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Shark Tank is officially back in session, and Kevin, Barbara, Mark, Daymond and Robert are starting season four off with a bang! After last week’s impressive five-Shark deal, this episode had a lot to live up to. Packed with engaging personalities and interesting business concepts, this week did not disappoint. Here’s what happened:
First into the Shark Tank were SurfSET Fitness owners Mike Hartwick and Sarah Ponn, who asked the Sharks for a $150,000 investment in exchange for 10% of the company. SurfSet is an innovative workout system built around an unstable surfboard-esque piece of equipment that provides rotational core training. From a demonstration in the Shark Tank using a pro surfer, SurfSET proved to be a difficult, yet do-able, workout and the Sharks were quickly interested in the product. Mark is the first to make an offer, but he wants “more skin in the game,” so he puts in $300,000 for 33%. Robert’s next with $150,000 for 20%, and then Daymond with an offer of $150,000 for 25%, but he would manufacture the boards free of charge. Remaining Sharks Barbara and Kevin tried to jump in on existing offers, but only Daymond allows Kevin in. Not to be outdone, Mark starts his infamous Shark Tank shot-clock. Before time can slip away from them, Mike and Sarah make a deal with Mark for $300,000 for 30% equity.
Next, Shark Tank gave viewers an update on Element Bars from back in season one. Element Bars’ sales began at a lowly 100 bars per day. Since their appearance on the show, the company is now selling thousands of bars each day, and will hit the one million bar mark by the end of this year. In other exciting news, Element Bars also just began production on Element Cereal, which allows consumers to make their own custom cereal mixes. Congrats!
Second into the tank was Aaron Marino, owner of Alpha M, a company focused on delivering exceptional fashion advice to men. Aaron, whose day job is as a personal style consultant, asked the sharks for $50,000 in exchange for a 10% investment in his company. Alpha M is a 6-disc system that basically teaches men how to dress for any occasion from a job interview to a black-tie wedding. The 6-disc set sells for $297, and Aaron recently sold 75 units in four weeks. While the Sharks are impressed with his style (notably Kevin, who Aaron remarked had good fashion sense), none are interested in investing in his business venture. All the Sharks bowed out.
Next into the tank were custom blended ice cream entrepreneurs, Abby Jordan and Becky App, who sought an investment of $250,000 for 33% equity in their company, eCreamery. Built upon the idea that for some, ice cream makes a better mail-order gift than flowers, Abby and Jordan have sold over $2M since eCreamery’s inception. The Sharks quickly learned, however, that despite a projected $750,000 in sales this year, eCreamery will only profit about $60,000. Kevin’s sweet tooth may have been doing the talking when he put in an offer of $125,000 for 25%, but the ladies will need another Shark to invest the rest of their asking amount. After a little more digging, the Sharks also learned that Abby and Becky have another investor in the company, who purchased 70% for $600,000. Unfortunately this information dissuades the Sharks from investing in eCreamery, and they were all out.
Last into the Shark Tank was Neal Desai, who asked the Sharks for a $50,000 investment in exchange for 5% equity stake in his privacy app, Cate. Cate allows users to add their contacts to a blacklist that keeps conversations with those contacts private. In other words, it’s a cheaters’ app. Neal did not originally design the app, rather he paid a cop (the app’s creator) $17,500 for ownership of the app. Neal explained that Cate currently has 10,000 consumers, roughly 5,500 of which paid for the app while the remaining 4,500 got the app for free. Kevin was the first Shark to make an offer of $50,000 for 50% equity, while Barbara offered next with $50,000 for 30%, but under the condition that the app would be rebranded as a privacy app, not a cheaters’ app. That’s when the ping-pong of offers began between Neal, Barbara, Daymond and Kevin. Luckily for Neal, though, the deal ended in his favor with a $70,000 offer with Daymond and Kevin in exchange for a 35% stake.
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