What do a snoring noise-cancelling technology inventor, a decorative deli container holder manufacturer and an automated retractable wall company have in common? They all appeared before the “Moguls” at the latest session of BizTank, an innovative New York City based program that brings the famed “Shark Tank” capital-raising format to Jewish entrepreneurs and investors. Entrepreneurs pitch their companies to a panel of successful Jewish investors (the “Moguls”), asking for investments of up to $5 million, all while fielding tough and pointed questions from the investors.
Watching a session of BizTank is like sitting in on a business school seminar – except that it brings real money to businesses. BizTank is the creation of haredi business management consultant Joel Klein, CPBC and CEO of Brooklyn-based Immediate Marketing and Business Consulting (IMBC). Klein got his start in business consulting after helping local companies in Brooklyn understand how to better serve customers, reorganize their business functions and unlock hidden value.
He quickly became the go-to consultant for many in New York City and beyond, and has since helped his clients build multi-million dollar businesses across the United States, Canada, Europe and Israel. The idea of starting BizTank came to Klein when he realized that many in the haredi community needed better access to capital. Taking haredi and other orthodox Jewish entrepreneurs to the next level isn’t a matter of finding talent or great ideas – there are plenty of both to go around. These entrepreneurs need investment partners to provide the capital, and expertise, to help their businesses grow.
At a recent round of BizTank, prominent investors including David Schottenstein, Eli Verschleiser and Gedaliah Weinberger fired hard-hitting questions at the presenters, seeking to understand the business models, products, sales and outlooks for each company. Presenters had to be on their toes, and whether they got a deal or not, each of them walked away with a better understanding of how they can improve their businesses. If the energy and excitement from the latest round of BizTank is any indication, the program is sure to grow, and will yield some great companies that we’ll all come to recognize in the near future. It’s great in a community that creates so much goodness.
By: Ronn Torossian
Ronn Torossian is CEO of 5WPR, a leading independently owned PR Agency.