The app is an opportunity assessment tool that asks the hard questions every start-up, entrepreneur and SME needs to answer to achieve venture success.
Creator Andrew Bensley, managing director of MIE Lab, said the app works for both early stage ventures and established businesses exploring new ideas.
“This is the most comprehensive app tool available today, providing detailed feedback that helps the business or investor determine the strengths and weaknesses of your idea,” Mr Bensley said.
“The app is the product of 40 years of quantitative research by leaders in the field of entrepreneurship, innovation and commercialisation.”
MIE Lab developed the app over three years, after “thousands” of hours in research.
“Whether you have aspirations to pitch your venture on Shark Tank, or you’re a new start-up or home-based business and you have an idea for the next big thing, this is the app for you,” said Mr Bensley.
“After completing all the questions in the app, you will have a clear understanding of the strengths and weaknesses of your idea or venture. You’ll be armed with the information you need before jumping into starting a new business or venture.
Mr Bensley said he used the app himself when determining its path to market.
“The app told me I'd need to find a powerful partners, so I did.”
Head of international distribution, licensing and digital at Sony, Stephan Zingg, said acquiring the Shark Tank license for the app is a masterstroke.
“Who would have thought an Australian, all the way from Adelaide, would decide to get on a plane to London to pitch his idea and acquire the Shark Tank license to create the Shark Tank Entrepreneur app.
“This will change the way start-ups, entrepreneurs and SMEs assess their ideas, and Sony is proud to be a part of it.”
The app’s features include over 100 questions from key categories, responses plotted against a target base score and clear strength and weakness graphs.