Shark Tank, a popular TV show that lets potential entrepreneurs pitch their business ideas to a panel of investors, was about to air. âTreat ED gently,â reads the box for the gummy candies The hero of this story is ED gummies, a concoction intended to serve as a natural and effective cure for erectile dysfunction, a very widespread disorder of male sexuality affecting more than 320 million men worldwide.
Inside the ED Gummies Pitch
On the show, the ED gummies entrepreneurs had the opportunity to pitch their product to the Sharks. The two expressed that their gummies were all-natural and standardised and provided a viable option for men with ED. As the pitch progressed, the Sharks asked several questions regarding the product itself and the business model in general.
One of the reasons the entrepreneurs sold the Sharks on their product was that it worked, but was also stealthy: âMost men are wanting to hide it.â And a stealthy way of solving your erectile dysfunction â ie, just pop some gummies â sounded like a winning proposition to the Sharks. Here was something that would actually work â filling a need that isnât being met for men who can be reluctant to talk about their erectile dysfunction.
The Negotiation Process
After the initial pitch, the negotiation with the Sharks began in earnest, discussing how this product could be scaled and sold to grow into new markets. The entrepreneurs were open to working with one of the Sharks to help them get where they were looking to go.
As the back and forth continued, the Sharks had questions about efficacy, side effects and marketing plan. The entrepreneurs had done their homework; each question from the Sharks was answered in ways that revealed the woman business owners were not only passionate about their product but also committed to their business.
The Deal
Ultimately, a deal was made between the entrepreneurs and one of the Sharks who provided funding to help the entrepreneurs build the business and also bring in mentorship for the product and their business. The founders were ecstatic with the number of orders they received. They were even more thrilled to have the support of a seasoned investor who helped them to take their product to the next level.
Overall, it was a winning day for both the entrepreneurs and the Sharks. The ED gummies truly had the potential to make a difference in the marketplace, and the investment cushion from the Sharksâ investor would help the entrepreneurs make that happen.
Behind the Scenes Secrets
The episode of Shark Tank that featured the pitch by the makers of the ED gummies is fun to watch, and just like the other pitches itâs highly educational. That said, there are some details that the television audience never sees. For example, the entrepreneurs had spent weeks preparing for their pitch, including rehearsing their presentation and practising answers to questions the Sharks might ask. This kind of prep work is a requirement for any entrepreneur who hopes to land a deal on the show.
On the other hand, there is a flip-side to this coin: the negotiation between the entrepreneurs and the Shark usually takes much longer than is shown on the TV screen. In fact, these negotiation processes might take hours, unless the parties come to terms right way with the deal that is offered, although editing of the show might compress this talk for time.
Final Thoughts
In all, the ED gummies Shark Tank episode provides a unique insight into how entrepreneurs bring novel products to market and secure deals from experienced investors. It is an exemplar of the art of deal-making. Candid shots in the episode show the amount of preparation and negotiation that goes into each pitch. We saw that, when a deal is made, it can change the course of a business; moreover, it can change the trajectory of the investorsâ financial futures. This episode of Shark Tank highlights the power of entrepreneurship.
To sum up, the ED gummies episode of Shark Tank brought several valuable insights about entrepreneurship to the viewing audience: the different stages of taking a product to market, the risks and rewards of securing investments from valuable individuals, and the value of preparation, negotiation and the firm handshake in sealing the deal and taking a business to the next stage. In several ways, the ED gummies episode enables men â especially â to get a vicarious glimpse of what it might be like to take an idea from the drawing board and to the boardroom, and from the boardroom to various audiences, for better or worse.