SHARK TANK: If You Got A Competitive Edge -- USE IT
S9 E04 Episode - 10/15/1
First of all, let's talk about Barbara Corcoran's suit on Shark Tank last night.
It was a siren tangerine suit that showed up to collect million dollar cheques. Barbara showed up and so did her suit.
The show opens with Delighted by, McKenzie the Dessert Hummus queen, struggling a bit in the beginning. AROD was out, Barbara was out. Lori was out. Kevin wanted %6 equity + 11% interest on a $600,000 loan. Wowzers!
Even with million dollar sales on her own merit and a delicious product to push.
What gave some of the Shark's pause, was she lacked a team and how quickly she was burning through money to launch.
But...Mark Cuban thought let's get even crazier. Go big or go build a store solely to sell this dessert hummus like ice cream. "How 'bout those chickpeas." Kevin O'Leary jeered. The 'less like hummus and more like cookie dough' innovator went all in with Mark Cuban without a second thought accepting a $600,000 Offer.
The running theme of this episode was if you have a competitive edge you should use it. That was apparent last night when Robbie Cabral of Benjilock stepped into the tank with a fingerprint security padlock that only needs a 30min charge to last for a whole year.
The awe doesn't stop there.
Showing off not only Benjilock's newly granted patent but his 2017 CES Innovation Award that Lori Greiner immediately took notice of.
Any advantage Robbie could use to grab the attention of the Sharks and instantly prove his credibility is what he was prepared to do. And it paid off in a huge way -- a $200,000 offer from Kevin O'Leary way.
Yes, I'm also still in shock of the turn of events but that's the Shark Tank Effect.
When the Gronkowski brothers entered the Shark Tank with their product, Ice Shaker, a stainless steel water and shaker bottle that is vacuum-insulated and spill proof --I was completely oblivious to who they were (not a sports fan).
Nonetheless, I too agreed if you have some kind of notoriety already you shouldn't downplay it. Matter-of-fact, you should be annoyingly Kardashian about it.
There are businesses who struggle to grow their presence online. Authors who want to sell books to a real audience. Product makers who want buyers from brand awareness alone.
I get it.
The Gronkowski brothers didn't want people buying because of who they are (NFL players) but because of what value they brought. Honorable but a poor decision. If I was in their position, I am naming everything Gronk and YOU. WILL. DEAL.
It has a nice ring to it and it's already in a category of its own. Even so, the Ice Shaker brothers accepted the $150,000 Offer from Alex Rodriguez and Mark Cuban.
Just image all the other products you could create under the line of Gronk...Don't stop at water bottles.
Slap the Gronk name on massage rollers, protein powders, sports drinks, just keep the athlete franchise going. If you really want to retire from sports with all your faculties in place, creating a business is a good start but growing your legacy is the grand finale.
Oh, and mama Gronkowski, had the ultimate master plan.
Ask yourself, "What competitive edge do I have but not bringing to the table?".
Is it your credentials, degrees, notoriety, your story of humble beginnings, marketable innovation, capital, or time? Determine what your "Je ne sais quoi" is then USE IT.