During the season five premiere of ABC’s reality pitch show “Shark Tank” on Friday, Mark Cuban literally got out of his chair to tell Tucson, Ariz.-based doctor brothers Richard and Albert Amini: “Worst pitch ever.”
But the worst part is, if you watched the episode, you can’t blame Cuban. This is a lesson in how not to pitch your business to investors.
The Amini brothers’ pitch is a mobile health app called Rolodoc, which is meant to be a secure social media platform that allows physicians to upload and display their medical records. The platform would also act as a communication tool between doctors, patients, and other medical professionals.
“What we’re trying to do is bring social media and the social network to the medical profession,” says Albert, the surgeon brother credited with the idea.
The Aminis were asking for a $US50,000 investment in exchange for a 20% stake in their company.
Their mobile technology idea isn’t a bad one. But the problem is, that’s about as far as they got.
They couldn’t explain how they would convince physicians to sign up for the platform. Or how they would market or advertise Rolodoc. Or how they would vet doctors using the platform. Or even how they are planning on making any money.
And it just got worse. The Amini brothers couldn’t explain how physicians could use social media on their platform, despite selling the idea as a social media communication platform for doctors and their patients.
“You keep saying social media, social media. This is all one-to-one communication,” argued Cuban.
“You didn’t show us anything about social media,” he said. “You showed us profiles and talked to us about emails. You didn’t tell us at all about how you were going to get there.”
By the end of the pitch, the brothers were completely annihilated and received no funding for Rolodoc.
Real estate mogul Barbara Corcoran called the pitch the “worst sales presentation I’ve heard,” and entrepreneur Kevin O’Leary said: “I don’t mind sacrificing a couple of doctors if the next two doctors that come in will make me money.”
No matter what profession you’re in, there’s one lesson any aspiring entrepreneur can learn from the Amini brothers: If you’re trying to raise money, make sure you have a solid elevator pitch — and business plan.
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