Posted on April 1, 2019 By: Norton Kaplan
I suggest viewing “Shark Tank” https://abc.go.com/shows/shark-tank occasionally to pick up a few hints on how to evaluate and strategize business opportunities and entrepreneur tactics. Most importantly I suggest paying attention to the “Shark Tank” inventor panel members and their questions and comments. I find that each panel member typically focuses on specific pitch/company attributes. For example, I feel that Mark Cuban focuses on the people and resources relative to commitment and drive. Lori Greiner often inquiries about market dynamics and intellectual property. Kevin O’Leary looks for ROI and competition. John Daymond often focuses on supply chain and networking. The others have their own focus.
There is a lot of commonality in how “Shark Tank” is conducted and the work that Foresight does. Sometimes it is pointing out the “elephant in the room.” Highlighted in a Forbes article – “Five Reasons 8 Out Of 10 Businesses Fail” the number 1 reason is that they are Not really in touch with customers through deep dialogue and the number 2 reason is No real differentiation in the market (read: lack of unique value propositions). As Foresight moves forward as a leading commercialization consultancy we all need to look for the evolving needs of our customers and the markets that they are impacting. Foresight is addressing some of these changing needs with products/services like the new SMART Report and the new support program consulting for SBIR/STTR TABA. I look forward to your input on what you are seeing in the companies and markets that you support.