Shark Tank Season 4 Episode 3
It’s Tuesday and that means one thing – Shark Tank. We’re often shown having Shark fights so I thought I’d use an image for today’s post of us having a laugh. It does happen!
Australia is a nation of innovators and we always have been. I love the excitement of waiting to see who walks in and what innovations they’ve come up with. First up in the Tank tonight is…
James and Jack are two young, and very confident, personal trainers who started with a boot camp now they’re here. Building their business together, these lads now have 5 training centres in Australia and New Zealand with an annual revenue of $2 million. They claim their secret sauce of training, nutrition, mindset and lifestyle is what sets their company apart, and the reason they can charge 5 times their competitors. But even with a 60% retention rate, I’m not sure that their business is really any different to experienced industry competitors. Can they convince the Sharks otherwise?
Peter is a dairy farmer from Gippsland who epitomises Aussie innovation. He saw a gap in his farming equipment so went to work and created the Rat Barrow – the first ride-on articulated tipping barrow to assist in material handling. As the inventor, owner and manufacturer of his product he has sold 280 units across Australia, N.Z., U.S. and U.K. with patents in each region and one pending in Europe. He is in the Tank asking for a $200,000 investment for 25% equity in his business, and is looking to use the money to secure a large manufacturer and eventually scale into the U.S.. He’s done the hard yakka, will a Shark jump on the Rat Barrow for a ride?
Iris is a 23-year-old go getter from Perth who has cornered the makeup niche of winged eyeliner, made famous by Sophia Loren decades ago. While studying interior architecture, Iris started her business in the university holidays and after only 4 months, she had banked $310k in sales. She is here asking 300k for 10% of her self-inked winged eyeliner stack, valuing her business at a cool $3 million dollars. Iris is a really bright young girl who has done everything, up until now, all by herself… plus, with social media and some good press behind her, she’s proven that customers want her product. I wonder if she really needs a Shark to help her?
Chris and Patrick have a unique business idea that they believe can save people building homes loads of money in the long run. Their business projects architectural plans onto the floor of a warehouse providing a life size example of your future home – an interesting concept. They’ve come to the Tank asking for $2 million for 20% equity, valuing the business at a cool 10 million! They’re currently taking 23 sessions a week bringing in 1.3 million revenue annually, but with very high costs to kit out a space, I wonder how they can really scale this model?
Another week in the Tank is done and dusted! Always remember that you can catch up on the episodes at Ten Play.
Also published on Medium.