Do you have an idea for a great problem-solving product? Excellent. Next, how is your product pitch skill? (A product pitch is a presentation to convince the investors to support your product.)
You have probably seen the show “Shark Tank” where pitches are made each episode to get investors. “Shark Tank” is focused on new product ideas that can be fully developed into a scalable, saleable product. Each show, entrepreneurs pitch their ideas to a panel of investors who may, or may not, invest in the idea for a percentage of the company.
Amazon is now taking a page out of the “Shark Tank” book and is introducing a similar show called “Buy It Now” which also has an Amazon storefront. But for this competition, the entrepreneurs pitch their ideas not only to a panel of judges, but also to a studio audience of 100 consumers who get to vote on the product attractiveness and viability.
The show is hosted by comedian J.B. Smooth (“Curb Your Enthusiasm”). Entrepreneurs have only 90 seconds to pitch their invention. The audience then votes whether the product should be shown to the judges panel. Winners get support from Amazon in selling their products online.
If the product is selected, then Amazon will sell it in a special section of the store called “Buy it now store” which can be found using a QR code that shows up during each episode. Plus, one winner each week will win $20,000!
The first three episodes of “Buy It Now” launched October 30 and the show will run for 13 episodes, until January 8, 2025. In addition, there will be a weekly podcast that gives listeners a glimpse behind the scenes.
Ready, set, pitch!
Group Activities and Discussion Questions:
- Show video about the new Amazon competition: https://youtu.be/8xV-ogRIi1Q?si=pX9FsW72_paa9lNs
- Discuss what needs to go into an effective product pitch.
- Develop a protocol for scoring pitches for investing.
- Divide students into teams.
- Have each team select a problem that bugs them, then develop a new product that will help to solve that problem.
- Next, have the teams develop a pitch that would work on Amazon’s new show.
- Each team should present their pitch to the class, which then votes on the winning pitch.
Source: Davis, W. (30 September 2024). Amazon is launching its own Shard Tank where winners get to be Amazon sellers. TheVerg.com; Toonkel, J. (19 September 2024). Amazon’s new ‘Shark Tank’-style show gives winners top billing in its stores. Wall Street Journal.
