This Was The Worst 'Shark Tank' Pitch Ever According To Mark Cuban
Sep 24, 2013 14:35
Shark Tank is back, and during the season five premiere, Mark Cuban literally got out of his chair to tell doctor brothers Richard and Albert Amini that they have got the "worst pitch ever."
The Amini brothers' pitch is a mobile health app called Rolodoc. The app is meant to be a secure social media platform that allows physicians to upload and display their medical records and will act as a communication tool between doctors, patients and other medical professionals.
"What we’re trying to do is bring social media and the social network to the medical profession," says Albert, the surgeon brother credited with the idea.
The brothers asked for a $50,000 investment in exchange for a 20% stake in their company.
The problem was that they couldn't explain how they could convince physicians to sign up for the platform or how they would market Rolodoc. Worse still, they couldn't explain how they would make money.
"You keep saying social media, social media. This is all one-to-one communication," argued Cuban.
"You didn't show us anything about social media," he said. "You showed us profiles and talked to us about emails. You didn't tell us at all about how you were going to get there."
Real estate mogul Barbara Corcoran called the pitch the "worst sales presentation I've heard," and entrepreneur Kevin O'Leary said: "I don't mind sacrificing a couple of doctors if the next two doctors that come in will make me money."
The lesson to learn here? Have a solid elevator pitch and business plan together. Otherwise all you have is just a good product.
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