New Spin on a Traditional Idea

In one of our earliest classes, Professor Hollis discussed the student who won an entrepreneurial competition with his simple take on solar powered light. Similarly, this compilation of “Shark Tank” highlights demonstrates that the most successful companies are often an innovative spin on a simple product or service. The “Tipsy Elves” company, for example, has capitalized on the “ugly Christmas sweater” market, and has made a reported $40 million dollars in sales of eccentric clothing items. “Tom & Chee,” a grilled cheese restaurant, has expanded to 14 states, raking in $47 million in sales. Having a new idea on a traditional product or service is still an “entrepreneurial” endeavor, and it’s interesting to see why these Sharks thought it was smart to invest in these particular companies.

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