Dr Catriona Wallace shares why she is “still smouldering” over a Shark Tank deal

Dr Catriona Wallace is the founder of Flamingo AI, which became the second startup founded by a woman to hit the ASX, and the Responsible Metaverse Alliance and now, one of the newest sharks to feature on Shark Tank Australia. 

In this Q&A, SmartCompany asks Wallace about the most important lessons an entrepreneur can learn from an unsuccessful pitch. 

What surprised you most about the contestants and their pitches?

What surprised me most was the diversity of the entrepreneurs. We had representatives from many minority groups including Indigenous, refugee, trans and gender diverse, every age range and from almost every part of the country. I was very impressed with the level of creativity and ingenuity that this country has.

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

Yes! There were a few. One, in particular, was a product you would find in a hardware store, so initially, I had little interest given I am a high-tech entrepreneur. Then by the end of the pitch, I was desperate to get the deal … but Robert cut me out of it. I am still smouldering about that now …

Were there any common attributes to the successful pitches?

The common attributes to successful pitches related to how well the entrepreneur knew their numbers, their market, and how confident they were to stand up to and negotiate with the Sharks. We had a few entrepreneurs who really put the Sharks through their paces and negotiated the deal that they wanted. It was great to see.

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

For each pitch that did not get funding the Sharks, in the main, were very kind and gave extremely useful feedback. So for viewers, the show will give many lessons on how to be a great entrepreneur. For some entrepreneurs who would not listen or did not know their numbers or were not coachable then it could get a bit sharky in the tank.

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

Wow, I would be so nervous coming up in front of Jane, Davie, Sabri and Robert. I reckon I would have got tongue-tied, forgotten a few things, and be worried about which Shark would take a bite… But really we weren’t like that at all. We respected every entrepreneur. I am just glad that after spending over 10 years raising capital as an entrepreneur this time I was the one giving the money and not pitching for the money. It’s way easier!

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

We have three total rockstar e-commerce Sharks on the program, Davie, Jane and Sabri. And Robert, although a tech entrepreneur like me, has invested in a lot of e-commerce businesses (he has invested $23 million over his 15 seasons on Shark Tank Canada and America). So there are many great lessons on e-comm that these Sharks will share on the show.

From me, my contribution is about how AI might be used in products and also how to think about the environment, ethics and diversity and inclusion when building businesses. The show will be highly educative — but also totally entertaining. Many tears (mostly me), laughs, hugs, frustrations, and tensions, but mostly celebrations.

Read more about Shark Tank Australia here.