Past MITXUp participant, Desiree Davis Stolar, Co-founder and CEO of Unshrinkit, shared details from her successful experience on Shark Tank (which led to an offer from Mark Cuban!) with us:
Tell us a bit about the Shark Tank experience? What was it like?
The "Shark Tank experience" is not just a moment or a day. It is a months-long journey that begins the moment you submit an application. It means prioritizing legal forms, due diligence documentation, pitch practice, episode review, set design, product enhancements and operational improvements for several months. A Shark Tank segment airs for about ten minutes. As a business you want to be prepared as much as possible to take advantage of the fantastic platform to accelerate your business' growth.
How did you get selected for Shark Tank?
We applied! There are many casting calls and contests, but we sent in a brief and eye-catching application via email. With almost 50,000 applications received for season 7, we are grateful that we made it as far as we did.
Did the MITX Up event you participated in help prepare you for the Shark Tank Experience?
Yes, we went to a MITX Up event in which the members helped me understand that there was true value in keeping the name Unshrinkit. It says what it means! We were releasing an enhanced version of the product and wondered whether a new name was warranted. The MITX Up mentors reminded me that transparency in the digital age is key. Any previous user would be able to figure out this was an enhanced version, and we should embrace the improvements we made.
What’s next for Unshrinkit?
We are working on retail and international distribution, as well as ramping up operations now that all of the founding team has graduated from business school. Shark Tank is an amazing publicity machine, but we have to stay focused on the daily efforts involved in making this a successful venture. It helps that we enjoy working with each other and unshrinking beloved, but shrunken wool garments!