Things Take A WILD Turn With Moki Doorstep! | Shark Tank US | Shark Tank Global
Table of Contents
Introduction
In this tutorial, we will explore the journey of Moki Doorstep, a unique product featured on Shark Tank. Founded by Alyssa and Zach Brown, Moki Doorstep aims to enhance the home entry experience. This guide will provide an overview of their pitch, the business model, and key takeaways for aspiring entrepreneurs.
Step 1: Understand the Product Concept
The Moki Doorstep is designed to help users easily reach their door locks and deliver better accessibility for all, especially for families with children or those with mobility challenges.
- Identify the target audience: The product is aimed at homeowners, particularly those with young kids or elderly family members.
- Highlight the key features
- Provides a stable step to reach door locks.
- Portable and easy to set up.
- Aesthetic design that complements home decor.
Step 2: Prepare Your Business Pitch
When seeking investment, it’s crucial to have a well-structured pitch. Here’s how to prepare:
- Define your value proposition: Explain what sets Moki Doorstep apart from similar products. Focus on its unique benefits.
- Set financial goals: The Browns sought $150,000 for a 5% equity stake in their business. Determine how much funding you need and what percentage of your business you are willing to offer.
- Practice your delivery: Ensure you can confidently present your product and answer potential investor questions.
Step 3: Engage with Investors
During the pitch, engaging with the Sharks is essential. Here are strategies to effectively communicate:
- Be authentic: Share your personal story and why you started Moki Doorstep.
- Respond to feedback: Be prepared to address concerns from investors and show adaptability.
- Highlight market potential: Discuss how the product fits into current market trends and its scalability.
Step 4: Handle Negotiations
Negotiations can take unexpected turns. Here’s how to navigate them:
- Stay flexible: Be open to counter-offers from investors.
- Know your bottom line: Understand the minimum offer you can accept without compromising your business.
- Build relationships: Sometimes, securing a deal is about chemistry with the investors, as much as the numbers.
Conclusion
The journey of Moki Doorstep illustrates important lessons in entrepreneurship, from understanding the product and preparing a solid pitch to engaging with investors and handling negotiations. For aspiring entrepreneurs, key takeaways include the importance of a strong value proposition, adaptability during discussions, and the need to build a rapport with potential investors. As you embark on your business journey, keep these insights in mind to increase your chances of success.