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