After every Shark Tank episode I analyze the presentations and businesses of the entrepreneurs/contestants. I give Sharky Awards to the best and Shark Chum awards to the rest.
It would be easy to give Sharky Awards to just those receiving investments from the Sharks, but that’s not my style. The Sharky Awards go to the BEST entrepreneurs regardless of what the Sharks do. One such example was Pat McCarthy from Liquid Money from Season 3. Pat was turned down by the Sharks, but they clearly missed the boat.
SharkTankBlog.com reports an upcoming Shark Tank episode will provide an update on Pat and Liquid Money. The update (usually reserved for entrepreneurs receiving investments) will include the following comments…..
Liquid Money Shark Tank Update (from SharkTankBlog.com)
“Patrick McCarthy got a lot of exposure from the Shark Tank appearance. In the months following the original episode, Liquid Money received a ton of media coverage. It became the “official fragrance” of Las Vegas and the Mrs. America Pagent. The Liquid Money reviews are in: Mrs. Kentucky and Mrs. Texas are endorsing the product and the fragrance is a hit with sports stars, celebrities, and money managers! Liquid Money is available from the company website and in over 200 retail outlets nationwide. Liquid Money is featured in an update segment in episode 416, just about year after the initial pitch . Patrick McCarthy is yet another Shark Tank Success Story”.
As I read the update preview, I couldn’t help but think back to my review of Liquid Money (February, 2012).
Gold Sharky………. Pat McCarthy, Liquid Money
Pat had a great looking product. It was perfume that smells like money! He made a great presentation, but the Sharks pushed back saying that a product like that is too expensive to bring to market. Mark Cuban made a statement that all entrepreneurs should remember. He said it’s a red flag whenever an entrepreneur says they’re in a huge market and “if I can just get a small percentage of a huge market, I’ll be fine”.
Daymond tried to bully Pat by saying he’d give him $1ooK but he needed 80% ownership of his company. When Pat paused, Daymond said he would up that to 85% if he didn’t accept his offer immediately. Pat correctly turned him down. Never, ever, take an offer from a potential investor when it doesn’t feel right. Good for you, Pat! You will make it without the Sharks.
The moral of the story……1)The best entrepreneurs don’t always get or need 3rd party funding 2) You can’t get discouraged when getting turned down by a potential investor. Use it as a motivational tool to re-double your effort to succeed and show the investors they made a mistake.
Pat did just that.