by Ivan Farkas
For Thomas Insights
Image Credit: Shutterstock.com / Jaguar PS
Inventors and entrepreneurs drive advances in business, technology, and culture. But in a time of unprecedented creative proliferation, it can be challenging for innovators to get their ideas noticed, or off the ground.
Fortunately for many, the long-running TV show Shark Tank has provided the essential link between inventors and industry to help launch dreams. It has also offered insight into some invaluable strategies for finding long-lasting success in various domains. We can learn vital business lessons from companies like Scrub Daddy, Bombas, and Squatty Potty, which are three of the most successful businesses to appear on Shark Tank.
Lesson #1: Be Confident in Your Project, Invention, or Goal
Aaron Krause’s smiley-faced sponges are among the most successful shark-supported brands. Since winning a $200,000 investment in a 2012 appearance, Scrub Daddy has sold more than 25 million units and was valued at more than $200 million in 2019.
Krause and his sponges have also become a feel-good story for other contestants. Was the decider here the quality of the sponges? Perhaps. Or perhaps it was Lori Greiner’s sentiment when deciding to back Krause: “I know a hero from a zero. This is a hero.“
For his part, Krause said he practiced his pitch and knew his numbers. He said: “When you get into Shark Tank or present any product in front of investors, you want to be confident but not arrogant.”
