Kanga is cooler specifically made for cases of beer, instead of large bulky coolers or cases made for a single beer. The idea was produced by a group of friends who were studying at Clemson University. They had a class assignment to find a solution to a problem in real life. They were at a football tailgate when the idea struck them as they were drinking warm beer. Logan LaMance thought to himself, “why isn’t there a can insulator for an entire case of beer, not just a single can?” This was a classic example of an idea that fills a great need that people will drop money for. They used this as their idea and later invested $833 of their own dollars to take it to the market where it made about $60,000 in just six months. They raised more than $34,000 from a KickStarter campaign as well. Then they took it to Shark Tank where they sought a $100,000 investment for 10% stake in their company.
Mark Cuban offered them $100,000 for 20% stake and these group of guys did something most people on Shark Tank fail to do. They didn’t want to hear from any other sharks and took the deal immediately. They seem to be doing great currently, but there is one thing I want to emphasize about this story. I remember the first time watching this episode and actually being inspired by the words of Austin Maxwell, another co-founder.
“I just graduated in December and Logan just graduated a couple weeks ago. This show has actually inspired me to pursue entrepreneurship. So, I’m a die-hard fan. I’ll be honest I’ve seen every episode. I’ve seen your bald head plenty of times, Mr. Wonderful, and I love it, I love it. So back in season six, in October of 2014, I was watching a live episode and I saw a company come on and make a deal. I actually called the CEO the night that the episode aired to explain to him how I could provide value to them and I just worked my way up with this company from a customer, to a brand ambassador, to an intern. And after turning down multiple engineering offers, I decided to pursue that company full-time.”
“Are you gonna name that company? Is it a Shark Tank Company?” Barbara Corcoran asked.
“Sure it’s BeatBox Beverages, the craziest thing about it is now I’m up here and have the opportunity to present to you guys with my own company and this has already become a dream come true for me. And I hope that I’m able to inspire other people that are going down a similar path as I am.”
Anything is possible and we just may have some Elevator Pitch Competition idea be turned into a reality through a little bit of creativity and a lot of hard work.
Links:
https://www.inc.com/emily-canal/shark-tank-recap-season-10-episode-18-kanga.html
Company website: https://buykanga.com
Appreciate this post. Will try it out.|
It’s a shame you don’t have a donate button! I’d definitely donate to this fantastic blog! I suppose for now i’ll settle for book-marking and adding your RSS feed to my Google account. I look forward to new updates and will share this site with my Facebook group. Chat soon!|
Right I agree. Not all of these posts are written by me though. I only wrote 6 of hundreds. I try to stick out of the crowd. This is an assignment given to us by our professor.
Hi there! This is kind of off topic but I need some guidance from an established blog. Is it very difficult to set up your own blog? I’m not very techincal but I can figure things out pretty quick. I’m thinking about setting up my own but I’m not sure where to start. Do you have any tips or suggestions? Thanks|
This is a blog written by college students, but you’ve come to the right one to ask. I am by no means an expert, but do have a little but of experience. First you have to find a niche. Something you love and are passionate about. There’s a bunch of ideation techniques you could use. I would also recommend a website that helps out with this: nichepursuits.com. Just use their stuff. Soak stuff in. Learn. The technical process to starting a blog isn’t hard at all. Wix and Weebly are great platforms to use for creating a website. There’s no programming involved, you just have to type stuff in and personalize it. There’s a free version and a couple different paid versions. It will not get you rich right away. It takes a couple months to get money to come in. But yeah just go to that website and learn from them.
Hi to all, how is the whole thing, I think every one is getting more from this web site, and your views are nice in support of new people.|
So the posts are written by students at Grove City College. It’s a required assignment for our classes. I would agree, it’s actually pretty good information and content. We’re not trying to monetize it.
You actually make it seem so easy with your presentation but I find this topic to be actually something which I think I would never understand. It seems too complex and very broad for me. I’m looking forward for your next post, I will try to get the hang of it!|
Well it’s never as easy as it looks, so you’re right. And I don’t think every entrepreneur completely understands everything before going into it. It is very broad. Just keep being exposed to websites like this and shows like Shark Tank.