Shark Tank Episode 3 – B is for business

Shark Tank

Another exciting episode of Shark Tank last night brought us bikes, bodies, betting, bravado and Bottle Pops. We saw four start-ups pitch their business ideas from experiences and inventions to a tech market place for betting tips.

It was also great to see two out of the four pitches have secured their brand with a trade mark, and as we learnt from episode two, trade mark protection can be a business’s most valuable marketing tool.

Turning blue sky ideas into reality

With the craziest entrance the Sharks have seen, Mick from The Adventure Group dropped in offering adventure experiences of a lifetime and went into great details during his pitch on what was involved with lots of opportunity for revenue.

Richard Ploszaj, an inventor and engineer entrepreneur, brought his Troppo Bicycle and promised a ‘big vision’ risk-free investment offer.

The main question the Shark’s had – what is the scalability of these start-ups?

Scalability means that a business can grow fast without borrowing or diluting shares and intellectual property (IP) can help make a business scalable.

How else can you turn your great idea into reality?

As shark Janine Allis said to Sally Matterson from Extreme Shredder, ‘the key with business is don’t be better, be different.’ It’s about filling a gap in the market.

Protecting your tech start-up

We heard Michael from the team at Betswap who brought the sharks a mobile market for tipping education available 24/7, which has already built up advertising revenue income stream.

For tech start-ups, protecting your IP can be challenging as patenting in the tech space isn’t always an option. However, there are other ways to protect your business. Like Betswap, you can protect your brand with a trade mark.

A trade secret could protect a process your business uses or a registered design could protect the way your product looks.

Grants and assistance

We also heard mention of government grants and funding. To see what grants and assistance are on offer, visit business.gov.au.

Bottle Pops going global

Since featuring on Shark Tank last season, Bottle Pops have been kicking goals global scale. They’ve tapped into the US sports licensing market with their sports themed bottle openers. They’re product is now featured in more than 3500 retailers including Big W stores.

Licensing gives the licensee the right to use, but not own, the businesses IP. If you’re thinking of licensing your IP, make sure you understand the different types of licensing.

New time!

Episode 4 of Shark Tank airs 8.30pm this Wednesday 25 May on TEN. In the meantime, never miss a pitch with our live updates and wrap-up blogs.

Published: 
23 May 2016

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