If you were in SharkTank, you have to know more than the Sharks.
Prepare "show stopper" questions AGAINST yourself and do a scenario test with an MBA holder.
This is your track record from all the previous jobs you've had, why will we invest in you?
Think about it, STUDY the SHARKS in the SHARK TANK first - what will they say to you? What curve balls will they throw?
Will you put your own money into this investment?
Sworkit got the investment!
CleanSleep is actually more practical, the guy more likable than the Sworkit dudes
TutuBlue has the prettiest presenter, but least ready and least experienced
Nohbo got the investment!
Never sell something if you're not exactly ready. You only get one shot.
-lady in SharkTank
Test pitch to 10 MBA people and see their response.
16 year old Benjamin Stern managed to sell a product that's less practical than a swimsuit, a bed cleaner ..
Do you have samples to send?
If you are introduced to Estee Lauder, and the investors buy in - will you take that long shot?
How much accounting tools do you have?
The patent is only as strong as your ability to defend it. -Nohbo founder
I want to wait 'til the patent is granted
What is your delivery system?
Why would people NOT want your product? How can you educate the consumer? Why won't they just skip your product and get somebody else's?
February
Mission. Mechanics.Prepare "show stopper" questions AGAINST yourself and do a scenario test with an MBA holder.
This is your track record from all the previous jobs you've had, why will we invest in you?
Think about it, STUDY the SHARKS in the SHARK TANK first - what will they say to you? What curve balls will they throw?
Will you put your own money into this investment?
Sworkit got the investment!
CleanSleep is actually more practical, the guy more likable than the Sworkit dudes
TutuBlue has the prettiest presenter, but least ready and least experienced
Nohbo got the investment!
Never sell something if you're not exactly ready. You only get one shot.
-lady in SharkTank
Test pitch to 10 MBA people and see their response.
16 year old Benjamin Stern managed to sell a product that's less practical than a swimsuit, a bed cleaner ..
Do you have samples to send?
If you are introduced to Estee Lauder, and the investors buy in - will you take that long shot?
How much accounting tools do you have?
The patent is only as strong as your ability to defend it. -Nohbo founder
I want to wait 'til the patent is granted
What is your delivery system?
Why would people NOT want your product? How can you educate the consumer? Why won't they just skip your product and get somebody else's?
February
Don't let that [sudden rejection] unsettle you.
How do you plan to make Suki! a consistent, 5:5 star rating company?
Suki! Has to have 1000 subscribers in the first 24 hours.
10 months = 10,000 subscribers
Before you can get money for a 110% GREAT WEBSITE PLATFORM how the hell are you going to pitch this shit?
There is no fucking other way. You need a shit ton of money before you can start.
There is no room for beta shit here.
Seeking $100,000 for a 1% stake.
Suki! is at least $10,000,000 in your own valuation.
You have to be dominant and occupy space. You can't slink back and be too afraid to make people uncomfortable.
Be confident for a good reason and pull them and win them over w/ this confidence that is backed by facts, a literal one thousand calculations and previous success
Your presentation must be EXTREMELY FOCUSED, have ONE thing to hammer and hammer it constantly without fail.
1st Proof of Concept
Technology Work
2nd Proof of Concept
Is the market going to accept it?
I want to see my money come back at lightning speed
-Lori Greiner
How close can the investor smell the money at the end of the tunnel?
The longer you talk, the more opportunities they must smell.
They don't give a shit about your personal life or how far you've gone. It's all about how money you can GUARANTEE you'll make them.
If you don't have a previous track record, HOW WILL YOU CONVINCE THEM WITH TRUTH BASED PROOF that you will be 110% successful? Once they do invest, you have to make sure 150% that they will get their fucking money back! And with interest!
How many active subscribers do you have?
What is the willingness to pay in this category, Filipino subscription box?
You cannot cite 20,000: 1 as that is a VERY passive mentality and NOBODY wants to hear that
What do you need?
Previous Success.. The HARDER your PREVIOUS SUCCESS is, the STRONGER YOUR CURRENT success and FUTURE SUCCESS
The App must be ready
Shark Tank Questions
How can you give them the WOW factor? Like get a WOW! from them
The sharks want to know WHAT THEY DON'T KNOW
Do you already have people signed up for this?
Do you already have people signed up for this?
When you pitch this is what you should expect
What are all your bells and whistles?
Can you put music into this? Expect that they'll throw an add on question.
How long have you been in business?
Did you make money?
Are you CURRENTLY making money?
There's an upgrade people buy?
What's the cost?
Why isn't that converting to higher sales?
Why aren't more of them upgrading?
What do you need the money for?
What are you going to do with it?
Why do you need to double your engineers?
Are you willing to put debt on this balance sheet, since you can def carry it and not give up as much equity?
Did you create this for a reason? Why?
Could this be a cougar tube? Could this be popular for women who don't wear a bikini?
Does your valuation work out?
Why didn't you go to a dermatologist first? The shorter you are, the narrower the time frame, the narrower the focus..if your focus is too wide, the investor will leave. They'll be out.
Don't get excited in all diff directions.
You can't empty qualify yourself in a nice-up manner. You have to be a direct connect w/ every possible dart they'll throw at you.
It's a huge fucking paradox.
Those who are
more successful
made more money
are the ones who are given more money, then more success -
the ones who need less success guidance and less money guidance get it more
in SharkTank like in Sworkit's example
Prevent all possible jabs from investors when you pitch. Play defensively in all counts.
Don't fucking interrupt your investors. Let them talk.
LEAVE NOTHING TO DOUBT.
LEAVE NOTHING TO CHANCE.
poor attempt
Where are you selling most of them? If you look at dollar sales by age. I've been in business for a month and a half, I don't know the answer to that but i can tell you i have $4000 worth of sales
Being a great guy won't get you a deal.
Imagine that they'll criticize you in a, "why the hell do we even need this?"
Why haven't you leased your cleaning machines to hospitals and military facilities already? CleanSleep
what do you need my $1 million for? why do you need to pile your product in a hospital?
You only made $75,000 off a single truck, that seems really low to me. Why aren't you making more money? CleanSleep
I'm seeking $200,000 for a 25% stake
A real true story can captivate people and show them you're not a robot
Are you in the interest phase? Are you in the closing phase?
Did you create this for a reason? Why?
Could this be a cougar tube? Could this be popular for women who don't wear a bikini?
Does your valuation work out?
Why didn't you go to a dermatologist first? The shorter you are, the narrower the time frame, the narrower the focus..if your focus is too wide, the investor will leave. They'll be out.
Don't get excited in all diff directions.
You can't empty qualify yourself in a nice-up manner. You have to be a direct connect w/ every possible dart they'll throw at you.
It's a huge fucking paradox.
Those who are
more successful
made more money
are the ones who are given more money, then more success -
the ones who need less success guidance and less money guidance get it more
in SharkTank like in Sworkit's example
Prevent all possible jabs from investors when you pitch. Play defensively in all counts.
Don't fucking interrupt your investors. Let them talk.
LEAVE NOTHING TO DOUBT.
LEAVE NOTHING TO CHANCE.
poor attempt
Where are you selling most of them? If you look at dollar sales by age. I've been in business for a month and a half, I don't know the answer to that but i can tell you i have $4000 worth of sales
Being a great guy won't get you a deal.
Imagine that they'll criticize you in a, "why the hell do we even need this?"
Why haven't you leased your cleaning machines to hospitals and military facilities already? CleanSleep
what do you need my $1 million for? why do you need to pile your product in a hospital?
You only made $75,000 off a single truck, that seems really low to me. Why aren't you making more money? CleanSleep
I'm seeking $200,000 for a 25% stake
A real true story can captivate people and show them you're not a robot
Are you in the interest phase? Are you in the closing phase?
Kevin's offer:
$1.5 million as a loan for 2 years, 7.5% interest and 2.75% equity
Mark Cuban
$1.5 million and then 10% of the company, $1.5 million in credit for unused ad space
Sworkit
Imagine, out of 5, Mark Cuban was being rude but he was the one who made a deal w/ Sworkit
never get betafied no matter what's being said or done
Chris of SignalVault
4,800 Signal Vault start
In 8 min they sold out when Laurie brought him on QVC, a TV channel
A little over $300,000 in sales
Four months later, $2 million in sales
Pitching will be one of the hardest things you ever do.
1. How you represent the company in the pitch room
2. The investors will do DUE DILIGENCE on you
March
Website Platform.
April
Marketing.
May
Team Must Be Together.
June
Present The Case for Shipping
At last week's Wall Street Journal WSJD Live conference, Cuban said, "Of the 71 startups that I've invested in through 'Shark Tank,' two have gone out of business, three are so stupid they don't know they're out of business, and then probably 50, give or take, are in growth."
Sworkit got an investment, 1 out of 5. And they deserve it
CleanSleep got no investments, despite a more likable guy and a touching story
At last week's Wall Street Journal WSJD Live conference, Cuban said, "Of the 71 startups that I've invested in through 'Shark Tank,' two have gone out of business, three are so stupid they don't know they're out of business, and then probably 50, give or take, are in growth."
Sworkit got an investment, 1 out of 5. And they deserve it
CleanSleep got no investments, despite a more likable guy and a touching story
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