Local Shark Tank for entrepreneurs

Last night I went to "Shark Tank" presented by CONNECT. It took place at the Websense headquarters in Sorrento Valley, San Diego. I suppose it was based on the TV show "In The Shark Tank" on ABC, where entrepreneurs pitch their business ideas to tycoons and decide if they will invest in the idea.

Four local entrepreneurs presented to a panel of four investors. The audience of about two-hundred watched and got to learn more about how small companies pitch ideas and how a seasoned Angel Investor and Venture Capitalist respond from an investor point-of-view to these pitches. Unfortunately for the entrepreneurs there was no money attached to winning the competition.

I'm really glad to see so many entrepreneurs in San Diego. After all, that's what will bring jobs to the area. As a seasoned investor myself I have my own ideas of what I like to hear in a pitch. In particular I like to hear about potential market size and profit margins.

Extrabux won the competition but I was most intrigued by the device that Telsa Controls made. The CEO was specific of what problem he wants to solve - He wants to shut off the lights at night in office buildings when you know no-one is working. I think he has a good idea, and that when oil rises again, everyone will be more conscious of saving energy. Maybe evenlaws will be passed. I was also intrigued by Live On Campus. They have an incredible market opportunity with 17.5mm students and a very young population. Youth generally are in consumption mode and that's how you make money. He's got the right market, I'm just not sure of the product.

Good job CONNECT, cool event.


The four companies:

Extrabux: http://www.extrabux.com/ - a comparison shopping site. Allows shoppers to search for any product and compare prices from over 2,000 online retailers, after tax and shipping charges, cash back rebates, and coupons.

I Have That Book: http://www.ihavethatbook.com/ an online secondary market for text-books.

Live On campus: Can't find the website. The name is Live (the noun), but a lot of sites pop up for Live (the verb). (That's a lesson in itself) Focused on the India College Market, has an interactive platform for a global audience of campus communities. With 500 million people under the age of 25 in India alone, and 17.5 million students in the U.S., the Company is strictly focused on the campus market.

Tesla Controls: http://www.teslacontrols.com/main-two Wants to help save energy with a product that helps turn off the lights in office buildings at night when there is no one in them.