By Miriam Bell
Got a great business idea? If you are a Kiwi entrepreneur who wants to take their business idea to the next level it could pay to look to New York’s BizTank.
Styled as a Jewish “shark tank”, the BizTank is a panel of Jewish investors, or “moguls”, who take pitches from budding entrepreneurs.
They provide access to capital for investments ranging from $50,000 to $5,000,000 for those who are successful.
Entrepreneurs submit their pitches to the BizTank website for review and a handful are asked to present to the panel of “moguls”.
As well as helping entrepreneurs with access to capital, BizTank provides a vetted deal flow for its moguls who are seeking qualified investment opportunities.
The whole process is depicted in a web-based series called “Meeting the Moguls”.
To date, the BizTank – which was founded in March 2016 - has made around $4 million worth of deals.
But it is not intended to be about glitz and glamour – rather it is about helping entrepreneurs succeed, whether they get an investment or not.
For BizTank founder and producer Joel Klein, it is all about “matchmaking” entrepreneurs with business owners who have the capital to invest.
Klein, who is a haredi ultra-Orthodox Jewish business consultant, said the BizTank has pitches coming in from across the globe, so Kiwi entrepreneurs would be welcome to apply.
“Any business that has a vision and some revenue with a proof of concept, or is protected by a patent or trade secret, is a great pitch,” he said.
“If the submitted pitch qualifies, the presenter would typically make their way to New York to present to the investors in person at a BizTank event.”
The features that make a pitch appealing to the “moguls” are personality, product and profits, Klein said.
“These are the 3 p's that make a great pitch. There needs to be a person and great personality behind the company.
“And the pitch needs to be a great product or service and needs to have a great projection towards growth and profits.”
An example of a successful BizTank pitch is FlowAid which is a unique, hospital and home use device (the FA100) that uses a sequential pattern of neuromuscular electrical stimulation to increase blood flow.
Mogul Eli Verschleiser invested in FlowAid's FA100 because it has been proven to change the future by improving the quality of patient care and vascular health care through circulatory enhancement.
Another example of a successful BizTank pitch came from ARenu which is a new-media studio that specialises in using cutting edge technology to create customized 3D walkthroughs of real estate developments.
ARenu secured the interest and investment of mogul Srully Wolfson.
Some other BizTank successes are WaiveCar which is a revolutionary car-sharing programme; Cozy Cuddlerz which is a pet product company; Jift Card which is a universal gift card programme; and a velcro dressing aid for people suffering from arthritis or nervous system diseases invented by Holocaust survivor Ervin Hoffman.
For those interested in pitching a business enterprise and who are ready to make a deal, the BizTank website can be found at www.btankmoguls.com.