3 Tips to Create a Shark Tank Worthy Pitch From Nui Founders
Have you launched your startup and are reaching the point where you want to grow quickly and bootstrapping is no longer cutting it? Some startups make the brave decision to take their fundraising public and apply to be on Shark Tank.
To start out, the Nui co-founders Victor Macias and Kristoffer Quiaoit decided to test out crowdfunding. They planned on raising $5,000 but ended up raising over $20,000 and within two years raised over $100,000. Eventually, they knew they needed to scale larger and faster if they wanted to succeed in their mission of bringing keto-friendly cookies to the masses so they decided to Audition to be on Season 10 of Shark Tank. Not only were the Nui founders featured on the show but their pitch was a massive success!
Victor and Kristoffer were offered deals by Kevin O'Leary, Barbara Corcoran and MLB superstar Alex Rodriguez. In the end, they decided to go with the deal Rodriguez offered which was $300,000 for a 25% stake in the company. The MLB Superstar related to Quiaoit and Macias because they all have immigrant parents and “grew up with Ph.D.” (poor, hungry & driven) backgrounds and within 12 months, Nui sold $1.1 million dollars worth of cookies through their website.
HOW THE NUI FOUNDERS CREATED A SHARK TANK WORTHY PITCH
Nui cookies are low-carb keto-friendly cookies that come is several amazing flavors. In 2016, Nui cofounders Victor Macias and Kristoffer Quiaoit discovered all of the benefits of a low-carb, low-sugar diet but when they realized how hard it can actually be to cut out sugar they decided to create the world's first keto-friendly cookie.
Co-Founder & CEO of Nui
Co-Founder of Nui
1. So, what exactly are Nui cookies?
Nui cookies are a sweet treat that we created to help fight sugar cravings. In 2016, we discovered all the benefits of going on a low carb, low sugar diet. We felt amazing--from having more energy to Victor losing 40 pounds. It was amazing until we realized how hard it is to cut out sugar. Sugar was in everything: donuts, brownies, and especially in our biggest weakness, cookies. So we borrowed Kristoffer's mom's oven and her aprons and begin working on the world's first keto-friendly cookie. After twenty-something tries, we created a cookie that was low carb, low sugar and delicious. Since then, we've been on a huge mission to help people say NO to sugar.
2. What was the inspiration behind the cookie?
After baking Nui cookies in our home kitchen for ourselves, friends and families, we created a website and posted about the cookies on Reddit which led to initial orders. We grew up with immigrant parents and were driven to make the American Dream come true.
3. Before you went on Shark Tank you raised money through crowdfunding. Tell me a little more about this.
We found that when you share your victories and success with those near and dear, things fall into place. And it’s that kind of support that helped set the stage for our first Kickstarter. We initially set out to raise $5,000 to get our keto cookie idea out of Kris’s mom's kitchen and to start a fully fledged keto kitchen. We raised over $22k and went on to crowdfund over $100k in two years, all thanks to incredible people like you who have supported our dream.
4. And how did you know it was the right time to raise additional funding?
We realized that we could only bootstrap for so long. Food products take a lot of money to scale. Our mission is to bring our product to the masses. That is going to require funding.
5. Why did you decide to go on Shark Tank instead of raising money elsewhere?
We realized that Shark Tank was a “home run” opportunity. Yes, it would be difficult to get on. But if we did, it would be an X factor that would change our business forever. The exposure alone is tremendous.
6. I heard you guys spent a lot of time practicing! How exactly did you prepare to present to the sharks?
We definitely practiced a lot before the show. We would drink shots of espresso and do sprints around the office to raise our heart rate. The goal was to practice while feeling anxious. We did not want to leave any room for error.
THE Nui Founders Top 3 Tips to Give a Shark Tank Worthy Pitch
1. Tell Your Story
The Sharks want to invest in someone they believe in. You have to make sure you appeal to their emotions by being honest and vulnerable. Once they believe in you, they’ll believe in your business.
2. Practice… A Lot
We would treat Shark Tank practice like an extension of our company. We regularly blocked out time during the day to practice our pitch. We listened to Shark Tank on our drive to work and watched the show in the evenings when we got home.
3. Know Your Numbers
Be prepared to answer questions about your growth, costs, projections and anything else. A cool trick is to listen to the most frequently asked questions from the show and practice those.
7. What was the best part about going on Shark Tank?
Having the Shark Tank support us gives our brand the seal of approval, and while we can’t give too much away, we do think the future is very bright and alive with fresh ideas and flavors.
8. What is something you wish you knew before going on the show?
Stock up on inventory. The Shark Tank Effect is real. Make sure you’re ready for the surge in sales by having a lot of inventory readily available. Work with suppliers to shorten lead times in order to be more flexible.
9. Besides the investment, how has Shark Tank helped Nui?
Since we were featured on Shark Tank, things at Nui have gotten a little bit crazier. We had our biggest sales day in the history of ever, and the phone is ringing off the hook.
10. And what are your goals for Nui in 2019?
Our biggest goals for 2019 will be our expansion into retail. We want to spread Nui to as many people as possible. We’ll also be releasing a lot of fun, new flavors.
Startup Pitch Advice
Thanks Victor and Kristoffer for sharing your Shark Tank story! For any founders who are considering pitching investors soon, always remember to keep your pitch story personable because investors want to invest in someone they believe in. And as always, practice makes perfect which the Nui founders have clearly proven.
How Sheets & Giggles Got Funded on Indiegogo in Just 5 Hours