Millennials in the Shark Tank Again…Friendly Waters
Last week two young California entrepreneurs on the TV Show Shark Tank were held up as examples of how “boomers” and “millennials” don’t work together well. This time, it is different story. In episode 314, two sophomore college girls from Oregon created their own homemade peanut butter in four flavors, sold the product on their website and earned $7,000 in profit in their first year. They were asking for $50,000, which they got from shark Barbara Corcoran with a 40% stake.
What went right with this pitch to the sharks from two young millennials? Most importantly, they were respectful, not overly confident, had already tried and tested their product with rave reviews, had realistic projections, and wanted not just an investment partner, but the expertise and mentoring that would come with that.
What did they learn from the sharks? They came on the show feeling very strongly that they could be both students and entrepreneurs. The sharks absolutely did not believe this could be possible…that they needed to take their company seriously before investors would. And guess what? They listened! They immediately left college to pursue their business full time and have not regretted that decision.
Their little company has taken off – with the audience watching the dream and enthusiasm of two young people who engage in the latest marketing tactics – lots of social media, blogging, and PR; and sought the advice and counsel (and listened to it) from people who had already been there and were at the top. Love it!
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