next into the tank is a young entrepreneur who wants to change the future of students around the country now all he needs is a [Music] shop hey sharks I'm Fergus 26 and the founder of find my future I'm here today seeking an investment of $300,000 for a 25% state in my company find my Futures the world's first software application to Aid in determining best suited career paths for students I've made over 700 connections with career advisers and educational institutions across Australia for the distribution of this product the first 350 I contacted said there's never been
anything like this on the market and there's a massive need for it the second 350 I contacted 95% of private schools said that they'd be able to allow budget to have this in their school for the students so my competition has now become my distribution Network by providing an improvement in an outdated system now the market size is currently 1,500,000 Secondary School students in Australia we've also got pricing on this at a subscription package of $25 per student per year that would be an annual revenue of $39 million so sharks find my future has a
prospect of aiding students with one of life's biggest fulfillments finding a career path that you're passionate about with your help we could broaden the control that students have on their future and make you some serious return on your investment okay Fergus confirming 300,000 for 25% exactly so you're valuing this brand new business at 1.2 million that's right so I'll let you have a look at the Prototype Steve back to how you doing where are you from Fus uh originally from Tasmania off a cattle farm oh nice let's have a look yeah so it's just a
part of time yeah oh right this doesn't exist yet no so how much have you invested into it to date $25,000 is that from your pocket yes and then I actually had my father help me out he sold some cattle for me and that added in another $10,000 for the total 25 so do you have to run a business plan by them no it was so he's taken a punt he sold some of his favorite cows yes and said here you go son good luck and you didn't actually sit down and um do the old
one two on them no no when I started my first business I I was waiting on a military pension payout in order to actually fund my cash flow issue I had at the time you might say and uh mom and dad let me that money and I paid it back very soon after and dad always said he should have left it in his equity and I think he's proba he's probably wrong right yeah yeah we'll buy him some gutle back one day you claim that this is the only one in the space what what allows
you to make that claim it definitely is it's is it yes I'm the only one in the only one in the space Have you heard of year 13 yes yeah so they are in a very very similar space y so you've made a claim that it is unique yet I know of one who is in this space okay you got to be careful really careful when you make a [Music] claim so tell me about your go to market strategy you surveyed 700 people but selling to 700 is a completely different thing yes so what we
we're doing is I'm linking myself up with some of the top private schools across Australia that can't actually afford to pay for the budget because it does come out of the school's budget can I poke some holes in some things oh go ahead it doesn't it doesn't yet exist is it no will you be building it no you'll be paying someone else to build it yes right you got lots of problems here right right now Fergus I'm coming at your both barrels here okay you can't execute this business Fergus is seeking investment in his high-tech
career app all five sharks are still in but a Steve drills down for more information can I poke some holes in some things oh go ahead focus is chances of getting a deal are shrinking fast you can't execute this business $100,000 will be wasted unless you get a tech co-founder on board who can build this you're selling into the school sector the next tighter sector is medical the next TI sector after that is legal they're the worst ones to go after I have businesses that sell into these sectors y what's it going to cost to
build the app mate over 200,000 200 all right all right let's just step back from the ledge year 200,000 bucks yeah it's a lot of cows $200,000 yes who was smoking what when they gave you that quote this is point in an example why you need a tech clue if you're getting a tech business someone's handed you a $200,000 quote that is fanciful right what you need to do is you need to test this for 25,000 bucks and understand if people use it more importantly they will use it how they use it actually this is
really really good advice right now it's good advice one part of this app is going to be gold to your audience I don't know which part I don't know which part of the audience yeah it's your job as an entrepreneur in a very lean way and look at what Lean Startup means to figure that out yeah because dropping 200 gorillas into this is not lean is crazy do you have a tech co-founder in this business I'm not a tech co-founder right but I've got mentors in the tech industry I totally get the mission you got
a a lot of detail to fix before this becomes a business I wish you luck keep going cuz it's definitely a problem need solving but I'm out appreciate it I don't think you're getting good advice you you've come across questionable or unethical or clueless Consultants along the way if you're going to proceed in this space mate you need to find someone who buys your vision yeah right and can actually build this for you it is so so damn important without it you are dead before you start please talk more widely to other mentors in the
industry yeah Fergus I really wish you all the best I'm out really appreciate it there is already people in this space doing a very effective job who have literally millions of people who are involved with their platform I'm out Fergus jumps in um on up just one shark left you um you did re your really good pitch your energy level was great you articulated it beautifully sometimes actually it's a money you don't spend on say the app and the advice you've got on the way is probably more valuable than the money you do yeah I'm
out thanks for the advice good luck Fergus all the best to you go FG go for it he's a great fellow good idea no execution exactly yeah yeah I agree with that
