[Shark Pup Tank] #103 - From Clothes To Apps

3:36 PM Joseph Aberl 0 Comments



While I have been starting this television season with a massive expansion in reviews of television shows that I am currently watching, and I must say that I might have underestimated the amount of work. Still, there is one show I actively follow and anyone who follows me knows that I have some personal issues when it comes to start-up venture mentality. Still, I am an active viewer of ABC’s Shark Tank and did want to act like I have any idea how the business world works, but didn’t think it would be truly wise to write a review. So, I watched the latest episode and had a new idea, how about I actually make a written segment looking at the companies and give my personal opinion, as well as if I would invest or believe it to be worth investing in. So, here comes my brand new articles series I titled “Shark Pup Tank” with a look at the third episode of the seventh season that aired on October 9, 2015. If you are wondering about the title, a young shark is called a "pup" so it seemed fitting, as I am still learning!

Foot Cardigan
The subscription-based systems are currently quite popular and they have to additionally battle in the fashion industry due to them approaching a sock-subscription. At the first look, I would personally be scared that this couldn’t compete with other companies, as companies like LootCrate have been steadily on the rise. What does truly sell them is the fact that a 70% conversion rate is quite impressive even if there sales don’t fully keep up with that. My only fear for this company is the fact that there “surprise” system by not allowing you to select the socks is nothing new, quite a popular concept, but they have breached their own market with it being a “fashion” or clothes-oriented service. The best part about this concept is that it is expandable beyond just offering socks and from a presentation standpoint one can see that the founders are behind it, even if four founders could make it difficult to make your money back. It seems like a slightly risky endeavor, but could potentially prove to be quite successful if the company keeps on its current track.

ValPark Mobile
My first point is that this is another app product that supposedly has an entire company system behind it. Yet in this case it requires collaborations with valet companies, but ValPark Mobile makes barely anything out of the system. The system’s concept is fine, but it will have some issues due to trust issues regarding mobile payment that still exists in older generations, and currently in the Uber dominated world (something the Sharks point out) it seems like it might even be smarter for the man to actually approach Uber to expand their own concept with this system. I personally can’t see the app survive on its own and these types of mobile apps truly requires more push towards branding, and as Mark Cuban states, it is something that won’t make enough money to warrant a true investment.

The Two Guys Bowtie Company
I will say one thing, bowties are surprisingly back in style ever since Doctor Who’s 11th Doctor, but it is interesting to see a rather interesting twist on the concept by having them constructed out of wood. Additionally, they also create wooden fedoras and buttons to give suits an interesting twist, and they are currently trying to sell the product online, which is perfect for rather unique products that garner an audience simply due to originality. Furthermore, it seems they are trying to push their USP through the distribution chain, well, besides the entire wooden attire. One can see them try to sell to companies that try to be more unique in their designs, and it certainly will find a strong audience in the Hipster community. Still, the one thing I find problematic that it will certainly can only sell to a rather specific audience without the right push, but on the other hand it is important how the product is pushed. I believe that this product could find a difficulty selling outside of the online market so trying to make money as an investor could be rather difficult. Still, it is quite a unique product that could hit a specialty market in a unique way.

Nerdwax
It seems that modern glasses seem to slide down more than mine do, which actually surprises me. Still, the concept is an interesting one, as the product looks like a chapstick, but is in fact made for your glasses to keep them from gliding down. In a way, one issue I could potentially see is that people will get it mixed up with their actual chapstick. Maybe finding a unique design for the application could fix that issue, but that is just a thought I had at first glance. The natural product could truly sell well with the modern trend of using organic and natural products, but I am unsure how many people truly have the issue of slipping glasses. Also, the eight-month waiting period is quite heavy, which is something that Mr. Wonderful perfectly points out. It does seem like a product that is a hard sell especially at an early stage, as the Nerdwax doesn’t truly has a brand that sticks out either, which won’t help it stick out as much in comparison to other products. It truly isn’t really a company, but more of a product that they can make money off of, but even I don’t think that at their current point they would be able to keep up with demand. Problem is also that they are seeking a partner, so a certain level of dependence won’t truly help both sides, as they should try to slowly expand on their own.

Leave your opinions on these companies and what you thought of them below! Also, tell me what you thought of my opinions on the matter!

Note: All rights for these pictures and the Shark Tank logo or name are owned by their respective owners. I do not own them!

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