Looking for angel money? Courting an investor isn't easy. Just ask the four entrepreneurs who met with Kevin O'Leary, the outspoken entrepreneur and investor known as "Mr. Wonderful" on the TV series Shark Tank. He grilled the business owners of web ventures —Rap Genius, Milk & Honey, Plated.com and lover.ly—to find out how they plan to position their companies for the future.
He quizzed them on the outlook for their respective markets. To get a pulse reading on their chances of success, he also probed to learn about their competitors and their profit margins in the months ahead.
The goal of the guru was to see how he could help these upstarts get noticed and build a brand name, while helping them build sales and become profitable.
Rap Genius co-founder, Illan Zechory, who does not expect his company will turn a profit this year, had to defend this longer-term strategy to Mr. Wonderful, after the investor asked: "Why do you hate money so much?"
Confident in the power of his brand, Zechory remained unflappable. "People are already comparing us to Google and Mark Cuban tweeted that searching yourself on Rap Genius is the 'new Googling yourself.'"