What would your reaction be if Mark Cuban offered you $30 Million for your company knowing that you’re not making any profit yet? Well, while everyone might have jumped all over that opportunity and cashing in big, these three female entrepreneurs didn’t hesitate to say no to Mark, without flinching!
CoffeeMeetsBagel, a dating site that combines the mutual match unlock feature of Tinder with the more elaborate structure of Match.com, was the company being pitched at Shark Tank. Asking for $500,000 in exchange of 5% of the company, the three entrepreneurs quickly lost all sharks, including Mark Cuban.
Mark shouted he was out when the entrepreneurs decided not to declassify their number of users, only to be back on the table when all the other sharks were out with an all or nothing offer.
This is an example of a group of entrepreneurs who understand the value of their brand and the long term, true valuation of their startup. You either believe in your company or you don’t, there is no middle ground. If you’re in it for the quick cash, then entrepreneurship may not be for you, but if you’re in the business of growing solid startups and life changing companies, then don’t worry about turning down a $30 Million offer because you’re a billion dollar company and you know it!
Check the Shark Tank episode here: