Shark Tank investor Barbara Corcoran has gotten a whiff of 1,000% sales growth thanks to a millennial, female-owned business, PiperWai. The former New York real estate mogul struck a deal with co-founders Jess Edelstein and Sarah Ribner in a December 2015 episode of the ABC hit business reality show. Corcoran […]
In another article on CBP I discussed what I call the Shark Tank bump. If a person simply has a product that is able to be purchased as opposed to an idea/tech product, if they have their details in order and they make a competent pitch, whether they get funding or not, their product will get a temporary bump in sales.
This only happens if everything is in order and the website can handle the traffic. I often discuss influencers and the power that certain people have over the buying audience. Very often a company that may not be quite that amazing can see growth just from being shared by the right person. Is this a guarantee? No. However the law of averages are with you when you can gain a cosign that is consistent, or especially when you gain a cosign that is as powerful as the Shark Tank vehicle.
It helps that PiperWai solves a very serious problem for many and that is a healthy alternative in the deodorant (odorant if you’re a monster on Monster’s Inc). Take a few minutes to read this article above and place it into context when you are thinking about what you are working on. Does your idea solve a problem? Is it already in production and do you have proof of concept? If you answer yes, then maybe you are in a position to do what these ladies have done.
BUT, note the capital… and that’s not because I like big butts and I can not lie (my bad); when you read this pay very close attention the discussion the ladies have about preparation. While I discuss the Shark Tank bump, they say it’s not a guarantee and it can actually hurt you. Let me know what you think in the comments after you read the interview.
Note: The growth experienced by Piper Wai is due to their appearance on Shark Tank. The deal they struck with Barbara isn’t even complete so they haven’t even garnered the funding yet. This means they have had to take on the growth by themselves which is amazing!