Medical Stone Art

ABC's Shark Tank brings in an interesting crowd. People ranging from organic baby diapers to back support braces all in one episode. Even crazier, a product called 'Rock Band'. Yes, that's right. Just like the video game that people play across the globe. Funny part is; this product is claiming that it was patented BEFORE the product and can also over healing powers through wearing a stone on your wrist.

So What's the Catch?

After watching the video pitch on Shark Tank, I was not only highly uninterested; but, quite surprised that any of them would even consider investing. Many backed out; however, the company ended up getting an actual money offer. Healing stones on a leather band that come in a music-traveling looking box. Pitching about the music industry and the owner's love for all things John Wayne really drain on a few heart strings. Overall, I find it to be something that is both unneeded in the marketplace and a poor investment. Not everything is a fairy tale and regardless of the random celebrity supporters, I can almost guarantee that no average Joe would be seen dead walking down the street in one of these (especially for a price of $75-$99 a pop).

What's the Product Look Like?

Besides naming nearly every large-scale retailer in the country (including Oprah) on its webpage (followed by how it had to continually fight for its licensing); the product itself did not seem to make sense. As an investor, are you trying to sell me something that will cure my common flu or are you trying to sell me something that will look good next to the $5 dress I'll be wearing after spending all my money on your bracelet? The exact positioning of the product seems to have eluded me.

Why Such a Bad Investment?

According to Cooper, "the process or game plan must be designed to manage risk; a multi-stage and gate framework is most appropriate". After watching this video, it seems that the game plan for this young entrepreneur is nothing but haphazard. He has owned the company for nearly 3-5 years and made almost no profit to show of the work. He claims to have such large retailers banging at his door, yet he follows it up with figures that baffle all the sharks and audience alike. Following suit, "the process requires a cross-functional, empowered team headed by a team leader with authority". One shark makes a very valid statement after an over to purchase the company 100% is made. She openly questions if he is emotionally still invested within the company since if a leader was still empowered, he/she would never accept such an offer. It wouldn't even be considered a starting counter. Such vacillation has me thinking that this is just an art project for high school gone bad. He can produce an interesting set of "medical healing" bracelets that could have all the colors of the rainbow; but, without solid support for a leader still emotionally invested, the company will fold.

Lastly, "the quest must be for superior differentiated products that offer value to the user". As I've already harped on before, I do not understand the point or use of this product. It could be made my a kindergartner during recess given the right time and resources. I find nothing to be extremely different about the product that would make customers shell out $75-$100 for a single rock. The quality doesn't seem to be emphasized as much as the positioning of the overall product seems to be misunderstood by the investors and owner alike.

Re-positioning or Eliminating the Company? Eliminate.

The only real saving grace of this company is the name itself, the fashion could be completely dismantled and save millions. The sharks picked up on this immediately and even touch on it in the clip provided above. The real trick to making money on this product is in the branding itself of the name. People know the name Rock Band. They can make a substantial amount of money from the technology company currently "illegally" using this name if they are able to prove that they had first-mover status. The video game company would have to license the name from the jewelry company as they are the rightful owners and in turn, the jewelry company would make licensing royalties. A win-win for shark investor and Rock Band owner. Pure return on investment and no lose due to the disbandment of the fashion that is sucking the company dry.

The fashion company itself provides no substantial need or fix for a consumer. It purely is providing a product that as claimed "has been around since the Ming Dynasty". Not to throw any stones, but it seems a little odd to me that this is the first time that it has been in the media. If it is such an old product with such amazing history, why now? What makes this the prime time to throw stones on a leather strap and claim new art?

Final Thoughts and Advice

The owner of Rock Band could probably learn a thing or two from these clever entrepreneurs who saw a problem and came up with a solution. Vaccines are incredibly difficult to transfer in developing nations because the lack of refrigeration. By harnessing the power of humans, Rogers Feng developed a refrigerator that ran off of a hand crank. His invention won the U.S. James Dyson Award. Designing something that could help save millions of lives is something that is both respected and needed. This is truly fixing a problem that consumers have while differentiating himself from any competitor.

Next time, the owner from Rock Band should take some tips. First find a problem and then find the market. Do not just throw some stones on leather and hope for the best. The Rock Age ended a long time ago for a reason.. let's let humans continue to evolve.