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If there is one thing founders can count on while fundraising, it's this: You're going to hear the word "no" a lot from investors.<br /><br />But contestants on this episode of Entrepreneur Elevator Pitch are undeterred by that harsh reality and show up with their game faces on, determined to turn those nos into yesses and walk out of the boardroom with life-changing investments.

⁣00:00Entrepreneurs Board of Investors is challenging America to pitch the next big idea.
00:08We created this device.
00:11During a 60 second elevator pitch.
00:14Time's up.
00:15I think that was a master class in pitching.
00:17After each pitch, it takes just one investor to say yes to open the doors and hear more.
00:24But only the ones who say yes can go on and invest.
00:27Awesome to see this deal get done.
00:28Work from home or the home office.
00:30You have a flammable sign standing behind you.
00:33Actually, we use a lot of alcohol in our experiments.
00:35This is going to be so raddesome.
00:41It's Entrepreneur Elevator Pitch with support from Michigan Economic Development Corporation
00:46and U.S. Bank.
00:48Going up.
00:51Welcome to a work from home edition of Entrepreneur Elevator Pitch.
00:54We have four amazing investors ready to dish out some money.
00:57This episode features all minority owned companies.
01:00Let's hear the first pitch.
01:01Your 60 seconds begins now.
01:06About five years ago, a friend asked for help.
01:09You see, she was using cannabis to treat her Parkinson's.
01:12But every time she made a batch of edibles, she'd have to test it on herself to see how
01:15strong it was.
01:16And unfortunately, sometimes it was too strong.
01:19My name is Peyjun, and we created this device.
01:22It's called Tea Check, and it measures the potency of cannabis flour and infusions like
01:27butter and coconut oil so that my friend and millions of people just like her can dose
01:31their edibles to get exactly the amount of cannabis that they need.
01:36Over the last three and a half years, we sold over 7,000 of these devices worldwide for
01:41about two and a half million dollars.
01:43We're here today to offer 25% of the company for three million dollars to scale marketing
01:49and sales, as well as production and engineering.
01:53I have lots more time.
01:59Five, four, three, two, one.
02:04Time's up.
02:05I have a few investments in this market, and I think it's interesting to see the revenues
02:11done.
02:12This is a challenged market for me just because of all the regulatory concerns, because I'm
02:17familiar with a few cannabis-adjacent companies, and the issue is banks.
02:24That is correct.
02:25Banking's difficult, but a lot of the credit unions now are opening up in legal states.
02:29The company does sound very interesting.
02:32It's definitely a product that people need.
02:34Okay, investors, does anybody want to hear more?
02:36And open the doors.
02:37I'm in.
02:38I'm in.
02:39I'm in.
02:40Let's open the doors.
02:42Number one, I thought the pitch was great.
02:53Love your passion, and what I'm just trying to understand is, based on the last three
02:57and a half years, the current revenue forecast for this year and what's forecasted for next
03:02year.
03:03So this year, we're going to close at about 1.1 million dollars.
03:06We're actually profitable.
03:08We reached profitability back in Q2, and this quarter's looking very good so far.
03:13P-Chen, great presentation.
03:15The thing that I'd really like to understand is how you're getting to that valuation and
03:19what your exit strategy is.
03:21Actually, the valuation came out of your book, Ross.
03:25We use a discounted cash flow model.
03:28So that's how we came up with a 9 million dollar pre-raise valuation.
03:31So what percentage of the million-plus that you have in revenue comes from the consumers
03:35versus those manufacturers?
03:38We believe it's about a 60-40 split.
03:41Still primarily consumers.
03:42Sounds like there's a lot of love in this boardroom, but I don't hear any offers.
03:46Anybody prepare to make an offer?
03:54Thanks for the great presentation today.
03:55I'm really interested.
03:57So I'd like to do half of your 3 million asks, so 1.5 million, for 12.5% of the company.
04:04But I'd like to have a board seat with that and see the rest of the round get filled.
04:08Okay.
04:09Ross has an offer on the table.
04:10Does anybody else want to make an offer and make a deal?
04:19I think, Ross, that the valuation is too high for me, so I'm out.
04:23I'm also out.
04:25Well, P-Chen, you have one offer on the table that's a little different than what your ask
04:29was.
04:30P-Chen, are you going to take that offer?
04:32Yes, I'll take your offer, yes.
04:37P-Chen.
04:38All right, man.
04:39Let's go do this.
04:40Really excited.
04:41I look forward to working with you, Ross.
04:44Likewise.
04:46How do you feel striking a deal with Ross for a million and a half dollars?
04:51Excited.
04:52Nervous.
04:53Very glad that we're able to put together a deal with Ross.
04:56I mean, I read his book, so it feels like I know a lot about him already.
05:02And this is about as good as I can possibly imagine.
05:05Moving on.
05:07Next pitch.
05:08Your 60 seconds begins now.
05:11Going up.
05:12Hi, I'm Marcus Howard, the CEO of Metarena.
05:15We now live in a post-COVID world.
05:17In today's society, brands must digitally engage and monetize their communities like
05:21never before.
05:23Metarena is a web app that lets communities engage virtually in a casually competitive
05:27environment.
05:29We offer a one-of-a-kind social experience where people play and watch awesome family-friendly
05:34games.
05:35With Metarena, businesses of all sizes can host an unlimited number of online esports
05:40tournaments.
05:42Our team has decades of experience in the business and gamer side of esports, and we've
05:47combined those insights into a unique platform that most businesses need in this post-COVID
05:52digital era.
05:53Brands like the University of Kentucky pay an annual subscription for Metarena, and we're
05:58on track to make $100,000 this year.
06:01We're raising $500,000 to scale Metarena, and we're wondering if either of you might
06:05be the right investor for us to bring into this deal.
06:11Time's up.
06:12No doubt, this area is booming.
06:14Looking forward to hearing what the investors think.
06:16Yeah, great pitch.
06:18The amateur esports market is definitely exploding, although I think I'm conflicted out of this
06:24one because I'm invested in the category leader.
06:27I'm going to have to pass on this one.
06:29I guess I have a lot of questions and would love to learn more just about the tech angle
06:33and what's needed to be able to build that.
06:36I thought that his ask was a little vague.
06:38I'm unsure as to whether he's raising on a convertible note.
06:42I'm assuming it's not a priced round.
06:45Definitely need to fill out some of those details.
06:47You know, I thought the pitch was okay.
06:48I found it a little bit confusing.
06:50I'm not quite sure what the business does.
06:52I think this is one of those examples where I'm more excited about the entrepreneur than
06:56the business itself.
06:57Okay, judges, anyone want to hear more and open those doors?
07:09Well, unfortunately, none of the investors looks like they want to play his game.
07:13Send them down.
07:16What was your thought by not telling the investors what percentage of the company they would
07:20get for a half a million dollars?
07:22Yeah, my team and I were working on this the last week and we had a version of the pitch
07:26that had the valuation in, but we felt like we were missing things about why we needed
07:31to do this now, why it's important that value adds to businesses.
07:35And in the process of revising it, saying, you know, the type of equity investment that
07:41we wanted or securities investment we wanted was chewing up too much time.
07:45So we took a calculated risk and apparently it was the wrong one.
07:52How would you say the community in Michigan has helped your business grow?
07:55Michigan is a fantastic place to grow.
07:58Having access to businesses, both large and small, has really helped us as a business
08:02move forward.
08:03To me, the advantage of doing business in Michigan is just the cost of living.
08:07Michigan people are great people.
08:12Let's go, investors.
08:14Next pitch.
08:15Your 60 seconds begins now.
08:18Growing up Afro-Latina, I didn't see myself represented.
08:22Now more than ever, it's crucial that children feel seen across all industries.
08:27Children's fashion is no different.
08:29Hi, I'm Sonia, founder of Mixed Up Clothing, a purpose-driven children's clothing line
08:34that sources fabric from around the world and turns them into fun outfits and now face
08:40masks that centers culture, educates and tells our stories.
08:45We have celebrities as fans and have appeared on the Today Show, The Real, Latina and NPR.
08:51We sell B2B, B2C and on Amazon.
08:54We're seeking $250K, which will go toward key hires, scaling and marketing.
08:59The multicultural community are super consumers, fast-growing and hold trillions in buying
09:05power.
09:06Open the doors if you agree that multicultural children matter and need to see themselves
09:11in fashion.
09:12Together, let's break down barriers to representation, one stitch at a time.
09:18Time's up.
09:19Wow, Sonia was smooth.
09:22Can't wait to hear the investor's reaction with this one.
09:24I think that was a masterclass in pitching.
09:27That was just a 10 out of 10.
09:29Great entrepreneur, loved the story.
09:31You guys know me, I like board seats.
09:33I like to add more than just money.
09:35I don't know if I'm the right person to be really helpful in her company.
09:38Sonia is fantastic and she's absolutely right.
09:42Representation matters and it's crucial.
09:43I'm just not sure how I feel about a children's clothing company.
09:47I thought it was a phenomenal pitch.
09:49She laid everything out beautifully.
09:50I agree.
09:51The pitch was excellent.
09:53I love purpose-driven companies and I have four kids, so I get it.
09:57Okay, judges, time to find out who wants to hear more.
10:08I'm in.
10:09Open the doors.
10:10Welcome to the ballroom.
10:11Hi.
10:12First, I want to say you did an incredible job pitching.
10:18I was really impressed.
10:2010 out of 10.
10:21I just want to hear a little bit more about your company.
10:24You said you're trying to raise $250,000.
10:27At what valuation is that at?
10:29Yeah, that's at $1.5 million.
10:31We are growing and right now at this moment where folks are really being intentional with
10:37their dollars, it is so important to be representing the diversity even in fashion.
10:44And how much revenue have you generated this year?
10:47This year alone has been $160,000.
10:50Great.
10:51I'm actually a critical care RN and so when I heard that there was a need for face masks
10:58to be for healthcare heroes and essential workers, I made the quick pivot to face masks.
11:05How did you come up with a valuation of $1.5 million?
11:08From our revenue and for predictions that we've had going into based on our month over
11:13month as well as going into our 2021 and 2022.
11:18And 2021 is expected to be close to $500,000.
11:23I historically have not invested in any retail, so this would be outside of my normal investments,
11:29but I do love your purpose-driven cause.
11:32I really think it's important.
11:34I do have four kids.
11:35I have four children as well.
11:36Well, Kim, does that mean you're going to prepare to make an offer or accept hers?
11:44Sonya, I'm not prepared to offer you what you requested, but I am prepared to offer
11:48you $250,000 at a million dollar valuation.
11:52Are you prepared to take that offer?
11:54Kim is counter and is willing to give you the $250,000, but at a valuation of $1 million.
12:01Do we have a deal?
12:06Absolutely.
12:07I think she's fantastic as a mom, as an entrepreneur, I can't have, or I couldn't have chosen somebody
12:15better to be in this journey with me.
12:18So, yes.
12:19Excellent.
12:20So excited.
12:21Awesome to see this deal get done.
12:22Congratulations, Sonya.
12:23Thank you so much.
12:26What are you most excited about to be able to work with Kim?
12:31Having someone who is a mom, who's an entrepreneur, who knows what she wants, I think having someone
12:38on my team and as a partner and as an investor will help get me to the next step in my journey.
12:44So, thank you so much.
12:47Time to move on to the next pitch.
12:49Your 60 seconds begins now.
12:52Hi, my name is Derekus, CEO of StorCash.
12:55There are over 85 million teens and adults in the U.S. that have no way to receive and
13:01instantly use funds directly from their phones because they don't have a bank account.
13:06I start this business because my nephew Will called me and asked me for money.
13:10So, I told him to download Venmo and I'll send it over to him.
13:14I later found out that not only did he need to be 18 years older, but he also needed a
13:19bank account in order to receive and use those funds.
13:22So, we built StorCash.
13:24It's the Venmo for the unbanked.
13:26It allows users to request and instantly use funds directly from their phones at over 200
13:32plus major retailers, no bank account needed.
13:35And then when they're ready, they can also be banked on the platform.
13:39We've generated over $370,000 and grown about 15% month over month.
13:47Five, four, three, two, one.
13:50We have a bow.
13:51Time's up.
13:52We need to raise a bow.
13:54Oh boy.
13:55Well, it looks like Derekus was not able to even get his ask out in the timeframe.
13:59It's going to be really interesting to hear what the investors do with this pitch.
14:03Oh, I'm so torn because he solves for an interesting problem that a lot of people face.
14:09I think it solves a real need in the marketplace and I love that he has revenue.
14:14Services and products for the unbanked is a major issue, but the pitch just didn't get
14:19me to a place where I feel comfortable understanding what we're talking about.
14:22I'm going to have to recuse myself from this one because I actually led their pre-seed round.
14:27So, I'm very familiar with the company.
14:29I definitely encourage all of you to vote him in.
14:32So, does anybody want to hear more and open the doors?
14:40I'm in.
14:41I'm in.
14:43Let's open the doors.
14:44Welcome to the boardroom.
14:46Awesome.
14:47Awesome.
14:48Okay.
14:49Cool.
14:50Yeah, I would love to hear the ask.
14:51I was impressed with what I heard, but you got cut off on the pitch.
14:53So, I would love to just hear the end of that.
14:55So, we have a $1.5 million round and now we're looking to close the remaining 500K.
15:01And what are the terms?
15:02Terms are at 8 mil valuation.
15:05Same terms as Marlon?
15:07No, the terms are not the same as mine, but in my opinion, it would be a good deal.
15:12My questions were how you plan to get more of the major retailers on board and what your customer acquisition strategy is.
15:19Yeah, so our customer acquisition strategy right now is a viral-like effect.
15:24And we do a dollar, you get a dollar, they get a dollar if you refer a friend.
15:28And that's been working out really, really well for us.
15:31We built out a system that can add on new retailers within five minutes.
15:36And there's about 7% to 15% that we get back from the retailers.
15:40And we make our money that way.
15:43This is the time. Is anybody prepared to make an offer?
15:52I think there's great strategic partnerships with Western Union, with MasterCard.
15:55The valuation, given where he's at right now, is just too high for me.
15:59You know, if I were to get involved, it would be offline and having further discussions.
16:04But in this moment, I'm out.
16:06Would have loved for him to talk about the growth that he's seen around consumers signing up on the platform.
16:13It actually is a steal.
16:14Can we get the data? I mean, maybe I make my wildcard, throw it back in.
16:18I mean, I like the idea. I just couldn't see the growth.
16:23Unfortunately, Derek Kiss, it doesn't look like there's a deal to be made today in the boardroom.
16:27How did you come up with the valuation of $8 million?
16:30I'm looking at the growth potential.
16:33And if we look at any app that hasn't even solved the unbanked issue in just a year and a half,
16:41the average valuation is over $20 to $30 million.
16:45I think later down the line, I think they'll see the value.
16:49That's the total right attitude. We all wish you the best and good luck.
16:53Awesome. Thanks.
16:55Elevator pitch, baby. Let's go.
16:57Coming up on the next Entrepreneur Elevator Pitch.
17:00Oh, yeah.
17:01That was definitely one of the most entertaining pitches we've seen in a while.
17:05Let's do a virtual high five.
17:06Absolutely. Yes, sir. Let's get it.
17:08And to apply for Season 7, go to entrepreneur.com slash elevator pitch.

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