Guest Shark Todd Graves On Shark Tank Season 16.
Highlights
- Life Raft Treats appeared on the second episode of Shark Tank Season 16.
- Cynthia Wong and John David walked out without a deal on the show.
- Todd Graves chose not to invest but offered them valuable startup advice.
The stature of Shark Tank goes beyond all money-related activities on the show. With the most prolific business names on the judges panel, entrepreneurs often receive advice that changes their business outlook. The same was seen during the Life Raft Treats deal on Shark Tank Season 16.
The second episode of the latest season featured Todd Graves as a guest Shark on the investors’ panel. With strong experience in the food industry, he made profit oriented deals on the show. But even when he did not invest, he helped entrepreneurs realize their pitfalls and suggested them understand what to do next.
Below is a small recap of the Life Raft Treats deal on the show.
Life Raft Treats: Shark Tank Season 16
The husband-wife duo of Cynthia Wong and John David approached the Shark investors on Shark Tank Season 16 with their innovative line of frozen desserts. Seeking $250K for 5% equity, they pitched for Life Raft Treats and presented ice cream that resembled fried chicken.
Getting immense attention from the judges, the entrepreneurs discussed the interesting ice-cream-making process. Further, they listed out some other offerings, including dairy-free peach bombe, ‘Not Dogs,’ and a Father’s Day Dinner plate. The chicken was their hero product.
The entrepreneurs then presented samples of their signature nine-piece chicken bucket and retail packaging. The Sharks loved the taste and inquired about the business figures.
The entrepreneurs revealed that they sold the products in about 500 retail locations in the frozen goods section throughout the US. Sales in 2023 were $1.2 million, with a 5% net operating income. They went to Shark Tank for help with in-house DTC and revamping their website.
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Life Raft Treats Deal: Guest Shark Todd Graves’ Advice
After hearing the pitch and getting clarity on the business concept plus sales figures, the panelists started exiting the deal one by one. The reasons were an inadequate understanding of the frozen business industry and the infant stage of Life Raft Treats. Todd Graves, too, stepped out of the deal.
In his comments, the guest Shark said that he loved Cynthia and John’s entrepreneurial drive. He related to their story because people often told him that serving just chicken finger meals would not take Raising Cane’s anywhere. Todd believed Life Raft Treats’ products were ‘fantastic’ and would surely become successful.
Daymond John interrupted and asked Todd why Life Raft Treats’ products could not be in the dessert section of his menu. Todd replied that he believes in focusing on one thing only. He was not willing to make an offer because Raising Cane’s was primarily focused on serving chicken and nothing else.
He has been serving the same menu for 28 years at Raising Cane’s and has not changed anything because it “stuck.” This included adding a dessert. As per Todd, entrepreneurs must know what they are good at and not try to be “all things to all people.”
What Does Todd Graves’ Advice Mean For Startups?
When the entrepreneurs on Shark Tank walked out without a deal, Cynthia admitted that she wanted an offer from Todd. But she ‘respected’ him because he said, ‘Stick with one thing.’ Hence, she would abide by it and stay focused on selling frozen desserts without any experiments.
Here is a detailed explanation of what Todd’s advice means for startups, including Life Raft Treats.
Correct Use Of Resources
Todd Graves reiterated during the Life Rafts Treats deal that Raising Cane’s success was possible because he focused on a single aspect—chicken. He never experimented with the menu because he was confident of its quality and the demand it had generated over the years.
His decision turned out to be a masterstroke, as Rising Cane’s has kept scripting new success stories with every passing year.
During the Life Raft Treats, Todd listened carefully to Cynthia and David and understood their entire business model. Based on this, he gave them the advice to stick to one aspect only, which in this case, was uniquely looking frozen desserts.
The main reason was that Life Raft Treats was still in its initial stages when it appeared on Shark Tank Season 16. This meant that, like any other startup, it had only a few resources for the business. So instead of using it for ten different things, the entrepreneurs should use it for a single aspect.
Doing so would help them focus on a single aspect of their business and allow them to invest properly in the most required area.
Better Way To Connect With Users
If a startup tries to present a diverse range of products in its initial stages or emphasize multiple aspects in a single offering, its chances of being succinct are reduced. But if it has a clear-cut focus on one product/aspect, it can easily connect with users with clarity of thought and vision. This also helps the startup stand out with its distinctive aspect.
Todd Graves’ advice for the founders of Life Raft Teats was that if they wanted to resonate with users for their creative food product, they should stay limited to frozen desserts. As the idea was innovative yet unique, customers would need some time to develop a liking for it.
If that was not been achieved and the entrepreneurs came up with a different product under Life Raft Treats, they would struggle to convince users to buy any of the products.
Conclusion
Guest Shark Todd Graves’s advice on Shark Tank Season 16 strongly reminds entrepreneurs the value of ‘focus’ in the startup space. Stressing the ‘stick to one thing’ aspect during the Life Raft Treats deal, he explained how a singular approach leads to better resource allocation, coherent branding, and lasting connections with users.
The best example of this is Todd’s Raising Cane’s, which has been committed to a concentrated vision for long-lasting success.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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