Sabri’s Shark Tank roundup: Sundust sparkles and Suitor snags two sharks
This week the Shark Tank was brimming with great ideas and killer businesses that made Sabri Suby say ‘shut up and take my money’.
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It’s the grand finale of Shark Tank Australia season five, and we’ve seen it all – wild successes, epic flops, and deals that make us sharks hungry for more. This week, as we wrapped up the season, the tank was brimming with great ideas and killer businesses that made me say ‘shut up and take my money’.
Sundust
Diving right into the deep end, we had Stephanie Bream, a geologist from Perth, with her eco-friendly glitter sunscreen business Sundust. She was in search of $100,000 for a 20% stake in her business.
Things took an interesting twist when Robert counter-offered with $100,000 for a whopping 75% share of the US market. It was a spicy proposition and one that set the tone for the episode.
Success for Sundust is going to come down to getting the word out in a big way. It needs to go after top-of-funnel exposure, creating viral ads, using influencers, and creating demonstrable product-based video ads.
Having a demonstrative product — something that you can clearly and visually see the use case for in video ads — immediately lends itself to social media. It’s about coming up with some really interesting use cases to run some great ads.
What it shouldn’t do? Stick it on retail shelves and hope for the best, while the team’s hair goes fifty shades of grey with uncertainty. Instead, they need to get out there, go viral, show the use case and make it fun.
Suitor
Daniel and Luke from Suitor, the trailblazers behind Australia’s first online suit hire company, had an impressive profit and a great trajectory. It’s no wonder these best friends found themselves swimming in a sea of interest. They originally wanted $250,000 for a 10% slice of the pie. But in the end, they reeled in not one, but two sharks – yours truly and Davie, for a shared deal of $250,000 for 15%.
Daniel and Luke are complete executors who understand the desires of the marketplace, and they’re already doing a fantastic job. My team has already jumped in and audited their ad accounts, and they have immediately made the changes that they need to and have seen sales dramatically increase as a result.
Throw Davie’s expertise in supply chain and logistics into the mix, and we’ve seen Suitor tackle the increased demand from our marketing improvements like absolute champions. We’re in the process of rebuilding a new e-commerce funnel and website for them, so I can’t wait to see where this one leads.
Sock Drawer Heroes
Next in the tank were Bec and Erin from Sock Drawer Heroes, Australia’s leading gender expression company, serving the trans and gender-diverse community with their gender-affirming products. They were looking for $120,000 for a 7.5% stake in the business. Jane was originally out, but she made a splash back into the tank with Catriona, offering $120,000 for 16%.
In the aftermath of the show, Jane decided to walk away but promised to provide pro bono e-commerce, website, and social media advice to the business. That’s a testament to the fact that the tank is just the first step in a long due diligence process, and investment isn’t always a straightforward path.
BrandScent
Last but certainly not least, we had BrandScent’s business-to-business scent marketing business. With some hefty clients already on board, it was clear why myself, Davie, and Robert all dived in with offers of $150,000 for a 25% stake. However, it was Robert’s decision to up the ante with a $175,000 investment that ultimately secured him the deal.
That’s it, the final episode of the series! We’ve witnessed some huge highs and lows and made some incredible deals in the process. The show has turbocharged my passion to keep hunting for the next big thing and blow it up with King Kong’s marketing rocket fuel. Catch you on the other side.
Read more about Shark Tank Australia here.
