Thursday, May 21, 2015
Saturday, April 4, 2015
Wednesday, March 4, 2015
Mike forwarded you email so I wanted to send you some answers. We had a great time on the Den and I'm very happy to send along this email. We would love to try for the traditional Den tv show so if you can offer any assistance that would be great :)
What is your elevator pitch for gbot (describe your business in two tweets or less)?
The •gbot• app is a grocery list app that actually saves you money on your groceries! Make a list (or ten) and the •gbot• will compare store prices to get you the best savings. No clipping or hassles, just shop easy & save money.
What is the main reason a consumer would be interested in gbot (why would they need/want it)?
The people who download •gbot• know that groceries are expensive and want to save money but don't have the time and energy to sift through dozens of paper flyers or clip coupons. They use the •gbot• to do all of the work of finding great savings everyday. If you're a flyer person, the •gbot• will change your life :)
What was it like entering the Den and facing the Dragons?
It was a great experience for us. The Dragons we're very open minded and gave great advice, even in that short amount of time. We've since been going through a diligence process with two of them and •gbot• has greatly benefited from their expertise.
What positive feedback did you receive from the Dragons?
The initial feedback came from Michelle when she said 'there is no doubt that •gbot• is a better app than the other competing flyers apps.' That validation really lit a fire under us to keep pushing. Since, Paul and Michael have been very good at offering insights that, being a young company, really accelerated our learning curve in this ever-changing space.
What constructive criticism did you receive from the Dragons?
Michael and Michelle have been largely focused on how to run an established business: what's the revenue, how many users etc. Paul takes a more philosophic approach looks for the concept as a success first. The main critique from M & M was that we don't have enough revenue or users but that's to be expected in the first few weeks. Our revenue and user base has been growing more and more every day.
What do you think you could have done differently in your approach?
The last thing we said during the pitch was 'We are yes,' and I wish we had been more articulate in our acceptance of their offer lol.
Where are you now with your business?
Now we are partnering with different grocery stores and organizations to grow the user base and help make •gbot• a brand name her in Canada. Since the Next Gen Den we have tripled our user base and revenues and 2015 has been a very accomplished year so far.
What did you learn from the Dragons and being on Next Gen Den?
We learned that every investor has a different idea of what makes a good business. It's hard to please everyone, so it's best to follow your own advice. If advice doesn't sound good to you or your partners you should analyze it more and not just assume your investor knows the right move to make. Nobody knows your business better than you, not even a Dragon.
Based on your experience, what advice would you give other business wanting to make a pitch on Next Gen Den?
My advice to other people coming on the Den is be confident. The Dragons smell weakness. My advice to business's appearing on the Den is to be a business-- know your numbers, know your plan, know your history and know your options. Great people can be on the Den with bad business. Being on the Den is a once (or sometimes twice) in a lifetime opportunity so do yourself a favour and be prepared. Don't blow it.