{"id":45037,"date":"2023-10-20T15:40:36","date_gmt":"2023-10-20T15:40:36","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/shark-tank-recap-sydney-startup-scores-300000-from-steve-baxter-startupsmart\/"},"modified":"2023-10-20T15:40:36","modified_gmt":"2023-10-20T15:40:36","slug":"shark-tank-recap-sydney-startup-scores-300000-from-steve-baxter-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/shark-tank-recap-sydney-startup-scores-300000-from-steve-baxter-startupsmart\/","title":{"rendered":"Shark Tank recap: Sydney startup scores $300,000 from Steve Baxter – StartupSmart"},"content":{"rendered":"
\"Car<\/div>\n

Shark Tank may only be two episodes into its second season, but the deals are already flowing thick and fast.<\/p>\n

Last night\u2019s episode saw subscription beauty service Her Fashion Box snap up a $200,000 investment from Janine Allis and Andrew Banks in exchange for 20% equity.<\/p>\n

Also finding success on last night\u2019s show was car sharing platform Car Next Door.<\/p>\n

Car Next Door was founded in 2012, and is turning over around $2 million \u2013 with ambitions to hit $3 million by the end of the year.<\/p>\n

The business allows car owners to rent out their vehicles with the aim of making some cash.<\/p>\n

Co-founders Will Davies and Dave Trumbull faced the sharks on Sunday night, hoping for a $300,000 capital injection in exchange for a 4% stake in their business.<\/p>\n

One by one the sharks pulled out, saying the equity stake wasn\u2019t big enough.<\/p>\n

However the co-founders held their ground, arguing they could not give the sharks a bigger share in the business because they do not want to disenfranchise existing investors \u2013 who purchased shares in the business at the same rate.<\/p>\n

Eventually, Steve Baxter was the only shark who hadn\u2019t pulled out.<\/p>\n

Davies and Trumbull attempted to sweeten the deal by offering an additional $100,000 worth of equity in return for 30 hours of mentoring over a three year period.<\/p>\n

Baxter pointed out he would have given his time to the business anyway, but agreed to the terms.<\/p>\n

Speaking to SmartCompany<\/em>, co-founder Will Davies says Baxter\u2019s investment came as a bit of a surprise.<\/p>\n

At the same time, though, he\u2019s glad the Queensland-based investor put up his hand because he\u2019s the \u201cperfect fit\u201d for Car Next Door.<\/p>\n

\u201cHe\u2019s probably the one with the most experience in a business like ours,\u201d Davies says.<\/p>\n

\u201cHe\u2019s invested in quite a number of tech startups. He\u2019s invested in the transport space as well. He built a very successful business by disrupting the status quo \u2013 he was up against Telstra. I see a lot of parallels in what we\u2019re doing.\u201d<\/p>\n

Since last night\u2019s episode was filmed, Car Next Door has announced a $2.5 million funding round<\/a> and has taken its first step outside of Sydney and Melbourne by launching in Newcastle.<\/p>\n

As for how other entrepreneurs can go about landing an investment from someone with the knowledge and experience of Steve Baxter, Davies says it\u2019s all about knowing your business inside-out and having a concise pitch.<\/p>\n

\u201cYou really need to think through exactly what your business is doing and answer all those questions about how the marketing\u2019s going to work, how the business model is going to work,\u201d he says.<\/p>\n

\u201cIf you can get your pitch down to five minutes, that\u2019s [also] going to serve you well because it makes it much more engaging and compelling. People have a short attention span \u2026 they can always ask follow-up questions.\u201d<\/p>\n

This article was first published on SmartCompany.<\/em><\/p>\n

Follow StartupSmart of Facebook, Twitter, LinkedIn and SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Shark Tank may only be two episodes into its second season, but the deals are already flowing thick and fast.<\/p>\n","protected":false},"author":1,"featured_media":58947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,14,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45037"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=45037"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45037\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58947"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=45037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=45037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=45037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}