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00:00:00 – 00:05:20
Jason Samberg and Taylor Gwaisdon, owners of Lit Up Corporation, pitch their innovative "lit up cooler" with built-in LED lighting to investors, seeking $100,000 for a 10% equity stake. Despite initial skepticism over the company's valuation of $1 million without any sales, negotiations unfold involving different investment offers. Key themes include strategic positioning in pitching, the creation of perceived market competition, and differing approaches to negotiation—balancing competitiveness with honesty. Ultimately, a deal is secured for $100,000 in exchange for a 33% license share in a partnership with cooler manufacturers, highlighting the importance of strategic partnership and negotiation dynamics in business ventures.
00:00:00
In this part of the video, Jason Samberg and Taylor Gwaisdon, owners of Lit Up Corporation, pitch their product, the “lit up cooler,” to investors. They seek $100,000 for a 10% equity stake. Their product is a cooler with built-in LED lighting, designed to help users easily find items in the cooler. Jason describes the inspiration for the product from a personal camping experience. The investors challenge the valuation of their business, which is claimed to be $1 million despite having no sales yet. One investor offers $100,000 for 25% of the company, but another investor declines, affecting the negotiation dynamics.
00:03:00
In this part of the video, there is a discussion about creating potential market competition to maximize value when pitching a product. One speaker emphasizes the importance of making potential bidders believe there is competition by positioning oneself wisely. A negotiation ensues where one party offers $100,000 for a 33% license share in partnership with cooler manufacturers. Another participant argues for a more honest and straightforward approach, relying on long-term business relationships. As negotiations continue, one offer is taken off the table, leaving a single option, which is ultimately accepted, culminating in a celebratory gesture.