On tonight’s episode of Shark Tank cash strapped entrepreneurs pitched their businesses to the Sharks who were willing to invest their own money into the right ideas .
Jonathan Miller seeks $150,000 for 15% of Element Bars
First to battle the Sharks was Jonathan Miller with his business, Element Bars. Element Bars is a custom created energy bar that you design online. Although the Sharks thought the bars were tasty they didn’t think it was worth the 150k for 15% that Jonathan was asking. The Sharks said there was nothing proprietary, meaning nothing another company could just copy, Jonathan felt that their ability to produce in small volumes was a proprietary process.
Daymond offered 150K for 75% of the company, but Kevin H said he was an investor in another company that he felt Element Bars would fit well into their product line. He offered 150K for 100% and 4% royalties. Jonathan countered with 20% and Daymond was out at that point. To my surprise Kevin H offered the 150k for 35% and 4% royalties and said that would be his final offer… in an incredibly gutsy move Jonathan countered at 25%, but they ended up settling on 30%.
Fizz Cup root beer float maker asks $150,000 for 25% of company
Next in was David Chodosh and his business The Fizz Cup. He was looking for 150K for 25% of his business. The Fizz Cup was a device that you screw onto the top of pop bottles and is filled with ice cream to make the perfect root beer float. He has been selling them mostly to ice cream stores and has sales of approximately 84k. Although he has sold them to Coke a Cola he has yet to get an ice cream manufacture interested in licensing his product. All the Sharks were out.
Under-Ease Underwear Makes Sharks Uneasy at asking price of $55,000
Buck and Arleen Weimer pitched their extremely… unique product, Under-ease Underwear. Their product held in the smell of fart in the underwear and filtered it through a charcoal filter. The couple was seeking 55k for 25% of the company, there sales have fallen from 83k in 2002 to 37k last year. No Shark was willing to invest.
Pro Golfer Kimberly Cayce requests $125,000 for Kalyx sports bra
Kimberly Cayce a former women’s Pro Golfer pitched her business Kalyx. Which produced an innovative line of sports bras that were tailored to each woman’s needs. She was looking for 125k in exchange for 20% of her business. Kimberly had already invested 100k into her business and was “running on fumes”. The sharks thought it would be extremely hard to compete with the major players such as Under Armor and Nike. Kimberly thought the product stood for itself, she had spent three years developing the bras and they were comfortable unlike other sports bras. The Sharks didn’t see a worthy investment and were out. After Kimberly left Robert and Kevin O went at it, arguing over the way Kevin treated Kimberly.
Pork Barrel BBQ owners seek $50,000 for 10% of BBQ rub and sauce business
Last into the tank were Brett and Heath and their business Pork Barrel BBQ. They were seeking 50k for 10% of their BBQ rub and sauce business. Both guys worked in government so there were a lot of jokes about government bailouts. They developed the products together, they had recently won the 2nd best BBQ sauce in the country and had orders for 10k bottles that were being shipped to stores. Barbara was the only Shark to offer up a deal, she offered 50k for 50%. After some negotiations they accepted her deal.
Shark Tank will be moving to Tuesday night at 8pm on 29th… so there will be no Shark Tank next week.