Sharks Blown Away By Revolutionary Mobile App | Shark Tank AUS

Summary

Joshua Young, an entrepreneur, pitches his innovative product, the Motion Synth, to investors on Shark Tank. The device, combining hardware and an app, turns a mobile phone into a motion-based musical instrument, offering expressive freedom for musicians. Despite the product's intuitive design and potential, investors express concerns about its physical hardware challenges and commercial viability. Joshua receives two offers, one focusing on intellectual property and the other on product development. Ultimately, he chooses an offer from Andrew, deciding to pursue commercialization with the backing of experienced investors.

Takeaways

• 😀 Joshua Young is the founder of a company called 'All,' seeking $50,000 for 5% equity to fund his motion synth invention.
• 🎶 The motion synth is a combination of hardware and an app that turns a mobile phone into a motion- and touch-based musical instrument.
• 📱 The device works wirelessly via Bluetooth or Wi-Fi but is demonstrated using a cable for convenience during the pitch.
• 🎻 The motion synth allows users to play sounds, like a violin, and manipulate them with motion, offering expressive control like vibrato and changing octaves.
• 🎹 The app can switch between different instruments, such as a harp, piano, and even an ensemble, offering users a wide range of musical possibilities.
• 💡 Despite the intuitive nature of the product, investors express concern about the viability of hardware-focused products in a market dominated by giants in augmented and virtual reality.
• 📱 The app offers a modular system to accommodate various phone sizes, which presents a challenge in terms of compatibility.
• 💼 Steve Baxter, one of the investors, expresses skepticism about the product's potential in the face of stiff competition from established VR and AR players.
• 💰 Baxter proposes a deal for $50,000 for 10% of the company, contingent on the discovery of patents.
• 🤝 Noami, another investor, offers $50,000 for 7.5% equity, emphasizing her expertise in marketing and distribution, especially with hardware products.
• 🚀 Joshua ultimately accepts the offer from Noami and Andrew, agreeing to a joint deal of $100,000 for 20% equity, acknowledging their combined strengths in commercialization and product development.

Q & A

What is the main product introduced by Joshua Young in the pitch?

Joshua Young introduces the 'Motion Synth,' a combination of hardware and an app that turns a mobile phone into a motion and touch-based musical instrument.

How does the Motion Synth work?

The Motion Synth works by using motion sensors and touch input on a mobile phone to create and manipulate musical sounds. It allows users to control sound expression, switch instruments, and trigger notes using gestures and motion.

What types of sounds and instruments can be simulated with the Motion Synth?

The Motion Synth can simulate various instruments like a violin, harp, piano, and ensemble sounds, with users able to control expressive parameters like vibrato and octave changes through motion.

What challenge does Joshua face with the Motion Synth's design?

Joshua faces the challenge of designing a product that can work with different mobile phone sizes, particularly as phones vary significantly in dimensions, such as those from Apple and Samsung.

What is Steve Baxter's concern regarding the Motion Synth's development?

Steve Baxter is concerned about the hardware aspect of the Motion Synth, particularly the high cost of manufacturing hardware. He also mentions the competitive landscape of augmented reality and virtual reality hardware, where larger companies are already established.

What does Joshua say about his role in the company?

Joshua identifies himself as a product person, focused on developing new products. He emphasizes his commitment to pushing important ideas into the market, even if it requires personal effort and innovation.

What is Noami's offer to Joshua, and what does she emphasize?

Noami offers $50,000 for 10% equity in the company, with the condition that Joshua focuses on developing the product further. She also suggests connecting him with key figures in the tech and entertainment industry to help commercialize his technology.

What are the offers made by the Sharks during the pitch?

Steve Baxter offers $50,000 for 10% equity, focusing on intellectual property and commercialization. Noami offers $50,000 for 7.5% equity, emphasizing her connections to help Joshua expand the product. Together, they propose $100,000 for 20% equity.

What does Joshua decide at the end of the pitch?

Joshua decides to accept the combined offer from Noami and Steve, agreeing to give them 20% equity in exchange for $100,000 to help commercialize the Motion Synth.

Why does Joshua feel that 20% equity is too much at this stage?

Joshua feels that giving away 20% of the company at this early stage would hinder the company's potential for growth and set it on an unfavorable path in terms of ownership and future development.