The Sharks were on fire last night, slinging one-liners and making multi-hundred thousand dollar deals. We’ve entered the second half of the extended (15 episode) season, and the Shark Tank is more ruthless than ever. Maybe you were watching March Madness instead of tuning in (we forgive you… this time), so here’s the recap of the most recent episode:
Tower Paddle Board hopes for $150,000 in exchange for 10% equity
First into the Shark Tank was Stephan Aarstol, representing his company Tower Paddle Boards. Aarstol asked the Sharks for a $150,000 investment in exchange for 10% equity in his company. From the beginning of Aarstol’s presentation, it was clear he was nervous—and who can blame him? As Kevin O’Leary said, “This is only the biggest moment of your life!” Luckily Aarstol was able to recover and explain how his standing paddle boards will enable anyone to learn the sport after just a few minutes of practice. Unfortunately, once the Sharks started shooting questions, Aarstol wasn’t able to give them the answers they were looking for. He claimed to be an “expert internet marketer”, but when Aarstol said the cost of a new customer was $0, O’Leary had heard enough and was out. Mark Cuban was still interested, though, and he offered $150,000 for 30% of the company, with the option to opt out of future agreements. That’s all Aarstol needed to hear, because he took the deal.
Shark Tank Success Story: Readerest
Before the next segment, viewers got to see an update from previous Shark Tank contestant, Rick Hopper. Hopper appeared on Shark Tank just a few weeks ago to showcase his product, Readerest, a magnetized hook that attaches reading glasses to shirts. Hopper made a deal with guest Shark, Lori Greiner. Just eight weeks later and Readerest has already appeared on QVC and sold $100,000 of product in just one airing. Congrats Rick and Lori!
Husband and wife duo tout Instantlifts to secure $100,000 investment
Next up was Instantlifts, represented by husband/wife duo, Nick and Penilopee LaRosa. The couple sought $100,000 for 25% of their company. Instantlifts are basically clear tape pieces, specially made to lift certain areas of the body, resulting in less cellulite and, as Daymond said, less “bingo wing”. For those unfamiliar with the term, Daymond describes “bingo wing” as sagging underarm skin that old ladies get, and it flaps when they call bingo. Unfortunately the Sharks just didn’t seem interested in the business or its valuation, so there was no deal.
Vinamor wine aerator requests $75,000 from Shark Tank for 30%
The next contestant into the Shark Tank was Gary Dejohn and his product, Vinamor. Dejohn asked the Sharks for $75,000 in exchange for 30% of his company. Vinamor is a beautifully designed wine aerator that also measures the amount of wine in the glass to ensure uniform pouring (which is helpful for restaurants hoping to lower overpouring costs). Initially the Sharks did show some interest in the product, and they really appreciated that Dejohn had designed Vinamor himself. However, none of the Sharks thought the aerator was differentiated from similar products on the market, so they all bowed out. Kevin did offer some insight into his personal life, though, when he announced, “I like to make money so I can buy $2,000 bottles of wine, and I drink them with a straw.”
Miso Media owner, Aviv Grill, attempts to gain $300,000 for music education software program
Last up was Miso Media and its owner, Aviv Grill, seeking $300,000 for 5% of the company. Miso Media is music education software program that teaches users to play a variety of instruments using an easy-to-follow system. Although Grill mentioned on the show that the app is free, Shark Tank followers were quick to do their research and uncovered that the price had increased to $0.99 since show taping. The company’s biggest moneymaker, though, is the ability to make in-app purchases of digital sheet music, so users can expand their playing repertoire. Impressively, Grill has worked with artists like Justin Timberlake and Ingrid Michaelson, and Michaelson even made an appearance on the show to play guitar and belt out a few lines of her hit song “Be OK”. The Shark Tank was impressed, and after hearing the company’s valuation, the Sharks’ interest was definitely piqued. However, they soon discovered that Miso Media had investors who had earned 10% of the company for the same investment. Not wanting to make a deal for less return than previous investors, Kevin and Mark made separate offers for Miso Media, but it was Mark who won out in the end with his offer of $300,000 for 8% of the company.
What did you think of the Shark Tank episode, fans? Any deals you wish had been made, but weren’t?