• 2 months ago
Welcome to Entrepreneur Elevator Pitch, the heart-racing show in which contestants looking to uplift their lives must convince our board of elite investors that their dreams are worth making a reality — in only 60 seconds.

In this episode, app makers, gaming founders and health entrepreneurs all step inside our elevator and pitch their companies as a countdown clock ticks away their precious time. Watch to see who wows the board members and gets their shot at winning a life-changing investment — and who gets sent back down with nothing but a valuable lesson on the importance of preparation.

See who has what it takes to go all the way up on Entrepreneur Elevator Pitch!

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Transcript
00:01Going up.
00:03Today, entrepreneurs looking to uplift their lives must prove to our elite panel of investors that they have what it takes in 60 seconds or less.
00:15Wow, that will never work.
00:17Oh, boom.
00:18This is Entrepreneur Elevator Pitch.
00:23Presented by Amazon Business.
00:27Today in the boardroom, Kim Perel, CEO of 100.co.
00:34Mark Randolph, co-founder and first CEO of Netflix.
00:38Gary Swart, a Polaris partner and serial entrepreneur.
00:43Kicking off, an entrepreneur with a new tropic beverage designed to boost brain power and focus.
01:05Going up.
01:08Hello, Jasmine.
01:09Welcome to the elevator.
01:12Your pitch begins in 3, 2, 1.
01:17My name is Jasmine Mooney and I'm co-founder of Holy Water.
01:21We are an innovative PhD-led company that creates beverages using functional mushrooms, adaptogens, nootropics and ketones that provide healthy alternatives for different use occasions throughout your day that foster longevity and a higher quality of life.
01:36Ketones are this incredible ingredient that puts your body into ketosis without having to fast, creating the ultimate source of fuel for your brain and your body.
01:46We launched six months ago with D2C and just launched into retail last month.
01:51We've done 400,000 in sales and are projected to end the year with 2 million.
01:56We are asking for $425,000 for 5% of our company, making that an 8.5 million valuation.
02:04This is the holy grail of holistic health and we are looking for strategic partners like yourselves to take this to the next level and help us make this world a healthier, stronger and happier place.
02:18Wow, just got it in under the wire.
02:20Yeah, I thought you did a great pitch.
02:22I'm curious to see what is it about a mushroom and why can't I just eat mushroom?
02:26Mushrooms is a big category.
02:29Regular viewers of Elevator Pitch know that I did make an investment in a mushroom supplement company, so I kind of believe in the space.
02:36All right, Kim, you're the CPG expert and Mark, you know mushrooms.
02:40What do you say we vote?
02:41Let's vote.
02:42Attention, Jasmine.
02:52Your pitch has been approved.
03:00Okay, okay.
03:03Hi.
03:04Hi, welcome, Jasmine.
03:06Great energy on your pitch and you threw a lot of buzzwords in there.
03:09I thought you did a great pitch.
03:11You had a lot of information in there, but I didn't understand what a ketone is.
03:16You have ketones.
03:17You all have ketones in your body.
03:19They're already there.
03:21It's when you fast, you go into ketosis.
03:23So this is an ingredient called a ketone ester.
03:25It's called R13 butanediol that puts your body into ketosis.
03:29So you're getting all of those benefits without having to fast by just drinking our beverage.
03:34Can we try it?
03:35Absolutely.
03:36So this is ketones completely on its own.
03:40Oh, great.
03:41We're having the really crappy thing first so yours tastes great afterwards.
03:44Yeah, it's pure.
03:45This is straight ketones.
03:46Bottoms up.
03:47Bottoms up.
03:48Cheers.
03:49Cheers, guys.
03:53I need a chaser for that ketone.
03:56That does not taste good.
03:58The reason I wanted you to try that ingredient is so you understand what we're working with
04:03and how my doctor has masked the taste of holy water.
04:07Anything has to take better than what I just had.
04:09I think that was a brilliant tactic.
04:11Yeah.
04:12Something that tastes ghastly so that we have this and we think it tastes great.
04:15I'm going to have one with you, too.
04:17Well, that's significantly better than the ketone.
04:19It is.
04:20That actually tastes pretty good.
04:21Yeah.
04:22So what's with the name?
04:23To us, it's not about religion.
04:24My doctor is very passionate about language.
04:27Holy means sacred and to him, health is sacred.
04:31How do you reach customers?
04:33Every single day, I do an event in health and wellness.
04:36I will not do anything unless I get to bring my cooler of holy water around everywhere with me.
04:42I love your grassroots marketing, but in order for this to be truly successful,
04:45you're going to need a lot more capital in order to expand.
04:48So how much are you actually raising right now?
04:50Four million.
04:54I actually like the direction you're going.
04:58The challenge is I don't know the business that well.
05:01So this is one of those ones where if Kim is out, well, then I'd be out.
05:05And if you are in, I'm probably going to try and steal it from you.
05:08Well, here's the good news.
05:09I'm out.
05:10I think you're a great spokesperson.
05:11The product tastes good, but I just, I don't know mushrooms and I don't know CPG like Kim,
05:15so I just think they're better suited.
05:18I think you are a great founder, but I also know how hard the CPG beverage is
05:24and how much capital you're going to have to raise.
05:27Yes.
05:28Unfortunately, until you get more traction, I'm going to pass.
05:32This business is so dependent on execution,
05:36and I don't know how well you guys are going to do yet.
05:40It is too early.
05:41So reluctantly, I'm going to have to pass as well.
05:46Sorry, we're sending you home.
05:48No, no, don't be sorry at all.
05:49Empty handed.
05:50Thank you so much.
05:51Best of luck with everything.
05:52Okay, good luck.
05:54The feedback has been so incredible.
05:56Unfortunately, they couldn't feel the benefits of this quite yet,
05:59but I'm hoping one day they'll look back and be like, shoot.
06:02You've got to come in here, not just saying I've got a great product that tastes good.
06:06You've got to say, I understand what I'm doing,
06:08and here's evidence that I know how to actually make this thing move up.
06:11Well, I like what Kim said about the amount of capital that they were going to need to really reach the market.
06:15From my experience, if you could just get this drink in and nail the market, you could always scale.
06:23Media, enterprise and government websites worldwide.
06:26Trust WordPress VIP to run, grow and secure their websites.
06:33When you're making a pitch, I want you to tell it, not sell it.
06:37I'm not your customer. I'm an investor.
06:39I want to know how that's going to make my investment profitable.
06:42And most importantly, I'm looking to see that you have the chops to make your business work.
06:48Next up, we have an entrepreneur with a groundbreaking web application
06:52designed to help individuals with special needs build meaningful connections.
06:57My name's Juliana Featherman, and I created Making Authentic Friendships.
07:00This is Michael. He has autism and ADHD, and he inspired this initiative.
07:04Throughout high school and college, I saw that my brother didn't really have plans on the weekends,
07:09people to be with, things to do the way I did.
07:11So, I decided to make a website.
07:13I didn't really have plans on the weekends, people to be with, things to do the way I did.
07:16So, I decided I wanted to create something to help him and individuals like him find people with similar interests.
07:22So, I created this.
07:25Hello, Juliana and Michael.
07:28Welcome to the elevator.
07:30Your pitch begins in 3, 2, 1.
07:37Hi, I'm Juliana Featherman, and I created Making Authentic Friendships,
07:40an app that enables individuals with special needs to make friends
07:43based on their age, interests, diagnosis, and location.
07:47Making Authentic Friendships, MAF, are also my brother's initials.
07:50This is my brother, Michael, and he's 26, and he has autism and ADHD.
07:54Growing up, he always struggled with social skills and making and keeping friends,
07:58like so many individuals with special needs do.
08:01So, I created this for him and the millions of others like him.
08:05We don't only serve autism, although a majority of our users do have autism.
08:09We serve over 20 different diagnoses, both intellectual and physical disabilities.
08:14We currently serve over 8,000 users in all 50 states and 75 countries.
08:19It works like a game. You create an avatar that looks like yourself and can earn coins.
08:24And we are asking for $200,000 for 20% equity to turn our 8,000 users into 80,000.
08:31And which one of you wants to join us and help us make the world a better place?
08:36Oh, my gosh. I actually love what she's created.
08:40I guess the question that I have is, how big is the market?
08:44Yeah, I agree. I mean, that story is heartwarming.
08:47You can tell she's got a great relationship with her brother, but is there a business here?
08:51That's the question.
08:52You know, sometimes you can make investments that are out of your heart,
08:55but other times you've got to make it out of your bank account.
08:57Sometimes you make it out of your heart and it actually pays off.
09:00Maybe this is going to be one of those ones for you, Kim.
09:05Attention, Juliana and Michael.
09:14Your pitch has been denied.
09:21Oh, no.
09:29Okay, buddy.
09:31Take care now.
09:33Thank you. I appreciate it.
09:35I mean, guys, that was gut-wrenching.
09:38Honestly, I wanted to send her up, but there were so many questions that I still have.
09:43Yeah, you know, I kind of feel like I need to wash my hands.
09:45I kind of feel dirty for having voted them down.
09:48I think you should.
09:49Kim, you wanted to hear more. Why not let them in and hear more?
09:52This, to me, feels like something that I would invest in as a nonprofit,
09:56and I do a lot of investing like that.
09:58Well, I think this could have been an opportunity to do well by doing good.
10:01Feeling pretty good.
10:02Very excited that we got the opportunity,
10:04and hopefully the exposure will help us reach more users and more families.
10:08I say let's bring her into the boardroom.
10:10Let's ask a couple of questions, just hear a little bit more about her business.
10:14Maybe there's something we can do to be helpful that's not $200,000.
10:17I'd be down for that.
10:18It's good to give people a second chance, so let's try it.
10:20Sometimes you might need a personal.
10:22Attention, Juliana and Michael.
10:26Your presence has been requested back in the boardroom.
10:30All right, back to the elevator.
10:34Hi.
10:35Hi, Juliana and Michael.
10:36So good to meet you guys.
10:37Nice to meet you as well.
10:38We just wanted to ask you a couple more questions about your business.
10:41Absolutely, we'd love that.
10:43Give me a sense. Is there a real business here?
10:45That's a very valid concern, one that isn't uncommon.
10:48My belief is that we can make the world a better place and also have a business,
10:53make that profit.
10:54We do run on a subscription base,
10:56and we're not at a point where we're necessarily profitable yet.
10:58But if we can build our database big enough,
11:01it definitely is a possibility where we can be making the money,
11:04and it's mutually beneficial.
11:06How much revenue are you making on a monthly basis?
11:09Like $30,000 a year from the app alone, it's that.
11:12And it's really just at a point now where I'm making enough to keep up with it,
11:16but not much more.
11:18And that's really why we need an investor to kind of scale it
11:20and take it to that next level.
11:22I mean, I've been doing this alone for like five years.
11:24I was in college.
11:25$1,000 was a lot of money to me then.
11:27I can't scale it without investment.
11:29Let me just ask my colleagues quickly here.
11:41I have an idea, and I think we're in agreement.
11:44I don't think that we're at a point where we would invest $200,000 in your business,
11:48which was your ask.
11:52But on behalf of the Amazon business,
11:56we would like to gift you $10,000 in order to help accelerate your business.
12:01Wow, that would be so amazing.
12:03Thank you so much.
12:04I so appreciate that.
12:05Hey, buddy.
12:06Can you say thank you?
12:09So nice to meet you.
12:10So nice to meet you.
12:11You're doing really important work.
12:12Thank you so much.
12:13Michael, nice to meet you.
12:14Nice to meet you.
12:15Great to meet you.
12:16Michael, say thank you so much.
12:20Yay.
12:21Nice, buddy.
12:22Good job.
12:24I'm really glad that we got to ask those few questions
12:26and clarify that they do have some revenue but not enough,
12:29but I feel really good that Amazon was generous enough to do that.
12:35Entrepreneur Elevator Pitch is presented by Amazon Business
12:40for every organization at every stage of growth.
12:47Next in the elevator,
12:49a returning pair of entrepreneurs with a revolutionary app
12:52that transforms learning musical instruments into a game-changing adventure.
13:06Going up.
13:08Hello, Stephen and Aspen.
13:10Welcome to the elevator.
13:12Your pitch begins in 3, 2, 1.
13:19Three months ago, we pitched you our first idea,
13:21making video games that help students learn music.
13:24We took your feedback, and we pivoted into an even stronger company.
13:28We taught in person with teachers,
13:30and we learned that they are ravenous for new ways to engage their students.
13:34We also found that our games were especially useful in the classroom
13:38when used socially, when students played together.
13:41So we recreated Overture Games as a platform of lessons and video games
13:46that teachers can use in the classroom with their students to engage them socially.
13:50While most edtech companies take up to one year to close their first school contract,
13:54we got three deals in just a matter of three months,
13:56plus one partnership giving us access to 30 additional locations in our pipeline for this fall.
14:01With 120,000 K-12 schools in the U.S.,
14:04our goal is to expand our product beyond music into other core subjects.
14:08Today, we're seeking $200,000 for 3% of our company.
14:12Let's chat and change the future of education together.
14:17Oh, wow.
14:19I love that they pivoted.
14:21Every great entrepreneur I know has pivoted, so that's pretty impressive.
14:25Just the fact that they pivoted does not mean they've landed on a winner.
14:28Well, some people tell entrepreneurs, that will never work.
14:32Here's a case where it actually could work.
14:34It is just so challenging trying to sell to schools.
14:37I love that they pivoted, but I hope they haven't set themselves up for a struggle.
14:40Consumer businesses can be even harder, though.
14:43And I do have experience in a music education software company
14:46that sold to Microsoft for $100 million.
14:48Oh, boom!
14:49But listen, the only way we're going to find out whether we even get that opportunity, Gary,
14:52is if we put it to a vote.
14:54Let's do it, compadre.
15:03Attention, Steven and Aspen.
15:07Your pitch has been approved.
15:14Woo!
15:15Let's go!
15:16Aspen, Steven, welcome to the boardroom.
15:19Congratulations.
15:20It isn't often that people get a second bite at the apple here.
15:24What's the big change between what you presented to us previously
15:27and what you're presenting to us today?
15:29Yeah, so just three months ago, we were actually building a consumer app
15:32and going direct to consumers with a video game that helps solve practice burnout.
15:35And then we actually took your feedback seriously, Mark,
15:38because it's actually a very hard problem to solve.
15:40And we realized that in group setting, our game works fantastically.
15:43We got a lot of word-of-mouth intros from schools, after-school program directors.
15:47So you pivoted because selling to consumers is hard.
15:50Have you tried selling to school systems? That could be even harder.
15:54So we also realized the challenge, but I think we got some secret sauce here.
15:57We partnered with channel partners that directly have access
16:00to many, many different schools at the same time.
16:02That's how we're able to get into school systems that fast in just three months.
16:05Is there any way to see how it works?
16:07Let's pull up the game.
16:08So I'm going to grab my clarinet here with me.
16:10It's my dad's birthday.
16:12So we're going to sing Happy Birthday,
16:14and we're going to learn the notes to Happy Birthday by singing together.
16:17So this is the cat.
16:18The cat is going to move on the screen,
16:20and we're going to move based on the notes that we're singing.
16:23So it uses pitch detection.
16:24If we mess up, the cat will hit the cave wall and restart.
16:28So it's a full video game, but you're learning music while you do it.
16:32Happy birthday to you.
16:37Happy birthday to you.
16:42Happy birthday.
16:43His name's Royce.
16:45Dear Royce, happy birthday to you.
16:52Let's go.
16:54Nice job, guys.
16:55Oh, that's fantastic.
16:57I mean, I love that you guys were not afraid to pivot.
17:02But again, I'm here to make money.
17:04So the question I have is, how much revenue have you made?
17:07How much are your projections for next year?
17:09Because your valuation is quite high.
17:11So we actually currently have over $5,000 recurring revenue
17:14from those three contracts we got.
17:165,000 annual recurring revenue.
17:18That's correct.
17:19I love what you guys are doing.
17:20I love that you pivoted.
17:21I love that you're trying to find the market.
17:23Your high valuation just doesn't seem to match.
17:25So unfortunately, I'm going to pass.
17:29Clearly, you guys are impressive.
17:31You took feedback well and pivoted.
17:32PowerPoint, you've got a good story arc.
17:34The Excel is where it falls short for me.
17:36I'd like to see a little bit more traction.
17:38And selling to schools and consumers is hard.
17:41And I'd like to see a little bit more evidence of product market fit there.
17:45But I certainly applaud you and appreciate the serenade.
17:47So I'm also passed.
17:53I'm a little scared about the advice I gave you last time.
17:56But if my advice was steering you into selling to schools
17:59and that being a path to success and profitability, I apologize.
18:04It's possible but brutal.
18:06And so unfortunately, I'm afraid I have to pass.
18:12You guys have done a great job of getting to where you're at.
18:14You just need more traction in market for one of us to invest.
18:18Thanks, guys.
18:19Thank you for your time.
18:20Thank you very much.
18:21Good luck.
18:23I think we did a really good job this time, way better than last time.
18:25We actually went through the elevator to meet the investors.
18:27We'll just keep working at it, keep grinding, and that's what it's all about.
18:31Based on the fact that they may have pivoted based on my advice,
18:34that scares me a little bit.
18:36What do I know?
18:37Mark, don't be too hard on yourself.
18:39I often tell entrepreneurs, don't take my advice.
18:42I encourage them to get out of their opinions.
18:44And not being afraid to pivot.
18:45A considerably lower valuation would help too.
18:49Tune in next week as entrepreneur elevator pitch continues.
18:55How can you say that without telling me your revenue?
18:57They left the field before the clock had run out.
19:00You don't always have to use all the time.

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