‘Shark Tank’ founders say money wasn’t the biggest benefit of the show

Three years in the past, the DeCicco brothers got here up with the concept for Kitu Life in a school dorm room.

Jordan DeCicco was a basketball participant at Philadelphia University searching for a extra nutritious various to the vitality drinks he noticed on the cabinets of grocery shops. He and his brothers, Jim and Jake, who had additionally been school athletes, devised a bottled espresso drink made with Colombian espresso, lactose-free protein, and MCT oil from coconuts.

Today, the firm is valued at about $50 million and Kitu Life merchandise — which embody Super Coffee and Super Creamer — are bought in Wegmans, Whole Foods, and Fairway. Jordan has since dropped out of college, whereas Jim has ditched his Wall Street gig to go all in on the enterprise.

In November, the DeCiccos had been named to the Forbes 30 Under 30 record of innovators in the food and drinks house.

Much of Kitu Life’s success has hinged on their look on “Shark Tank” in February 2018 (the firm was then known as Sunniva Super Coffee). The founders went on the show asking for $500,000 for a four.5% stake of their firm and walked away with no deal — however Jim informed Business Insider that the show was nonetheless a significant boon for his or her entrepreneurial careers.

“The best outcome of ‘Shark Tank,’ despite the publicity, was how prepared we became for our business,” he stated.

In the month main as much as their look, the founders devoted each spare second to making ready for something and the whole lot that might occur in the tank. They divided the 90-second pitch into three elements — one for every brother — and practiced it consistently: in the health club, in the automobile, in elevators.

“People would look at us like we were crazy, because we were walking down the street in here in New York City, just talking to ourselves doing this pitch,” Jim stated. “That’s how we memorized it.”

(Interestingly, the founders of Cousins Maine Lobster additionally stated they practiced their pitch in several sorts of conditions with the intention to get extra snug with it.)

The Kitu Life founders known as on buyers, advisers, and even former professors to assist them stage mock pitches. And as soon as the founders had given their official “Shark Tank” pitch and gone by means of the Sharks’ interrogation, they felt like they may deal with something.

The Kitu Life founders found new sorts of prospects they hadn’t anticipated

Another benefit of their “Shark Tank” expertise was that it expanded their buyer base: People who they’d by no means imagined utilizing Super Coffee or Super Creamer had been sharing their ideas (some optimistic, some destructive) on the merchandise.

They’d initially marketed the product to school athletes, however Jim stated they realized that “millennial moms with money” — i.e. comparatively rich dad and mom of younger children — had additionally taken a liking to Super Coffee and Super Creamer.

The Kitu Life founders aren’t the solely entrepreneurs to look past money when they consider the advantages of showing on “Shark Tank.”

Read extra: People assume startup founders go on ‘Shark Tank’ for big-name buyers and a pile of money, however entrepreneurs who’ve carried out it say that is not likely the level

Randy Goldberg, cofounder of sock firm Bombas, beforehand informed Business Insider that, despite the fact that Bombas landed a $200,000 deal, making ready for the questions he may be requested was helpful for future conferences.

Similarly, Jack Mann, founder of earplugs firm Vibes, beforehand informed Business Insider that despite the fact that he turned down a $100,000 provide, he found new makes use of for the earplugs. Initially, he was centered on utilizing the product at concert events — however he realized that folks had been excited to make use of it at health courses and sporting occasions, and even on bike rides.

As for the founders of Kitu Life, Jim stated, “The fact that we did it on that [‘Shark Tank’] stage made every other business meeting a piece of cake, or much more comfortable than it otherwise would have been.”

Source link Businessinsider.com

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