How a Shark Tank Presentation Won a $1.5 Million Investment

If you see shark tank you know that certain things separate presentations that win investments and those that don’t.

Of course the numbers critical.

Things like how much does it cost to acquire a customer.

But there’s something else that is just as important.

And that is What’s the Big Idea?
What makes your product unique and why it will stand out against the competition.

A big problem is you don’t have much time to communicate the idea of your product.
Time and time again presenters fail to get across the big idea.

Sometimes it starts off confusing and once that happens all is lost.
You’ll hear a shark say something like, “too confusing. If I don’t get it, your customers won’t get it.”

Sometimes presenters blow it further in the pitch.
One of the sharks might say, “you know I liked the idea when you started with and you got confusing you added on this other idea and I got lost. “I’m out!”

Presenters need to communicate a clear idea early. Then the Sharks will listen to the numbers.

In one episode two entrepreneurs pitched an idea and used a big metaphor to land a big deal.
Their product is an an app that shows you workout videos on your mobile device

Ok. Pretty good. But what makes it different?

Well, it lets you create your own playlist of exercises.

Sounded interesting, but the Sharks still weren’t in.

Then the presenters used a big idea metaphor. They compared it to another app that let’s you create a playlist. An app valued at $1 billion. They said, “It’s like Spotify for video workouts.”

Mark Cuban got it immediately. Since most people who use phone apps know of Spotify, it was the perfect metaphor.

Long story short – Cuban offered $1.5 million for 10%. And needless to say they accepted.

The metaphor (actually simile, but why quibble when it leads to a ten and a half million dollar valuation) remains a core part of their messaging to the public, investors and partners…/

The tip here: is the Power of a Big Idea Metaphor

Whether you’re making a pitch for millions, or thinking of a product idea in the first place, think of metaphor. A comparison that quickly makes very clear what your product is about– and does it in a way that appeals to your audience. how it will benefit your customers.

For more on big idea metaphors, check out my Special Report:
The Big Idea Secret Revealed

Leave A Response

* Denotes Required Field