Why Mark Cuban Gave a Million Dollars to Beatbox Beverages
Mark Cuban just invested a million dollars in an Austin startup that produces cheap boxed wine, in a package that looks a little like a boom box.
After the Shark Tank episode aired, I was at a gathering with other entrepreneurs. They scratched their heads, pondering what just happened. After all, there wasn't anything exceedingly innovative or universe-denting about the product. Yet Cuban went "all in."
While the other Sharks sharpened their pencils and calculated their usual valuations, Mark Cuban wrapped his head around the real value. "You guys don't sell wine," he says. "You sell fun!" Mark Cuban had invested in a mantra.
As serial entrepreneur Guy Kawasaki explains, a mantra is a concise statement of the existential question, "Why are we here?," stated in terms of value to the customer, not in terms of products. Mantras describe the business that you are really in. For Beatbox Beverages, the three word, million dollar mantra is "We sell fun."
A mantra can make the difference between success and failure. For Beatbox Beverages, it was literally worth a million dollars!
Which business are you really in?