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Knowing the numbers - A lesson from the 'Shark Tank'

I'm not a shark and I didn't stay at a Holiday Inn but I have watched enough 'Shark Tank' to have an opinion as to what it takes to get some cash from these guys and I suppose the criteria is the same everywhere. And if I were a shark I would probably do the same thing.

The Rules:

  • sweat equity is considered free. It's a required component but always free.
  • Know your numbers
  • Having an idea alone is not good enough
  • Protecting your investment with Patents or high cost of emulation or reverse engineering is mandatory
  • You gotta have sales and they must be trending up
  • Having backlogged orders is good but only a fraction of the value because it's execution not investment
So don't expect to come up with an idea and have the sharks fall over themselves without:
  • product
  • customers
  • orders
  • protection
Basically the perfect deal from the beggar's position is not needing the money at all. (somewhere in there I find myself recalling a quote from a Harvard MBA business class)

I remember when I was a "rocker" or wannabe rocker. The band had been together for a year we thought we could get a record deal. First of all the record companies would not accept demo tapes and such. But more importantly the bands that had been signed had a lot more time on stage. They had the people and the product. They needed the record company for the process.


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