My husband and I love to watch the show Shark Tank and often Google the status of the businesses that were pitched – some were invested in, and some were declined; it’s really interesting to learn what’s happening in the company based on the decisions that were made on the show! If you’ve been in one of my audiences, or read some of my posts, you know that a ‘16 Minute Moment’ is a phrase I coined to describe a pivotal event that brings about a life-changing decision. Most of us have more than one 16 Minute Moment, and most of them don’t solely impact us – they have ripple effects. Here’s an example from a Shark Tank pitch:
In 2013, Jamie Siminoff appeared on Shark Tank and asked the Investors for $700K in exchange for a 10% equity stake in his company, thus giving it a $7M valuation. His product, Doorbot, was a smart video doorbell that allowed users to see and speak to visitors through their phones. One Shark offered a royalty-based deal that Jamie turned down, and he walked away without a deal, feeling deeply discouraged.
Jamie renamed the company Ring and began touting the product as a way to protect your home and neighborhood. In 2018, Amazon acquired Ring for an estimated one billion dollars.
The ripple effect of Jamie’s 16 Minute decision to decline the offer not only made him a very wealthy man, it created a huge loss for the Sharks who didn’t invest in the company, benefited Amazon when they purchased Ring, and continues to make a positive, significant impact on the users of the product.
The 16 Minute decisions we make can be positive or negative; don’t underestimate the power of your decisions and the impact of their ripple effect.