A little less than a year ago, I interviewed independent inventor Lisa Lloyd for a blog to discuss the development of her product line “Treasure Chest Pets.” At the time, the economy was struggling – I questioned Lloyd about the difficulty of bringing a product to market during such penny-pinching times. Her confidence has paid off! I was thrilled to congratulate Lloyd on her appearance on “Shark Tank”. For those of you who are unfamiliar with the program, it is a reality television series that features five “sharks” (multi-millionaire business tycoons) that consider investing in pitches made by entrepreneurs and inventors. Lloyd was successful!
“I believe I had a great experience on this show because I was prepared and have a lot of experience pitching products and in front of the camera on television,” Lloyd explained.
Lloyd credited her intense preparation as a major asset during the questioning. You might not be auditioning for “Shark Tank”, but you can certainly learn from her experience – she had the answers to the shark’s questions and knew what to ask of them as well. She also made sure to be extremely familiar with her product, the market, and the numbers. How much did she really think she could sell?
Lisa was so pleased with the outcome of the show, she admitted that even if she could go back, she wouldn’t change a thing about the experience.
And I wouldn’t either, given the outcome.
The plan is to move forward with closing the deal and building her business to over $20M in three years!
How’s that for a struggling economy?
Check out a clip from Lloyd’s show here.
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 30 years. Along with business partner
Andrew Krauss, Stephen runs inventRight,
a company dedicated to educating inventors about selling their ideas
and the skills needed to succeed. You can listen to the weekly radio show on inventing. Get In The News, list your invention to have media outlets find you for news stories.