In a recent episode of Shark Tank India, two entrepreneurs from Tamil Nadu presented their innovative prosthetics company, Symbionic. One of the founders, who lost his arm in a bus accident, shared his personal motivation behind the venture. Determined to create prosthetics that offer comfort and functionality, he explained that every product they develop is something he would willingly use himself.
“I would never sell a product I wouldn’t use,” he firmly stated while showcasing their prosthetics kit. The kit includes adaptable prosthetics designed to help amputees with various tasks. Additionally, the founders are conducting research on an advanced bionic arm that aims to be a cost-effective alternative to imported models.
Seeking an investment of Rs 80 lakh for 2% equity, Symbionic’s founders valued their company at Rs 40 crore. They revealed that the business had already secured Rs 6 crore in funding across three rounds. The requested investment would primarily fuel the development of their bionic arm. However, they admitted to being pre-revenue and were preparing to launch the prosthetics kit soon.
Guest shark Srikanth Bolla didn’t hold back in his critique. He questioned their hesitancy in launching the product despite having substantial funds. “You have Rs 1.6 crore in the bank, why are you not launching your products?” he asked pointedly. Expressing his frustration, he continued, “You’re not confident about the product, and your valuation is arbitrary. It’s beyond my expertise, and your answers are going over my head, so I’m out.” He encouraged them to return after launching and generating revenue.
Aman Gupta echoed the concern, emphasizing that investing in a pre-revenue product was risky. He advised the founders to move forward and test the market instead. Anupam Mittal agreed, criticizing their pursuit of perfection. “You have to iterate, you have to chase product-market fit, you have to ship, ship, ship. Not wait, wait, wait,” he said. His advice was clear, launch the product and let the results attract investors.
Namita Thapar, however, took a different approach. She acknowledged the challenges of innovation and pointed out that her company, Emcure, had made significant investments in similar businesses. “First-mover advantage isn’t everything. Innovation means taking big bets, and the most impressive thing about you is that you have been working at this for half a decade,” she said. Recognizing the founder’s personal connection to the product, she expressed her belief in their determination.
Namita proposed a deal offering Rs 40 lakh for 2% equity and an additional Rs 40 lakh as debt. The founders countered by requesting a reduction to 1% equity. Namita agreed, sealing the deal on those terms. Post the pitch, they received further support from Jeet Adani, who committed Rs 50 lakh as a grant, with the possibility of another Rs 50 lakh based on the product’s market performance.
The founders left the tank with not just financial backing, but also valuable guidance. With a combination of determination and the right support, Symbionic is now set to launch its product and make a significant impact in the prosthetics industry. Their journey stands as a testament to the power of perseverance and innovation.