Ahead of the May 15th series return of Shark Tank Australia, entrepreneurs-turned-Sharks Janine Allis and Naomi Simson share their tips and secrets for launching a new business idea!
TV WEEK: You’re back for another season of Shark Tank. What do you love most about the show?
Naomi: I love meeting the business owners, to feel their passion for their ideas and how creative they are.
Janine: It’s also a lot of fun. I get to hang out with four really great people.
They say no idea is a bad idea. But some ideas aren’t great, right?
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N: It’s more about being ill-prepared, like the guy who came in and said he could turn rubbish from supermarkets into power. We asked him, “What’s in the black box?” He said, “Nothing yet. That’s what I’m going to use your money for.”
J: The worst idea was a death mask! The business was when your loved one passes away, you can get a clay mask made of their face for a shelf in your home. The episode didn’t make it to air, but it was truly confronting.
And what is the best business idea someone has pitched?
N: I like the ones who know exactly how they’re going to grow their business. Vegepod [which produce self-watering, raised garden beds] is performing very well from the second season.
J: Be Fit Food, which is a business that [helps] you lose two to 12 kilos in two weeks, eating real food. The product was created by two doctors, so it’s based on science.
What makes for a good idea?
N: When you know why people will want to buy that product, you know it’s a good idea.
J: The idea is 10 per cent of the success. The true value is in the execution. People get so caught up in the product, they forget to make a business.
The Sharks (from left): Steve, Janine, Andrew, Naomi and Glen.
What’s the biggest mistake you can make when pitching an idea?
N: To not listen. Pitching is as much about listening as it is about pitching.
J: Lie. Once you start, it’s a slippery slope. If you can’t trust someone, it’s all over.
Do you have a favourite Shark? Promise we won’t tell!
N: Well, I spend more time with Janine, because we sit in hair and make-up for two hours a day, so that’s extra hours a week.
J: I like all the Sharks for different reasons. Naomi is a good friend, Andrew [Banks] is so funny, Steve [Baxter] is genuine, and Glen [Richards] tries to act the tough guy – yet you couldn’t find a nicer person!
Which Shark do you clash with most?
N: Steve and I will never get on, but we have a great deal of respect for each other.
J: I think I’m “Switzerland” when it comes to the Sharks [she prefers to remain neutral]. I get along with all of them.
What’s the greatest invention of all time?
N: The wheel.
J: Electricity. Without this, we can forget the internet or any other innovations.
What invention doesn’t get a lot of love, but has greatly improved the world?
N: Australians are great inventors – whether it be plastic money, Google Maps or cochlear implants.
J: As above. Imagine life without power.
The Shark’s return next Tuesday 15th of May.
If you weren’t a Shark, which animal would you be?
N: A dog, because they’re loyal and friendly.
J: I think I would be a dolphin – they’re smart and have the freedom to go anywhere in the world.
What are your favourite TV shows, aside from Shark Tank, of course?
N: I do like Have You Been Paying Attention? I also enjoy Dave Hughes’ show Hughesy, We Have a Problem.
J: I’m obsessed with David Attenborough [the British naturalist].
What was cool when you were young, but isn’t cool now?
N: Click clacks [a popular toy from the ’60s and ’70s consisting of two hard balls attached with a string].
J: Big hair and shoulder pads.
Is there an idea for an app you can’t believe someone hasn’t made yet?
N: A shoe locator, so if you see a picture of a shoe and you feed it into an app, you know where you can buy it.
J: I’m sure anything I think of will exist.
