Business In A Box Shark Tank
- By Philip Etemesi Jan 31, 2020 Shark Tank is a business reality TV show where aspiring and established entrepreneurs seek investments to their businesses from a panel of five titans of the business world (popularly known as sharks). Negotiations usually ensue, then the sharks decide whether to invest or not.
- With their team’s skill and their personal life savings, the two men were able to launch a small business to present to the Sharks. Chris Stoikos and Jason Neubauer entered the Shark Tank hoping for a $500,000 deal on their CoolBox. They were confident they would, believing the product to be worth $5million.
- This could be a reference to the new businesses in a box that was discussed on Shark Tank. There is no mention of exactly what the fall will bring in terms of new events but check back to their.
1 day ago The founder of Moink, Lucinda Cramsey of La Belle, Missouri, pitched her food delivery business on Shark Tank in March 2019 and landed a $400,000 investment from Jamie Siminoff.
How to Run Your Own Shark Tank with Internal Crowdfunding
Let’s say you very wisely choose to use our new internal crowdfunding platform Ignite to identify and prioritize seed stage ideas at the front end of your innovation/product development process. You put out a call for ideas that match your strategic themes, you set strict guidelines that projects must be completed with a budget of a few thousand bucks and completed in a few weeks time, and you give people a few weeks to come up with ideas. Then you turn your people into angel investors by giving them some house money to make investments. At the end of the funding round, you have a few ideas among many that have been crowdfunded - a clear signal from your employees that those should be your funding priorities. You're hitting all the right notes: lean startup, fail quickly, employee engagement, experimentation at scale. Well done.
A few weeks later, some of the ideas that get funding have built prototypes, written good business plans, or are generally viewed as showing promise. Now they need more money. Typically, the bigger budget requests would happen behind closed doors or through a budget process a few months down the line. But why miss an opportunity to rally your teams and create a little Hollywood-style drama?
Run your own internal Shark Tank, Series-A funding round instead!
Here’s how the whole process works:
Seed stage funding using Cultivate Ignite
- Figure out the basics:
- Decide where you want to solicit ideas. Typically companies use existing strategic themes or areas where they need to solve problems as guide posts for the types of ideas they're looking for.
- Who in the organization should participate?
- What's the total budget you want to allocate to seed stage funding of multiple ideas?
- Define what qualifies as 'seed stage,' i.e. max budget of $20k, must be completed within 6 weeks, etc. We like Michael Schrage's 5x5 framework here
- Give people 4-6 weeks to work together and come up with ideas and budgets for fulfilling those ideas.
- For those who participated in the ideation process, give them budget to crowdfund.
- Those ideas that tip Kickstarter-style (ie: are fully invested in) get actual funding and are ready to be executed.
- With the budget they were crowdfunded, teams go off and execute their plans.
As in the real-world of venture capital, after the seed stage of funding, to start to explore an idea further or more ideally grow/mature it, a company needs to go get more money at a larger scale. Welcome to the Shark Tank.
Series A - Shark Tank Style
- Decide who are going to be the Sharks. (suggestion: it doesn't have to be just executives or management!)
- Figure out how much money each Shark can bring to the table, or combine resources into a single budget.
- Solicit intrapreneurs among those who received funding in the first round. Do they want to now try and get more budget and present to the Sharks?
- Define clear guidelines for presenting such as time allowed and general topic areas they need to cover.
- Pick a date and venue for presentations. Plan to have someone livestream it to other remote locations and record the event for prosperity.
- Pick a theme song to play before the event starts. The O'Jays 'For the Love of Money' is probably too overt, so maybe something to better capture the mood, like Queen's classic Under Pressure.
- Ask someone to MC the event. A C-Level executive is always best because it gives the event more credibility.
- Each team presents, say for 5 minutes, max. Then each Shark is required to give their feedback and can ask one question. After every Shark has had an opportunity to interact with the team or individual, they are asked if they are willing to provide some funding or not.
- If this is too scary, you could wait until the end for funding decisions, or disclose exact amounts later.
- Send a company or group-wide email that evening announcing the funding recipients.
- Most important of all - make sure you actually deliver and get the projects the money to give them an opportunity to achieve their goals!
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Interested in running your own Shark Tank? We'd love to talk.
You might also enjoy these other related articles:
- Introducing Enterprise Crowdfunding
- Just Start Asking
Finally, I would be remiss if I didn't ask you to start following us on Twitter. It will probably be one of the better decisions you make today.
innovation managemententerprise crowdsourcingenterprise crowdfunding
Boogie Box Fitness Before Shark Tank
Dede Barbanti-Parra and Kathy Lamm are both from California. Dede Barbanti-Parra states that after giving birth to her third child, she waited over two hundred pounds and she also separated from her husband. She states that it was a very bad time in her life, because she also needed a way to support her children. This is why she took all her training in dancing and martial arts as a choreographer, and put all her expertise into Boogie Box Fitness.
Kathy Lamm states that she was introduced to Dede Barbanti-Parra by a mutual acquaintance and she immediately fell in love with what she put together by herself. Kathy Lamm states that she wanted to get Boogie Box Fitness out and introduce it to the rest of the world. Kathy Lamm also states that they want to show the world that if two moms can fulfill their dreams and provide for their children, then anybody can do it.
Business In A Box Shark Tank
Dede Barbanti-Parra and Kathy Lamm need an investment from the Sharks, in order to be able to bring Boogie Box Fitness to the homes of people that want to become fit. Boogie Box Fitness comes in the form of DVDs, which all have fitness programs on them. You can follow said fitness programs, in order to get yourself in shape and feel good about yourself.
Boogie Box Fitness On Shark Tank
“Dede Barbanti-Parra, Kathy Lamm and several other women walk towards the Sharks, stand in front of them and wait for Kathy Lamm to start the music”
“After Kathy Lamm starts the music, all of the women start the dance in front of the Sharks, showing them what Boogie Box Fitness is all about”
“All of the Sharks seem to enjoy the dance and start clapping at the end”
Dede Barbanti-Parra starts introducing herself to the Sharks and tells them that she is the creator and CEO of Boogie Box Fitness. After that, Kathy Lamm introduces herself and tells the Sharks that she is Dede’s business partner and chief operating officer of Boogie Box Fitness. Kathy Lamm states that they are seeking an investment of seven hundred thousand dollars, in order to be able to launch their Boogie Box Fitness DVD line. In exchange for the seven hundred thousand dollars, the Sharks would get a seventy percent stake in the Boogie Box Fitness DVD business.
Dede Barbanti-Parra continues the presentation and states that their dance at the beginning was just a small example of what Boogie Box Fitness stands for. She continues by saying that it is a fusion of hip hop, Latin dance, kickboxing and hardcore resistance training. This means that you get twice the exercise in only half the time.
“Kevin O’Leary states towards Dede-Barbanti-Parra that the Boogie Box Fitness program does not look very easy to do”
“Dede Barbanti-Parra asks Kevin O’Leary to join her on the stage, to which Kevin O’Leary complies and walks towards her”
Kevin O’Leary says that he is a fit guy and that he has been on his bike in the morning, while the other Sharks have been doing nothing at all.
Dede Barbanti-Parra tells Kevin O’Leary to squeeze his abs and pretend that he is holding weights in his hand, after which he tells him to pull his elbows out and back in.
“Robert Herjavec states that Dede Barbanti-Parra looks so much better when she does it”
“Barbara Corcoran starts laughing out loud”
“Daymond John states that Kevin O’Leary is built like a God, Buda to be exact”
“Kevin Harrington and Barbara Corcoran start laughing out loud”
“Kevin O’Leary sits back down and asks Kathy Lamm if they have any sales right now”
Kathy Lamm answers the question by saying that they do not have any Boogie Box Fitness DVD sales at this moment; however, the other part of their business is to certify fitness instructors, teaching life classes, doing workshops for their students, and they do have sales in that part of their business. They have been growing that part of their business over the course of a year.
“Robert Herjavec asks Kathy Lamm if they are only going to sell the Boogie Box Fitness DVDs”
Kathy Lamm answers the question by saying that they do only sell Boogie Box Fitness DVDs, and that the reason they have chosen to only focus on DVDs is because they believe that eighty to ninety percent of their overall revenue is going to come from DVD sales.
Business In A Box Login Your Account
“Robert Herjavec asks how much revenue Kathy Lamm and Dede Barbanti-Parra are making with the other part of their business”
Kathy Lamm answers the question by saying that they have made fifteen thousand dollars over the course of a year, with the other part of their business.
“Daymond John asks Kathy Lamm and Dede Barbanti-Parra how many followers they currently have, due to the fact that Boogie Box Fitness is another dance platform”
Kathy Lamm states that they can prove that they have a following, by showing one of the members they currently brought with them to Shark Tank. Kathy Lamm states that this woman lost a hundred pounds, just by doing the Boogie Box Fitness exercises.
“All of the Sharks are amazed by the fact that the woman was able to lose a hundred pounds in the course of a year”
Kevin O’Leary states that he wants to talk about money. He states that Kathy Lamm and Dede Barbanti-Parra are asking for a huge sum of seven hundred thousand dollars, and he asks them how he is going to receive that kind of money back.
Kathy Lamm answers the question by saying that, conservatively, they are anticipating a sale of one million DVDs over the course of three years.
“Kevin O’Leary interrupts Kathy Lamm and states that other fitness platforms have spent a lot of money on infomercials and commercials”
Kathy Lamm states that they are going to use a portion of the seven hundred thousand dollars to make Boogie Box Fitness known to the world.
Daymond John states that some of the top music artists cannot even sell a million copies of their CDs, and that is just music to listen to. He also states that seven hundred thousand dollars is a lot of money to invest in a company or industry that he is not familiar with. Daymond John says that he does not want to invest in Boogie Box Fitness because of these reasons and states that he is out.
“Kevin Harrington asks Kathy Lamm how much it costs to produce the infomercial”
Kathy Lamm answers the question by saying that it will cost a hundred and seventy five thousand dollars, in order for them to be able to produce the infomercial.
“Robert Herjavec asks Kathy Lamm if there is no other way to make Boogie Box Fitness known without spending seven hundred thousand dollars”
Kathy Lamm answers the question by saying that it is very difficult to make yourself known in the fitness industry, and that they have to go big if they want to be able to make it.
Robert Herjavec states that Kathy Lamm and Dede Barbanti-Parra are asking the Sharks for an investment of seven hundred thousand dollars, without the Sharks knowing if Boogie Box Fitness is going to work, or the money is gone. This means that you either get your money back as an investor, or you get nothing. Robert Herjavec states that it is a leap of faith, and that he is not willing to risk his money in that big of a leap of faith. Robert Herjavec states that he is out as well.
“Kevin O’Leary asks Kathy Lamm if the DVDs are the only model they have”
Kathy Lamm answers the question by saying that they have lined up several producers that have also worked with their competitors. According to Kathy Lamm, the producers feel very confident at what Boogie Box Fitness is going to sell.
Kevin O’Leary states that he believes there is a crime called murdering money. If he would give them seven hundred thousand dollars, and they kill it, then he would go into money hell. Kevin O’Leary states that it is too risky of an investment for him and that he is out.
Kevin Harrington states that the Boogie Box Fitness workouts are great, but that there is no brand yet, and for that reason, he is out as well.
“Barbara Corcoran asks Kathy Lamm how they even started thinking about their business”
Kathy Lamm answers the question by saying that Dede Barbanti-Parra created Boogie Box Fitness. Dede Barbanti-Parra states that after having her third baby, she waited two hundred and four pounds. She also states that she used to be a professional dancer and choreographer, and she stopped after she had her first child.
She was not at a very happy place in her life at this moment, which made her mix all of her knowledge about dancing and martial arts, in order to lose sixty five pounds in seven months. Dede Barbanti-Parra states that her format works and it changes peoples’ bodies and their entire lives.
Barbara Corcoran states that she loves the fact that Dede Barbanti-Parra is a hundred percent genuine, and she also states that she loves the Boogie Box Fitness brand name. However, Barbara Corcoran believes that both Kathy Lamm and Dede Barbanti-Parra have made a big mistake by asking for too much money.
If they came in front of the Sharks and ask for a bite-sized investment, in return for a bite-sized stake in Boogie Box Fitness, a lot of the Sharks would have been interested in investing in the company. For that reason, Barbara Corcoran is out as well.
“Daymond John states that Kathy Lamm and Dede Barbanti-Parra wanted the perfect product immediately, which is why they asked for so much money”
At the end interview, Kathy Lamm states that Boogie Box Fitness will not die here and that they will dominate the world of fitness platforms with it.
Boogie Box Fitness Now in 2018 – Update After Shark Tank Aired
Kathy Lamm and Dede Barbanti-Parra really needed an investment from the Sharks, in order to be able to launch their Boogie Box Fitness DVD line. They stood in front of the Sharks and asked for a big investment of seven hundred thousand dollars, and even if they offered a seventy percent stake in Boogie Box Fitness, the Sharks still didn’t bite.
At the end interview, both Kathy Lamm and Dede Barbanti-Parra stated that Boogie Box Fitness would not die and that they would dominate the world of fitness platforms, and it seems like they really did continue with their work. None of the Sharks were interested in investing in Boogie Box Fitness, due to the fact that they believed it was too risky to invest such a huge amount of money into a company that has no name or brand. There is no mention of Boogie Box Fitness being the best or worst on Shark Tank.
You can find the Boogie Box Fitness website at www.bbxinc.com, where you can see some of the success stories. It seems like Dede Barbanti-Parra has decided to rename her company in BBX Inc., and offers a number of different articles for sale. For starters, there are three different BBX Classes named Boogie Box Fitness, BBX Hardcore and BBX Kids. You can attend one of these classes in California, New Jersey, and Oregon but also in Finland, the Netherlands and Israel.
The BBX Inc. website also has a web shop where you can purchase a Racer Back Tanktop for $25,00 and two different home programs for $89,99 and $239,00 each. There is also a Live event at the Universal City Walk, in which you can participate for $24,99.
There are dozens of success stories on the website of BBX Inc. starting with Dede Barbanti-Parra herself. The success stories usually say that they have been able to lose a certain amount of weight in a fun and exciting way, and that they feel much better and have a much better life now. It is nice to see that you are able to read more about the individual stories and see the before and after pictures.