Business reality TV show Shark Tank has supported the dreams of many entrepreneurs. The sharks provide seed funds to entrepreneurs in exchange for stake ownership in the business. Some ideas were complete flops and others were a resounding success.

One of the most successful business ideas sponsored by the sharks is Basepaw - the world’s first consumer DNA test for cats.

A Chance Encounter

The idea for Basepaw was formed after its founder and CEO Anna Skaya had a chance meeting with Anne Wojcicki of 23dndMe, a human DNA testing company. Skaya and Wojcicki met during a Space Camp Tour organized by Google.

At the time, Wojcicki had just invested in a company that processed DNA for dogs, and it was during her speech that Skaya got the idea to do something similar for cats.

Despite not having any science background, Skaya has always been passionate about science, Perhaps this was because her parents were scientists who immigrated to the States when she was just a kid. And why cats? Well, it happens she was also surrounded by animals - especially cats.

Shark Tank Appearance

Anna Skaya made her appearance on the 21st Episode of Shark Tank Season 10. After pitching her idea to the Sharks, Kevin O’Leary aka Mr Wonderful invested 125,000 dollars into the business. But O’Leary has once mentioned he is not a cat person, however, after listening to Skaya’s pitch, he was “hooked”.

He later went on Linkedin to say that Skaya was “so convincing”. This says a lot considering O’Leary’s well-known tough love for entrepreneurs that appear on the TV show.

O’Leary’s investment earned him a 5% stake in the company and in three years, his investment paid up after Basepaw was bought for more than 50 million dollars, making it one of the highest-earning deals in Shark Tank’s history. This was enough to turn Shark Tank’s Kevin O’Leary into a cat lover.

“Yep, I'm a cat lover now. Who would've thought?”.....

Challenges and setbacks

Starting a company comes with so many challenges and setbacks. Entrepreneurs are bound to have some shared challenges and some unique ones. For Skaya, one can easily deduce that funding was a challenge, and Kevin O’Leary’s investment was a good bump up.

But that wasn’t the only challenge she had. Sharing the burden of starting a company was equally challenging at first. Skaya revealed in an interview that she thought a CEO’s responsibility was to “harbor all the stress and keep their head up….but it almost broke her”.

She also talked about the challenges of pitching her business idea over and over again to different investors, including Shark Tank. Recounting her experience before her appearance on Shark Tank, Skaya said;

“Every single pitch was done at home with me and Koko, my cat, trying various ways to entice Shark Tank to let us in……..The producers wanted me to dress up like a cat -whiskers + cat ears and all — on the show, but settled on a human-size cat as a prop. 15 minutes before showtime I completely forgot my pitch (mind totally blank!) and had to race back to the trailer for my cards. I spilled water on my shirt and had to borrow a jacket last minute before the doors opened”.....

She concluded by saying;

“In some ways, this is how all founders are. We are cool as a cucumber, nice heels + jacket and all on the outside — posting our successes, promoting our wears — but underneath it’s one rollercoaster after another”....

So, how did she handle these challenges and setbacks to build one of the most successful companies featured on Shark Tank? Here are six important things revealed by Anna Skaya in an interview.  

1. Get connected

“Talk to other founders. The Pet tech space is small compared to other industries, and it’s dominated by behemoth brands, many of whom are slow to innovate. Learning the “ins and outs” of your own industry helps you move faster.”

Skaya’s first advice is to build a strong network by talking to other founders preferably within the same industry. Attend workshops, conferences, and events organized by founders or experts in your industry. This will accelerate your learning and help you identify “avoidable” mistakes and recognize opportunities for growth within the industry.

2. Get advisors

“They are your best secret weapon, ready to help you manage the unexpected with experience.”

There’s nothing like too many advisers, as long as you can manage them. This may not be generally accepted, nevertheless, there is wisdom in keeping as many advisers as possible as long as they each have something unique to contribute in some way. Of course, this may cost you a token in the form of equity. But that is a small price to pay for the immense wisdom you stand to get.

3. Always be thinking about sales.

“Yes, product is sexy, and hiring the right team is smart, and of course it’s all about a working product, but sales is the bloodline of any company. Learn how to sell YOUR product super well. Pitch constantly to everyone. Practice selling, practice pitching, over and over.”

No business can survive without making sales. This makes marketing an inextricable part of any business. For this reason, mastering the art of selling should be a priority.

4. Be ready to dedicate years to your business, above and beyond

Building a successful business takes time. Entrepreneurs who want to succeed must be ready to play the long game. Not everybody can handle the pressure of running a business or wait patiently while it grows.

The overnight success of many entrepreneurs is often years of hard work and many many sleepless nights dedicated to their business. If you’re not ready to pay this price, then perhaps you should consider another career path.

5. It will never be boring, but it will never be easy

“Fundraising is hard. People are hard. Investors are hard.”

Bored will be the last thought on your mind. There will be always something to keep you on your toes as an entrepreneur. You will face so many challenges that will stretch you and learn lessons that will change you as a person.

Each level of growth in the business unlocks a new challenge that will either make or break you. As Skaya puts it, “It’s a rollercoaster”. You won’t have time to be bored, frustrated maybe, but never bored.

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Read the full Interview published on Medium.

Recommended Read - Five Things To Get Right When Growing A Business

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