Investors nearly faced financial losses. - Mishap during presentation at "The Lion's Den"
Johannes Gaertner, a creative individual, decided that the floating pub experience during his vacation was dull, so he created the concept for an "eWater.Bike," a type of vehicle that incorporates tread support similar to an e-bike. This revolutionary idea was put to the test by the lions themselves in a leisurely version with a bike and an expansive seat for two additional individuals.
Nearby, potential investors took turns test-driving the pedals. Notably, Orthomol CEO Nils Glagau (48) took the driver's seat while Dagmar Woerhl (70) and Tillman Schulz (34) chilled in the spacious seating area - theoretically, at least.
Ultimately, the experiment didn't work out as planned. No matter how vigorously Glagau pedaled, he couldn't move forward. Schulz swiftly seized the rudder and guided the group back to shore.
Gaertner, the inventor, provided an explanation for the problem: "The safety ring came detached from the axle." No cause for alarm as the part could easily be reattached.
Amidst the business pitch, the safety ring mishap was a humiliating moment for the founders. Nevertheless, the deal with the safety ring remained intact, and the lions still had a good time, albeit with some difficulties.
Yet, the market presented additional challenges for the investors. According to Woerhl, "I have an issue with the target audience." The eWater.Bikes were priced between 4900 and 6900 euros, which was too high for regular customers yet also pricey for tretboot rentals.
In addition to the price problem, a significant sum of money was on the table. Gaertner and his team requested an impressive 350,000 euros for 20% of the company shares - all without selling a single bike.
Branding expert Tijen Onaran (39) was critical of the target valuation: "I believe the evaluation is unrealistic since everything is still quite uncertain." The rest of the shark tank concurred with this viewpoint. They refused to invest in the given price.
At least, the lack of excitement during the water activity wasn't the issue. Dispirited founder Himmelreich grieved after the failed pitch, believing it was because they weren't yet in the market and lacked any numerical data.
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Source: symclub.org
