Spencer started his the sports apparel company when he was just 19 years-old, running it out of his parent’s garage in Canberra. Now 25, he’s running a multimillion-dollar company that employs 13 people and is in the process of going global, with export revenue already sitting at 15 percent, and a factory team of 300 in China.
Strategic growth plan
For the last 12 months, the brand has been focusing on gaining traction, strong growth and getting more clients and companies on board.
“The strategy is ‘go where the people are’ and yeah, so we’ve been building up a lot of the foundations of the company to be able to start working with much larger customers, much larger partners and starting to continue to build up a great technology so we can really redefine the custom-made sporting goods industry,” says Spencer.
“Now we’re expanding nationally our National Sales Manager is based in Melbourne, we’re opening a base in Melbourne. We’re working with pretty much every large retailer in Australia now, David Jones, General Pants Co., Rebel Sport, Drummond Golf; who are all interstate, but we’re able now go there.”
It’s this pursuit of growth that spurred Spencer to go on the tv show and pitch his company to investors. On Sunday night, he was successful in getting the ‘sharks’ to invest $600,000 for a 30 percent share in the company.
Having built the brand 100 percent himself and with very little cash, Spencer is has a strong vision of how he wants his company to expand and what strides he needs to take to get there.
“I think we can build a $100 million business a lot faster if I’ve got people who are extremely experienced in the game and who are driven to an overarching vision of achieving a massive company quickly,” says Spencer.
“A company is not all about a founder, I think that’s one big thing that I’ve taken away from my growth story is that a great company is about a team unified towards a united vision.”
Challenges and learning curve
The company has had it’s fair share of up’s and down’s but Spencer says he doesn’t mind a challenge.
“I prefer operating in pain than success. I know that sounds really weird, but I prefer a challenge than having a plan completed. There’s this passion I have every day of waking up and knowing that there’s a hundred people out there smarter, younger, faster, quicker than I can be and I think it’s the hunger to succeed for the customer that is what drives me.”
It’s this tenacity and perseverance which has seen the founder battle through numerous health problems and learn to enjoy the journey a little more while building the brand.
“In business often things happen that can set you back, but it’s been important for me to try to look at that as a learning curve. When you face adversity is often when you uncover the most incredible things. And I think that’s, as much as important in people’s personal journey as it is in the business, because when you have mistakes, and we’ve had tonnes and tonnes of them, you build a better business if you can learn from it.”
Sport and social entrepreneurship
The company’s connection to sport is the backbone of the business and social entrepreneurship forming a key structure in the framework of the brand.
Spencer believes the power of the brand links back to the power sport has to unify people and create change. The idea for the company first came to him when he was volunteering in Hawaii and he knew he wanted to build a company that not only sold products but gave back to communities.
“I realised that a lot of underprivileged areas of the world needed products to play sport because they were playing sport either naked or with not much on. And I realised that by giving away some team gear uniforms it would bring villages together from areas of Fiji and rural parts of Western Australia.”
He created the One-4-One initiative in 2013. “We said, ‘you know what, we’re going to take a portion of every single product we sell and put it into a fund and then we’re going to spend that fund each quarter with our charity partner, Fair Game, and we’re going to match that, whether it’s in cash or goods.”
“So using their infrastructure, their 150 volunteer base, their 32 villages that they work in, we’re able to not just support them financially, but intellectually and through product to enable them to get more kids into sport. That’s a huge part, we’re a brand that is for the people and the beautiful thing about customised sports gear is it brings people together, it has that whole unification. But also from a remote and less privileged community, has an ability to really drive some incredible change in people.”
Click here to read official article: https://www.kochiesbusinessbuilders.com.au/resources/mick-spencer-go-sports-talks-whats-next-burgeoning-brand/
]]>Spencer’s appearance on Channel Ten’s Shark Tank saw the 25-year-old founder of ONTHEGO negotiate an offer for a 30 per cent stake in his Canberra-based company. In doing so Spencer lured three “sharks” into the same business deal on a program known for the savaging it can give aspiring entrepreneurs who dare to enter its unpredictable waters.
Boost Juice founder Janine Allis, Talent2 International’s Andrew Banks and tech start-up multi-millionaire Steve Baxter each made individual bids until Spencer persuaded them to form a combined offer of $600,000.
He had gone onto the program seeking half that amount for a 10 per cent equity stake and left the sharks impressed by how much he had achieved by his mid-20s. Andrew Banks told Spencer: “You showed your mettle today. If you run your business that well, you’ll make a lot of money.” After hearing his business presentation, Janine Allis said: “You’re going to succeed.”
He founded his multi-million dollar custom-made sportswear company ONTHEGO at age 21 and is growing the reach of his company globally within a $200 billion industry.
Shark Tank used Spencer, who told the panel he wanted to die one day owning a $1 billion company, to launch its 2016 series which aired straight after Channel Ten’s marquee program Masterchef.
Spencer told the sharks his company’s competitive edge lay in sending factory-direct sports apparel to the customer. He said the TV coverage was “a chance for Australia and the world to see what work we’ve been doing, and where we’re going”.
“I’ve watched the show for years from the US, and when it hit Australia I thought it would be exciting to go on,” he said.
“It’s an incredible experience. Being able to pitch your start-up to a room of entrepreneurs collectively worth more than $1 billion, and get live feedback and critical analysis on your business, is truly priceless.”
“I’m so excited to be able show the nation the hard work that my team has put into this cause, day in, day out.”
“We’re at a great point. Being a few years in, we’ve built our model and concept, and done it off the smell of an oily rag and now we’re going to explode.”
From gap-year to bootstrapping businessman Canberra-raised Spencer grew up to be an eternal optimist who loved adventure sports such as mountain biking despite a severe heart condition that nearly killed him. He now runs his business based on four principles: purpose, people, planet and profit.
The company partners with humanitarian organisations to provide underprivileged children in Australia and the Pacific Islands access to sport.
In the style of a true “bootstrapping” entrepreneur, Spencer launched the business from his parents’ house with $150 after a gap-year. His big break came when he supplied 250 cycling jerseys to Goulburn Mulwaree Council in a quick – and some would say risky – turnaround of less than a month.
Since then he has rubbed shoulders with Richard Branson and counts former David Jones chief executive Paul Zahra as his mentor. ONTHEGO sportswear hangs in David Jones stores under the DundasFit active wear label and is available in shopping centres through revolutionary “Customiz Stations”, which allow people to design and order their own custom-made sportswear and uniforms online.
The company has a presence in China, India and Fiji. BMX world champion Caroline Buchanan and international TV celebrity Jason Dundas wear clothes made by ONTHEG
Click here to read official article: http://www.canberra.com.au/canberra-entrepreneur-mick-spencer-reels-in-three-sharks-on-hit-reality-tv-show-shark-tank/
Sportswear company ONTHEGO lands whopper deal on national TV Sportswear entrepreneur Mick Spencer showed his mettle to land a business deal with three of Australia’s leading business heavyweights in front of a national TV audience on Sunday night.
Spencer’s appearance on Channel Ten’s Shark Tank saw the 25-year-old founder of ONTHEGO negotiate an offer for a 30 per cent stake in his Canberra-based company. In doing so Spencer lured three “sharks” into the same business deal on a program known for the savaging it can give aspiring entrepreneurs who dare to enter its unpredictable waters.
Boost Juice founder Janine Allis, Talent2 International’s Andrew Banks and tech start-up multi-millionaire Steve Baxter each made individual bids until Spencer persuaded them to form a combined offer of $600,000.
He had gone onto the program seeking half that amount for a 10 per cent equity stake and left the sharks impressed by how much he had achieved by his mid-20s. Andrew Banks told Spencer: “You showed your mettle today. If you run your business that well, you’ll make a lot of money.” After hearing his business presentation, Janine Allis said: “You’re going to succeed.”
He founded his multi-million dollar custom-made sportswear company ONTHEGO at age 21 and is growing the reach of his company globally within a $200 billion industry.
Shark Tank used Spencer, who told the panel he wanted to die one day owning a $1 billion company, to launch its 2016 series which aired straight after Channel Ten’s marquee program Masterchef.
Spencer told the sharks his company’s competitive edge lay in sending factory-direct sports apparel to the customer. He said the TV coverage was “a chance for Australia and the world to see what work we’ve been doing, and where we’re going”.
“I’ve watched the show for years from the US, and when it hit Australia I thought it would be exciting to go on,” he said.
“It’s an incredible experience. Being able to pitch your start-up to a room of entrepreneurs collectively worth more than $1 billion, and get live feedback and critical analysis on your business, is truly priceless.”
“I’m so excited to be able show the nation the hard work that my team has put into this cause, day in, day out.”
“We’re at a great point. Being a few years in, we’ve built our model and concept, and done it off the smell of an oily rag and now we’re going to explode.”
From gap-year to bootstrapping businessman Canberra-raised Spencer grew up to be an eternal optimist who loved adventure sports such as mountain biking despite a severe heart condition that nearly killed him. He now runs his business based on four principles: purpose, people, planet and profit.
The company partners with humanitarian organisations to provide underprivileged children in Australia and the Pacific Islands access to sport.
In the style of a true “bootstrapping” entrepreneur, Spencer launched the business from his parents’ house with $150 after a gap-year. His big break came when he supplied 250 cycling jerseys to Goulburn Mulwaree Council in a quick – and some would say risky – turnaround of less than a month.
Since then he has rubbed shoulders with Richard Branson and counts former David Jones chief executive Paul Zahra as his mentor. ONTHEGO sportswear hangs in David Jones stores under the DundasFit active wear label and is available in shopping centres through revolutionary “Customiz Stations”, which allow people to design and order their own custom-made sportswear and uniforms online.
The company has a presence in China, India and Fiji. BMX world champion Caroline Buchanan and international TV celebrity Jason Dundas wear clothes made by ONTHEG
Click here to read official article: http://www.canberra.com.au/canberra-entrepreneur-mick-spencer-reels-in-three-sharks-on-hit-reality-tv-show-shark-tank/
]]>Shark Tank returned to Australian television screens last night and the first episode of the second season of Channel Ten’s reality show for entrepreneurs didn’t disappoint; two of the three founders who pitched their businesses to the sharks walked away with a deal.
First to enter the tank on last night’s episode was Mick Spencer, a 25-year-old entrepreneur from Canberra who is the founder of custom sportswear business, On The Go Custom Sportswear.
Spencer, who founded his company from his parent’s garage, was seeking a investment of $300,000 from one of the sharks in exchange for a 10% stake in his business.
On The Go allows businesses and sporting clubs to customise sporting apparel and accessories, using a digital platform.
While RedBalloon founding director Naomi Simson and Greencross founder Dr Glen Richards bowed out of a potential deal early on, Spencer impressed the remaining three sharks: Boost Juice’s Janine Allis, technology investor Steve Baxter and recruitment specialist Andrew Banks.
Allis, Baxter and Banks all offered Spencer the same deal: $300,000 for a 20% stake in the business.
Showing his negotiation skills, Spencer asked the three sharks if they would be willing to work together and all invest in his business.
To his delight, the sharks agreed but offered a combined $600,000 for a 35% stake in the business. Spencer counted with an offer for 30% of the business for the same price, and after another offer from the sharks of 33% equity, the four settled on an offer that would give the sharks a combined 30% share for their $600,000 investment.
In a blog post published last night Allis described Spencer as “one of those guys who has the tenacity to succeed”.
“Sometimes adversity can make you stronger and more resilient and he certainly has had to overcome some personal battles when he was younger, which involved severe short sightedness and bullying.
“People react two ways to challenges in life: they either become a victim or [it] makes them stronger, and after you meet with Mick, you know that the latter is true with sheer determination to get his business to the next level.
“The business is on trend as personalization is really where many products are heading. He was well prepared and knew his numbers and more importantly, he had a plan,” she added.
The second entrepreneur to pitch to the sharks in last night’s episode was less fortunate and ended up walking out of the tank without a deal.
David Lambasa is the creator of Clever Score, a portable score board for sports events.
While Lambasa’s invention clearly impressed the judges – and prompted a basketball shootout between Allis and Richards – he lost the shark’s interest from the start by only offering an opportunity to invest in the international part of his business and later, by not clearly answering questions about the business’ financial performance and his plan for the future.
Lambasa’s original pitch asked for $200,000 for a 25% stake in the international aspect of his business.
Glen Richards, the only shark to put a deal on the table, offered $200,000 for 50% of his entire business, plus a $75,000 salary for Lambasa.
However, parting with half of his business proved to be a step too far for Lambasa and he turned down the deal.
Linton V Harris was the final entrepreneur to pitch to the sharks on last night’s episode and despite some initial doubts from the judging panel, Harris managed to secure a first in the shark tank – a deal that involves investment from all five sharks.
Harris’s business is a portable, live production based on the movie trilogy Sharknado. The energetic production, which the sharks got a taste for as Harris entered the tank last night, is designed to be staged at theme parks and, according to Harris, is set for success when the fourth Sharknado film is released later this year.
While it appeared Harris’ shark-filled vision was not to the judges’ taste, Andrew Banks managed to convince his fellow sharks that a $475,000 investment for 50% of the business made financial sense.
One by one they agreed, although Allis and Simson said their involvement was conditional on Banks overseeing the due diligence on the deal.
To read official article click here: http://www.smartcompany.com.au/entrepreneurs/68716-shark-tank-recap-canberra-entrepreneur-convinces-three-sharks-to-join-forces-while-sharknado-production-company-nets-all-five-sharks-in-a-shark-tank-first/
]]>ONTHEGO, which was founded in 2011 from the 25-year-old’s parents’ garage in north Canberra, has quickly grown to become a front-runner in customised sportswear. The company’s clients include David Jones, Fitbit, Anytime Fitness, IRONMAN, Next Gen and more.
Spencer was calm and confident as he presented his business case to shark investors Janine Allis, Andrew Banks, Steve Baxter, Glen Richards and Naomi Simson.
Displayed next to him were samples of ONTHEGO clothing, strategically branded with the logos of the potential investors’ own companies.
After wrapping up his presentation Spencer was quizzed by the sharks, with tech multimillionaire Steve Baxter asking, “Where are you from?” to which Mick proudly replied, “Canberra… a big country town!”
Clearly impressed by Spencer’s attitude and achievements, the sharks were in unfamiliar territory as they gushed with compliments and rushed to make an offer.
Under the show’s rules, an entrepreneur must state the level of investment they require and if the sharks agree to the amount, the entrepreneur walks away a winner.
Janine Allis, founder of Boost Juice, was the first to offer up the entire $300,000 investment sought by Spencer. In exchange she asked for a 20% stake in ONTHEGO – 10% more than what Spencer was offering.
Steve Baxter and Andrew Banks (a HR and recruitment entrepreneur) quickly followed with the same offer.
Being in an exciting but difficult situation, Spencer left the stage to discuss the offers with his CFO.
Upon returning his counter offer was smart – suggesting that the sharks split the investment between them (giving each investor a 5% stake for $100,000) and securing him the knowledge, experience and connections of three of Australia’s best business minds.
Unimpressed with the lack of equity they would receive, the investors doubled their offer to $600,000 in return for a combined 35% stake in the company.
Without faltering, Spencer negotiated the figure down to 30%, with each investor receiving a 10% stake.
Within minutes the deal was done and Spencer shook hands with his new business partners and left the Tank.
“We’re not going to lose. It was a good deal!” the investors exclaimed.
So what was life really like in the Tank? Was it all as fast as it seemed?
“No. It’s a really full on day!” Spencer said afterwards. “And they only show a portion of what happens on the show. They were actually hammering me for over an hour.”
“We’re really happy with how it’s turned out. They were all the sharks I wanted to work with. We’ll be using the money to accelerate our online ordering systems, and also for product development, marketing and key personnel.”
Spencer recommends the show to other entrepreneurs saying, “It’s a great thing [for entrepreneurs] to do. It’s always good to put your money where your mouth is and put your ideas forward. They [the sharks] are very feedback driven which is invaluable. It was a great experience.”
To read official article click here: http://the-riotact.com/local-entrepreneur-wins-big-on-national-tv/174993
]]>He was well prepared and knew his numbers and more importantly he had a plan.
Planning is a critical path for growing a business, it is like a road trip, you will not even get in the car unless you know where you are actually going. At Boost we stop every 6 months and review where we are, where do we want to go and how are we going to get there. In fact I recommend that everyone should have the top 5 personal and professional goal and review them yearly. You will be the surprised how powerful this is for people.
The pitch went for well over an hour, and he held up well under the pressure.
Steve had his digs to me on valuation, which he tends to do, but at the end of the day you need to make a return on your investment.
Thrilled that we did the deal with Mick and we got to know him better.
To read official article click here: http://www.janineallis.com.au/all/shark-tank-s2-e1
]]>Photo: Network Ten
Canberra entrepreneur Mick Spencer from On The Go Sports is facing up to some of the country’s top business people on Southern Cross Ten show Shark Tank this Sunday.
The 25-year-old built the sports apparel company out of his garage in O’Connor just over four years ago. He’s now running a multimillion-dollar company that employs 13 people and is looking to go global.
On The Go Sports offers customers the ability to customise sportswear for groups or teams. More than 300,000 people 10 countries have now used the products –including Richard Branson.
“We have a very unique model because we’ve built technology that integrates the whole supply chain so our manufacturer is plugged in on it as well as any of our partners, so we’re one of the fastest providers in the world of the type of products we produce,” Mr Spencer said.
“The unique part of what we actually do is that every product we sell we get one child into sport for 12 months from a poor community of Australia through our one-for-one initiative. So we’re there to get the world into sport.”
Shark Tank gives entrepreneurs the chance to pitch their business to a panel of successful business people – the ‘sharks’ – who can then choose to invest in the business.
Mr Spencer decided to apply for the program last year, and made it through to filming earlier this year.
“It was quite nerve-racking because of the fact – it is reasonably real. People think it’s very made up, you have a lot of time, but you don’t. You have a strict amount of time to do your pitch, and you’re then grilled for probably one to two hours in the tank,” he said.
“You’ve got five people with a combined wealth of about $1.5 billion [in front of you]. Also then in the mix of that you’ve got probably 30 cameras and people filming the show. You’ve just gotta be confident and believe.”
Mr Spencer’s pitch is featured on the first episode of season two of the program, which airs on Sunday night at 9pm.
He’s tight-lipped on whether he successfully secures funding on the show. But either way, expect to see a lot more of the brand around with the online retailer heading into bricks and mortar stores.
There’s a retail men’s activewear range, partnered up with Jason Dundas, which is available at David Jones and The Iconic, and is about to launch in General Pants Co.
On The Go Sports has also developed a customisation station that will be rolled out in sports retailers around Australian – and eventually the world – where you can design your product and touch the fabrics.
To read official article click here: http://www.canberratimes.com.au/act-news/canberra-life/private-capital-canberras-mick-spencer-on-shark-tank-20160205-gmmh63.html
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