No investment, but a lot won. That's how our participation in the start-up show "2 Minuten 2 Millionen" can be summarized in one sentence. But first things first.
Presentation of our toilet stool to a wide audience
It all started with the decision that we wanted to apply for the start-up TV show "2 Minuten 2 Millionen". In addition to the prospect of working with an experienced and well-connected comrade-in-arms, we were particularly attracted by the opportunity to finally present our toilet stool to a wide audience and to have enough time to explain both the actual problem of defecation and the handling of our two-part toilet stool in detail.
The decision to take part in the show paid off immediately
The moment we were actually accepted by the broadcaster to take part, it started to pay off for us, because now we had to concentrate fully on our toilet stool business. After all, we wanted to be able to answer the investors' questions honestly and competently during the pitch. So we updated our business plan, which had honestly been somewhat neglected in recent months, and intensively checked and updated all the figures.
Intensive work on the business model: collecting data and gaining new insights as a result
We have been collecting market data, scrutinizing it and learning new things. A lot of really exciting aspects came to light and we were able to gain many new insights into our own company. When the business plan was finished, it was of course also about finding an appropriate valuation for our company. We would not have discussed and debated all these important aspects about our own company in such depth without the preparation for the pitch. In retrospect, we will benefit from this intensive work on our business model for a long time to come.
Sharpening your own market positioning by preparing for the pitch
The next step was to prepare for the actual pitch. How do we explain to the investors and, above all, the audience in two minutes what problem we are solving with our toilet stool and why our solution is the best on the market? Here, too, it was very good for us to formulate and clarify precisely these questions for ourselves - and, of course, the potential questions from investors - as this enabled us to sharpen our market positioning once again and even gain new, hugely important insights into the toilet stool market.
The day of the recording: nervousness, presentation and investor feedback
The day of the recording was really special for us. Neither of us had any experience of presenting on television and so we were naturally a little nervous. But the TV team quickly took away our nervousness with their friendly manner and before we knew it, we were standing in the spotlight and presenting our toilet stool to the investors. Everything went very quickly and in a blink of an eye, it was already over. The investors liked our product, but also very quickly recognized the fundamental problem - the general public's lack of awareness of the problem of defecation using conventional toilets. The actual market for toilet stools in Europe is not yet as developed as in the USA, where millions of toilet stools are sold every year, and the necessary educational work would be a Herculean task that could only be accomplished with a large media presence.
Nevertheless, everyone was enthusiastic about our unique designer toilet stool and three of the six investors even offered their further support and network (Media for Equity Fond, Mediashop Ticket, Kärnten Start-up Ticket).
Here are our favorite quotes from the show:
Christian Jäger:
“Now that you've described it like that, I recognize the problem. But I wouldn't have known it was such a problem. Of course, that could be a bit of a problem, that many others feel the same way.”
Eveline Steinberger:
“My compliments. I've really learned something new today. And then I'd like to say that I also think it's incredibly great that you've made sure that the materials are recyclable and sustainable.”
Heinrich Prokop:
“Stuul - a really good name!”
Now, of course, the question arises: What happens next?
We are currently still working through the numerous topics and options that have emerged from the follow-up with interested investors. We are soaking up the feedback and advice like a sponge and are trying to implement the so-called "low hanging fruits" in a timely manner. Major adjustments to our business model and our corporate structure are not yet on the agenda and further discussions and explorations are required to decide which options we will ultimately choose.
However, our participation in the TV show was already a huge success for us, which we had not expected in this form. Not to mention the increase in our brand awareness and the run on our store with corresponding sales following the show. We came out of the show stronger and more focused and received an enormous motivation boost.
We would therefore like to say a big thank you to all the employees of the broadcaster, the investors and of course the viewers. You were all fantastic and we are deeply grateful that we were given this opportunity.
