A futuristic looking farmer & entrepreneurs working from their homes enter Shark tank
Now that all five of the Sharks in M-Net and Telkom SA’s “Shark Tank South Africa” have invested in a number of diverse local businesses, the gloves come off this week as they start snapping at each other in the face of some brand new budding business owners.
Amongst the entrepreneurs who are brave enough to step into the tank this week are a farmer who wants to bring tech to agriculture, a young biokineticist with a unique invention to relieve pain, and two sets of entrepreneurs who are running their small businesses straight out of their homes and need some capital to grow – and fast.
As usual the Sharks are not scared to let rip when faced with some outlandish claims and questionable financial projections, but between all of the harsh – and even sarcastic – commentary, this week’s episode will provide plenty of excellent tips for business owners who want to find out how to pitch their businesses to any investors, whether it be the Sharks themselves, venture capitalists or banks. As tech guru Vinny Lingham wisely puts it: “The best investments are made in entrepreneurs who are going to be successful without you, not because of you.”
This episode follows last week’s one were two more deals were struck, with the youngest Shark in the tank, Marnus Broodryk, finally making his first investment in a delicious micro brewed beer company. This was in geologist Jacques Nel and his four-legged friend and mascot of his brand, bulldog Lady Trinity, who were looking for an investment in his micro-brewery named “Ja Brew”. The Sharks loved Jacques’ branding and the potential for growth in the micro brewing market, but had concerns around the fact that he was still waiting for his liquor license. However, Shark Marnus, who has previously owned a vegan restaurant and understood the challenges that come with acquiring a liquor license, felt that he could have a lot of fun developing the business with Jacques, rather than simply investing.
Marnus offered Jacques a R250 000 loan in exchange for a 50% stake in “Ja Brew” and committed to helping Jacques lay the essential ground work to get his business up and running properly. “Take the deal!” fellow Shark Gil Oved advised Jacques, which he was happy to do.
Furthermore, 40-year-old media consultant Taryn Gill (pictured) also excited the sharks with her company “Perfect Hair”, a collection of proudly African products for African women. Taryn’s naturally made hair care products are targeted at all different hair texture types, for women, children and men, and she wanted to use the Sharks’ investment to open up concept stores. Most of the Sharks told her that this was an unrealistic idea, and not the right direction required to successfully grow her business.
But Taryn’s personality and hustling attitude is what really got the Sharks excited. She received her first deal offer from marketing guru Gil Oved, who offered her R250 000 for 50% equity in her business, with the view to take the marketing of her products to the next level. Romeo, however, came on board with a deal that included his secure base of distribution channels, as well as more money for less equity. Romeo’s offer was R400 000 for a 40% share in Taryn’s business, but it wasn’t over yet! Vinny also chipped in on the basis of his experience in e-commerce. Wanting Taryn to keep her business sales online, Vinny offered to partner with Gil for the same offer that Romeo gave her, which Gil also agreed to. As if this wasn’t already an incredibly hard decision for Taryn to make, Romeo then introduced a game-changer by offering his wife, business woman and former Miss South Africa Basetsana Kumalo, as a partner in the business, specifically to focus on the marketing side of things. It was an offer that Taryn simply couldn’t refuse, and with that, Romeo clinched his second deal of the season.
To find out more about the businesses that have been featured on the series so far, especially if you’re interested in supporting them with an order or purchase, go to www.mnet.tv/sharktank or follow the conversation about the show on Twitter @MNetSharkTank with the hashtag #SharkTankSA.
Shark Tank SA, sponsored by Telkom SA, is screened on Sundays between 6 and 7pm on M-Net 101. This corresponds with the timeslot on a Sunday when all DStv customers can get a taste of what’s available on M-Net 101, so if you’re not a DStv Premium customer, you can also go to channel 101 to watch “Shark Tank SA”. The series will also be available on DStv Catch Up and streamed live on DStv Now.