Task Force: “Shark Tank”
You have been selected to participate in a program known as Shark Tank. Your objective is to design a product that solves or responds to a social issue of your choice and will be attractive to potential investors.
Why Are We Doing This?
An important part of being in business or understanding business is analyzing why investors choose to invest in certain products. Here, we ask you to consider how investors choose to spend their money, while also thinking about how products can be used to solve social issues. Creativity is an important part of driving social change!
- Before you begin, research how companies and products can contribute to society in a meaningful way, either through product design or business model. Then, watch some past videos from Shark Tank to see how people pitch their products and get an idea of the types of questions that investors ask.
- Then, design your product
- Describe your product, how it works, etc.
- What social issue is your product trying to solve?
- Why will people want to buy your product? Who is your target customer base?
- What is your business model? (How do you make and spend your money?)
- Why should investors invest in your product?
- Basically, think about how you would “sell” your business to people who could help you get started.
- How would you use their money? (think about things like production costs, cost of materials, marketing, etc)
- What will you offer them in return?
- Think through the possible objections investors might have to choosing your product.
- Share with the group and see if you can convince them that your product is worth investing in.
Things to Keep in Mind:
- You do not have to come up with an exhaustive list of all aspects of your product. Pick out key elements that are most important and think about how you would sell them.
- Try to brainstorm what kinds of products might contribute to society in a meaningful way.