March 24, 2015
If you’re a fan of Shark Tank, you know that it’s pretty difficult to get one of the investors to fund an idea. It’s even harder to get all investors to invest, but Charles Michael Yim did just that.
On September 2013 Yim, CEO of Breathometer, successfully raised his initial offer from $250,000 to $1 Million deal with his innovation, and he amazingly managed to bring ALL five Sharks (Mark Cuban, Daymond John, Kevin O’Leary, Lori Greiner, and Robert Herjavec) to invest in the “million dollar deal” together for the first time in Shark Tank history. Yim recently met Sir Richard Branson to talk about Breathometer get some advice.
Tech.Co wanted to learn more about Yim and what advice he’s gotten from Branson and all five Sharks.
What is breathometer? What problem is it solving?
Breathometer is a breath analysis platform that can detect several of the 300 biomarkers that are found in the human breath ranging from alcohol, fat burning, asthma, diabetes and even lung cancer. Breathometer offers a cost effective and non-invasive approach to help consumers monitor different facets of their health and wellness.
You were on Shark Tank and successfully got funding from all five sharks. What aspect of your pitch do you think convinced the investors?
I think the combination of my seasoned experience and track record, product concept and vision, traction and ultimately preparation is what made it compelling for all 5 celebrity investors to want to get involved.
What advice do you give to fellow entrepreneurs who are trying to raise money?
Try to get to proof of concept or even product to market fit with some revenue prior to attempting to raise funds. Investors will have more respect and take you more seriously. Otherwise, you could end up in a bottom-less pit of ever funding efforts which could be detrimental to the company
What is the best advice the sharks have given you?
Strategically build the company creating barriers to entry for potential competitors so you can own the market and focus on delivering a valuable product/service that your customers enjoy.
You successfully founded and sold your previous company Chatterfly. What were some important lessons learned that startup that you implemented in your current business?
Build a great team and learn how to delegate. Once a company scales, it’s important to trust your team members to do their jobs because once you reach the tipping point and start to scale it will be impossible to do everything on your own. Creating a company culture of “get-it-done” is key because it sets the tone early on and reinforces momentum.
You recently met Sir Richard Branson, what advice did he give you?
His advice was to build for the future where it could help save lives and truly contribute to the world and society as a whole. Richard was most excited about our future lung cancer Breathometer product.
Sounds awesome! What’s next for Breathometer?
Other than focusing on breath analysis, we’re looking to leverage our platform we’ve built to apply to environmental sensing geared towards things like pollution. It’s a big problem in places like China. Our platform has unlimited potential and we’re only touching the tip of the iceberg.
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