Let this be a lesson to all future entrepreneurs on “Shark Tank“: Don’t get shy about sharing your numbers because you are on TV. If you do, you run the risk of feeling the wrath of Mark Cuban.
Friday night, one of the companies that is going to be shown off is Coffee Meets Bagel, a dating app that we were not that fond of when we first discussed it. We still don’t love the name, and we also don’t quite understand why this is so much different or better than other products, save for that you’re more likely to get a real person as a match rather than just some creeper on the internet.
From a business point of view, what we really don’t like is the move to not give a close estimate on the numbers to the sharks, given that they are on TV looking for an investment. If you want people to give you substantial amounts of money, why not be fully transparent? We imagine that their strategy was to get the deal on TV, and then reveal everything in due diligence. The show doesn’t work that way.
The moment that Mark Cuban realizes that they are not willing to be open (as seen in the video on Mashable), he decides to go out. If we were a shark, we’d quickly follow. We give them credit for being a little more successful than we thought that they would be, but the idea of trying to get a tentative deal without exact numbers is somewhat insane. Maybe this changes over the course of the presentation, but for now, let’s not looking good.
We’ll have our full review of tonight’s episode up a little later at the link here, so be on the lookout for that. Also, sign up now if you are curious in getting some further TV updates on everything we cover via our official CarterMatt Newsletter. (Photo: ABC.)