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BigDeal by Codie SanchezMy Billion Dollar Shark Tank Investment: Daymond John
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WHAT IT’S REALLY ABOUT
Daymond John on Bombas, Power of Broke, AI Fears, and Why
- Daymond John says he was the only Shark to back Bombas, which he credits to founders who were humble, did their homework, and combined making money with giving back.
- He describes FUBU's scrappy early hacks, such as wearing shirts on video sets, painting store gates, and buying BET airtime, as common sense born of the 'power of broke'.
- He explains how Shark Tank works, saying nothing is produced, deals take six to nine months to close, and he has a problem with founders who pitch only for the exposure.
- He is worried that AI will cause social upheaval and suggests focusing on community, trades, boring businesses, and brand, while Codie Sanchez adds that human-to-human hustle will matter more.
- He closes by urging entrepreneurs to know their why, explaining that he turned down a huge credit line to avoid missing more time with his family.
IDEAS WORTH REMEMBERING
5 ideasGreat founders are humble and resourceful, not reliant on big money
Daymond says money highlights weaknesses, and if you can't get customers with $200 you won't get them with $2 million. He liked Bombas founders because they tested their idea on a 50,000-person email list.
You can make it and matter at the same time
Daymond used to believe you make it, master your craft, then matter. The Bombas founders, who give a pair of socks away for each one sold, changed his thinking.
Common sense and low-cost hacks beat big ad spend
At FUBU he put shirts on artists at video sets, painted 'Authorized FUBU dealer' on 300 storm gates, and chose BET over MTV because the audience was bigger and cheaper.
A strong pitch tells a story and qualifies the founder
Daymond says bad pitches rest on hypotheticals like 'if I only get 1% of a $50 billion market'. Good ones present a problem, show why you are the person to solve it, and give proof.
Shark Tank is real, and he objects to abusing it for free advertising
He says nothing is produced beyond re-recording clean audio of an 'I'm out', and he has founders sign a short document not to publicly shop the deal for a year. He argues that well-funded founders seeking a commercial take slots from families who risked everything.
WORDS WORTH SAVING
5 quotesIf you can't get the same customers with $200, then you ain't gonna get 'em with 2 million, right?
— Daymond John
Is my ego that big that I need to pay $96,000 so 20 people don't see me?
— Daymond John
Because the first generation makes it, the second enjoys, and third will destroy it.
— Daymond John
There's nothing new in this world. It's a new way to present it. The top companies in Shark Tank history, socks and a sponge.
— Daymond John
If you're waking up every day because you're solving a problem for a person, you're bringing them joy and you love it, then you can do that.
— Daymond John
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SPEAKERS
Daymond John
guestEntrepreneur and investor, founder of FUBU and Shark Tank “shark” known for brand-building and deal-making.
Codie Sanchez
hostEntrepreneur and media host focused on buying/building cash-flowing businesses and investing.
High quality AI-generated summary created from speaker-labeled transcript.
