If you've been following "Shark Tank," the prime-time show where entrepreneurs pitch investors on their ideas, you've probably seen your fair share of successful pitches and pitches that totally suck.
In the most recent episode of "Shark Tank," David Powers and Scott Tindel of Tie Try sought a $100,000 investment for a 25% stake in their designer neck ties subscription service.
The two had a solid pitch overall, but it was missing two very key elements: a healthy subscriber base to tout, and passion.
Going into the Tank, Tie Try only had 110 subscribers.
Mark Cuban, the tech-billionaire owner of the Dallas Mavericks, felt wary about the subscription model, and expressed concern over the number of people who might cancel their subscriptions. Robert Herjavec, a Canadian tech entrepreneur, agreed. He also didn't make an offer.
To shake things up a bit, Kevin O'Leary, a software entrepreneur turned fund manager, offered to put up $50,000 if the two could convince another Shark to join him in the deal.
Real-estate magnate Barbara Corcoran wouldn't bite.
Fubu founder Daymond John seemed to be Tie Try's best bet. But they blew it due to a lack of passion.
"I didn't hear not one word about fashion in this whole discussion," John said. "I didnt hear about ... the excitement about the beauty of a tie. For that reason you're not obsessed over this business like we are all over our businesses. I'm out."
As an entrepreneur, you must show excitement for the problem your startup addresses. Otherwise, why would an investor take a risk and back your company?
Ultimately, Cuban passed on O'Leary's offer to coinvest because he wasn't convinced Powers and Tindel fully thought through the business. With all of the other Sharks out, O'Leary pulled his offer, and that left Tie Try without a deal.
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