10 successful Tech Startups from Shark Tank to learn from
“It’s not about the idea, its about how prepared you are. Everyone has ideas, most don’t do the work required to be successful. Marketing & Sales are the most important aspect of Startups. You have to find the Customers, then give them what they want. No sales, no company !!! Mark Cuban
Startups Topics: Blocking CrCd Hackers, Drones, Keyless, Print your Photos, Lights 4 Bikes, Folding Lamp, Scholarships.
Startups sometimes need a little help from a top investor. That’s why so many tech startups want to appear on Shark Tank. It’s said that even appearing on the show with your product, patent, or idea could bump your sales. Find out how these successful tech startups made out after entering the Shark Tank.
1. SignalVault [Blocking Credit Card Hackers]
Identifying theft is one of the biggest problems plaguing Internet users. The maker of SV, Chris Gilpin, came up with a useful solution to that problem. SV uses the technology of Credit Card hackers against them. RFID scanners are used to steal credit & debit card information, but SV uses that same technology to block thieves. The RFID is placed in a card that goes in your wallet. The Sharks were astonished by the simplicity & security this device provides. After some fierce competition between the panel, Chris landed a deal with Lori & Robert. The duo helped SingalVault grow in sales from $200K to $2 million annually.
2. xCraft [Drones]
Drone technology is a rapidly developing market. When the team pitched their idea to the Sharks, the investors knew xCraft was a winning idea. The team created a small drone with the hovering capabilities of a helicopter and the speed of an aircraft. The team showed off two drones, the X PlusOne & the PhoneDone Ethos. Both were well built and had the right sales numbers to impress the Sharks. In a rare move, the entire panel decided to work together to invest in xCraft. At this time, PhoneDrone still needs more testing, but the X PlusOne has taken off in sales & reputation.
3. UniKey [Keyless Entry thru SmartPhones]
has become one of the most successful markets for tech startups. This boom is in part due to the success of UniKey. This product was developed by Phil Dumas, and it allows users to activate locks via their Smart Phones. When Phil brought his business into the tank, all five Sharks wanted a piece of it. In an unlikely partnership, Mark & Kevin joined forced to invest in UniKey. By 2013, UniKey had struck a deal with one of the leading deadbolt companies in the world.
PhoneSoap (for Cleaning your Mobile devices,
because they can get pretty dirty. Thanks to PS, your phone can finally be sparkling clean. When Lori Greiner & Mark Cuban competed over investing in PS, the creators knew they had one of the most lucrative tech startups in the industry. In the end, Lori landed the deal with makers Dan Barnes & Wes LaPorte. That deal earned PhoneSoap a spot on QVC where they made the bulk of their initial earnings. By the beginning of 2016, PS had sold over 100,000 units after landing a retail deal with Bed, Bath, & Beyond. [Beyond their expectations]
5. Groovebook [Printing Photos]
People love snapping pictures on their phones, but until GrooveBook, there really wasn’t an easy way to get them printed and placed into an album. With it, users can select photos right from their camera, and upload them to the app. The selected photos will be printed and delivered right to your door in the photo album of your choice. Founders Julie & Brian Whiteman got the idea when Julie lost all her family photos on her SmartPhone. [That wasn’t too smart !!!] Since their deal with Kevin O’Leary on Shark Tank, Groovebook sold to Shutterfly for $14.5 mill.
6. Revolights (Smart lights for Bikes)
Biking at night became somewhat less dangerous after Kent Frankovich developed RL. These innovative smart lights attach directly to the wheels of a bicycle, making riders much more visible at night. The lights come in various colors, and can be seen from miles away. A few of the Sharks wanted in on this unique idea, but Robert made the right offer. Kent’s visit to the Shark Tank helped him raise the $1 million he needed to reach his CrowdFunding goal. The brand has grown exponentially, and the product is now launching in several different countries around the world.
Breathometer [App to analyse it]
Some tech startups cause a frenzy in the Shark Tank, but Charles Yim’s BM brought all six Sharks together. The BM was a mobile device app and attachment initially developed to analyze blood-alcohol-content level. The idea was that the BM could help party-goers make better judgments and avoid drinking & driving. Amazingly, the idea caught the attention of all six Sharks, and the entire cast of Shark Tank decided to go in on a deal with Yim. Since then, Yim has raised a $1 million.
8. Lumio [Foldable Lamp]
Max Gunawan entered the Shark Tank an ex-architect who became an inventor. His simple design for a foldable lamp was introduced as Lumio. The product is portable & compact. The entire panel of Sharks were intrigued by this incredible design, and they inquired about how the business was doing. After a heated negotiation, Max accepted an offer from Robert Herjavec. The two have developed a partnership that helped Max grow Lumio into an international brand. Lumio has been featured in several publications, like GQ &WSJ. Now, Lumio continues to wow customers with its sleek & simple design.
9. Scholly (College Scholarships)
As a student ready to enter college, Scholly creator Christopher Gray understood the financial challenges facing college students. The Sharks saw Christopher as was one of the most astonishing business people to enter the tank. Chris had won over $1 million in scholarships, and that’s what inspired him to develop his app, Scholly. It connects incoming or current college students with the appropriate scholarships. Simply enter your specifics, and scholarships start to pop up on the screen. Lori & Damon won over Christopher, and since partnering with them, Scholly has helped millions of students find scholarships.
10. Emazing Lights
Niche tech startups usually don’t do well on the Shark Tank. However, that can’t be said for Brian Lim’s EL. By the time Brian auditioned for the show, Emazing Lights and his other company I Heart Raves had already generated $13 million. By the end of his pitch, the Sharks were competing with one another to invest in Brian and his tech startup. Brian is one of the only people to get a deal that got a higher evaluation than was initially stated. Mark & Damon partnered with Brian, and since then, the EL has grown without hesitation. Brian has also been featured in several financial columns, like CNN Money.
Tech Startups Love the Sharks
There are quite a few tech startups that have made their mark on a large audience thanks to Shark Tank. Regardless of whether the company made a deal with a shark, it’s clear that the Sharks like to give pitching opportunities to innovative Tech Startups. Also, the exposure that companies get on the show can go a long way when it comes to sales.
Comments: Do you know any other Startups that have impressed you on Shark Tank?
from Proto.it 14 Feb 17 and enhanced by Peter/CXO Wiz4biz
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