On Channel Ten's Shark Tank, budding entrepreneurs get the chance to pitch their ideas to the ‘Sharks': Dr. Glen Richards of Greencross, Janine Allis of Boost Juice, Andrew Banks of Talent2, Naomi Simson of RedBalloon and internet pioneer Steve Baxter. Some start-ups crash and burn, but others start a bidding war as the Sharks vie to invest their money in an idea that excites them.
But have you ever wondered what happens next for the companies that get the Sharks to bite?
The CEO Magazine recently spoke to resident Shark Steve Baxter about how to impress him with a pitch. These 6 start-ups managed to do just that on Shark Tank. Here's how they have benefitted from his investment.
Founder: Tom Maclean
HQ: Sydney, NSW
Deliver an all-natural, all-Australian take on the most popular cocktail in Italy – the Veneto Spritz.
SOFI Spritz has tripled revenue growth and is looking at annual revenues of over $1million. It also sells SOFI Spritz Blood Orange & Bitters, and Lemon & Elderflower at more than 2,000 retail outlets nationally across BWS, Dan Murphy’s, and independent stores.
Founder: Jennifer Holland
HQ: Redhead, NSW
Idea: Throat Scope is a child-friendly oral examination device that removes the need for intrusive wooden tongue depressors and pen lights.
Outcome: Throat Scope has gone on to win several awards including the including the 2017 Edison Award and 2015 Sydney Design Award. Now available in 150 countries including the US, the brand has seen revenue grow by 300 per cent year on year.
Car Next Door
Founders: Dave Trumbull & Will Davies
HQ: Sydney, NSW
Idea: Provide a peer-to-peer car sharing service to reduce personal and environmental costs and strengthen connections within communities.
Outcome: From 350 cars shared between 9,000 borrowers, Car Next Door now has 800 vehicles and 32,000 borrowers, plus it has launched in Brisbane and Newcastle.
A first-aid kit designed for tough Australian conditions, Rescue Swag holds essential supplies. Plus, it links directly to a mobile app with first-aid instructions and photographs, even without a phone signal. The kit can be used as a sling, water carrier and more.
Rescue Swag has also been recognised as a powerful tool in foreign aid circles, with projects planned in Papua New Guinea and throughout the Pacific. New product development is underway for hikers, Scouts and more, plus the brand has experienced year-on-year revenue growth of 200%.
Ruby & Ollie’s
Founders: Rebecca Glover and Leah James
HQ: Brisbane, Qld
Idea: To create a long-daycare centre for children aged 0–5 of all abilities, and give support to their families in purpose-built facilities that offer a ‘home away from home’ nurturing learning environment.
Outcome: Their idea came to fruition when it launched in February 2017, with 100 per cent occupancy from day one – supporting 30 families with a waitlist of more than 200.
Scrubba by Calibre8
Founder: Ash Newland
HQ: Melbourne, Vic
Idea: Weighing less than 124g, the Scrubba wash bag is the smallest, portable travel washing machine, that allows campers and travellers to wash clothes anywhere, anytime.
Outcome: More than 100,000 Scrubbas have been sold worldwide. As well as being stocked by key international retail chains, the wash bags are used by the Australian SAS and the Canadian Special Operations Forces; plus offshoots such as the Scrubba weightless wallet have been developed.
Shark Tank returns to Channel Ten soon.