This week, some very confident (like REALLY confident) young men who have joined the space race, a passionate mum and daughter combo wanting to save the planet, a solution to mums working from home and a tech idea that hopes to provide a solution for the bricks and mortar retail foot traffic decline.
These young guns have founded an aerospace company – the part they were selling to us is a program educating young people through school programs designed to be engaging and to teach them about the building and use of drones and aerospace engineering. It sounds very high tech to me. We have a drone and I am lucky that my sons are tech savvy, otherwise it would be a very expensive ornament. Though I do wish that they had learnt about aerospace engineering at school – they may have moved out by now…. Only joking boys 🙂
I love the innocence of youth and think that life has not quite taught all of them humility yet. In fact, this is a positive.. If you believe you can achieve anything; often that gets you a long way, before business starts to teach you lessons or someone stops you in your tracks.
The pitch you saw only went for about 8 minutes, for us the pitches go for about an hour. In that time we got to understand what the business was and what was on offer, and the boys were valuing the business on what it may do, not what it was doing. Also my pet hate was that they had a massive split focus on the two businesses. What was interesting for me was that the guys could not see why this was an issue. In our opinion they were not respecting their current investors’ money nor the potential new investors’ money by splitting the business and their focus, so it was no surprise that Steve and I got a little cranky.
In my opinion they made the business too complicated, they used every text book word they could think of, maybe to make themselves sound like they were experienced but all it showed me was that they have a lot to learn in business, which in fairness – we all do.
What you cannot deny is what they have achieved to date and I respect them for their tenacity and also their arrogance as arrogance can be both a positive and negative in business. They just need to get the balance right.
My advice to them is not to take life too seriously and listen to people who have been on the journey before them. They will be successful – they are too smart not to be, but they also should not look down on other people as by listening you can learn so much.
Good luck guys, no doubt I will see you on the front page of the BRW rich list in the future.
How could you not love this mother and daughter combo who are on a planet saving mission. They have passion and enthusiasm – in spades.
But the product was not quite there yet.
They want to start a movement to change the world. This is harder than what anyone thinks.
When you start to research the best products designed to reduce the damage to the environment, there is so much to consider including the resources it takes to make a product: how it decomposes when it is put into landfill, how it is recycled etc. etc.
There is so much to consider in this space and many people do not understand what is good or bad for the environment, there is so much misunderstanding information flying around in the market. Fully recyclable is at present the best option from what we have learnt and this is simply because there is roadside recycling available to all of us we just all need to make sure we separate our own rubbish. This is how the movement will really gain traction.
Cups like ILOVEEARTH are great as it encourages people to reuse their cups and this is really the best way to reduce waste.
We are currently looking into new solutions for reusable smoothie cups so I am keen to see what they come up with but boy it is difficult to find an ecofriendly replacement for cups that everyone wants to carry around and also provide a perfect solution to a big problem.
Either way, change begins with passion and focus and I love that these two passionate women are on this mission.
Well done Lilly and Irina for what you have achieved to date and I look forward to seeing how this mission of yours continues. I hope it is a HUGE success, which I am sure it will be.
There are so many smart women who have had children and want to have flexibility to be able to be come with the kids and also get some money on the side, so this business is capitalising on this and Caroline was very impressive. 50% of the wholesale customers are stay at home mums distributing these unique baby products to their networks.
Looking for ways to adapt and change for the consumer looking to the future of retail is very clever. I am not a huge fan of the consultant model but it is working for her which is fantastic.
She did a great job in presenting and she has the right background to be able to make the business a success.
Her goal is to achieve 10 million dollars and with Andrews’ help she will do this.
I never did get that Glenn Shusher. We might try to get a couple for season 5. One for each of the boys.
Well done Caroline on a great pitch.
We have to be looking at ways of doing retailing differently and we need to adapt with the changing landscape of what the consumer wants, so I loved what Snap Social was doing.
As you can see, I did not believe his claim of 50% of people went home after the sunglasses trial and made a purchase, but I could be wrong… (It would not be the first time) But we study how consumers work and 10% would have been impressive. The 50% for me was just not believable and what I have learnt in business is that if something is too good to be true then often that is the case.
I have been following many retailers, particularly what is happening in the digital space, so I have seen many similar products to this during my research so it was not new for me and I think that there are many businesses before him, however with tenacity and drive he may just break into this growing market.
The idea is good and I would argue that it will be very popular among millennials with the option to share images on social media. Not only are you selling to the customer but you are selling to their friends and followers when they share the pics.
The link to what you have tried on is also very clever as the worst thing after you have tried on some items on and not brought them is thinking about them the whole way home. However like I said, I don’t know why they would not buy them while you are in the store. But I am not the target market.
Like I mentioned in the Jar Education section – technology sometimes gets away from me.
Good luck Hugh with your business.