On every episode of Entrepreneur Elevator Pitch, contestants looking to make their mark on the business world must prove that they have what it takes in 60 seconds or less. If their pitch captures our board of investors' hearts and minds, life-changing money is sure to follow. But if they lock up, stumble or bring investors a been-there-done-that idea, it's game over.
This episode features an entrepreneur who experienced every parent's worst nightmare: a near-death experience with their child. The situation inspired Sam Weitzman to develop a safety device and software platform and investors to throw out some of the biggest dollar figures ever seen on Elevator Pitch.
This episode features an entrepreneur who experienced every parent's worst nightmare: a near-death experience with their child. The situation inspired Sam Weitzman to develop a safety device and software platform and investors to throw out some of the biggest dollar figures ever seen on Elevator Pitch.
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NewsTranscript
00:01Going up.
00:03Today, entrepreneurs looking to uplift their lives
00:07must prove to our elite panel of investors
00:10that they have what it takes in 60 seconds or less.
00:15Booyah!
00:16Oh, whoa!
00:18This is Entrepreneur Elevator Pitch.
00:23Presented by Amazon Business.
00:27Tonight in the boardroom.
00:30Mark Randolph, co-founder and first CEO of Netflix.
00:35Kim Perel, CEO of 100.co.
00:39Dhani Jones, a former NFL player and serial entrepreneur.
00:49First in the elevator is an entrepreneur
00:51who's bringing peace of mind to the pool
00:54with their AI monitoring system.
01:01Hello, Sam.
01:02Welcome to the elevator.
01:05Going up.
01:07Your pitch begins in 3, 2, 1.
01:12A couple of years ago, I pulled my son Josh
01:14from the bottom of the pool with only seconds to spare.
01:16It could have ended very differently.
01:18Drowning is the number one cause of accidental death for toddlers,
01:20with nearly 1,000 children tragically drowning
01:23each year in the US alone.
01:25Pets are also at risk, with over 5,000 pets
01:27drowning in pools each and every year.
01:29PoolScout is our AI-driven pool monitoring technology
01:32using a new or existing camera along with a PoolScout app.
01:35The PoolScout service has some unique capabilities
01:37to keep your family safe,
01:39like unattended toddler and personal underwater alerts,
01:41but also can save you thousands of dollars
01:43in maintenance costs with our data insights.
01:45We've generated over $300,000 of sales
01:47through Amazon distribution agreements
01:49and are expecting close to $1.6 million of sales
01:51in the coming 12 months.
01:53We are seeking a $500,000 investment
01:55for 10% stake in the company
01:57to scale sales and launch the new PoolScout gateway,
01:59which connects existing cameras to the PoolScout service.
02:02There's over 25 million pools globally,
02:04which represent a $6 billion annual SaaS opportunity.
02:07Let's bring PoolScout to every pool
02:09and save more lives together.
02:11Whoa, I heard a lot of things that I liked in that pitch.
02:14Seems like a solid valuation.
02:16Hardware companies, it's so difficult.
02:18Yeah, that's scary.
02:20The pool industry is actually a quite big one.
02:23I'm not sold on how it actually works.
02:26It's a security camera for your pool.
02:28But guys, think about it.
02:30Most pools, if you have toddlers, you put a fence around them.
02:32I wouldn't risk just waiting for this
02:34to monitor my kids.
02:36He's worried about the people
02:38that potentially could fall into the pool and alerting people.
02:40That's what I'm saying.
02:42You put a fence for kids around the pool
02:44so they can't even get in there.
02:46They can jump over the fence, they can go through the fence,
02:48they can fall in front of the fence.
02:50Kids, kids, kids, how about this?
02:52How about we decide whether we want to let him
02:54answer these questions?
02:56Okay, good idea.
02:58Okay, fine.
03:00♪
03:02♪
03:04Attention, Sam.
03:08Your pitch
03:10has been
03:14approved.
03:16Approved.
03:17Yes.
03:19Sam, welcome.
03:20Hey, how are you doing?
03:21Welcome to the boardroom.
03:22Thank you very much.
03:23I'll warn you, it was not unanimous.
03:24You've got a little bit of selling to do.
03:27Sounds like it's basically a security
03:28camera for pool monitor.
03:31It is, but it's really the service itself.
03:33PoolScout is a cloud-based service
03:35that does fully automated AI pool monitoring.
03:38The cameras themselves are really
03:39just enablers of getting the service to the customer.
03:42I have an Arlo system at my house.
03:43Yeah.
03:44So I have one pointing at my pool.
03:46I assume I could just buy the software component
03:48and automatically have pool monitor?
03:51Yeah, you will be able to.
03:52What you can see here is a small box
03:54that you plug into your home router.
03:56And that will allow you to access the stream
03:58from your Arlo camera.
03:59And you'll be able to access the PoolScout service that way
04:03as well.
04:03A lot of people are throwing around the AI word.
04:07Yeah.
04:07So how does your artificial intelligence actually work?
04:10Let me show you a quick demo in terms of the key features.
04:12You can see here the unattended toddler.
04:14So not only to identify just the toddler,
04:15but also if it's unattended or not.
04:17With pets as well.
04:18So if your pet is either near or in the pool,
04:20if your pet does like to swim, you can turn that off.
04:23And then person underwater, we detect and track
04:25each and every person in the pool area.
04:27So when that person is under the water for more than 10 seconds,
04:30we'll raise an alert for that.
04:31We can set the activity zone.
04:33You can set the pool boundaries as well.
04:35I mean, we can tell you're really passionate about this.
04:37Yes, definitely.
04:38Why are you so passionate about this?
04:39I went through a terrible event with my son.
04:42He was OK.
04:43But I was literally millimeters away
04:46from losing him in the pool.
04:48And at the same time, I was also working with computer vision
04:51companies where these new technologies were
04:53coming through.
04:54Let's dig into the numbers a little bit.
04:56So what are your current sales?
04:58So last year, we did around $190,000 of sales.
05:01This year, we're expecting to finish the 2024 financial year
05:05around $600,000 of sales.
05:07We have the Pro, which is a $649 price point.
05:11The Wi-Fi, which is at $449.
05:14And we have the new wireless here, which is $349.
05:17If someone buys the hardware, they also
05:18have to subscribe to the software?
05:20Yeah, once they buy the actual camera units,
05:23they do get a pre-built amount inside those kits.
05:27So for example, with the Pro, it's 12 months.
05:28With the Wi-Fi, it's six months.
05:30And with the wireless, it's three months.
05:32And then the monthly charge after that is $19 a month.
05:35I mean, Sam, I love what you're doing.
05:36I think your pitch was great.
05:38I think you've got a great business.
05:40But unfortunately, it's outside of my wheelhouse,
05:42especially given the hardware.
05:43So unfortunately, I'm going to pass.
05:45That was quick.
05:48So I'll tell you what.
05:50I think this is a pretty cool idea.
05:52If I did invest, I'm going to push you
05:54hard to get out of the hardware business
05:56and make this a software platform.
05:57I believe enough in it that I'd be willing to put
06:00in the whole $500,000.
06:02But I would want 15% of the company.
06:06I'd have to dive full in as well.
06:10I mean, hardware space is so tough, so expensive,
06:14so capital intensive.
06:19You know what?
06:20I would match his offer and do $500,000 for 15%.
06:23Oh, whoa.
06:25Out of nowhere.
06:26Guys.
06:34All right, Sam, you have two great offers.
06:37$500,000 from both Mark and Dhani for 15% of your company.
06:43It's a hard choice.
06:44It's not a hard choice.
06:46Dhani's going to bring you all kinds of great endorsements.
06:49He's a great business person.
06:50But I've built two large companies.
06:53I know the SaaS market.
06:54I know the OEM business.
06:56He has those abilities.
06:58But I know half of the pool of manufacturers.
07:00I know many of the people that are investing in the space.
07:03And so accelerating that company to market
07:07is going to be the key and the critical component
07:09to you growing your business.
07:10Sam, what are you going to do?
07:14It's a hard choice.
07:16I mean, the software element, the SaaS
07:22is really the heart of the business.
07:24We put a lot of effort over the last couple of months
07:26to build out those relationships when it comes to the pool space.
07:29So I'm feeling that we're going to see
07:30the fruits of that pretty soon.
07:31So yes, Mark, I think you're right.
07:33There we go.
07:34Somebody got to reach it.
07:35He was drowning.
07:36How does your ship matter anymore?
07:38And pull him out.
07:39You can find technical expertise anywhere.
07:41Congratulations.
07:42Let's make a splash.
07:43Well done, Sam.
07:47Awesomeness.
07:48Thank you, Sam.
07:48Good luck.
07:50Booyah.
07:51This is going to be great for PoolScout.
07:53I think we're going to be able to achieve our dreams in terms
07:55of being able to get the product out to as many customers
07:58as possible.
07:59Hopefully we can make a big splash together.
08:03Entrepreneur Elevator Pitch is presented
08:06by Amazon Business for every organization
08:09at every stage of growth.
08:17Next up, an entrepreneur who makes comfort food comfortable
08:21with their health diverse snack.
08:29Hello, Alex.
08:30Welcome to the elevator.
08:33Going up.
08:35Your pitch begins in 3, 2, 1.
08:40Did you know bananas have the power
08:42to revolutionize the food system?
08:43Hi, I'm Alex, founder and CEO of Fair and Square.
08:47We're revamping the American food pantry
08:49using green banana flour.
08:50It's nutrient dense, upcycled, gentle on the gut,
08:54and doesn't taste anything like bananas.
09:00You see, big food's poisoning us,
09:02harming our bodies and our guts.
09:04Last year, Americans spent $15 billion
09:06trying to improve their gut health.
09:09Our take on nostalgic snacks like Cheez-Its and Teddy
09:11Grams are not only delicious, but they're also
09:15gut friendly and allergen friendly.
09:17As a former buyer at Thrive Market and Whole Foods,
09:19I scaled Fair and Square into over 800 stores nationwide,
09:23generate recurring revenue in food service
09:25with schools and hospitals, as well as online
09:27with Thrive Market and Amazon.
09:31We'll do over $1 million in revenue this year,
09:33and we're raising $250,000 on a sale.
09:36Thank you, and invest with your gut.
09:42He stumbled a little bit.
09:43He made a good recovery.
09:45Again, how differentiated is this?
09:47We have that same problem with a long grocery shelf
09:50and lots and lots of products on it.
09:52But it's a gut healthy cracker.
09:54It's a gut healthy cracker that is
09:55competing with a lot of the other Cheez-Its,
09:57graham crackers, other things that might be out there
10:00that people don't necessarily know is good for the health.
10:05You're not sold.
10:07I'm on the fence.
10:08You guys want to take it to a vote?
10:09Yeah, I'm kind of speechless myself.
10:10So maybe that's the best way to proceed.
10:21Attention, Alex.
10:25Your pitch has been denied.
10:36Food products are really tough.
10:38It's wildly competitive.
10:39Gosh, how many times have we heard,
10:41I'm in 600 stores, 1,000 stores, and they still
10:44can't get the sell through.
10:46They can't expand.
10:47It no longer is enough.
10:48I need more than that.
10:49Well, I think it's a good reminder that it's hard to pitch.
10:51We've all been there, and sometimes it works out.
10:54Sometimes it doesn't, but it doesn't mean you should give up.
10:56I think I gained from this experience the concept that,
10:58you know, to stay humble.
11:00You're never too big.
11:01You're never too small.
11:02Everyone stands some chance, and there's always a chance
11:04that things don't go the way you want.
11:08Media, enterprise, and government websites worldwide
11:11trust WordPress VIP to run, grow, and secure their websites.
11:18Know your target audience, the demand,
11:21and the growth potential.
11:22If you can demonstrate a path from niche to mainstream,
11:26that's how you get our attention.
11:28Show us that you've done the homework.
11:33Our next entrepreneur of the day is on a mission
11:37to change the landscape of the music industry
11:40with her platform that champions gender equity.
11:43Ingredient Pink is building the In Pink Marketplace
11:45to hire female freelancers and teams,
11:47starting with the music industry.
11:48Our mission is to achieve gender equity and equality
11:51in the music industry and beyond.
11:53You know, just have representation
11:54in these male-dominated industries.
11:57Hello, Shira.
11:59Welcome to the elevator.
12:01Your pitch begins in 3, 2, 1.
12:07Hi, I'm Shira, founder CEO of Gritty In Pink.
12:10We're transforming the future of freelance
12:12in music, events, and beyond.
12:13When I saw no women on stage at Vans Warped Tour,
12:16my band, Shira Girl, crashed the fest in a pink RV
12:19to create a female stage,
12:20landing us in the Rock and Roll Hall of Fame.
12:23This set me off in a lifelong crusade
12:24for gender equity in male-dominated industries.
12:27Launching brands in music and beverage,
12:29I saw how hard it can be to source diverse talent
12:31that reflects your customer base.
12:33On the freelance side,
12:34women earn 50% less on digital platforms.
12:37Enter In Pink, a marketplace
12:39to hire female freelancers and teams
12:40with AI matching and a fair pay scale.
12:43With $350,000 in transactions,
12:46we're launching a pilot
12:46with our lead investor, Live Nation.
12:49We'll expand from music to other sectors like sports,
12:52tapping into a global total market of $2.2 trillion.
12:56We're seeking $500,000.
12:58We're seeking $300,000 for 5%
13:00to close our $1 million pre-seed round.
13:02Let's get gritty.
13:08All I have to say is that she's asking
13:09for that type of money,
13:11and she seems like, so she's so early,
13:13she needs to be showing me something
13:15that really makes a lot of sense.
13:16But what is the product?
13:17Is it a marketplace for female contractors?
13:21It seems like it.
13:22I like the fact that she is partnered with Live Nation.
13:26But I think we've seen a few of these bitches before, Mark.
13:30What makes her company different?
13:31These are some questions that we can ask,
13:33dependent upon if we want to vote yes or no.
13:36Let's see.
13:37♪♪
13:45Attention, She-Ra.
13:48Your pitch...
13:52has been...
13:53♪♪
13:56Approved.
13:57Whoo! Yes!
13:58Let's make a deal, baby!
14:00I'm ready.
14:01Welcome to the boardroom.
14:03Congratulations.
14:04You gave us a doozy of a pitch.
14:05I'm just curious about what it actually is.
14:08It's a two-sided marketplace,
14:10and we're starting with women working
14:12in all aspects of the music industry,
14:13and then we'll expand to other verticals,
14:15like sports, and eventually becoming
14:17the global destination to hire female freelancers
14:19in every industry.
14:20So you can kind of think of it as, like,
14:21a female-powered Upwork or Fiverr,
14:22if you're familiar with those platforms.
14:24Let's waddle before we run here.
14:26Sure.
14:26So give me an example of, like,
14:28what is kind of the quintessential job
14:30that would get posted,
14:31and what's the quintessential hirer who would hire that?
14:34So it's actually, there are no job postings.
14:36That's old school.
14:37You can think of it more sort of like an Airbnb, right?
14:39Rather than people posting,
14:40my house for sale or for rent,
14:42you know, you search by filters.
14:44So out of here, listen, Airbnbs,
14:45I know I'm getting something to rent.
14:48What am I getting here?
14:49Okay, people, service providers.
14:50So musicians, creators, photo, video, local services,
14:54really women working in all aspects of the industry.
14:57Women create listings that showcase their photos,
15:00videos, bio, all the social media links,
15:03and then a client can search
15:05and come up with exactly what they're looking for.
15:08Sort of like a chat GPT model,
15:10where all of a sudden,
15:10like, I'm looking for this type of person
15:12that's gonna show up at this time.
15:13Yeah, I would like someone.
15:14And all of a sudden,
15:15like the background's gonna search for something
15:17and match that person.
15:18Give you options, right.
15:19And how big is the business currently,
15:20and how much work have you done?
15:22$350,000 in gross transactions.
15:24We've been around for about two years,
15:25and we have about 4,000 accounts on the platform.
15:28So we've actually made $230,000 in revenue.
15:32However, our business model,
15:33the primary revenue driver is a 10% take rate
15:36paid by clients on each transaction.
15:38And then we're launching a subscription
15:39on the freelancer side for $25 a month.
15:42How much have you raised to date?
15:43We have raised $620,000 to date,
15:46and we have another 200,000 in soft commitments.
15:48So that's why, let's close this round.
15:50Can you talk a little bit about the team?
15:52Who's creating this platform for you?
15:55Absolutely.
15:56Our team includes Grammy-winning pioneer Melissa Etheridge,
15:59Arlen Hamilton of Backstage Capital,
16:01and advisors from Netflix, Apple, Facebook, and Amazon.
16:04But no one's successful alone.
16:05So who are you actually on the day-to-day?
16:07So I have a full-stack developer,
16:09a head of accounting and finance,
16:10head of business development,
16:12a marketing manager that does all of our social marketing.
16:15And then we have a big team of contractors,
16:17which we hire from InPink, shop from your own store, right?
16:19And then, as I mentioned, we have very hands-on advisors.
16:22I've really got to dig in here on differentiating
16:25between how much of this is a dream
16:27and how much of it is really running right now.
16:30In the last 30 days,
16:32how many commission-paying positions did you fill?
16:37I'd say 25 to 50 a month at this point.
16:41But I want to mention, you know,
16:42we're really doubling down on development right now.
16:45What's actually functioning right now?
16:48The whole site is functioning.
16:49We want to improve the user experience.
16:51We have a very vibrant community.
16:53We've done over 50 events with 100,000 attendees.
16:56I'll just be straight up with you.
16:58I'm still sitting here kind of confused
17:00as to where the business actually sits.
17:01Is there anything I could clarify?
17:03Well, I think you've clarified
17:05that you're exploring multiple categories.
17:08That the music industry is where you are right now,
17:10and sports is where you want to go.
17:12But there's a couple other pieces in between
17:14that, for me, are a little bit out of sorts, so to speak.
17:18For me, I'm just going to have to pass at this time.
17:19Sure. Thank you for your consideration.
17:23So, the problem is, I might know too much,
17:26which is, in season 11,
17:29we actually had a young woman come on.
17:32Giggs. Giggs, correct.
17:34Very different business model, by the way.
17:35Oh, tell us how, though.
17:36Okay, so she was monetizing on job listings,
17:39as again, that's an archaic model, as I mentioned.
17:42No one wants to sort through job applications.
17:45We are using AI to power a very quick matching tool.
17:49But don't you have to have job applications
17:52in order for those to be matched?
17:54No, when you're a client, you can go on the platform,
17:56say exactly what you're looking for,
17:58and you can get matched with what you need.
18:00So, the fact that I do understand
18:01what Giggs' business model is,
18:03and the fact that I was an investor in the company,
18:05and know the inner workings,
18:06not only is it probably not appropriate
18:08for me to also have the second investment
18:09in a similar company, but knowing what I know,
18:11I think I'm going to have to pass.
18:16Kim, what are you thinking?
18:16I mean, I love female empowerment,
18:18and I love your passion for what you're creating,
18:22but my actual biggest concern,
18:24you don't have a technical co-founder.
18:26And so, for me, building technology,
18:28which I have done for 20 years,
18:30unless you have that complement
18:32that really can bring your vision to life,
18:35that makes me nervous.
18:36So, unfortunately, I'm going to pass.
18:39Okay, well, thank you for your consideration.
18:42It's great meeting all of you,
18:43and hopefully we will cross paths again.
18:46Thank you so much.
18:47Best of luck.
18:48The world needs you.
18:49I feel great.
18:50I'm stoked that my pitch got approved,
18:52and I had the opportunity to go in the boardroom
18:54and speak to the investors.
18:55And they did make some good points,
18:57but I'm going to keep going,
18:58and I know this is not the last they'll see of me.
19:03Tune in next week as entrepreneur
19:05Elevator Pitch continues.
19:07God, get going.
19:08Sell something.
19:09All I know is I heard the buzzword
19:11of artificial intelligence.
19:12Well, I heard the buzzword of money.