Question of the Week
From Startup to Shark Tank
Happy Friday, everyone!
Ever wonder what it would be like to be on Shark Tank?
We dropped one of my favorite MDB conversations to date this week. I chatted with Krish Himmatramka, the founder of Do Amore, which sells ethically sourced engagement rings to further its mission of providing clean water to people in developing countries. In the episode, Krish shares his journey from mechanical engineer to mission-driven entrepreneur, including his experience on the hit TV show Shark Tank. He also provides insights into building a for-profit brand that makes an impact and details how he scaled his business from an $18,000 investment to netting $40 million in sales.
Episode Highlights
Mission-driven businesses change lives.
Krish defines a mission-driven business as one where you want to make money and use some of that money to improve a community — whether that community is small and local or the entire world. His company, Do Amore, fulfills its mission by bringing clean water to a person in a developing country every time a customer buys an engagement or wedding ring.
“Do Amore is basically the most ethical engagement ring and wedding ring company in the world,” Krish said. “This way, a couple can use their life-changing moment to actually change another life forever.”
Make an ethical case for a for-profit company.
Before Krish started Do Amore, he saw many nonprofit businesses trying to bring people clean water, but few made a significant impact in fulfilling that mission. Rather than creating another nonprofit, he thought he could positively change more lives by funding nonprofit work with the sales from a for-profit business that sold something expensive at a large volume — like engagement rings.
“I focused on making an ethical ring for my girlfriend that actually helped the world,” Krish said. “The best way to do this was to sell something expensive that was high volume and high-profit margin, so that every time we sell something, we could make a massive difference.”
Keep a startup mentality.
Krish saved $18,000 to start his business, and it was the only money he needed to invest. He largely credits the success to avoiding inventory costs by only making orders after receiving payment from a customer, but he also says putting his savings into the company forced him to make the business work.
“It was a very slow and steady process,” Krish said. “You start with selling one ring a month, then the next month selling three, then five.”
Advertise your mission — especially on SharkTank.
After years of slow but steady growth, Krish says two decisions were crucial to building Do Amore’s momentum: (1) Migrating to a “real website” that he didn’t build himself and (2) paying for advertising.
Another great way to advertise? Being on the hit TV show Shark Tank, as Krish can attest since he was featured on Season 13 of the show.
“Having people like Mark Cuban and Kevin O’Leary talking to you on the screen adds some trust,” Krish said. “I think it added a trust component for us.”
Quote of the Week
“It was a very slow and steady process. You start with selling one ring a month, then the next month selling three, then five.” – Krish Himmatramka
Task of the Week
You won’t want to miss this conversation. And you can learn more about Krish and Do Amore at the links below: