RICHARDS LOOKING FOR SCALEUP POTENTIAL IN NEXT SHARK TANK CLASS

Written on the 19 June 2017 by Chelsey Landford

RICHARDS LOOKING FOR SCALEUP POTENTIAL IN NEXT SHARK TANK CLASS

DR GLEN Richards (pictured) is circling the waters for his next big investment as season three of Shark Tank goes to air.

Founder of pet care powerhouse, Greencross, and one of the show's five big-time business "sharks", Richards says he'll be looking for innovative products or services with the potential to take the global market.

"If I have a sniff of something that looks exciting and that I think I can add value to, that's the sort of thing I will go after," he says.

"For me, I want something that we can scale up from a small business and go global with, so it has to have an opportunity about it or a scent that it's heading somewhere big."

During his season two debut, Richards made 13 deals worth a total investment of $1.6 million, securing a stake in everything from children's toys to safety switches.

He says the show presents a great opportunity for early stage businesses seeking a leg-up in terms of industry networks or capital.

"You're going to have an audience of more than 700,000 seeing your product or service," he says.

"From an investment point of view, there's five very interesting, very experienced sharks who are always on the lookout to mentor a business on the brink of going national or global.

"It's a triple whammy: publicity, capital and one of our sharks as a partner in your journey."

Richards is joined by judges Janine Allis, founder of Boost Juice, RedBalloon's Naomi Simson, tech entrepreneur Steve Baxter, and Andrew Banks, co-founder of recruitment company Morgan & Banks.

He says the key to securing their investment lies in the entrepreneur's passion for their business and understanding of their industry.

"Any good entrepreneur must be completely across their sector or industry, competitors that are in their space, their margins, their supply chain, what sort of resources they need as they scale up," he says.

"The reality is, if they come off half prepared, they're going to get eaten alive by the sharks.

"They need to do their homework and put some time into developing their pitch, and make sure that when they present it's an exciting time for them. They shouldn't be overwhelmed by us."

Richards says Shark Tank viewers can expect more competitive banter from Season 3 as the sharks battle it out over promising ventures.

"Keep an eye on the Doberman and the Rottweiler on the right side of the tank," he says.

"Janine and Steve seem to be aggressively competitive with me, so we're going to see a lot more of me having a crack at them."
 

Dr Glen Richards writes a regular From the Tank column for Business News Australia, and you can read previous entries here:
Good old-fashioned business still relevant
Bringing an investment to life
The clock is ticking, time to act
Should you ever whack-a-mole?
How I pick tech companies

Read our other stories from Shark Tank here:
Richards looking for scaleup potential in next Shark Tank class
Janine Allis' special blend to boost success
Shark Tank's Naomi Simson reveals the first question she asks of startup entrepreneurs
Startups are 'not for the faint hearted': Steve Baxter exclusive interview part 1
Brutal honesty on earning the 'gift of investment': Steve Baxter exclusive interview part 2


Never miss a story: Sign up to Business News Australia's free news updates

Follow us on Twitter, Facebook, LinkedIn and Instagram

 


Author: Chelsey Landford

Latest News

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

ALMOST 1,600 retail businesses are at risk of imminent collapse, including 21 major retailers with turnovers of more ...

GOODMAN TAKES PROFIT AND REVENUE DECLINE BUT LOOKS TO CASH IN ON AMAZON'S ARRIVAL

Commercial and industrial property group Goodman (ASX: GMG) has reported underlying full year net profit has dropped ...

REPORTING SEASON WRAP: MONDAY HIGHLIGHTS

* FORTESCUE Metals (ASX: FMG) reported net profit after tax (NPAT) of $2.64 billion for the year to June 30, up fr...

ARIADNE CUTS DEMANDS FOR FOUR ARDENT BOARD SEATS TO TWO AHEAD OF EGM

REBEL shareholders have reduced their demands on embattled theme parks operator Ardent Leisure (ASX: AAD) to give the...

Related News

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

ALMOST 1,600 retail businesses are at risk of imminent collapse, including 21 major retailers with turnovers of more ...

REPORTING SEASON WRAP: MONDAY HIGHLIGHTS

* FORTESCUE Metals (ASX: FMG) reported net profit after tax (NPAT) of $2.64 billion for the year to June 30, up fr...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter