{"id":45244,"date":"2023-10-20T15:42:06","date_gmt":"2023-10-20T15:42:06","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/know-your-numbers-weteachme-co-founder-grilled-on-shark-tank-startupsmart\/"},"modified":"2023-10-20T15:42:06","modified_gmt":"2023-10-20T15:42:06","slug":"know-your-numbers-weteachme-co-founder-grilled-on-shark-tank-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/know-your-numbers-weteachme-co-founder-grilled-on-shark-tank-startupsmart\/","title":{"rendered":"Know your numbers: WeTeachMe co-founder grilled on Shark Tank – StartupSmart"},"content":{"rendered":"
The co-founder of education marketplace WeTeachMe learnt a valuable lesson on Sunday night\u2019s episode of Shark Tank<\/i>: know your numbers.<\/p>\n
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Kym Huynh pitched his startup to the likes of Steve Baxter and RedBalloon founder Naomi Simson \u2014 seeking $200,000 in funding in exchange for a 2.5% stake in the company.<\/p>\n
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However the \u2018sharks\u2019 soon became sceptical after Huynh didn\u2019t know the startup\u2019s quarterly results or revenue for the previous month.<\/p>\n
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\u201cYou must know the figure,\u201d Baxter told him.<\/p>\n
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\u201cYou\u2019re not giving the figure which means you mustn\u2019t know the figure \u2014 which is actually more worrying than not giving the right figure. You\u2019ve come onto an investment forum where people want to invest and you can\u2019t tell us what you\u2019re selling. It\u2019s a little disturbing if you don\u2019t know.\u201d<\/p>\n
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Eventually Huynh said the previous month\u2019s revenue was $30,000. Janine Allis, the founder of Boost Juice, interjected and said the figure was \u201ca guess\u201d.<\/p>\n
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\u201cSee, you\u2019ve lost all credibility in the number because you say \u2018I don\u2019t know\u2019\u2026 now I don\u2019t believe you,\u201d she said.<\/p>\n
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\nWe teach you how NOT to pitch to the Sharks #SharkTankAU<\/p>\n
\u2014 Andreana Walton (@AndreanaWalton) March 29, 2015<\/p>\n<\/blockquote>\n
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When asked why he didn\u2019t know the numbers, Huynh said his co-founders were chasing deals in Melbourne and couldn\u2019t be on the show with him. Naomi Simson said that particular answer \u201cjust told us we aren\u2019t important\u201d.<\/p>\n
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\u201cYou\u2019ve come here looking for our address books and our knowledge and everything and you\u2019re only prepared to give up 2.5% for $200,000,\u201d she said.<\/p>\n
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\u201cSo I think you\u2019ve come here to advertise, not really to look for investment. And for that reason I\u2019m out.\u201d<\/p>\n
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Another stumbling block during the pitch was Baxter\u2019s observation that WeTeachMe had won Oxygen Ventures\u2019 Big Pitch competition in 2014.<\/p>\n
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\u201cIf you\u2019ve scared them off I\u2019m probably going to get scared off as well,\u201d he said.<\/p>\n
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Huynh said while the startup had not received investment from Oxygen Ventures as a result of winning the pitching competition \u2013 which saw $5 million in funding up for grabs \u2013 the company was \u201cstill in negotiations\u201d with the venture capital firm.<\/p>\n
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