Yeah, "getitasap" or "asap" was on Shark Tank. Comments from the...

Yeah, "getitasap" or "asap" was on Shark Tank.

Comments from the Sharktank episode (2 years ago) below - This is NOT the same app, just similar.

ASAP Delivery– This pitch was all about playing to the ‘on demand’ economy with people wanting things literally delivered to their desk or home without having to leave their computer to do it. However making a customer promise that anything can be delivered within 60 minutes is a big deal – and you cannot justify the customer promise with a ‘sometimes’ statement. They are playing a big game in a very cluttered space – with massive competitors – but maybe they have something special. As someone who is all about the customer, how can they be 100% sure that their drivers can achieve this? Where is the quality control? How do they vet drivers?
ASAP

Concept is – whatever you want, delivered in 60 minutes. Nice idea, and one that I believe is much needed but they had only been going for 6 months, and had already valued their business at $1.6million dollars! There was no proof of concept, and the main thing that made me run a mile was when they started throwing lines in like ‘Most popular delivery service in Australia’, now, I am not sure what Australia Post would think of this, but when you dig a bit deeper, their claims are not exactly based on anything too scientific. You have to be careful when pitching as when you start exaggerating, you make your investor very nervous on what else you are exaggerating.
Their promise is to deliver within 60 minutes, and for them to then say, this is mostly the case…. Well then this is not a promise to deliver, it is a hope, and customers are not that forgiving. Saying that, the experiment that we did during the pitch, did come within 60minutes. Big tick.
They need to prove that they can execute on this business plan and look at ways of promoting their product. They did not convince me that night, that they could do this.
Wish them well, but not for me..
Tip: Under-promise and over-deliver, is the best way to get investors to trust you. Look at the public listed market; businesses that give too much blue sky and do not delivery on that vision, pay the price by the market taking years to forgive them, as trust is the number one asset you have in business



So are the millions they are going to sink into this new venture for 25% of the company worth it? Absolutely not IMO. Considering the above comments for a similar app where they valued the whole business at $1.6mil, I don't understand how management justify $250,000 cash, $1.8mil in RUNA shares and $350,000 in IOT shares (some nice dilution for current holders), at a grand total of $2.4mil for a portion of a company that is currently in Beta!


Although what do you expect when the Executive Director doesn't even understand the meaning of IOT and what is actually relates to (no Sean, a mobile app is NOT an IOT device)

"The IOT Board see this strategic investment in RUNA as in line with the Company’s current strategy and focus, being IOT, the “Internet of Things” – devices talking to devices."