If you are like me and are an avid Shark Tank fan then you often ask yourself “how did this product make it on the show?” or “why would anyone invest in that product / company?”. You see the show while entertaining is just that, entertainment. They cast a blend of products that range from broad interest to niche consumer products.
A lot of clients come to us and ask if they think they could make it on Shark Tank. The answer I always give them is that the focus shouldn’t be to get onto the show but to look for the show for inspiration and education about the business of starting something on your own. Some of the most valuable lessons I take from the Sharks is the basic points on market economics and market identification. Mainly, the best products come out of a “need” or a problem that arises when using an alternative product. Also, the simpler the product in a lot of ways leads to success. Think about the end user early on in the development and try and understand what are the consumers buying tendencies and specific priorities that they have when choosing a product.
If you watch Shark Tank this week or any time in the future be sure to pay close attention to the messages the Sharks have for the Inventors. Please share your favorite products on Shark Tank and things you have found most valuable from watching the show.