Shark Tank is nearing the home stretch of Season Six, but the Sharks show no signs up letting up with their scathing questions or blunt business evaluations. Four new hopefuls entered the tank tonight, each hoping a Shark will propel their business to the next level. If you missed the latest Shark Tank action, read on to catch up on what you missed.
First into the Shark Tank is Alex Furmansky, the founder of Budsies, who entered the tank seeking a $100,000 investment in exchange for 5% equity in his company. Budsies specializes in making custom stuffed animals that bring children’s artwork to life. Each Budsie is sold for $69 and costs $25 to make, and it takes about four weeks to go from drawing to stuffed animal. Alex has does 2,000 units in about 7 months, generated $94,000 in revenue and $39,000 in profits. While the Sharks think the stuffed animals are a cute idea, they have a hard time imagining how the business will scale, based on its premise of unique creations. Still, Kevin makes an offer of $100,000 for 50%, and claims Alex is lucky to receive such an offer. In an attempt to capture an offer from the other Sharks, Alex reveals that Budsies also has capabilities to make Petsies and Selfies, stuffed animals based on pet pictures and selfies, respectively. Kevin jokes that he might as well start making “Deadsies” too. Daymond also makes an offer of $100,000 for 40%, but Alex isn’t sold on either of the offers on the table so he leaves the tank without a deal.
Earlier this season Shark Tank fans met Andrea and Hong Cao, the mother/daughter duo behind the Q Flex acupressure device. After making a deal with Mark and Barbara, Mark helped them get the Q Flex site up and running in time for their episode air date. Since their first appearance in the tank, Andrea and Hong went from 800 sales to 17,000 orders, requiring them to hire a team of employees to keep up with demand. Congrats Q Flex team!
Next into the Shark Tank was an idea that had the Sharks abuzz: Bee Thinking. Matt Reed entered the Shark Tank seeking a $400,000 investment in exchange for 10% equity in his alternate design beehive company. Since the company’s inception in 2009, Matt reports $1.9 million in sales, including $120,000 in profits in 2014. Each hive costs around $150 to manufacture and is sold to consumers for about $360. From there, the bees handle all the work of creating honeycombs and then making the honey. Matt, a former technology industry veteran, was inspired to start Bee Thinking when he realized the potential impact he could make, both financially and ecologically, by saving bees. The Sharks are all impressed by Matt’s brains and dedication to the company, however they have difficulty seeing how the business will scale. With that, Matt leaves the tank without a deal.
For busy moms who always need an extra hand, the next Shark Tank entrepreneur hopes to provide a solution with PullyPalz. Julie Thompson entered the Shark Tank seeking a $100,000 investment in exchange for 20% equity in her company. PullyPalz works by holding two pacifiers on a pully system, ensuring that if one pacifier falls behind a child’s shoulder while in a crib or seat, the other pacifier will be pulled up in sight, so the child can retrieve the second pacifier themselves. While the Sharks aren’t immediately sold, Julie’s $97,000 in sales in the last 12 months demonstrate that there is a market for PullyPalz. Each product costs approximately $4.50 to make and is sold for $19.99-$24.99, and Julie has invested $175,000 in the company to date. Kevin says that the price point is just too high, and Daymond is worried that the product’s purpose may not be immediately apparent to in-store shoppers. Still, Lori sees the potential in PullyPalz and makes an offer of $100,000 for 30%. Julie counters at 25%, which Lori counters back at 28% and the deal is done!
Last into the Shark Tank are Joel Vinocur and Arsene Millogo, looking for a $200,000 investment in exchange for 15% equity in their company, Forus Athletics. Forus offers a line of light and shock-absorbing athletic footwear. Forus shoes, which contain both gel and memory foam in the sole, are designed to fit to a wearer’s foot over time. Each shoes costs $11-13 to make, wholesales for $35-50 and retails for $75-85. Joel and Arsene have taken the company worldwide, with distributors in Taiwan, Holland, Africa and the US. The Sharks are concerned about a company trying to compete in such a saturated market, but the company’s $500,000 in sales in the last 6 months prove that these guys aren’t messing around. Then, the guys mention they’re also working on a NASCAR line, which also concerns the Sharks, who now think Joel and Arsene might be spreading the company too thin across so many products. Daymond voices that he is worried about “the logistical nightmare” of producing all the lines that Forus has planned. In a risky move, Joel and Arsene then reveal that they also have proprietary email marketing software which allows images to be inserted into email subject lines. The Sharks are growing impatient with the guys’ seeming lack of focus, but Arsene makes one last plea, in hopes that he can get Robert and Daymond to come in together with an offer. Robert shows interest, but Daymond thinks the business is just too risky, so Joel and Arsene leave the Shark Tank without an offer.
It was a tough crowd pitching to the Sharks tonight! Fans, let us know what you thought about the latest episode!