Jane Lu explains why she ‘fought’ with fellow judges on Shark Tank

Jane Lu founded Showpo in 2010, leaving her corporate career to create one of the country’s leading e-commerce fashion retailers. Now, she’s helping other entrepreneurs grow their businesses as one of the five new investors on Shark Tank Australia. 

In this SmartCompany Q&A, Jane Lu shares the common attributes of the successful pitches in the tank. 

What surprised you most about the contestants and their pitches?

There was such a diverse range from all walks of life — different types of products and services, different stages of businesses.

So before the entrepreneur comes out of the elevator, the sharks get a minute to look at their set. Sometimes I might have in my head, subconsciously, completely written them off because it doesn’t seem interesting to me. But then I hear the pitch, and the entrepreneur really explains the problem their business solves. I surprised myself by then fighting the other sharks to get that deal!

Did any contestants manage to completely change your view on their idea over the course of the pitch?

There were definitely some businesses that I initially wrote off because it seemed too early stage, or it was in an industry I wasn’t interested in at all, but then the entrepreneur and the pitch just won me back in!

Were there any common attributes to the successful pitches?

– Articulated how their business is the perfect solution for a problem they’ve identified
– Market validation or social proof for their product or service
– I personally can only work with fast-paced people, that have a bias for action, so I look for that trait in people in anyone I work closely with, including for my investments.

Not every pitch will be successful. What do you think are the most important lessons for entrepreneurs to take from an unsuccessful pitch?

– Take on the feedback and see it as a learning
– The only real failure or loss is if you’ve learnt or taken nothing from the experience/pitch.

How do you think you would fare if you had to pitch your own business idea to the other Shark Tank sharks?

Haha probably not very well! I feel for the entrepreneurs… There’s such a big build up and then you enter the tank and you’ve got the five sharks and all the lights and cameras pointing at you… and the pressure of the future outcome of your business! It’s a lot!!

What other lessons do you think entrepreneurs can learn from this season of Shark Tank?

We gave a lot of feedback to the entrepreneurs that can be used across the board for other businesses. And we talked a lot about the approaches we would take to scale a business.

Read more about Shark Tank Australia here.