Most millionaires who’ve made it big in business don’t rely on luck.
If anything, they make their luck. The ticket to achieving greatness is combining brilliant ideas, passion and drive with relentless hard work, trial by error and the unwavering commitment to overcome obstacles.
Take NBA Dallas Mavericks owner, billionaire businessman and celebrity “Shark Tank” investor, Mark Cuban. He didn’t start off “lucky” (or loaded).
No, Mark Cuban’s first job was selling garbage bags with the end goal of paying for an expensive pair of basketball shoes.
We’d venture to say that by and large, business owners make their own luck and create their own opportunities. Even successful business owners don’t add more zeroes to their bottom line without carving out a strategy.
Eli Rosenbloom is the case in point.
Eli was already running a successful business – FR Conversions, a mobility van manufacturing company – and racking up over $1.7 million in sales with multi-million dollar gross sales when he applied to The Launch Pad at LTB 2013. Modeled after a hit reality series he followed called Shark Tank – and sponsored by the legendary BFG Financial Group – The Launch Pad instantly piqued his interest.
It was a long shot, but Eli diligently submitted his application and hoped that luck would follow his efforts. He was stoked when he got the news. Among dozens of applicants dreaming of a shot to pitch to the panel of high-rolling investors, he’d been hand-picked as first in the lineup.
As his plane took off from his hometown in Baltimore to the LTB venue in Brooklyn, Eli closed his eyes and prayed that he’d land the deal of the century.
Eli’s goal at The Launch Pad was crystal clear: To raise capital for purchasing new equipment and financing a crash testing process that would boost business.
Adrenaline was pumping. The lights dimmed and the crowd grew silent. With a focused attitude, Eli took to the stage to pitch to a panel of investors, including none other than Kevin Harrington, another celebrity “shark.”
His ask? $300k for 10% equity in his company. While Harrington didn’t bite, Seth Fireman and Neil Rock, co-founders of Firerock Capital Advisors, offered Eli $250K for 20%.
After the show, and following further negotiations, that deal fell through.
But there’s another key lesson here: Sometimes a “fall through” is actually for the best.
Eli was approached during LTB by a group of investors from the audience who “just happened” to have heavy- duty connections in the transportation sector. Ah, perfect timing meets perfect fit.
These investors gave him half a million dollars for a 30% stake in his growing company. (Launch Pad insider alert: These investors will be on this year’s panel!).
Does that sound too good to be true? It isn’t . At The Launch Pad this year, we’ve raised the bar to a $1 million dollar investment threshold.
We asked Eli if pitching his idea was worth the effort.
“I may not have closed with an investor from the Launch Pad panel,” he says, “but the event opened many doors for me. I was surprised at how many people from the audience approached me after the show with their own offers to invest. The investor I ended up partnering with was the perfect fit for our business.”
More than capital, Eli gained a real value investor who has helped to explode growth at FR Conversions. Since The Launch Pad, FR Conversions’ manufacturing plant size has quadrupled and they’ve completed two crash test series. Go team, go!
Eli expects the company to exceed $50 million in gross revenue this year – a staggering 350% increase from 2013.
Yes, you read that right. Business is thriving.
Are you a business owner or entrepreneur who could use a real boost of capital to catapult your company to the next level? Apply to The Launch Pad today. You can also register to reserve your spot at LTB 2014.
Pssst: Need something to daydream about? We’d love to hear what you’d do with a $1 million dollar investment in your business.