A recent “Shark Tank” episode featured two entrepeneurs pitching MiX Bikini, the world’s first interchangeable swimsuit. Here’s a sneak peek:
Two things piqued my interest.
Thing One: The Product
“It’s no secret women love to stand out, but there is nothing worse for [a] woman than being at the beach and seeing another girl in the same bikini,” one partner says.
Here’s how it works:
First, assuming [a] woman is not offended by the claim above, she selects a style of bikini top (halter or triangle). Next, she chooses one of 40 colours/patterns for the bikini top. She does this twice (right and left). She then selects a style of bikini bottom (classic or ‘scrunchie’) and picks out one of 33 colours/patterns. (In the “Shark Tank” video, the second model switches out the back bottom. On the Mix Bikini website, the front & back of the bikini bottoms always match.) The bikini tops must be connected. Customers must choose between rings or strings. Rings are available in 10 colours, strings in 9. Of course, bikini tops also need neck strings (right and left). Double neck strings come in 9 colours, rings & strings in 10.
This begs the question… How many Frankenkinis (sp?) are possible?
The website advertises it is possible to create thousands of bikinis.
Thousands? Try millions.
What number do you get? What assumptions do you make? Is fuschia & leopard print different than leopard print & fuschia? I maintain it is. It is best that I not elaborate.
Thing Two: The Pitch
“We are seeking fifty thousand dollars in exchange for five percent of our business,” says the first partner.
“That means that you’re saying the company is valued at one million dollars,” says Daymond, one of the Sharks.
“It was ten percent we were asking,” interrupts the second partner.
“So half a million dollars,” Daymond clarifies.
Uh-oh. The budding businessmen are confused. Mathematically disoriented. The Sharks smell blood. SPOILER ALERT– all does not end well. How did this happen? What went wrong?
My guess? The Sharks have number sense. They have mental math strategies. Daymond understands 5% is equal to 1/20. Therefore, if 1/20th of the business is valued at $50 000, then the total value of the company can be calculated by multiplying by 20 (or, more likely, by doubling and multiplying by 10). If $50 000 is 10%, or 1/10th, of the company, then the Sharks can multiply $50 000 by 10 (or, more likely, halve $1 000 000, the original evaluation).
In the “Shark Tank”, the Sharks often counter with benchmark percentages– 5%, 10%, 25%, 50%, 75%. I suspect the Sharks have strategies for other popular percentages (eg, for 40% they may halve, halve, and multiply by 10).
Our pitchmen, on the other hand, do not have number sense. They do not have mental math strategies. The bikini guys have procedures. The bikini guys have this:
BTW, if you’re looking for a lesson on combinations, check out Pair-alysis from Mathalicious.