Another magical episode of Shark Tank Australia – exploring what it takes to turn an idea into a business. This episode we have many seasoned entrepreneurs that are looking to supercharge their businesses with the help of a shark or two.
New age store – Jen has a ‘set and forget’ business with a recurring online income produced with her tarrot card reading site New Age Store – her profits are good, her web traffic outstanding, and she only “works on the business” for a few minutes a day. Steve laments that it is a ‘lazy’ business. Whilst Glen wonders why people would spend money on ‘hope’ – I point out that the betting and gambling industries total premise is on selling ‘hope’. We all see different things in the businesses presented to us – which is why we need 5 sharks in the tank – we all bring different viewpoints and experiences. Jen is ready to grow her business and build her platforms out.
Exfolimate – In business since 1998 Roberto is wanting to tap a bigger part of the global beauty market which is set to reach $265 billion by 2017. He is on the cusp of having the product in Walmart stores in the US if he can give them a second product to range. He wants $1.1m for 50% of the business to get the electric exfoliating device to market. He has 500,000 units sold – every dollar has gone back into the business – but cash has run out. So it was not surprising I guess that Roberto valued his business highly.
Fly Babee – This is a perfect example of the entrepreneurial spirit coming alive in the attempt to solve a problem. As we know often the best businesses evolve from a problem the founder needs to solve – and in this case it was travelling with an infant on planes. Fly Babee is a blackout pop-up canopy for inflight bassinets that simply clips to any airline bassinet AND your stroller, blocks over 90% of light and keeps out the ever stimulating environment to ensure your baby gets the sleep they need. So pleased that we can revisit this brilliant business. Since appearing on Shark Tank Season one and working with Janine, Emma has established worldwide distribution and logistics and has gone from selling 14 units (total) to 500 per month, and from zero to $140k turnover.
Supercharged foods – Lee presented us with her business, another one borne out of personal necessity and passion. Not only has her platform provided an online program for others who are looking to improve their diet, she has petitioned the NSW Government to improve their hospital food offering too. The online offering is supported by e-books, powders and associated products – she has four best selling books and a world wide reputation. Andrew remarks that she may be a unrepeatable miracle. I think she needs a business manager to help her grow.
New Eye Company Safety Glasses – Andy From New-Eye Safety company – knows the challenges of eye safety at work. He’s an optometrist and sees a massive opportunity even beyond the safety market for lenses that can slide in and out of frames. He has lodged patents all over the planet. It seems ingenious – he is looking for $150k for 20% and a Shark’s experience and networks. Andy the founder is a romantic at heart and this invention came as a result of him surprising his girlfriend then he had the light bulb moment. A well developed product with a proven sales record.
Numbers from the past may or may not determine the future depending on the systems, processes and scalable nature of what is put in place. No matter what, I always want to see businesses where customers have paid real money for the product; this episode, we saw that in spades.
And a few behind the scenes pics