$46,275,000 invested by the Sharks to date

Shark Tank Seas. 1, Ep. 13: All-Natural Shirts and Wipes

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The Shark Tank was on fire with some young entrepreneurs and scintillating business ideas. Who walked away with cash and who left with nothing? We thought you’d never ask.

19-year-old student seeks $30,000 for environmentally friendly T-shirt business, The Factionist

301First into the Shark Tank was Nate Berkopec and his company The Factionist. Nate is a 19 year old NYU business student who started his business in High School. The Factionist is an environmentally friendly and ethically responsible T-Shirt company. In the last year Nate has sold $3,000 worth of T-Shirts, he was looking for $30,000 for 20% of his company.

Fashion guru Daymond wanted to know what was unique about his business? And how he intended to compete with everyone else with a screen printer? Nate said he planed to get people from developing nations to design the T-Shirts and to pay them a decent wage, along with making the shirts out of bamboo. The Sharks argued that there is nothing preparatory that would keep someone form copying him, and that he didn’t have a strong brand. The Sharks were all out and Nate walked away with out a deal… or so we thought, it was revealed that Barbara contacted him after the show and offered Nate a job, Nate accepted the offer.

PODillow entrepreneurs seek $250,000 for tanning pillows with secret compartment

PodillowNext up was Anthony Calvert and Tina Calvert pitch their business PODillow. PODillow is a tanning pillow with a secret compartment for your valuables. They were looking for $250,000 for 33% of their business. Anthony a veteran San Diego SWAT team was injured, and while he was off work recuperating from his injury he came up with the idea for the PODillow. In their spare time it sold 6000 units in the last two years, at a price of $29.95 and the manufacturing cost around seven dollars. Most of their sales was through mail-order catalogs, they currently have orders from the catalogs that they are not able to fill, their looking for help from the sharks in order to fill those orders and also get the business knowledge from the sharks to grow their business.

PodillowPODillow is a cute little product, perfect for the mail-order market, the only issue with their pitch is a common mistake that many entrepreneurs on shark tank make. They value their business way too high, basing their value on future profits and not current profits. Damon Navin said he wanted to invest in would’ve been able to make them a lot of money but because they asked for way too much money in the business of almost $750,000 he was not able to invest. Anthony and Tina walked away with no deal.

Brother and sister team up to grab investment money for child-sized gift shop, Wee Can Shop

Third to try to swim with the Sharks is brother and sister team Kimberly and Matthew Foley and their business Wee Can Shop. Wee Can Shop is a were gift shop designed for children so they can shop for their loved ones. They been in business for 3 ½ years and their sales have grown by 100% each year, to $13,000 in income last year. 100% can be a misnomer, as sales going from $1-$2 is 100% growth.

Their goal for the business was to franchise and open up a second location in a more high profile location.  Although the sharks believed the business had failed, Kimberly and Matthew believe that there is still opportunity for their business to grow. They do not get a deal.

Grease Monkey Wipes seek $14,000 for all-natural hand cleaning wipes

Grease Monkey Wipes LogoLast to pitch to the sharks was Tim Stansbury and Erin Whalen of Grease Monkey Wipes.  They were looking for $14,000 for 40% equity in the business. Grease Monkey Wipes is a portable, individually packaged wet wipe, made with non-chemical all natural cleaning ingredients. The weights will easily clean your hands and removed most grease and grime quickly. They did not have a patent because when you file a patent you have to give away your formula, which allows their competitors to copy their formula.  The wipes are sold for one dollar apiece and they sold 7400 this year, and shops had already started to reorder.

Robert is a huge gearhead, so this business was right up his alley.  Erin pleaded with Robert saying repeatedly “I promise we will make this work”. Both Robert and Barbara were impressed with Tim and Erin’s as entrepreneurs, Robert and Barbara accepted the deal.

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12 Comments

  1. I think the crowd favorite in this episode is the Grease Monkey Wipes, because of their determination to bag the cash, others didn’t walked away empty handed because of the mistakes they made while pitching with the sharks.

  2. The sharks did the math wrong. They said Podillow had about $20k sales. But 6,000 units @ $30 each is about $180,000.

  3. Erin from Greasemonkey had an infectious smile. A bit over the top at times, but something about her was special.

    So, is Shark Tank officially cancelled? Do we know?

  4. for the recap: it’s wipes, not lights. and I think you meant, shops that “already” started to reorder.

  5. Thanks for pointing that out, Sorry about that. I have made the changes and will endeavor not to make the same mistake in the future.

  6. No problemo, I love this site so keep the updates coming. Shark Tank is the best and I want it to stay on the air forever, so whatever we can do as fans should really help. WordPress should really add a spellcheck? I know Firefox does, but I only use it sometimes.

  7. I’d like to comment on the monkey wipes too. Some of the Sharks were worried the concept was not unique enough, and that nothing was patented. I think their best bet (in addition to the cool logo) would be to patent the packaging, if they were looking to make any part of their product proprietary.

    I am also one that thinks the 99¢ price seems a bit high, and they should also think about selling a 3-pack of wipes for say, $2.79 (each individually wrapped, but with a cellophane overwrap and a unique barcode).

    But keep in mind these is the retail prices and stores can set whatever price they want, especially if they buy in huge volume where they’d get a slightly better deal from the manufacturer. I think this is a promising product with many possible applications and can’t wait to see a followup how they did with it.

  8. I have a question, if one of you could enlighten me, I would appreciate it. Some of the deals are termed as: upfront money for a certain percentage of the business, plus a royalty. For instance the Element Bar guy got the following: 150k for 30% and 4% royalty. I don’t understand this. Typically, you buy in for a share of ownership (retain the right to manufacture) OR you sell the rights for a royalty (licensing the product). This seems to be some combination of some sort, and I don’t get it. Anyone? Thanks!

  9. “For instance the Element Bar guy got the following: 150k for 30%”

    The 30% was what the sharks got out of the business. They become a major shareholder for providing their business expertise and contacts. So 30% of the company profits go their way.

    The 4% royalty was for the licensing rights. Originally one of the sharks wanted 75% of the business. Then another wanted 100% of the company for a 4% royalty then it was counted down to 30% and the 4% royalty. You can do both. Would you rather trade away 100% of your business for a royalty on the licensing rights or trade away a fraction and get the small royalty in trade for an investor to come on board and possibly make the company worth millions in a few years?

  10. ” think this is a promising product with many possible applications and can’t wait to see a followup how they did with it.

    There have been a newspaper reports they got a deal to put the wipes in 4800 stores wheras they were only in 48 stores previously. So if they sold several thousand at .99 in just 48 stores then people had no issues buying the product.

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