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Ram Ravichandran
Google Data Science Manager & Ex-Visa Director of Data ScienceSharktank Companies Analysis
Author
Team skills.aiExecutive summary
In this analysis of the Shark Tank Companies dataset, we have identified key insights related to category performance, founding team composition, and entrepreneur location impact on success rates.
Category Performance: - Storage and Cleaning Products showed the highest success rate at 76.47%, followed by Kitchen Tools at 66.67%. - Baby and Child Care and Outdoor Recreation categories both had a success rate of 62.5%. - The lowest success rate was observed in the Novelties category at 45.71%, with Pet Products close behind at 46.15%. - The Specialty Food category had the highest number of total deals (62) but only had a success rate of 54.84%, indicating room for improvement.
Founding Team: - Single-founder startups had a success rate of 49.1% (334 cases). - Startups with multiple founders had a higher success rate of 54.0% (1610 cases), suggesting that having multiple founders may contribute to increased success.
Entrepreneur Location Impact: - San Diego, CA had the highest success rate at 70%, followed by Austin, TX at 69.23% and Chicago, IL at 64.29%. - Larger cities like Los Angeles, CA and New York, NY had lower success rates at 46.34% and 43.33% respectively. - Portland, OR had the lowest success rate at 40%.
These findings provide valuable insights for entrepreneurs and investors to consider when evaluating the potential success of new ventures in the Shark Tank ecosystem.
About the data
The Shark Tank Companies dataset provides a comprehensive analysis of companies that have appeared on the popular reality television show, Shark Tank. The show features aspiring entrepreneurs who pitch their business ideas to a panel of investors (the "sharks") in the hopes of securing funding and support for their ventures.
Analytics
1. Category performance: Analyze the performance of various product categories in terms of deal success rates.
- The highest success rate is observed in the Storage and Cleaning Products category with a 76.47% success rate, followed by the Kitchen Tools category at 66.67%.
- Baby and Child Care and Outdoor Recreation categories both have a success rate of 62.5%, making them the third-best performing categories.
- The lowest success rate belongs to the Novelties category with a 45.71% success rate, closely followed by Pet Products at 46.15%.
- The Specialty Food category has the highest number of total deals (62) but only has a success rate of 54.84%, indicating a potential area for improvement.
- Categories with fewer than 10 applicants were excluded.
2. Founding team: does multiple founder has a higher success rate than single founder.
- The study analyzed the success rates of single-founder and multiple-founder startups.
- 334 startups were founded by a single entrepreneur, with a success rate of 49.1%.
- In contrast, startups with multiple founders had a total of 1610 cases, and a higher success rate of 54.0%.
- The data suggests that having multiple founders may contribute to a higher likelihood of success.
- It is important to consider other factors that may influence success rates, as this study only focuses on the number of founders.
3. Entrepreneur location impact: Assess the influence of entrepreneurs' locations on the success rates.
- San Diego, CA has the highest success rate among entrepreneur locations at 70%, with 7 out of 10 companies having successful deals.
- Austin, TX and Chicago, IL follow closely behind with success rates of 69.23% and 64.29% respectively, both having 9 successful deals.
- Larger cities like Los Angeles, CA and New York, NY have lower success rates at 46.34% and 43.33% respectively, despite having more total companies.
- Portland, OR has the lowest success rate at 40%, with only 4 out of 10 companies having successful deals.
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