Miso Media Shark Tank Pitch
Aviv Gill is pitching Miso Media in Shark Tank Season 3. He has a commercial application called Miso Music which teaches people how to play a guitar, as well as other apps. He uses adapters as well that plug directly into an iPad to show you what keys you are supposed to play.
Aviv brings Ingrid Michelson to play her hit song and demonstrate the iPad App. Ingrid says she comes with the App, and is an advisor to the company. Aviv's dad is a music engineer and is mother is an Opera singer. Justin Timberlake and Google are investors in the company.
Miso Media sells sheet music as well as providing he App for free. There are in App purchases allowing customers to buy sheet music. They have customers that are coming back regularly to make purchases. Digital Sheet Music has not been very successful, and they are changing the model.
They have only $40,000 in sales to date, but are only offering 5%.
Miso Media Episode Data
- Company: Miso Media –Website
- Entrepreneurs: Aviv Grill
- Ask: $300,000 for 5% equity
- Episode Season 3 Episode 309
- Companies in this episode:
- Tower Paddle Boards
- Instant Lifts
- Miso Media
- ReadeREST – Featured Update
- First Aired: 03/16/2012
- Deal: Mark Cuban $300,000 for 8% equity
What do the Shark Tank Investors say about Miso Media?
- Mark Cuban – asks if Aviv developed the software and he does. Mark asks about charging a premium version, and he leaves that open. He offers $300,000 for 8% by himself.
- Daymond John – is insulted because Aviv has everything he needs but is only offering 5% of the company. Daymond is out.
- Kevin O'Leary – wants to know why he has to pay double what they raised capital six months previous to the pitch. Kevin asks if they own the IP, and Aviv responds they do. He offers $100,000 for 3.33 percent. He needs to get the other $200,000 from other Sharks. Aviv said he will not do it at the previous valuation. Kevin offers to do half of what Mark offers, but Mark tells him he doesn't need Kevin.
- Barbara Corcoran – has been burned by technology businesses before, and they go through money way to fast. She is out.
- Robert Herjavec – offers $300,000 for 10% which is at the previous valuation. He counters at $300,000 for 7% equity. He does not want to go lower because it hurts him on the other money that he is bringing in to the company.
Miso Media after Shark Tank
Miso Media lands the Shark Tank deal, but runs out of money despite being backed by Google and raising $2.4 million. The product they pitched on Shark Tank wasn't going to work like they expected before the episode aired. So, they focused on improving on the product, rather than pivoting and putting their energy on a better product.
The team inside the company was split, and it made the whole company unsuccessful, causing Miso Media to run out of money. The gave up on the Guitar leaning app after half a year of working on it, and they shifted to focusing on the product that they felt more confident in building.
The investors wouldn't continue to fund because they knew that they were not focusing on the right product. The company closed a year after the Shark Tank episode.