Here is my review of the pitches we saw in Shark Tank Australia episode 4 – yet another great show demonstrating the diversity of Australian innovation. It was pretty exciting to see such a big pitch come into the Tank…
Scope My Project – The two founders clearly did not appreciate the sorts of questions or understanding required to attract investment. A businesses to business service – yet I had the feeling that it had just been created on the fly. I have a great deal of respect for anyone coming to us – the work and energy it takes to build something that others might want. But these guys must have been having a laugh – or at the pub just a few days before – all the bravado in the world will not replace the basics of business. I could not understand why a company spending upwards of $600k on development would engage them for a $2k review and introduction to a web developer. My only contribution might have been – “not all publicity is good publicity”.
Ranchero – Flair, flavor, flamboyance and fun. Salsa’s and sauces. Sometimes we fall in love with those people pitching. A couple who emigrated from Mexico only few years ago and have created a business already turning over $98k. They have 80 retail outlets and 65 Coles stores only in Victoria so far. Oh there was much love and debate about the possibilities for this ‘hot product’ Needless to say we have included Ranchero in our “Shark Tank” range at RedBalloon.
Drumfurniture – Sometimes you meet someone who is by very nature an inspiration. Simon believes that re-use is the first step to recycling and even better for the planet. He was a warm and passionate character that completely engaged us in his beliefs. We sat in his furniture for the whole segment. And it is really comfortable. What he really needs is a hands on business partner – someone to really handle the day to day administration and books. We shared a beer – had a laugh and know that he will continue to do great work. Investors are different that business partners as I wrote in this post.
Expocentic – The founder had a background in exhibition display stands and he had the exclusive distribution for a certain exhibition ‘system’. I wondered if the exhibition industry is growing? Steve wondered about the impact of economic forces… Stan the founder spoke incredibly quickly. He has a growing profitable business – but the question was could he capture 25% of market share to realize his forecast. A $2million pitch….
Wiggin Out – Here is a product that people have used since at least the days of the pharaohs… so I was excited to see how our passionate founder was updating and upgrading this ancient art. In just a few minutes with passion and enthusiasm ‘Chookie’ the founder presented the latest of technology in all things wigs. She herself transformed her appearance in minutes… She wanted to see every Australian to accessorize with wigs. As a woman who spends a fair bit of time having professional blow dries done – I wondered if this was the answer.