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Lessons I Learned from Shark Tank

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Re: Lessons I Learned from Shark Tank

#4

Post by tatsuke95 »

I'm glad the author grasped that the show is entertainment, and actually has a few words of wisdom. But the idea behind this show is disgusting and disheartening.

This line bit me:

>"What do you care about the percentage?"

Only in Silicon Valley would you hear something like this. The ownership structure of your company isn't a joke or a game. It does matter. Why stop at 40%? Why not give up 99%? If you're out looking for financing for your company and "don't care" about how much equity you're giving up, you shouldn't be in business.

Re: Lessons I Learned from Shark Tank

#5

Post by spacefood »

Having been on CBC's Dragons' Den to pitch Rejection Therapy: http://rejectiontherapy.com this current season, I think I can add some insights.

James nailed the essence of it, but there's a saying that goes a battle plan never survives the first shot fired, and that's true when stepping in front of the Dragons with cameras rolling.

You need to be super versatile with your pitch. It's a big mistake to go in with a memorized script. Too much pressure, and the Dragons don't have to let you finish your pitch if they don't want to.

In my case, Robert started making comments to me and the other Dragons at about three seconds into my pitch. Kind of threw me off (but then again, Robert is the wild card).

Just know your product and the numbers inside and out.

A few other surprises during the pitch. A Dragon made an agreement with me (not for investment though) then reneged. I'll leave it at that.

Something that became perfectly clear early into the pitch: the Dragons aren't risk takers. Not at all. They want proof of sales (and lots of sales) or a promising intellectual property. Or maybe you have a tonne of orders you can't fulfill until you get some manufacturing capital.

In most cases, those who land a deal are those who could get a deal elsewhere.

My most valuable takeaway from the experience? People's feelings get hurt on that show. On Shark Tank, I've seen Kevin call someone pitching a line of fashion belt buckles a "lying pig". On national television.

I should've sworn off the show after seeing that, but I underestimated how that can irreparably harm someone. I'm more sensitive of people's feelings now, even public figures.

Walk a mile in a man's shoes, as the saying goes.

For me, it was obvious I wasn't going to get investment from the Dragons. I was like a lamb to the slaughter and I knew it.

Thing is, one of the cards in the Rejection Therapy Entrepreneur Edition is to "apply for Shark's Tank or Dragons' Den" and I did. It was a failed rejection attempt! I got on!

The experience wasn't so bad though. I got along righteously with Bruce Coxom. He totally got it. He defended the idea all the way, and even stepped out of his chair to give me his glass of water (I got the dreaded cotton mouth). Arlene was a doll. Very polite and understanding.

P.S. I'm in bed with a raging flu, typing this out on an iPhone with a dirty screen. If this runaway comment doesn't make a lick of sense, that's why.

Re: Lessons I Learned from Shark Tank

#6

Post by mirceagoia »

tatsuke95 wrote: post #4

I'm glad the author grasped that the show is entertainment, and actually has a few words of wisdom. But the idea behind this show is disgusting and disheartening. This line bit me: > "What do you care about the percentage?" Only in Silicon Valley would you hear something like this. The ownership structure of your company isn't a joke or a game. It does matter. Why stop at 40%? Why not give up 99%? If you're out looki…

I think that he may refer at the first time entrepreneurs, unproven entrepreneurs. Because after your first success (hopefully) bet you will know more and they won't try to mess you too much anymore. My guess...

Re: Lessons I Learned from Shark Tank

#9

Post by carbocation »

mirceagoia wrote: post #6
tatsuke95 wrote: post #4

I'm glad the author grasped that the show is entertainment, and actually has a few words of wisdom. But the idea behind this show is disgusting and disheartening. This line bit me: > "What do you care about the percentage?" Only in Silicon Valley would you hear something like this. The ownership structure of your company isn't a joke or a game. It does matter. Why stop at 40%? Why not give up 99%? If you're out looki…

I think that he may refer at the first time entrepreneurs, unproven entrepreneurs. Because after your first success (hopefully) bet you will know more and they won't try to mess you too much anymore. My guess...

So would it be a fair paraphrase of his view to say that Mark Zuckerberg shouldn't have cared about the percentage of Facebook that he retained?

Re: Lessons I Learned from Shark Tank

#10

Post by mirceagoia »

carbocation wrote: post #9
mirceagoia wrote: post #6

Earlier quoted context omitted.

I think that he may refer at the first time entrepreneurs, unproven entrepreneurs. Because after your first success (hopefully) bet you will know more and they won't try to mess you too much anymore. My guess...

So would it be a fair paraphrase of his view to say that Mark Zuckerberg shouldn't have cared about the percentage of Facebook that he retained?

There are exceptions always, especially when an entrepreneur think he will do that thing his whole life (as Mark Zuckerberg is ought to do).

If you are a first time entrepreneur and you have the mindset of "I like to start things, over and over again" then it's easy to give up larger chunks of your first company because you know you will come back to start another startup after a while. Serial entrepreneurs belong here.

If you think "This is something I'll be doing my whole life and I couldn't see myself doing anything else" then yes, it's harder to give up good chunks of your first and last company. Zuckerberg or Steve Jobs and others like them belong here.

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