Last week’s Shark Tank episode was one of the best. Sorry to report that tonite’s show was one of the worst.
The highlight of the show was the Update on a previous Shark Tank contestant (and Platinum Sharky winner)…..Moshe from Soundbender. He recently signed a licensing deal that guarantees him a minimum of $2 million annually. Not bad for a guy who had sold only 7K units prior to his appearance on Shark Tank. Congrats!
Tonite’s contestants included Sarah from Schulzies Bread Pudding. Sarah had a great tasting product that the Sharks loved. She proclaimed she was a “mover and a shaker” but was a little over the top with her enthusiasm. She had no business plan and received no offers.
James from Paparazzi Proposals did manage to get an investment despite having an expansion strategy that didn’t make sense. He wanted to expand his photography business outside of NYC when it was obvious he should saturate that market first before moving on to the next.
He also used a word that should be eliminated from every entrepreneur’s vocabulary….”kickback”. This word has a negative connotation…..makes you think of an illegal or unethical transaction. Use “referral fee” or “commission” instead.
Curtis and Matt from Bellybuds are losing money on sales forecasted at over $1 million. They also have over a one year supply of their product in inventory. They had a nice looking product and attractive packaging but there were just too many holes in their presentation.
Abe from Pet Paint had concentrated his efforts on selling to big pet stores instead of marketing his product via social networks and a nice website. He also had over a year’s supply in inventory. He received an offer from Shark Barbara who has a great track record making companies successful. Abe turned her down. A fitting ending to this episode.