Posted March 8th, 2012 by Nathan Furr with No Comments
Kisstixx Entrepreneurs Had Great Success on Shark Tank Show Because They Knew How to Start a Business
Read the book that launched Kisstixx to their success: Nail It Then Scale It.
Listen to the Kisstixx Broadcast: Speaking on Business broadcast by Chris Redgrave on Kisstixx – Download MP3
Author Paul Ahlstrom and a UVU Entrepreneur class discuss the advantages of the entrepreneur TV show Shark Tank for Dallas Robinson & Mike Buonomo the two entrepreneurs who launched Kisstixx, a new lip balm, by accepting Mark Cuban’s offer of $200K on in exchange for 40% of their company. Watch the Kisstixx episode
Here are some of benefits to Kisstixx for the Cuban alliance as discussed:
• Rock Star- Kisstixx gets a mega star to promote their stuff
• Doors open – Doors that were closed will now open with Cuban’s endorsement
• Counsel – Cuban is a terrific businessman. Dallas says he is very involved now with Kisstixx, one on one
• Inventory – Kisstixx will now get some big orders, exponentially larger than previously entertained. That means inventory and I thought I heard Cuban say he will finance it as part of his skin the game. That’s huge!
• Time – This may be the biggest of all. There are some 800 pound guerrillas doing lip balm. Kisstixx has chosen to protect their stuff using “trade secret” rather than “patent.” This means they have to be fast to dominate. Especially if they are the next “pet rock,” as Paul states, not having seen the deep bench of follow on Kisstixx products, then time is precious. Cuban gets them on the shelf fast. It’s a fast way to scale a startup business.
Advice for Entrepreneurs
When looking to launch an company like Kisstixx entrepreneurs should first learn how to launch a lean startup by building alliances or joining an incubator group like CEDO where they can get quick honest feedback. The startup book Nail It Then Scale It teaches entrepreneurs how to seek and receive feedback as they begin their quest for knowledge and the needs of their market. Friends and family will always tell you they love your idea but gather facts and data on your idea to avoid relying on beliefs and gut feelings. Conduct rapid, inexpensive, simple experiments to test your ideas in the market, rather than building a full blown product.
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Written by Nathan Furr