Kevin Harrington on Shark Tank, Inventing the Infomercial and Billions in Sales with Lewis Howes

Problem Solving

Kevin Harrington's approach to creative problem-solving is both innovative and practical. He shares a story about having to refund $400,000 to consumers, which led him to a creative solution involving steel wool to shine products, saving significant costs 1. This experience taught him the importance of thinking outside the box and adapting quickly to challenges. Harrington emphasizes the value of magical transformations in products, like how Richard Simmons' weight loss programs not only transformed bodies but also minds 2.

Solve a problem, do it uniquely. Have the magical transformation in some fashion.

--- Kevin Harrington

He believes in creating multifunctional solutions that address multiple issues, enhancing the overall value of a product 3.

   

Licensing

Licensing and partnerships are crucial strategies in Kevin Harrington's business model. He describes how he identifies promising products at trade shows and licenses them, often creating infomercials to bring them to market 4. This approach has led to significant successes, such as the New Wave Oven, which sold over 5 million units. Harrington shares the complexities of licensing deals, including the financial responsibilities and potential risks involved 5.

There's a big responsibility in licensing the deals. And again, what happens if you get some bad product that comes in?

--- Kevin Harrington

He notes that while many deals on "Shark Tank" do proceed, they often require adjustments post-show to align with real-world conditions 6.

   

Mentorship

Kevin Harrington is passionate about mentoring the next generation of entrepreneurs. He is involved with the University of Tampa, helping to guide the management of a nonprofit organization housed there 7. Harrington values the fresh perspectives of young entrepreneurs, acknowledging their potential to innovate beyond traditional methods. He advises aspiring entrepreneurs to seek mentors and coaches to maximize their success 8.

Start out by tying in and partnering and using mentors and coaches and experts in your world to help you grow your business.

--- Kevin Harrington

This mentorship approach is central to his philosophy of continuous learning and adaptation in business.