Last night, I watched a sad outcome on Shark Tank. Two smart, hard-working fellows came on and pitched their product idea. The story was good, they were convincing and the product makes sense. It’s their “baby” and that is the good news and the bad.
Why good? Their creation was born because it solves a problem faced by many parents. That is, a kid who resists bathing. Who hasn’t had a child like that or heard a parent complain about one? The product, Soapsox®, is attractive to kids, easy to use and helps with an issue that vexes adults.
Why bad? Because the creator and his partner have a death grip on it. They want an investor, they want to maintain a majority ownership (VERY MAJOR) and they want control.
The entrepreneurs on the show showed varying degrees of interest. Daymond John made them an offer. They countered. While they were talking with him, Lori Greiner and Robert Herjavec made a different offer. $1Million for the company.
Shockingly, both offers were turned down.
I hope the guests on Shark Tank woke up this morning and made a call to Lori and Robert to see if they could still do the deal. Why?
- These are obviously creative fellows. They can come up with another idea and product. The money and the success of a sale would be an emotional boost, making a new invention even more likely.
- The business needs the expertise that the creators do not have. That’s one reason (ostensibly) they were on the show in the first place.
- They were just on a very popular TV show and turned down two offers! This won’t escape the attention of others from whom they seek investment.
When the stakes are high we don’t always think clearly. Emotion alters our thinking, often without us knowing it. Sadly, some of the people on this show can’t see their ability to create as clearly as what they created. Keeping a death grip on a creation gives us the illusion of control when it may be taking us over the cliff.
Maybe these fellows did the right thing.
Even if they did, it’s the hard road.