2014 Elevator Pitch Winner, University of Dayton Business Plan Competition

Summary

Shake-N-Bait aims to revolutionize fishing by offering a universal lure that mimics struggling freshwater fish, eliminating the need for multiple lures. With a vibrating DC motor and unique coloring, it appeals to a wide range of fish, promising cost-effective fishing. The company seeks a $50,000 investment for production and marketing, with a projected 2X return in three years. Initial marketing will focus on trade shows and retail chains like Gander Mountain and Field and Stream.

Takeaways

• 🎣 Total annual expenditure on fishing equipment in the U.S. is 46 billion dollars.
• 🐟 30 billion dollars of that amount is specifically spent on fishing lures.
• 🌟 Introducing Shake-N-Bait, a universal lure designed to replace the need for multiple lures.
• 🛠 Equipped with a vibrating DC motor and unique coloring to mimic struggling freshwater fish.
• 🎉 Aims to revolutionize the economics of fishing by providing a cost-effective solution.
• 📈 Initial marketing strategy includes trade shows and plans for retail partnerships.
• 🏪 Target retail chains include Gander Mountain and Field and Stream.
• 💰 Seeking a 50,000 dollar investment for production and marketing efforts.
• 📈 Investors are promised a 2X return on their investment within three years.
• 🎉 The Shake-N-Bait offers a simplified and efficient fishing experience.

Q & A

How much do Americans spend annually on fishing equipment, and what portion of that is specifically for fishing lures?

Americans spend 46 billion dollars on fishing equipment each year, with 30 billion dollars of that amount being spent on fishing lures alone.

What is the main goal of the Shake-N-Bait product?

The main goal of Shake-N-Bait is to revolutionize the economics of fishing in favor of the customer by introducing a universal lure that replaces the need for hundreds of manually trolled lures.

How does the Shake-N-Bait lure imitate a struggling freshwater fish?

The Shake-N-Bait lure imitates a struggling freshwater fish through a combination of its vibrating DC motor and unique coloring.

What marketing strategy is initially planned for Shake-N-Bait?

The initial marketing strategy for Shake-N-Bait involves marketing at trade shows.

Are there any plans to introduce Shake-N-Bait to retail chains?

Yes, plans are in the works to introduce Shake-N-Bait to retail chains such as Gander Mountain and Field and Stream.

How much investment is being sought for the production and marketing of Shake-N-Bait?

The company is seeking a 50,000 dollar investment for the production and marketing of Shake-N-Bait.

What return on investment can investors expect from their contribution?

Investors can expect a 2X return on their investment in three years.

What is the unique selling proposition of Shake-N-Bait compared to traditional lures?

The unique selling proposition of Shake-N-Bait is that it is a universal lure that can replace the need for a variety of specific lures, making fishing more cost-effective and convenient.

How does the Shake-N-Bait aim to improve the fishing experience for customers?

Shake-N-Bait aims to improve the fishing experience by offering a versatile lure that can attract a wide range of fish, reducing the need for multiple lures and potentially increasing the success rate of catching fish.

What is the target audience for Shake-N-Bait based on the script?

The target audience for Shake-N-Bait appears to be fishermen who are looking for a cost-effective and efficient way to catch various types of fish without needing to purchase a multitude of different lures.

Is there any mention of the environmental impact or sustainability of Shake-N-Bait in the script?

The script does not mention any specific details regarding the environmental impact or sustainability of Shake-N-Bait.