Free Willy Essay

1574 words - 7 pages

“Shark Tank”

Entrepreneur #1: Ivy Tennelle
Product Idea/Venture: Swilt
Venture Capital ask amount: $30,000 for 35%

Main Idea: The Swilt is designed to perform the comfort of a blanket with the style of a sweatshirt. The product looks like a hooded sweatshirt in “on the go mode” but rolls down covering the rest of body down to the feet to serve as a warm blanket. Ivy’s target market is frequent flyers, outdoor fall/winter sports spectators or anyone else who finds themselves in need of warm comfort on the go.

Summary: Ivy has only sold one hundred swilts and has not brought her product to retailers for sales. She believes that the money could revamp her website and help her with ...view middle of the document...

The main thing I would change about Ivy’s product is the design because I believe it is a great idea just not a flattering one and until a more attractive design was made I would not invest in her product.

Entrepreneur #2: Shelly Ehler
Product Idea/Venture: Show No
Venture Capital ask amount: $50,000 w/ %50 stake

Main Idea: The “Show No” is designed to keep people from seeing your body when you change from wet to dry clothing at pools and beaches. The products is a beach towel with a slit in the middle so that it can be slid over the head and draped down around the body (similar to a poncho.) The product also has tailored ribbon lining around the slit to create theme and personality. The “Show No” also lies completely flat and the slit closes up; this allows the “Show No” to perform other duties of a beach/pool towel.
Summary: Shelly thought of this idea while at the pool with her 2 sons. One wanted her to hold the towel around him while he changed to his dry cloths and as she started to assist him, her younger son also wanted assistance with his towel as well. Shelly has only sold $15,000 worth of her “Show No” idea but has pending accounts with Leggo Land and Six Flags. Shelly was also able to patent her idea by trading patent work for custom made drapes with a neighbor who is a Patent Attorney. Shelly also mentioned having a possible connection with Disney to market her towels. I enjoyed Shelly’s enthusiasm for her product and mostly liked that she stitched the custom made ribbon around the slit from her home. I like that Shelly was able to pull through the rough recession to get this product off the ground. I disagreed with Roberts’s idea of being more enthusiastic about the product then with Shelly; I thought she was the success of the product. Damen made her an offer that was agreeable based on his connections with Bed Bath, Buy Buy Baby, Six Flags and JC Penny’s. Mark also made a great offer of $75K for %25 stake but in the end Laurie was able to match Mark’s offer, which Shelly could not refuse because of Laurie’s QVC connection.
I agreed with Shelly’s decision to accept Laurie’s offer, I felt it was a better and more comfortable business connection. I disagreed with Kevin because he was very closed minded to the product’s opportunities in the market based on its seasonality. Shelly’s “Show No” idea was pitched very well and I liked that she brought in her sons to demonstrate the products functionality. I particularly appreciated her take on going through the recession and stating that she was not just looking for money but also a mentor; I felt that this added to her venture capital strategy. I would not change anything about her approach with the “Sharks” but would change a few things about the product like adding snap sides for more closure.

Entrepreneur #3: Kelly Chaney
Product Idea/Venture: “Puppy Cakes”
Venture Capital ask amount: $50,000 for 25%

Main Idea: “Puppy Cakes” is a cake mixture made with special...

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