for nets that not only kill sharks, but other marine life. Sharks are beautiful, powerful animals and my hope is that these type of products will make a massive difference to the marine environment.
OMG this man had more energy that the Energiser Bunny. We need more people like Luke. His vision of helping kids move more is the right vision but the business is him, so very hard to invest in. Hopefully he gets his TV show up and running, as he is an amazing talent
Mobile Tyre shop
250K 10% equity
Travis is impressive presenter; he was very convincing and had all the answers but for me, I need to be passionate about the product that I invest in and tyres is not something that I can actually be passionate about. I am sure the boys will do well with the investment.
Simply Moreish Marinades
80K for 20%
Anne was a delight, she was passionate about her food and her product, and she had good reason to be. The marinades were delicious and Steve barely said anything because he was too busy eating. She has long way to go before it is a business that we could invest in. She is on the right road as the product is so good. Hopefully the exposure of the show will get her to the next level.
60K for 15%
Daniel was a dynamite; he was impressive on every level. He presented strongly, had the answers and was clearly a very bright young man. The advice to him to work for a large organisation to learn more in his area of passion was a great suggestion, as was John’s idea for us to all pitch in and send him to the most forward thinking expo in his field in Las Vegas. Hopefully this is the start of something quite exciting. There is no question that you will be seeing this young man in the future.