The Oodie founder David Fogarty reveals the most important trait for founders on Shark Tank Australia

David Fogarty is the mastermind behind the ever popular blanket-hoodie hybrid, The Oodie, and one of five new sharks to feature on Shark Tank Australia. 

In this Q&A, SmartCompany chats with David Fogarty about why humility goes a long way when pitching for investment. 

What surprised you most about the contestants and their pitches?

Their composure considering how much pressure they are facing, no way when I started my business would I be that confident.

Did any contestants manage to completely change your view on their idea over the course of the pitch?

Yes, many when I first saw the product I thought it was pointless. Then I realised that they were a professional in the industry and were extremely passionate about the product. I ended up backing them more so than their idea.

Were there any common attributes to the successful pitches?

Humility goes a long way. It wants the Sharks to provide advice and help the person. It shows you are coachable.

Not every pitch will be successful. What do you think are the most important lessons for entrepreneurs to take from an unsuccessful pitch?

Make sure your idea is ready for investment. If it’s just a concept, it is hard to communicate to the Sharks. If you have no sales, it becomes very hard to see if there is an ability to scale the business.

How do you think you would fare if you had to pitch your own business idea to the other Shark Tank sharks?

Honestly, I think I would struggle due to the pressure! That being said, I would be very excited at the opportunity.

What other lessons do you think entrepreneurs can learn from this season of Shark Tank?

The main takeaway is that Australian entrepreneurship is alive and well. You have the chance to change your life and get out of the rat race. Most startups struggle to get in front of any proper investors – Shark Tank is a great opportunity to do so.

Read more about Shark Tank Australia here.