By Erica Abbott
Company: The Seventy2
Founders: Christian Schauf and Mike Escamilla
Season: Appeared on the season 9 premiere
The Seventy2 is a survival kit designed to help a person survive the first 72 hours of an emergency situation or natural disaster. The kit, which costs $350, features 35 tools that are essential in those critical hours following an earthquake, hurricane and more.
According to their website, “95% of all survival situations are resolved within 72 hours, but the first 72 hours are extremely critical. Having the right gear can mean the difference between life and death. With that in mind, we worked closely with first responders, doctors, special forces operators, mountain guides and other experts to develop the world’s best seventy two hour survival kit, a product that changes a potentially deadly situation in to a minor inconvenience.”
When the duo originally appeared on “Shark Tank,” they came in asking for $100,000 for five percent equity. Barbara Corcoran liked their authenticity, but had concerns. She and Mark Cuban went out. Robert Herjavec acknowledged that there would be many challenges, but offered $200,000 for 10 percent. Herjavec wanted a quick response and, ultimately, they accepted his offer.
Schauf spoke with Business 2 Community about The Seventy2’s experience on the show and what their next steps are. Take a look at the Q&A below:
Q&A with The Seventy2’s Founder Christian Schauf
What was your strategy for navigating “Shark Tank”?
We wanted to focus on the product and not the valuation. Because of this, we lowered our company valuation to hopefully incite a bidding war and spend more time talking positively about the product.
How has The Seventy2 changed since the episode was first recorded?
It hasn’t, though we are developing several new products for next year.
Is there anything you would have changed about your time spent in the tank, including your pitch and valuation?
I think we could have asked for a higher valuation, and I would have been more aggressive in calling out a few sharks to ask them what they think instead of hoping they would jump into the conversation.
Who’s your favorite shark? Do you think “Shark Tank” was the right move for your business?
I don’t really have a favorite. And we decided the right one for us was the person who got our mission the fastest and wanted to be a part of our company.
What are The Seventy2’s next steps?
We are having a hard time keeping product in inventory. We’re selling more in a day than we used to in a month previously. We’re also working on new products, content and more. The company is growing very fast.
Where do you see this industry in 5-10 years?
We want to be the leader in personal preparedness. We think this space will grow but, done correctly, we can lead.
What would you say to people who want to start their own business?
Do everything you can while keeping your current job. Build the product, brand, strategy, etc. Then when it’s time to go to market, go 100 percent and Go to the full article.
Source:: Business 2 Community