Boost Juice founder says Sharks are looking for tenacity
GIVING budding entrepreneurs and inventors a boost has been a joy for Janine Allis.
The Boost Juice founder, who was 24th on last year's BRW Rich Women List, is one of five successful and self-made Australian business moguls starring in Channel 10's Shark Tank.
Ordinary Aussies pitch an idea or product to the sharks, who then choose whether or not to invest their own money in the business.
"Saying yes is the easy part," Allis tells APN.
"Trying to find a creative way of saying no is the hardest part."
Allis isn't afraid to back products outside of her expert knowledge base in the food industry.
So far she has invested in Adam Riley's "caseboard" (electronic skateboard), mother-of-two Skye Blackburn's edible bugs and a scholarship for 14-year-old technology entrepreneur Daniel.
"The key thing you'll notice in the people I invest in are the people (themselves)," she says.
"The people are who I back more than the invention. I'm trying to find that tenacity. Five percent is the idea and 95 percent is the execution.
"At the end of the day, I'm looking for that person who can carry out the strategy.
"A good idea will never get off the ground with bad execution."
Allis says she was blown away by the variety of inventions and innovations pitched to her on the show.
"There are some seriously smart people around," she says.
"Some people handle the pitch beautifully, while some were a little more nervous.
"The key role we had was to make them feel as comfortable as possible. We wanted them to have a great experience and get the best out of them."
That's not to say any of the sharks made sympathy offers.
"I worked really hard to get the profit and income I have now, so I take it very seriously," she says.
In tonight's episode self-made tech multi-millionaire Steve Baxter will shock his fellow sharks by offering $2 million to one of the five would-be entrepreneurs featuring on the show.
They include a designer producing the "world's best drinking furniture", someone keen to create an "army of Wigettes" and Mexican hot sauce makers.
Shark Tank airs Sundays at 8pm on Channel 10.