How to Name Your Company: A Shark Tank Case Study

As a start-up, naming your product and your new company is an important pre-launch step. It usually won’t make or break a new business, but a good name can greatly increase your probability of success. I devoted several pages to naming conventions in my book, “Unlocking Your Entrepreneurial Potential”.

Here’s a quick summary. Characteristics of a good company name include:

1) Provides a mental image  of your company and product. Ideally gives some hint of  the product’s unique benefits. (Note: A start-up should always use the same name for their company and initial product line. This eliminates confusion and reduces promotional costs).

2) Sets you apart from your competitors and other similarly named companies. Check for trademark infringement and make sure your name is “search engine friendly”.

3) Should be short.

4) Should be easy to remember.

Shark Tank contestant names that I really like, and meet most of these criteria (btw, it’s impossible to meet them all!) include Onesole, Scrub Daddy, Wicked Good Cupcakes, Doorbot, and Soundbender.

Names that I don’t like so much include Slawsa, Fohawx, Track Days, Liddup, and Dura-Tent. It should be noted that a weak name does not doom a company to failure,  but it can increase the probability of that undesirable outcome.

One of the contestants names I wasn’t crazy about was Remyxx, but I did like the company and its founder enough to give them a Gold Sharky Award for their performance on Shark Tank in Season 3. Here was my original review…..

Gold Sharky Award…….Gary from REMYXX

Gary showed great passion and composure during his presentation. His company sells sneakers that are completely recyclable.

Gary made a few tactical errors. First, he didn’t ask for enough money to get to the next level (only asked for $50K). Second, he had too many SKU’s (Stock Keeping Units) to become profitable in the short-term. He probably should have come in with 6 instead of 20 and expanded his product line after getting an investment.

Despite these errors, Gary got an offer from Daymond but had to give up 80% equity to get $50K. He accepted the offer and felt Daymond was the right partner for him.

(Note: When Gary and Daymond met some time after the show, they mutually decided a deal like this didn’t make sense for either of them).

Since the show, Gary has had some success,  but progress has been a little slower than anticipated. Gary has made a decision to launch his 2014 line with a new name…. ReKixx. I think this is much better name…..easier to remember, more descriptive of his product, and more search engine friendly.

I recently spoke to Gary and asked him how he made this decision.  He explained his thought process……

“Name Change: Appearing as Remyxx Sneakers when first aired on Shark Tank (2012), the name, the brand, is now ReKixx. Bottom line, I actually never liked the spelling as “remyxx” and it was confusing. The change is good where I realized the “remix” space is very crowded, no matter how you spell it, not associated with sneakers or apparel, and as we know, it is routinely tied-in to music. Plus I found a “remix” in the market that was a DJ, but also sold tee-shirts so there could have been potential for a trademark issue. So, not wanting to face any trademark issues, and with ReKixx always a favorite when I first thought of it in June 2009, the name change made perfect sense and it was the right timing. What I love most with ReKixx is the obvious association with sneakers, it is distinguishable, it stands alone on Google, and it fits the brand. Fact is I am building a sneaker company with strong value relating to kicks and kixx. I am glad to be up and running with ReKixx that the changeover was seamless. I own the web domain, www.rekixx.com, and I am officially trademarked. Reduce, Reuse, ReKixx™ . . . . easy, right.”

 

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About Shark Tank Ratings

Author of "Unlocking Your Entrpreneurial Potential: Marketing, Money, and Management Strategies for the Self-Funded Entrepreneur"
This entry was posted in Crowd Funding, Daymond John, Sharktank, Sharky Award, Uncategorized and tagged , , , , , , , , , , . Bookmark the permalink.

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