This week’s episode of Shark Tank originally aired March 25, 2011. Two of the entrepreneurs appearing on this show made my Top 10 List for Season 2…..Nikki from Toygaroo and Joe from First Defense. No wonder CNBC showed this episode! The following was my original analysis of the entrepreneurs appearing on this episode……..
This blog reviews each episode from the Entrepreneur’s point view and announces the winners of this week’s “Sharky Awards”. At the end of the season, a season ending award ceremony will be conducted.
Platinum Sharky…..Nikki from Toygaroo.
This is a great example of creating a business where a)the founder has first hand knowledge of the market and b)they copied a very successful Business Model (Netflix) and adapted it for use in their area of expertise/passion and c)they did a “soft launch” or proof of concept pilot to provide some history and comfort to the potential investors.
Note: Did you like the way Robert got thrown under the bus?
Gold Sharky…..Joe Moore from First Defense
It was an actual customer order for $8 million that got the Investors so interested in this. Investors are always trying to minimize their risk and Joe delivered the goods. Frankly, I think Joe gave away too much by agreeing to a 10% royalty in perpetuity. That’s a long time and could be a lot of money.
Note: Mark said to the other sharks, “We can change our deal once we get him in.” Beware Entrepreneurs!.
Silver Sharky…….Brian Spencer from Vurtego.
Hang in there Brian, I think ultimately you may have the best, biggest business of the bunch even without 3rd Party Investors. You did get some good advice. I like to say you should “double your price and keep half your customers”. This will help you be cool, stay cool, and make a lot of money. Think about hiring a CEO so you can remain the creative force and “cool guy”.
Shark Chum…Matty at Waken Bacon.
Matty…Seriously? Need to understand your market, costs, and risks next time.
Good line: When Mark told him he should have been asking for $170K, not $4oK…..”I am now asking for $170,000″. Funny.