[Shark Tank Season 6 Episode 3] Shark Hung Anh Shares Sincerely a Deep Lessons for "Three-Wheel Electric Vehicle" Startup
08 Dec, 2023 (GMT+7)Export To PDF
Shark Hung Anh shared with Startup Cababa, a company which produces three-wheeled electric vehicles with the belief that somewhere in the world will allow the circulation of this type of motorbike, "In the past, I also called for capital over and over again but no one agreed. It was not that people could not see my passion, they knew the project would definitely fail, so no one put in the money."
"3-wheel electric vehicle" with the ambition to eliminate motorbikes
In episode 3 of Shark Tank Vietnam season 6, Nguyen Tuan Anh - founder of Cababa Company brought to Shark Tank Vietnam with a quite "unique" product - a 3-wheeled electric vehicle. With a narrow body, closed cockpit, air conditioning system, moreover, the car is also equipped with an active balancing mechanism which can help it overcome the biggest drawback of narrow-body cars, which is to avoid overturning when cornering. The "three-wheeled electric vehicle" can travel 200 km on a single charge, the product's surface is equivalent to a motorbike and the expected selling price is 100 million VND.
Participating in Shark Tank Vietnam, Cababa wanted to call for capital of 1.8 billion VND for 5% of the company's shares. Tuan Anh shared: "This is not a car or a motorbike, this is a product from the future", "Electric cars are a huge opportunity, not only for us but for many other businesses that can do something for the country and export. I think I will export before selling in Vietnam. There will be somewhere that will accept this car. The proof is that America has it, Japan has it, Europe has it.”. However, even though it was almost complete, when asked about the financial picture in the next 3-5 years, Tuan Anh shared: "To be honest, sorry, I haven't looked that far ahead. I came here to raise capital with a 6-month vision to create 5 more products."
Shark Hung Anh was quite interested in "three-wheeled electric vehicles"
“No one spends money for others to build their dreams”
After Tuan Anh's presentation, Shark Hung Anh had a frank and sincere sharing. Shark shares that: "Tuan Anh is very similar to me in the past - always thinking about his burning passion and thinking that people's opinions are misleading and incorrect".
“I never accept the actual data that reflects the problem and the reason people do not accept the registration. I don't accept it and want to change that. It's not unrealistic, but it's very difficult for me to change other people's thinking." - Shark Hung Anh pointed out problems in Cababa's business model.
Besides, Shark Hung Anh also gave a profound and straightforward lesson for the Startup of "3-wheeled electric vehicle": "The safest and best way to go is to follow the path that people have led before, and just widen it. No product yet, not yet commercialized, not yet licensed. This investment amount is very small, it's gone in a few days, then you continue to raise capital, you don't have time to think. So now we have to look directly at the problem. Our life is only 20-30 years of work. We sacrifice all our youth and will regret it later. Just like you in the past, I kept calling for capital but no one agreed. It's not that people don't see my passion, but people know for sure that the project will fail, so no one will spend money. No one even spent money on others to build their ideas and dreams. I can't give you money to build your dream."
After Shark Hung Anh's sharing, Tuan Anh also emotionally admitted that even the closest people "cursed" him for "burning" 2 billion VND on his dream.
Although each of the "sharks" in turn believed that the project was not feasible and decided not to invest, Shark Hung still saw the potential of the project and proposed to invest 1.8 billion VND for a 15% stake, and the prerequisite is that the Startup must have reliable progress in vehicle registration and circulation procedures. After a period of negotiation, Tuan Anh and Shark Hung finalized the final plan of 1.8 billion VND for 12% shares and an additional 3% pre-share for Shark Hung's companionship.
Shark Hung Anh pointed out problems in Cababa's business model and had sincere advice for Startup
Actress Thuy Lieu and Pitagon Joint Stock Company with the PISAFE smart platform
In addition, episode 3 of Shark Tank Vietnam season 6 also welcomed the participation of Actress Thuy Lieu and Pitagon Joint Stock Company. Pitagon Joint Stock Company was accompanied by Shark Binh in a deal of 250,000 USD for 20% shares. On the contrary, actress Thuy Lieu, with her product "Bo mot nang", because of the unlucky, did not receive any investment from Sharks.
Actress Thuy Lieu calls for capital with the product "Bo mot nang"
Follow Shark Le Hung Anh at: https://www.facebook.com/SharkLeHungAnh