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P.S. Don't know how many of you watched Friday's episode. Here's one Silicon Valley VC's (from Lightspeed Ventures) take on it and what he thought of the deals: <a href="http://lsvp.com/a-silicon-valley-take-on-abcs-shark-tank/" target="_blank" class="link link--external" rel="nofollow ugc noopener">Lightspeed Venture Partners » A Silicon Valley Take on ABC’s Shark Tank</a>
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FASTLANERS! This is a must read -- tons of "Fastlane takeaways" all in about a 3 minute read. (Speed+)<br />
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In fact, for serious Fastlaners building enterprise businesses (companys that might take months to years to build out) this article could MAKE or SAVE you MILLIONS.<br />
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This is a classic example of focusing on scaling up before product-market fit has been achieved. The founder had not thought about his go to market approach, he had not researched competitors, and he had not done any market testing because it wasn’t convenient for him (wrong time of year – too hot in Indiana, so he didn’t bother). This business school student made the classic mistake of mistaking an idea for a product for a business plan. He thought that all be needed to get the investment was to charm and entertain, when what he needed to do was convince.
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The issue here is that this is likely to be a bit of a fad product. Now fad products, like the Slanket, can be incredibly profitable, but they don’t generate enterprise value.
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With this level of interest, the entrepreneurs should have known that they had room to negotiate. Entrepreneurs should never take an exploding offer with such a short deadline. It suggests desperation on the part of the investor. They want to force you into a quick decision, likely because they are worried that a higher offer may be made by someone else. But if they want in so badly, they will still come back later on, just as this Shark did.
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