Leila Shams of TA3 SWIM: Insecurity Is the True Engine Behind Market-Defining Innovation

As a part of our series about the ‘5 Important Business Lessons, I Learned While Being On The Shark Tank’ I had the pleasure of interviewing Leila Shams.

Leila Shams is the founder and CEO of TA3 SWIM. The company sells innovative, patent-pending shaping swimsuits direct to consumers. Leila is a 20+ year fashion design veteran.

Thank you so much for doing this with us! Our readers would love to “get to know you” a bit more. Can you tell us a bit of the backstory about how you grew up?

I grew up in Towson Maryland. My parents are Iranian, my mom is super creative and my dad is a doctor. I was a horrible student and I hated the way I looked, I felt like a total outcast. I couldn’t wait to leave. I went to Parsons in New York City for fashion. I sucked at that too. But I’ve had a very successful career as a fashion designer for the last 23 years.

Can you share with us the story of the “aha moment” that gave you the idea to start your company?

I got sick of hating wearing a swimsuit. It ruined vacations for me. I wanted to be able to eat and still look and feel good in a swimsuit. TA3 is EAT backwards.

Can you share the most interesting story that happened to you since you began leading your company?

My husband lost his mind when my first batch of production showed up at the house during quarantine. So many boxes, they were EVERYWHERE. He was furious. Now he works for the company.

Can you share a story about the most humorous mistake you made when you were first starting? Can you tell us what lesson or take away you learned from that?

I made many mistakes, none of which were very funny. They were extremely stressful and costly. You think it’s the end of the world, especially when customers are unhappy. But it’s not.

Are you working on any exciting new projects now? How do you think that will help people?

Yes, we’re developing a bra-sized suit and new categories. We are also launching a fit app that uses a front and side photo to recommend the correct size. Our goal is to make women feel their most confident by a perfect, almost custom fit.

Ok, thank you for all that. Let’s now move to the main part of our interview. Many of us have no idea about the backend process of how to apply and get accepted to be on the Shark Tank. Can you tell us the story about how you applied and got accepted. What “hoops” did you have to go through to get there? How did it feel to be accepted?

I applied 2.5 years ago, pre-pandemic and before I had launched TA3. I made it through the first round only. You apply and if they’re interested you make a video. One thing they will tell you through the whole process is to have INFOMERCIAL ENERGY — very important! I am so relieved I didn’t make it then — it would have been horrible. I was not ready and my product was not ready. The next year I made it. I would tell anyone to launch first, get some sales and perfect your product before applying. They are looking for original ideas and enthusiastic people. If you get the chance to make a video or if you audition in person HAM IT UP. I was elated when I made it, it was always a huge dream of mine.

I’m sure the actual presentation was pretty nerve-wracking. What did you do to calm and steel yourself to do such a great job on the show?

Practice! But I still fucked up.

So what was the outcome of your Shark Tank pitch. Were you pleased with the outcome?

I didn’t get a deal. I was heartbroken but in retrospect, it was for the best. We’ve 4xed the revenue since we taped without an investment.

What are your “5 Important Business Lessons I Learned While Being On The Shark Tank”? (Please share a story or example for each.)

1 — Don’t assume people will understand the problem you’re trying to solve. Not everyone has the same issues. The sharks are all very confident and didn’t understand feeling insecure in a swimsuit. I could have explained it better.

2 — Don’t spend money on a nice suit and then get it tailored by anyone. A well-tailored cheap suit is better than a poorly-tailored expensive one (mine was the latter).

3 — No one thing will make you rich & famous. This is my third reality show and I’m sure you’ve never heard of me. Nothing really changes your life but consistent effort.

4 — If you have established product-market fit and just need inventory then loans are better than an investment, at least in the beginning. Then you don’t have to give up a ton of equity.

5 — It’s OK to yell SHIT! in the middle of a big presentation. Breaks the ice.

What advice would you give to other leaders to help their team to thrive and avoid burnout?

If it’s too hard it might not be the right product. This is my second company and my first one always felt like an extreme, insurmountable effort. This one is the opposite. Don’t build a big team and sink in tons of money until you establish a product-market fit. We have this idea that anyone can do anything with drive. But you will bankrupt and deplete yourself if it’s not something people want. It’s not just about your dream, it’s about the customer.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

The fashion industry doesn’t understand fit and it’s destroying our confidence. We need to be shape-inclusive, not just size-inclusive. We also give 5% of our profits to a charity we love and encourage other profitable companies to do the same.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

Your weakness might end up being your greatest strength. I made that up! But all my life I’ve struggled with confidence and I’ve tried really hard to conquer it. But if I hadn’t been insecure I wouldn’t have come up with this product and I wouldn’t have understood what my customers struggle with. I also would have never worked as hard as I have because I’m always proving imaginary people wrong. My insecurity is my superpower.

We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them :-)

Lizzo!

This was very meaningful, thank you so much. We wish you only continued success on your great work!