Shark Tank school is in session, and the Sharks are looking for a deal. With businesses ranging from unique lemonades to home state pride t-shirts, they just might find what they’re looking for. If you missed the latest round of action in the Shark Tank, here’s how it all went down.
First into the Shark Tank were Mikaila Ulmer and her dad, Theo, looking for a sweet deal for their lemonade company, Bee Sweet Lemonade. The pair asked the Sharks for a $60,000 investment in exchange for 10% equity in the company. Bee Sweet began after Mikaila, while trying to think of ideas for a children’s business competition, got stung by a bee twice. While that part of the story isn’t so sweet, at this time Mikaila’s grandma shared with her a family cookbook which contained a recipe for flaxseed lemonade, and an idea was born. Bee Sweet Lemonade produces a line of honeybee sweetened lemonades with flaxseed, in flavors that include mint, tea and lemonade, ginger, and prickly pear. Now age 9, Mikaila is hoping to use a Shark’s investment to make more product so the company is able to launch into the entire southwest market of Whole Foods. Currently, Bee Sweet lemonades cost about $1.50/each to produce, and Mikaila and her dad hope to scale the business to bring the production cost down to less than $1 a drink. The Sharks like the lemonade, but Mr. Wonderful jokes to Mikaila that he wants her to come back when she’s “ready to say ‘school’s out’ full-time.” Daymond acknowledges that he doesn’t know the space very well, but he makes an offer of $60,000 for 25%, contingent on his east coast distributors who work with convenience stores being able to get the product in more stores. With a deal with Daymond on the table, Mikaila and dad accept and the deal is done!
In lieu of a single business update, Shark Tank spotlighted Barbara’s All Star Retreat, featuring her most successful businesses: Cousin’s Maine Lobster, Grace & Lace, Ryan’s Barkery, Villy Customers, Pipcorn, Daisy Cakes, and more. Collectively, Barbara’s partners have grown from $2 million in sales before entering the Shark Tank to more than $24 million in sales. While on the retreat, the entrepreneurs were able to talk shop and share their business lessons in hopes of continuing their paths of success. Congrats to Barbara and all of her business success stories!
Next into the Shark Tank was Patrick Ambron, who hoped to make a $2 million deal in exchange for 13.5% equity in his company, Brand Yourself. Brand Yourself is an online platform that helps people improve the results that show up when someone searches them online. By signing up for the website, users will get a search score and then receive tips for improving their online presence. Membership is free, but there is also a upgraded membership option for $100/year. Currently, Brand Yourself has 300,000 free users, 5,000 paid users, and 500 users who have opted for Brand Yourself’s concierge service that offers a team of people to optimize the user’s web presence for $5,000 a year. When the conversation turns to the business financials, Patrick reports that Brand Yourself has done $2.2 million in sales since early 2012. He also reveals that he is in the midst of a fundraising round that has already raised $3 million of the target $5 million, and he hopes to bring in a Shark with the remaining $2 million to close out the round. Robert is the only Shark to make an offer, but at $2 million for 25%, Patrick says he has to decline, and he leaves the Shark Tank without a deal.
The next Shark Tank entrepreneurs that entered the tank are looking for an investment in their company that caters to the dog owner who has everything. Brooke Martin and James Pelland asked the Sharks for a $150,000 investment in exchange for their video pet chatting company, iCPooch. iCPooch allows pet owners to remotely video chat with their pet at home via a smartphone app, and to even deliver a treat to their dog from afar. 14-year-old Brooke came up with the idea for iCPooch at age 12, and after pitching the company at a startup weekend, she brought James (the father of her classmates) aboard to be the CEO of the company. Each iCPooch unit (tablet not included) costs $60 to manufacture and is sold for $149. Sales are mostly conducted through Amazon, with upcoming distribution in Bed, Bath and Beyond. While the Sharks are suckers for a dog in the Shark Tank, they have a hard time seeing iCPooch as a smart investment, and with that, all of the Sharks are out.
Last into the Shark Tank was Ryan Shell, founder of The Home T, seeking a $250,000 investment in exchange for 5% equity in his t-shirt company. The Home T offers a line of home state pride t-shirts that allow wearers to share their state pride wherever they may be. From the beginning the Sharks are skeptical of something as non-proprietary as a t-shirt company, but Ryan’s $1.1 million in sales in the first 12 months demonstrate the business’ success. Thanks to celebrity customers like Bryan Cranston and Hilary Duff, The Home T landed on US Weekly and generated $200,000 in revenue in a single month. Still, some of the Sharks have a hard time seeing The Home T as a long-term company. Robert, though, sees potential in The Home T and makes the first offer of $250,000 for 35%. Ryan’s counter of $400,000 for 10% isn’t well-received. Just as Ryan starts to exit, Daymond makes an offer of $250,000 for 20%, but even Mark says that he would have to be a moron to take that deal. With the Sharks questioning whether he even wanted to make a deal in the first place, Ryan returns home sweet home without a deal from the Sharks.
What did you think about the businesses in the Shark Tank tonight, fans?