More people are now opting to start their own company as an entrepreneur who is accountable for their success is the right path to take. There are businesses that have revealed their strategy for launching or explaining how they’ve made it by raising capital or using an effective growth hacking method. Another way entrepreneurs have taken their business into the top ranks is by appearing on TV shows like “Shark Tank”. A good example of how this might assist a company to reach new levels can be Keen Home, a company which manufactures and sells smart home devices.
Nayeem Hussain as well as Nathan Meryash came up with the concept for Keen Home while they were in the process of completing their MBAs at the NYU’s Stern School of Business and established their own company. They entered their company in the Entrepreneur’s Challenge 2012-2013 and were noticed by people in the technology sector. TechCrunch invited the pair to participate in Disrupt Startup Battlefield. Disrupt Startup Battlefield.
The two created a prototype for their Smart Vent product just before the competition began and developed several different aspects to their business including websites, creating their brand and the business plan. Their entry into the competition prompted news articles about the company. this led to a rise in the interest within Keen Home and the concept of the brand.
The attention from the media attracted the attention of the Shark Tank’s producer. the producer encouraged them to apply for a spot on the show. It took a few months before they were informed that their application had been approved and they were featured on an episode on October 14, 2014.
Shark Robert Herjavec was enthralled by their business that offers smart home devices. He declared it to be the biggest idea in the world. He put $750,000 in the company on the basis on their sales pitch. It was among the highest valuations ever recorded in the history of the show.
Hussain and Meryash were aware that once the show was broadcast and aired, they would see an increase in the interest of their products. Even if they didn’t had the contract signed that Robert Herjavec had made, they were aware that the publicity through the show would boost visibility for their business which is why they decided to appear on the show initially.
To prepare for the increase in interest, the pair established to prepare for the growth in interest, the duo set up a Shopify store to sell pre-orders. They also added additional staff to handle the customer support aspect the business. Their forecasts were accurate and they witnessed huge sales growth as their segment of Shark Tank aired. The preparations they put into their preparations were worth it. According to Hussain the website had 672 percent more visitors within the first 24 hours after the incident than they normally expect to receive in a single day.
The pair that made it to the top has stated that the show’s appearance Shark Tank has had a lasting impression. While it did give their businesses a boost during the time immediately following the show on which they were featured but the more lasting impact has been the attention of other media outlets. For instance, their pitch was covered by 16 news outlets.
The result is the ongoing interest in their company. The number of visitors to their website has grown 5 times over the time since the program aired and their pre-orders remain robust. This is evidently a sign of their financial success and their fortunes appear to increase, which means that Herjavec’s prediction of their trillion-dollar plan might not be as absurd as they may have appeared.
While Hussain as well as Meryash were already making strides towards success through Kewen Home before their appearance in Shark Tank, neither of them deny the positive impact of appearing on the show has brought to their businesses. They have made it clear that they would suggest other entrepreneurs consider doing the same thing to increase awareness of their businesses. They have also advised other entrepreneurs thinking about receiving investment this way that the preparation you make prior to the event is crucial. They have also stated that you must be well prepared to respond to the questions, and prepare for the attention your company will get. The last piece of advice is to act immediately after you have the capital in place to get the most from the current momentum.
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