Mini Clones Owner Struggle To Answer The Sharks Questions | Shark Tank AUS | Shark Tank Global

Summary

An entrepreneur named Barry presents his business, Mini Clones, on Shark Tank. He seeks $125,000 for 25% equity in his Sydney-based company, which creates 3D-printed replicas of people and pets using a custom-built scanning rig. Despite showcasing his technology and handing out samples, the sharks are concerned about the scalability, defensibility, and unclear market demand. Though they recognize potential in the pet industry, none of the sharks invest due to concerns about pricing, competition, and the lack of a clear business model.

Takeaways

• 🚀 The Shark Tank is a great platform for entrepreneurs to showcase their passion, focus, business savviness, and knowledge of their numbers.
• 👨‍💼 An entrepreneur named Barry Army pitches his company, Mini Clones, which allows customers to create 3D replicas of themselves using a custom-built 360-degree scanner and a commercial 3D printer.
• 🎯 Barry seeks an investment of $125,000 in exchange for 25% equity in his company.
• 🎁 As part of the pitch, Barry hands out 3D-printed busts of the sharks, but some of the replicas are poorly received due to their accuracy.
• 💸 Barry has already invested $300,000 into the development of the scanning technology and the equipment needed to create the 3D figures.
• 📊 The sharks express concerns about the lack of patent protection for the technology, the unclear business model, and the absence of market testing or customer traction.
• 🐶 Barry suggests potential markets such as pet owners and families, where people might enjoy creating 3D replicas of their pets or loved ones.
• 🤔 Despite the unique technology, the sharks ultimately feel the business is not scalable, lacks a clear competitive edge, and faces execution risks.
• 📉 Several sharks decline to invest, citing uncertainties around pricing, competition, and customer interest.
• 😔 Barry is disappointed by the lack of investment and believes that better 3D replicas of the sharks might have influenced their decision more favorably.

Q & A

What is the entrepreneur seeking in terms of investment on Shark Tank?

The entrepreneur, Barry, is seeking an investment of $125,000 in exchange for 25% equity in his company, Mini Clones.

What product or service does Mini Clones offer?

Mini Clones allows people to replicate themselves in 3D using a 360-degree custom-built scanning rig and commercial 3D printers. The replicas capture people exactly as they are, including their clothing and pose.

How did the entrepreneur develop the scanning rig and what makes it unique?

Barry built the 360-degree custom scanning rig himself. The rig is unique because it can capture people or pets in a fraction of a second, allowing it to create precise replicas without the need for handheld scanning.

What are some potential enhancements offered by Mini Clones during the scanning process?

Customers can request digital enhancements to their scan, such as making their stomach smaller or their arms bigger. These modifications allow for customized replicas.

What concerns did the Sharks express about the business model of Mini Clones?

The Sharks were concerned about the lack of scalability, defensibility, and clear business model. They were also uncertain about the potential market demand and whether the product is priced correctly.

Has the entrepreneur patented the technology behind Mini Clones?

No, the technology behind Mini Clones is not patented, and Barry mentioned that it is not patentable.

What is the production cost for a replica head, and how does the entrepreneur plan to price it?

The production cost for a replica head is $100, and Barry plans to sell the busts for around $300. He mentioned pricing a replica of a dog at around $150.

What did Barry say about the status of his business in terms of public availability?

Barry has not opened Mini Clones to the public yet. He has just finished the research and development (R&D) stage, and the business is still operating from his garage at home.

What was the Sharks' reaction to the quality of the Mini Clones replicas?

The Sharks made some jokes about the quality of the replicas, with Janine noting that her clone looked like a pre-makeup version of herself. Steve's clone received a better reaction, but the overall quality was criticized.

Why did none of the Sharks invest in Mini Clones?

The Sharks decided not to invest because they were unsure about the potential market demand, the high execution risk, and the lack of a clear business model or market traction. Additionally, the product's concept did not appeal to them enough.