Top 3 Products That Changed People’s lives | Shark Tank AUS

first into the tank are three doctors looking to change the face of patient care on a global scale my name is dr raghav morali ganesh i'm dr nikhil pavaya and i'm doctor mountain center and we are the founders of a company that is going to improve cancer care on a global scale hi is it josh is it yes hi i'm one of the doctors hello how are you going good my goal as a doctor and as is with many doctors is to improve the quality of the care that is delivered in and one more time i take pride in the work that i do thanks sir and i i see that this solution will improve the lives of not just one patient sitting in front of me but perhaps hundreds of thousands if not millions of people locally internationally this is something that probably a lot of patients out there you know want to know about living with cancer is a very isolating experience i think the sharks will be really interested in this project because it's one that will really help patients it's something that's been built out of real world experience at the hospital and one of the residents here with the patient at the center of the design process anything different today compared to your previous chemo session no it's not that not that bad at the moment investment from the sharks will allow us to take this product internationally that's where we hope the sharks can come in and help us achieve this goal [Music] hi sharks i'm dr nikhil pavaya this is dr raghav morally ganesh and this is dr martin cenova radner we are the founders of cancer aid cancerate is an app that empowers cancer patients and their caregivers our proposal today is for five hundred thousand dollars at a pre-money valuation of 5 million equating to 10 equity cancer aid is already the number one cancer app in australia us and uk we are providing patients with personalized cancer information normally when we see new patients in clinic we discuss all this information verbally but we don't necessarily provide them with anything written canceraid allows patients to take the app home read the information and digest it at their own pace we are providing a journey organizer this is where patients will be able to log their symptoms medications and their medical records living with cancer is a very isolating experience so our cancer aid community similar to facebook linkedin and twitter allows patients to connect with others going through similar experiences we want to empower patients and improve their quality of life cancer rate has a unique business model we license our app across three customer segments cancer institutions research organizations and private cancer specialists this allows us to provide the app free to patients our year one projected revenue is 1.6 million dollars impressive we know each of you here can help scale our business and that's what we want the investment for is to actually set up sales specialists in the us and the uk cancer patients expect need and deserve timely access to the best possible care and cancer aid aims to achieve this let's help improve cancer care on a global scale together thank you thank you thank you wow that's very impressive gentlemen and uh just to confirm 500 000 for 10 so as you say a valuation of 5 million what brought you together on this journey why our experience working as clinical doctors there's various issues that we see day to day we interact with patients caregivers every day and it was our solution for you know an archaic system that we can improve a lot of the apps that come out they don't know who the end user is so they'll design a prosthetic cancer app for the seven-year-old prostate cancer patient who's never going to use an app it's his daughter who comes in the clinic who's going to be organizing his journey so very early on we identified who our end user is and that's what we've made today i'm like a lot of people my age have been close to cancer and i do understand the chaos associated with suddenly being thrown your life suddenly changes one morning and you don't even remember you know half of what's being thrown at you is that the kind of feedback from patients that sent you this way exactly we've had such great positive feedback from what we've done i think the secret source really is the community that's what we found to be really sticky amongst patients they keep logging into the app because there is a community that they can access through the app so walk us through that commercial model just so we understand it so the patient gets free access yep give me the commercial structure how do you actually make money out of it we licensed the app on an annual licensing fee to institutions which provide care to cancer patients and does that license fee vary depending on the size of the organization exactly we've set that licensing fee at a hundred thousand dollars per cancer institution fifty thousand dollars for a research organization and five thousand dollars to a private specialist so that's a fairly big buying decision a hundred thousand i'm sitting there as a cfo of a cancer institution go that's a hundred thousand i can't put into something else that would have helped ease the patients in this facility you're going to enhance the patient experience not just with the patient but also with the institution and it helps the doctors exactly it's brilliant so what are your revenues to date a hundred and seventy thousand dollars in signed term sheets all right so wait a second you don't have 170 000 bucks in revenue yet because we've signed term sheets and they've deposited prepayments totaling 10k all right this is really important because these guys are really good at not paying i'm sorry but the medical industry i've i've got several health investments horrible to salty i think it's an easy sell i agree with you generally the medical industry is a tough sell and a pain but this is this is different i can see this being huge in the u.s and i know how to scale and build scalable businesses plus frankly you're making a difference in the world that's pretty important to me in terms of where i put my money [Music] i'm in five hundred thousand for ten percent thank you wow amazing i would love to work with you guys so that's thank you that's very nice so i'm certainly in my offer is five hundred thousand dollars for ten percent well that's what my offer was and i was first all right well i'm in five hundred thousand for ten percent sounds like then i should make a bid as well it's just simply 500 000 for 10 thank you thanks [Music] steve um look to be honest i mean these these guys are honestly having a bloody clue about how hard this is going to be oh excuse me um and you don't want dumb money in this and um so clearly he's gonna be hard to get along with okay so can we all right can we just get clarity where are you at where's stephen he's out hold on you'll be out if they say yes to one of us doctors nick martin and raghav have sparked a bidding frenzy amongst four of the sharks with their cancer aid app i'm in i'm certainly in i mean sounds like then i should make a bit as well so you've got four sharks here that have offered you that you've given you what you want which is five hundred thousand dollars for ten percent remaining shark steve baxter is on the fence and yet to commit okay so can we all right can we just get clarity where are you at where's stephen oh i'm sitting on it i'm honest i i know how hard this is all right so you're out andrew's getting involved no i'm not i'm just trying to get things moving you know [Music] steve i'm not sure you're asking for enough money and i think actually like in a year's time you're gonna say well i think we need to raise three million bucks just to survive the crazy sales cycle please pick will this is tough you're going to need some really really good help here okay thank you steve i'm out but i do wish you all the best so steve's out all the four of us are in five hundred thousand ten percent so who do you think you'd like to work with can we have a think about this yeah you wanna go outside and have a talk about it certainly my personal view is this is going to be really easy off you go okay thank you we'll be back in a very short time this is a no-brainer yeah and i love what it does um what do you think that was better than we could ever have hoped for uh it's a we put andrew at the top so i think if it's only one we should put andrew this thing makes money quickly very quickly they're just clever guys don't you want to work with clever guys i'm really proud glenn would be better with cars trust me andrew you might have me but i think my network seriously is probably the better one i would never dispute your network [Music] gentlemen what is your decision you've had four sharks offer you basically what you asked for five hundred thousand for ten percent one shark is out where are you at we we we want a collection we're gonna click sharks we want to pick two andrew and glenn we offer you guys five percent each for the same valuation what we think can benefit is that you both leverage off each other's contacts that way we also benefit and you both also benefit that's what i'd like now if you guys can work together andrew we need to make a quick little chat i don't need a moment i'll give you five hundred thousand for nine percent it's not the money money okay five hundred thousand for eleven percent okay it is it is slightly about the money as well okay but just check the contacts we'd like you guys to work together yeah it's just not enough equity 20 but your percentage growth will be higher with another person on board as with ours it sounds like glenn might be keen to work with you um we'd be keen to work with both of you guys so there's no way you'll take one of us we want to we walk out without a deal tonight we won't walk out without a deal because that's stupid i think so we want to we want both you guys in my head i know that your your equity will raise higher if both of you are involved that's my genuine belief it's not enough equity i think you've got to make a decision one or the other all right i'm back in so he said he's out i'm not out he said he was out i'm with glenn just think about that for a second we probably need a moment just to discuss whether i want to work with him just imagine what those board meetings are going to be like come on guys this is this is a medical app that impacts people's lives that's why i got in straight away steve andrew and glenn you guys believe in us you've been you've been very supportive so we if you guys can work together let's do it now we'll do the deal glenn you want to work with me okay i'm good all right thank you thank you thank you thank you very much thank you very much i am so proud of you guys we can't wait to go to visit you guys fantastic you're on your way guys thank you guys good luck let's go help some patients amazing they tick all the boxes for me that pitch had to be one of the most difficult pictures we've ever done we're really looking forward to working with glenn and engine it's going to be great so having them on board we'll grow this business there's no doubt about that for us i think we can work together no i think we can but i just want you to know that this is cancer for people not animals okay yes or no just wanted to remind you last season three doctors nick martin and rajav entered the shark tank with a simple but brilliant idea cancer aid an app that connects cancer patients with each other and their medical teams we've done a deal andrew staked 500 000 for 10 of the company i am so proud of you guys today cancer aid is a respected fixture in the cancer community we've gone from 5 000 patients to 20 000 patients and they're in 53 countries the company has grown our revenues five times so by 500 patients who track their symptoms can actually live longer so we want to build on that they're so passionate about their business they believe that cancer aid will affect even more lives and they could possibly do if they were just practicing medicine andrew bank's involvement in our company has been spectacular the hospital partnership in the us is going to go live in a couple of weeks by the end of the year we want cancer aid to be helping a hundred thousand patients in the world and we're well on our way to achieving that [Music] next to face the sharks an inventor who wants to shine new light on an age-old medical problem [Music] hi my name is jennifer holland and i'm the sole owner and inventor of throat scope illuminated tongue depressor medical device i'm asking for 76 000 for 10 equity in my company in december 2009 i took my baby to the doctors he seemed to be suffering from a sore throat so the doctor got out his wooden tongue depressor in one hand and his hand held torch in the other he then asked me to restrain my child whilst he pried open his mouth with the wooden tongue depressor this was quite distressing i walked out that day wondering why why had this traditional method not been modernized introducing throat scope illuminated tongue depressor medical device throat scope is a one-hand operated device with a light source located inside the mouth for fast accurate diagnosis throat scope is a first of its kind for oral cavity examination worldwide throat scope has been designed for gps hospitals and the general public you simply take the disposable blade and slide it onto the reusable handle this will automatically activate the light you take one hand hold your patient's head in place whilst completing your oral cavity examination once you have finished a one flick action removes the blade and extinguishes the light thank you thank you very much you did a good job so jennifer that was 76 000 for 10 percent just to clarify okay and there's nothing in the marketplace like it there is nothing currently on the market for in-home oral cavity examination this is the first product what jennifer what's your background is it in the medical area uh no it's not in the medical area i'm actually a financial accountant it's my background what does it what does it cost you to make the full complete unit one blade and handle 3.39 what are you going to sell them for roughly in the pharmacies 29.95 and 9.95 to gps and hospitals how much does the disposable piece cost about 24 cents so it's it's a 24 cent bit that you pretty well you use once you toss it the b that's right the shame of it is that compared to the cardboard one the doctors use they're about what probably two cents two to four cents yeah so it's ten times the price times the multiples that starts to sort of add up for them how do you solve that problem that's only based on producing 10 000 units that price so i'm hoping once the you know manufacturing goes up the price is going to come down how long's the battery lasts for the battery can last up to five years so it's just a normal one if i left it like that how long would it look i think it'd probably last a fair if you left it on have you tried it i haven't left it on so it'll last i think it'll last a gp probably one to two years depending on how many times they use it the idea is for future actually in my patent i have it as a rechargeable docking station for the device what is it you're gonna be using the uh 76 thousand dollars for jennifer i'm asking for the money for tooling and for to produce 5 000 units this is a prototype it's not a commercial product in the package ready to go so that's my next step right so you've asked for 76 000 which gives you a valuation of seven hundred and sixty thousand dollars um how much of your time are you spending in the business and how much do you intend to spend in the business i get up in the morning i turn my computer on i work i don't stop working so we can count on you to be full-time in this business definitely i'm not going anywhere now can i ask is your patent shining light through perspex that's the essence of your paper for this nothing to do with putting it in someone's throat it's also the attachment and how it couples together to turn on and off the switch i mean steve you're more of an expert in that area but i would have thought that's quite interesting is there any medical device issues around this um jennifer it's a class one medical device so the regulation is very easy so it's an approval not required effectively is that what they're saying pretty much listen i think i know where i'm at i like the fact that you've sold a problem but in my case i'm generally a little concerned about markets like the medical profession where they're highly regulated so it's not an area where i like to invest but i applaud your ingenuity and i'm sure you'll find some customers i'm out i just think it's fantastic the innovation but it is really really early stage and it's a wonderful idea that we don't yet understand a commercial application for so for that reason i'm out i have to say admire what you've done enormously to sort of have an idea and then take it from an idea and then have even a prototype with patents and and trademarks the thing that i think that might actually be a barrier for you though is that it's ten times the price of what they've all got currently and it's an education for them to go okay guys get rid of that at two cents put this in even if it's a ten cents or fifteen cents it's just such a big step barrier step but please don't take that away as anything other than than my admiration for what you've done so congratulations getting it this far i wish you all the very best but i'm out did we poke into any projected sales revenues or anything like that i mean do you have any clue about that i do uh my projections for year one based on um selling about 30 000 units and about um a million blades is about four hundred thousand after tax you gotta you gotta sell over forty thousand units gross profit just to get near your valuation of your first year so it's a big number um john steve your single mind and that your drivenness to sort of participate in this business is fantastic and i really really like that full-time tick your background for me isn't technical how i'd like it but it doesn't matter that much this isn't a very technical device so that's not really going against you so i i really enjoyed it um i think though i'm going to come back and just just keep collecting my thoughts jennifer it feels like you've sacrificed a lot to get to this point i think that you not only know your numbers which is your background but you have looked at the market you've looked at the product i wish it was a little bit further progressed it is slightly premature [Music] but unfortunately i'm out steve is it just me it is just you bugger [Music] jennifer holland is seeking 76 thousand dollars for a ten percent stake in a medical device called throat scope four sharks have dropped out and jennifer's only hope is tech guy steve baxter steve is it just me it is just you bugger [Music] what what do you expect what do you expect from me aside from any cash in this arrangement i'm hoping for your connections i know you have companies in the medical device space software and i'm hoping that you can help me and i know that you're a startup guy and stand-up guy i thought she said you're a stand-up stand-up guy i haven't a daughter who was diagnosed anaphylactic to peanuts and eggs and she every time i go to the hospital it takes two nurses to hold her down while a doctor pries her mouth open with a wooden tongue depressor i stand there thinking if my if they just have my device eight times out of ten my children will open their mouth for that device over a wooden tongue depressor can i can i explore that for one second i've just i just got something so kids prefer having the light this pretty thing nice shiny object in their mouths do they do the mouth the paddle pop stick on on balance there's far more acting against me making this investment than there is for it except the fact that kids will think this is a lightsaber um uh there are things of concern lots of things that concern me this is this is amazingly overengineered it's nice but honestly you throw half this away and you can only make it for a fifth of march to be honest so i don't know of the regulatory implications of this right which is which can make this thing all of a sudden expensive if not unsellable in some markets it is a class one medical device in australia in australia yeah so i have a piece of software that we're trying to get regulated at the moment that's regarded as a medical device as well and you know so i know how crazy the rules are in respect to that i'm standing here i'm ready i'm i've been pushing this for four years i've had four seasons in five years nothing is going to stop me if that didn't nothing will i'd be willing to look at making an offer now you have now my background i'm telecoms all right i'll do 76 000 bucks for 30 of the company and then i'd look at a royalty with respect to that so i would look at let's say a five percent royalty on sale up to the repayment of 76 thousand dollars up to the full repayment after which the royalty would disappear i would be left with the 30 equity [Music] i think the royalty is counter productive to the company to be taking funding out when we're going to need it most would you drop the royalty and 30 i'll be happy to do the deal but drop the royalty for now no he's going to own 30 of the company so he's not going to let it sit there and if it needs more cash as long as you've got the business heading in the right direction we're going to put this lightsaber in the hands of as many doctors nurses mums and dads as we possibly can so that's what you want to do right so what's your answer [Music] just say yes [Applause] [Music] extraordinary thank you thank you so much i knew before i came into the tank that steve was the tech guy and i'm just so excited to be working with him and moving forward with our business together oh well done she's good she's great it's got that tenacity nice word congratulations back in season one working mom jennifer holland's throat examination device hooked steve for 76 thousand dollars for 30 of her business we're going to put this lightsaber in the hands of as many doctors nurses mums and dads as we possibly can when we caught up with jennifer last year throat scott had secured deals with ken mart in australia and north america in the 12 months since throat scope has become a shining beacon for oral health diagnosis internationally steve baxter has opened a lot of doors for throat scope that is that is fantastic yes having him on board has given us a lot of credibility particularly when we were raising capital over the last 12 months it steals like throat scope it makes it really really pleasing to be a shark jennifer's fantastic she has worked so hard to get throat stuck to where it is now now we're in 147 countries around the world we're now producing 1.5 million blades each year going well and jennifer is branching out taking throat scope online to provide health care through the world wide web throat scope has a new app so you can take a photo on the throat scope app and send it through to your doctor online you did we're looking forward to what's ahead particularly our growth into the u.s market [Music] next in the tank a queensland innovator with a product that's as aussie as the great outdoors hi sharks my name's tracy baikoff i'm here representing far north queensland and my award-winning product the original rescue swag assisting me today is my mum karen and my twin sister michelle i'm seeking 220 000 for 20 equity in my company let me set the scene for you imagine you're out horse riding with friend you're having a lovely time when suddenly disaster strikes your friend is thrown to the ground her horse galloping off into the distance you can see she's got immense pain in her arm what do you do you're an energy company employee you're out on your four-wheeler checking a remote station when suddenly a brown snake launches from the long grass and strikes at your leg you know you need compression and you need it now but the first aid kits back in the car and the highway what do you do i have the perfect solution for both these situations the award-winning original rescue swag it is a comprehensive first aid kit that also doubles as a sling a splint a compression device and a water carrier this kit is the ultimate in portability using the fit and forget lockdown system you can attach it to any mode of transport without it bouncing or bumping around by proportion and design this kit is perfect to stow in boats and vehicles need to call for help carry your mobile phone in the easy access external pocket or we can also fit you out with a personal locating beacon which is hooked up to rescue satellite networks sharks i need 220 000 to boost this product to fly like a red balloon we have a talented team an entrepreneurial spirit and the building blocks of success show you've got swag sharks take a bite of this that deserve to clap that was very great pitch great pitch tracy thank you where about you guys from from areeba oh up near lake tinaroo yes oh nice queensland it's good to hear yeah so um talk about yourself today so um we started this in 2012 won an innovation award in 2013 i put six months of my full-time effort into this and we sold 12 000 worth in 2013. 2014 we've actually sold 30 000 worth so what is the average price per swag at the moment we're selling these online for 220 and what is it costing you to put them together and make them at the moment they cost us 100 to produce and then i need to pack them as well however i do now have a manufacturing solution that will halve those costs what's the stuff that goes inside what does that cost um the stuff inside is 47.30 how much do you think you can get the other stuff down by um i think i could get it down to at least 30. and you could change what you put inside correctly by country 2. because for example united states market or exactly european market might want different things inside it exactly tracy what did you do before you got into this business of rescuing us all well i've worked in a few different jobs as a teacher and a prison officer this really came about because i'm a horse rider and i didn't have a first aid kit that i could carry it actually sits behind the saddle it doesn't bounce around or bump on the horse which you know every other solution is something that flaps around yeah and it's really annoying so i know that there is a need for this i'm assuming you have some sort of patent or trademark on correct it's we have the trademark on the um branding sorry do you each want one yeah we can pass one along it's fine oh okay so we do have the trademark already we are working towards the patent that covers the international sector yeah once that's approved we can then file for different uh countries and so what's the what's the 220 000 being used for please half of that amount is for manufacturing obviously we need to market this product so there's allocation for that patent costs will be incorporated in that as well you validated over a million how did you arrive at the valuation i understand its potential value i anticipate 8 000 units sold within one calendar year of launch resulting in 1.6 million dollars in income [Music] do you know what 8 000 means absolutely do you have any a day that is yep i've done the cash flow how many 800 a month [Laughter] so that's 30 a day i finally don't believe you're going to hit that next year have you made any large corporate sales have you presented to a mining company or a corporation where they bought 20 50 100 at a time i've done probably about 20 at the maximum 21 byte correct to value a company at that what that means is you have to sell so many before you can return the investment you know it just makes it that much riskier and that much harder on this particular construct of the deal i'm out okay thanks naomi you have a vision for it which is all big ticks the valuations i do have a problem with sure it's um it's too early to ask for that much for it it's not it's not worth that yet sure that is the only reason i'm out but um i will definitely be a customer of yours awesome i'll be happy with that thank you i'd love to show you our new prototype too if you'd like to have a look this is actually the aspect that is going to eliminate the number one problem for first aiders people panicking and not knowing what to do if you're bitten by a snake you can take your mobile device scan the snake and it will give you video instruction on what to do and which items to use as well that doesn't actually you know float my boat because i think that in the areas that this might get a lot of use that you you'll have mobile coverage issues we don't need a sim card you don't actually need mobile coverage when you're using it all you need to do is open the phone and scan the chip and it will take you where you need to go to the content that's pre-stored in there you put that in for an innovation award that's that sounds really cool let's let's dig into that how does that work is it there is it yeah oh yeah we'll go have a look it's just a prototype so it's not perfect okay so within this prototype what we've done is inserted a few chips where you see the symbol so if you scanned over the minor injury there you go and it comes up with the video the content is on an sd card in the phone yes and not only does it tell you what to do but it directs you as to which items to use you're the first person that i've seen tell steve something about tech that he didn't know i understand how it works now i understand how it works i'd be very interested in the u.s market i think there's definitely a market for it there and i haven't seen anything quite as clever as that i've been in and around boats and horses and things i think you're really onto something i certainly believe in you and the product that um i'm a bit concerned about your the where you are in your manufacturing scalability ah it's tricky i'm tempted i'm really stuck because for me to make this work i'd have to take too much of your company at this point in its development [Music] i think on the basis of that at this point i'm out thanks andrew this was a fantastic pitch in terms of why you presented it i love backing people as opposed to products but the outdoors and the camping sort of area is not my specialty i'm out thanks john i appreciate that [Music] steve where are you at i do business because it's a good business right i like doing business with good people sure but that doesn't you know it's still good i actually work at end of the day to me it's worth about 250 000 bucks at this point in time which is not an offer you'd like [Music] i'd love to work with you steve woman tracy baikoff is seeking a 220 000 investment for 20 of her outback first aid product the rescue swag four sharks have passed on the deal leaving steve as tracy's last hope to me it's worth about 250 000 bucks at this point in time which is not an offer you'd like i'd love to work with you steve so uh i want to try and make you an offer i reckon i could think better if i'm sitting on a quad bike oh go for it any excuse me [Music] steve could we pretend it's raining and i throw some water over here this is cool here we go [Music] so the full amount 220 000 [Music] 100 000 of which will be equity for 40 of the business the remaining 120 will be as uh repayable on a royalty at 10 bucks a unit [Music] so he takes 10 of every product sold to pay down the 120 debt right and the other 100 is for 40 of your company let's do it oh there you go fantastic thanks very much awesome thanks mom well done and i'll give you a 50 000 option for the u.s rights oh okay done all right look forward we are going to celebrate and there might be a few cocktails too back in series one steve baxter started a journey with far north queensland business rescue swag it is a comprehensive first aid kit that also doubles as a sling a splint a compression device and a water carrier i want to make you an offer let's do it oh there you go and that offer couldn't have come at a better time before shark tank we actually had decided that it had run its course we had to shut the business down and the next day we got the course that i was going to be on shark tank [Music] rescue swag needed that investment to go further and that's what we got and look at us now now sales have gone through the roof prior to shark tank we'd sold a couple of hundred units of rescue swag now we're on the way to a hundred thousand in two years having steve and his team involved in rescue swag has taken us to another level to be able to bounce back about bigger decisions i couldn't live without it it's really it's really great for rescue swag so i wanted to show you um a couple of things with the new product development i wanted to show you this little prototype wow that looks pretty good yeah thank you rescue sway has been a great investment we're currently in the process of doing a new product line which is going very well she's taking that advice on board and really start to keep goals and i also want to show you the dry bag i got those landed for nine dollars australian and we can retail between 35 and 50. tracy is a fantastic entrepreneur and rescue swags gave me one of those iconic australian success stories [Music] you

Channel: Shark Tank Australia

Views: 843,423

Keywords: best shark tank ideas, business, deal, entrepreneurs, mark cuban, most successful shark tank pitches, rejected shark tank pitches that became successful, rejected shark tank, shark tank episode, shark tank pitches, shark tank show, shark tank success, shark tank, watchmojo, worst shark tank pitches, most successful shark tank businesses, best shark tank pitches, full episode, shark tank full episode, shark tank 2021, shark tank products that made it, shark tank successful deals

Id: ysaZw1EPWx8

Length: 40min 50sec (2450 seconds)

Published: Sat Mar 13 2021