It might sound funny but I have to wonder who walked out of the tank with a deal; Phil, or Kevin and Mark. His answers and explanation of the technology were very impressive. And if Phil’s poise under fire from the Sharks stood out, the UniKey product set off an absolute frenzy on social media. Twitter was (and still is) abuzz with fans of the show tweeting their desire to see a Bluetooth/phone replacement for keys for their homes, businesses, and cars.

I was among the fans that said “I’d love to try that,” so I went to the UniKey website and signed up to be notified of updates from the company. Pre-orders, according to the site, will be accepted soon, and it appears that signing up includes a shot at winning one of the first locks produced, which is very cool.

Here’s hoping that we get an update on UniKey toward the beginning of the next season of Shark Tank, which returns for 22 episodes this Fall. Congratulations to Phil and we can’t wait to hear more about this awesome technology!

Excitement was running high for the final episode of Shark Tank Season 3. It’s been an exciting season full of wild inventions, a few superstar cameos, heartfelt stories, and massive deals. The season finale was no different, and viewers even got to see an update from EzVIP, who made a deal earlier this season with Daymond. Missed the season finale and want to catch up on what went down in the tank? Here’s what happened:

First into the Shark Tank tonight was Cougar Ltd., an energy drink company focused on marketing to women. Ryan Custer, owner of Cougar Ltd. and self-proclaimed cougar-lover, went before the Sharks seeking a $150,000 investment in exchange for 30% of his energy drink company. In recent years cougars have become a pop culture phenomenon, thanks, in part, to shows like Desperate Housewives and The Real Housewives series. The Sharks were interested to know what kind of sales Cougar Ltd. had, but they were less than impressed to learn that Ryan had only sold about $60,000 worth of product… in three years. Kevin remarked, “Barbara, you used to be a cougar,” so all were waiting to hear what she thought after taste testing the drink. Unfortunately for Ryan, Barbara claimed the drink tasted chalky, and that was it for the Sharks. No offers were made for Cougar Ltd.

Second into the tank was Gary Gagnon, founder of REMYXX, who was seeking a $50,000 investment in exchange for 10% of his company. REMYXX is a sneaker company built on the idea that shoes should be 100% recyclable and stylish. On first look, the Sharks definitely seem to be liking the design and style of the shoes, especially the recycle stamp on the toe of the shoes. However, the conversation quickly turned to sales, and REMYXX doesn’t have any sales yet. At the beginning of his presentation, Gary told the Sharks he was crazy, and Daymond made him an offer that tested exactly how crazy he is: Daymond offered Gary $50,000 for 80% of the company. In an emotional moment, Gary explained that he wanted REMYXX to be around long enough that he could pass the business on to his sons, and he countered with $100,000 for 50% of the company. Daymond stuck to his guns with his original offer and Gary bit—they made a deal.

Before the next segment Shark Tank fans were treated to a short update about a contestant from earlier this season. Al Nelson’s company, EzVIP aims to offer the VIP club experience anyone. We caught up with him as Daymond revealed EzVIP’s new celebrity spokesman: Pitbull. Though no further information was given as to EzVIP’s progress, we’re confident that with Mark and Daymond’s guidance, the company is well on its way to becoming a success. Congrats guys!

Next up was the Nitroforce Titan 1000, represented by personal trainer duo Frank Campitelli and Debrae Barensfeld. The two were seeking a $250,000 investment in exchange for 10% of their home gym company. Debrae described the machine, which allows users to perform over 100 different exercises, as “tighten your butt, tighten your gut, Titan 1000.” After a personal investment of over $200,000, Frank and Debrae have only sold 26 units at $1299 apiece. According to Robert, 98% of machines in the industry are bought and used only once. The rest of the Sharks seemed to agree, and they all bowed out.

Last into the Shark Tank was Unikey, a product that aims to revolutionize the personal security industry. Founder Phil Dumas asked the Sharks for a $500,000 investment, in exchange for a 33% stake in his company. The premise behind Unikey is quite simple: a phone app enables home locks to be opened only by someone who has the phone that holds the Unikey (or someone who has been given a temporary key). Prior to entering the tank, Phil had been in talks with Black and Decker about possibly partnering with them and tentatively selling the Unikey for $149-199 apiece. At the mention of a major industry partner, the Sharks were instantly intrigued and deals were flying.

Kevin offered $100,000 for 50%, assuming other Sharks would pony up the other $400,000 to make his offer complete. Robert jumped in with $1 million for 75% of the company, with the condition that the Black and Decker partnership had to happen. Barbara offered $250,000 for 25%, hoping Mark would match her offer and they could go in together. Daymond threw his offer into the pool: $500,000 for 40%. Finally, Mark told Barbara, “I love you, but this isn’t your wheelhouse.” With that, Mark contributes the other $400,000 to Kevin’s original offer, wanting 45% for their $500,000 combined offer. Phil, clearly a skilled negotiator, countered at 40%, and adds that Mark and Kevin will have two seats on the board (and therefore control), while Phil would maintain stock control. Impressed by his reasoning and not wanting to lose their piece of the pie, Kevin and Mark agree to do the deal at 40%.

@SharkTankABC @REMYXXbyG “You just met the Devil.” #sharktank— April (@TheTattooedType) May 19, 2012

@SharkTankABC @REMYXXbyG I LOVE the shoes! Such a clever idea and I love the style. — K (@kjv89) May 19, 2012

April and K will each receive a pair of REMYXX sneakers later this year, courtesy of Gary Gagnon, the creator of the shoes and one of the most recent entrepreneurs to appear on Shark Tank.

Please support REMYXX shoes on Kickstarter — help make Gary’s vision a reality!

Thanks for all of you for participating. We had a blast live tweeting the Season 3 Finale of Shark Tank last night, and will have plenty of news on the show and casting in the coming weeks.

Then there were the deals. The Sharks didn’t hold back, funding businesses to the tune of nearly $5 Million. Those Shark Tank investments were as diverse as a 3-in-1 towel (Show No Towels), a guitar learning system (Chord Buddy), body jewelry (Litter) and a dance fitness company (Dance With Me). No industry was off-limits, as the Sharks clearly remained intrigued by a variety of ideas. I expected a shift toward more technology-related businesses, and while tech was well-represented overall in Season 3, products dominated the landscape and likely will continue to do so. There is just something about seeing a cool product on the show and saying “I’ve gotta try that.” After the UniKey pitch that just ended the season, the phrase is quite familiar to me.

Kudos to the producers of the show for mixing it up throughout the season, always keeping us on our toes and wondering if an entrepreneur is going to leave the tank with a broken dream or a big investment. The addition of Lori Greiner as a guest Shark for several episodes can’t be underestimated. She added a unique voice and quite a bit of moxy from the get-go. I hope the show finds a way to get both Lori and Barbara in the tank at the same time. Barbara has proven that she is an amazing business partner, and Lori’s ability to debut products on QVC to coincide with the airing of Shark Tank episodes is second-to-none.

Lighter memorable moments of the season included Steve Gadlin’s epynonymous “I Want to Draw a Cat For You” segment, jingle, and interpretive dance. Message to Shark Tank entrepreneurs: don’t take yourself too seriously. Whether serious or not, an inventor’s straight-faced proposal to spin gold out of a tornado above the ocean was another episode highlight. Kudos to that inventor; a man that not only sews, but admits to sewing leather.

There are plenty of other great pitches, deals, and items from the season that I haven’t mentioned — Daymond’s saving of the deal with Billy Blanks Jr. stands out. What was your favorite moment of Season 3? Please leave a comment and let us know.

The next season of Shark Tank debuts this Fall and will include 22 new episodes. In the meantime we will be updating InTheSharkTank regularly with the latest show and casting news, along with valuable business tips and advice. Check back often!

For tonight’s Shark Tank season 3 finale, we’ve teamed up with Gary Gagnon, the founder of REMYXX Sneakers to give away 2 pairs of his 100% recyclable shoes. REMYXX is one of the companies featured on tonight’s episode, and we can’t wait to find out if the Sharks bite on the company. It’s going to be a great episode so be sure to tune in!

Here’s here the giveaway works:

We’re compiling all the tweets sent today, Friday May 18, that include both @SharkTankABC AND @REMYXXbyG in the tweet, along with any other message or note. If you send a tweet that includes both, you’ll be entered into a random drawing to receive one of two pairs that we’re giving away! It’s that simple. Official rules are below if you’re a “fine print” person.

In a nutshell, the random drawing will happen tomorrow afternoon with the results shared here on InTheSharkTank and also on Twitter.

Join us in tweeting tonight’s episode and good luck on winning a pair of awesome sneakers!

Check out REMYXX on KickStarter.com

REMYXX / INTHESHARKTANK Giveaway Official Rules

Maximum one entry per Twitter account. To enter, send a tweet on Twitter.com on May 18, 2012 that includes both “@SharkTankABC” and “@REMYXXbyG” in the body of the tweet. No need to worry about exact capitalization, but spelling counts! We are tallying all of the tweets that include both accounts mentioned, so if you mispell @REMYXX, or don’t include the @ symbol, for example, your tweet will not be counted and you will not be entered to win.

We will not look for typos, grammar or spelling mistakes. That’s a simpler way of saying the above.

We encourage conversation about Shark Tank, REMYXX Sneakers, and all the happenings of the show and entrepreneurs on Twitter. Tweets that follow the rules above but contain language that is racist or extremely crude will not be tolerated and at our discretion may not be included in the tally.

Announcement of Winners
The winners (there will be 2) will be announced on Saturday May 19, 2012 immediately following the random drawing in the afternoon, and the winners will be contacted via Twiter. We will request each winner’s shipping address, shoe size, and style preference in order for REMYXX Sneakers to fulfill the wonderful prizes, one pair of sneakers for each of the winners. Prizes for this contest will not be distributed until this Fall, likely in October. *Note- Size and color availability may be limited. Offer subject to change as determined by consumer response and required production run minimums.

How We Conduct the Drawing
Prior to the drawing on Saturday, we will compile a list of all eligible entries (one entry per Twitter account). Each entry will receive a number. Based on the number of entries, we will use the program at Random.org to generate 2 numbers within the range of entries. If your number comes up first or second, you’re one of two winners of this giveaway!

Other
Most importantly, please have fun! We hope that this REMYXX Sneakers giveaway brings a smile to the face of many Shark Tank fans and entrepreneurs. Good luck to everyone that participates!

The Sharks offer some great lessons in how to improve your chances of raising money. Here are 14 of them:

1. Be completely honest in your pitch. It may be tempting to stretch things, but don’t. A lot of deals that are made on the show never get completed. My guess is that due diligence led to surprises and sometimes contradicted what entrepreneurs said. Trust is critically important to investors and the Sharks aren’t going to trust someone who doesn’t tell them the truth. We may agree on a deal, but it’s not done until I do my due diligence and we sign the papers.

2. Provide proof. When James Pittman, CEO of AIrBedz truck bed air mattresses, said he would use the money to hire a sales team, because that would drive his business, the Sharks weren’t impressed. He had no proof that would work. Entrepreneurs often talk about building a team and selling more products. Prove it. Test on even an extremely small scale, so you have more than your belief to back up why the money will drive revenue and profits. Small scale testing could be getting your product in a few stores, hiring a part time sales person, doing a limited ad campaign in a targeted geographic area and so on.

3. If you have low sales volume demonstrate scale. Low sales are bad. Low sales that prove a specific rollout will work is valuable. This is similar to the prior piece of advice. It’s not: “we will sell more because we have director of sales.” It’s: “We will sell more because we have tested this one market and know we can rollout…”

4. Focus on the investor who knows your industry. The other investors look to that person for cues. For example, when the CEO of Duality Cosmetics was pitching her all in one nail polish bottle, Kevin waited to see if Lori was interested before he decided to make an offer. The expert in the group is the person you need to convince. If she’s out, the other Sharks are likely to follow.

5. Your first pitch won’t be your best pitch. I’ve found this with everything I’ve sold. So, find some local people to pitch first – other entrepreneurs and even your accountants and lawyers. Get practice. Based on their inability to answer some questions it seems like some entrepreneurs on Shark Tank didn’t find the right people for practice.

6. Present what you’ve achieved and not how much you’ve worked. These are business deals. It doesn’t matter a lot to an investor that you’ve spent two years of your life dedicated to your business. That isn’t relevant to the value they put on your business. They want to know what you’ve accomplished.

7. On the other hand, demonstrate commitment to your business. That means you don’t have multiple businesses and your attention is focused. They want to know that if they invest in your business, 100% of your time will be spent on growing their investment. Sharks specifically said this to Boot Illusions and inventor Jared Joyce (Five Minute Furniture).

8. Having spent a lot of money with little revenue isn’t a good thing. Entrepreneurs sometimes think it’s a good thing that they invested $250K and have $10K in revenue. The Sharks always look disappointed. They want entrepreneurs who have proven they can make money with a small investment. Then they believe their money will most likely be well managed.

9. Sob stories don’t help. These are business deals, and it probably results in worse terms, because investors know you’re desperate.

10. Know your market size. It isn’t every woman in America. There is a specific audience, and the sharks want to know what it is. Pretending it’s bigger hurts your credibility.

11. Don’t make absolutes. When people say, “I have to manufacture in the US” it bothers the Sharks. It is better to say, “I’d like to continue to manufacture in the US, because it will provide jobs and consumers appreciate that.” Stating it that way demonstrates that you’d be willing to listen to their advice – which you should be. Investors want to know that you’ll listen and be a partner.

Please join us at the usual time this Friday (8/7 CT) and live tweet #SharkTank! If you’ve been waiting to tweet an episode, now’s the time to get involved. To participate, just tweet @SharkTankABC or using the #SharkTank hashtag.

Sneak peek below:

Link: Season 4 Casting Information

The location or timing of the new casting call has not yet been made clear, but as soon as we receive more information we’ll post it to InTheSharkTank.com as well as on our Facebook and Twitter accounts. It’s a good idea for any entrepreneur or fan of the show to follow us in order to stay up-to-date on the latest Shark Tank Season 4 news and happenings.

The full season renewal, announced alongside pickups for hit shows “The Bachelor” and “Dancing With the Stars” solidifies Shark Tank’s standing with the network, while the show itself continues to draw new fans and viewers. Previous seasons of the show have each contained between 8-15 episodes. The show’s momentum in its third season has been palpable online and on social media networks like Twitter, where the Sharks and fans of the show live tweet the episodes on Friday evenings. Case in point: in the past two weeks, Shark Tank has won its time slot in the all-important 18-49 demographic, handily rising above season finales on the other networks.

The season finale of Shark Tank is this Friday, May 18 at 8/7 CT. Join us as we live tweet what promises to be an exciting episode!

Last spring, when Shawn Davis, also known as Chef Big Shake, brought his Original Shrimp Burgers into the Shark Tank, the Sharks found them as tasty as an actual shark might find live shrimp in their original, non-burger form. But by the end of his segment, the Franklin, TN chef walked away without a deal, seemingly because the Sharks couldn’t reconcile the high cost of seafood with the cost of investing.

But Davis, a Long Island native whose company, CBS Foods, also produces lobster products like pot pies and sliders, says his appearance on the show was far from disappointing.

Question: Why did you go on the show in the first place? What did you think it could do for you?
Answer: I had no clear expectations. I’ve been working at this for a while, and so I thought that A), if I get funded, fantastic, but B), if not, there’s a three or four-minute commercial.

Q: The discussions on the show seemed to break down to the cost of seafood, volatility of the market and climate issues. Did you expect this would be an issue?
A: In all fairness, they showed on TV just a three-minute segment that took about a half an hour (of real time). The numbers they showed on television, saying that the margins were low, were 100 percent incorrect. The bottom line is that (the Sharks) had no grocery or seafood experience. My costs don’t change because of an oil spill…I don’t use that product, and the product I use doesn’t have that volatile market swing. I have had a freeze on my prices for about 24 months now. (Chuckles) But it’s cool!

Q: What was the response right after the show, both from existing clients and the ones attracted by what you said yourself was basically a commercial?
A: I have thousands of emails of people saying “I would have done it for you!” or “They’re crazy! Why didn’t they fund your product?” I’ve received so many positive emails saying “Don’t give up!” Just tons of support. It’s definitely been overwhelming.

Q: Any calls from possible investors?
A: I got funded the day after the show aired. A couple of investors contacted me, and we went with one in particular, who is a great investor and understands our market, and my dream, basically.

Q: I don’t know if you want to give specifics, but did that ultimate deal correspond with what you were seeking from the Sharks, which was $200,000 for 25 percent of the business?
A: It was a lot better, the deal I got.

Q: Besides the funding, which is amazing, what has being on Shark Tank done for you?
A: It was a tremendous help, getting that exposure. We did our first food show back in May (2011), the NRA (National Restaurant Association) show. I can’t tell you the amount of people who recognized me from the show. There were people seeking me out, because we’d said on the Web site that we’d be there, who wanted to try our food and taste it. And they were saying they loved it. It was definitely a blessing.

Q: Knowing what you know now, would you go back on the show? And if so, would you do anything differently?
A: I ponder that in my head. You figure “What did I do wrong?” You run it through your head over and over again. I don’t think I would have done anything differently. I came with the core numbers, and the (information) about the core audience for my business. I don’t know what I could have changed. My passion for my product was evident.

Link: Watch Season 3, Episode 14 Online

First into the Shark Tank were college students/entrepreneurs Keeley Tillotson and Erika Welsh, founders of Wild Squirrel Nut Butter. As students and roommates at the University of Oregon, Keeley and Erika took their love of peanut butter to the next level when they began creating flavored peanut butters out of their college apartment. The girls went before the Sharks seeking a $50,000 investment in exchange for 10% of the company. While the Sharks were impressed with the flavors (which include cinnamon, coconut, and pretzel), they were less impressed with the product’s profitability: jars cost $3 to produce and are sold wholesale for $4 and retail for $5.99. Also concerning for the Sharks was the question of who would run the company post-investment, as both girls were still in school. Despite other Sharks’ reservations, Wild Squirrel Nut Butter struck a chord with Barbara, who made them an offer of $50,000 for 40% of the company. Though Keeley and Erika countered at 35%, Barbara wasn’t moving. Not willing to sacrifice a deal for 5% equity, the deal with made with Barbara at 40%.

Earlier this season viewers met “I Want to Draw a Cat for You” entrepreneur Steve Gadlin, or, as he was more popularly known, the Cat Drawing Guy. When Steve first appeared on the show he pitched his business concept, which involves hand-drawing cat pictures for eager customers. Steve made a deal with Mark Cuban and sales exploded. Last year Steve’s sales were $7,000, but in the weeks after Shark Tank he raked in over $40,000. Steve’s success has even prompted him to launch another new business concept: “I Want to Write a Song for You.” Congrats Steve and Mark!

Next up was something we’ve never seen in the Shark Tank before: a band called Cab20, who were seeking $200,000 for 20% equity. However, the band’s manager was quick to point out that the 20% equity would not include profit from publication, meaning the Sharks wouldn’t profit at all from record sales. The Sharks seemed to enjoy the band’s music, which they compare to the likes of “The White Stripes” or “The Black Keys.” Unfortunately, though, the Sharks just didn’t see the profit from investing in a band. Despite that, Kevin made an offer “for the hell of it” of $200,000 for 50% of everything (publication included). Cab20 countered at $300,000 for 40%. Jealous of Kevin’s newfound “cool factor”, Robert joined Kevin on his original offer. Cab20 countered back again, this time at $250,000 for 50%, but the Sharks aren’t on board. After he denied the counter-offer, Kevin suggested Cab20 change the band’s name to “You’re Dead to Me.”

Third into the Shark Tank was Frank Scozzafava, representing his company Mix Bikini. Originially Mix Bikini asked the Sharks for a $50,000 investment in exchange for 5% of the company, but that number was later changed to 10%. Mix Bikini is a company that aims to make all women fashion designers, by giving them lots of options for customizing every piece of a bikini. Rather than having to buy multiple bikinis, Mix Bikini customers can simple by multiple parts for a bikini and then interchange them. The company concept was a novel one, but between their lack of sales and underdeveloped business plan, making an investment seemed risky. Still, Barbara offered $50,000 for 25% of the company, and Mix Bikini took the deal.

Last into the tank was a man with a very familiar name: Billy Blanks Jr. For those unfamiliar, Billy Blanks Jr. is the son of the founder of Tae-Bo, the best-selling fitness DVD in history. Billy Jr. entered the tank representing his company “Dance With Me”, and seeking a $100,000 investment in exchange for 20% equity in the company.  “Dance With Me” is a dance-based fitness video series, involving dance moves of all styles, from African to disco. The Sharks quickly learned that Billy Jr.’s plan was to only offer equity in his newer business venture, which aims to certify instructors to teach the “Dance With Me” program. Sensing the Sharks’ reluctance to make a deal under those conditions, Billy Jr. offers to amend his request, so that the equity would contain both ventures.