Takeaways: When In Doubt, Hail Oprah!

By: Matt Turner
Writer and Entrepreneur

While Shark Tank is certainly entertaining and fun to watch, the show can really be quite educational if you take the Sharks' words of wisdom to heart. Each of the Shark's feedback to every pitch is full of valuable lessons and inspiring insights. Unfortunately, some of these lessons are quickly forgotten as a result of the excitement Shark Tank fans have for the entrepreneurs and the deals they make in the Tank. Well not anymore! Blog Shark Tank is proud to announce a new weekly segment which will highlight the key takeaways from each week's episode, so that you can implement them into your business and apply them to your daily lives!

Here are the Top Five Key Takeaways from this week's episode (Season 5 Episode 14):

1. Two Questions
To the founders of Locker Bones, Robert had two specific questions he wanted answered to determine his interest in investing:
1. Why is your company worth $________?
2. What does my money get me?

Being able to put yourself in the mindset of the investor is the key to understanding where your company stands today. Even if you are not looking for an investor, periodically asking yourself these questions will help you gauge your progress.

InvisiPlug Unplugged

By: Pete Troshak
Twitter @Shak74
Website: www.Shak74.com

If you have ever looked at the white power strip your computer is plugged into and wished it wasn't so unsightly, Michael Barzman and Bryan O’Connell have an answer for you. The two entrepreneurs have created InvisiPlug, a line of fashionable power strips that come in three different faux woodgrain patterns designed to be less of an eyesore while meshing better with your wood furniture and hardwood flooring. The strips are priced at $14.99 for the standard model and $24.99 for the deluxe model. The standard item is priced slightly more than the standard white power strip, but is still reasonably competitive. Although the deluxe models were not prominent on the TV broadcast, they might be more in demand and useful due to the addition of two USB ports which can be used to charge most handheld electronics. As discussed by the Sharks, while InvisiPlug is patented, the patent would seemingly be hard to enforce given that their improvement to the original idea of the power strip is mainly aesthetic and not technological.

This pitch is interesting to recap because although Barzman and O’Connell delivered a smooth, competent pitch and made a deal with one of the Sharks, they failed to defend their valuation while leaving out a costly piece of information until late in their pitch.