ENTREPRENEUR: Robert Alison, of Las Vegas, Nevada.
PITCH: Inventor of LifeBelt, safety equipment that prevents you from starting the car without first buckling the seatbelt.
ASKING FOR: $500K in return for a 10% stake.
BEST PART OF THE PITCH: Robert reveals that he owns the patent and the copyright for his invention.
THE SHARKS BITE WHEN: Both Kevin O'Leary and Robert Herjavec see this as a great opportunity to present to the major automakers, but think Robert Alison is the wrong guy to be selling the product. Kevin offers to buy the patent outright for $500K, and Robert ups the ante and offers $1 million for it.
RESULT: Robert, determined to set up a business rather than just sell his patent to someone else, passes on the Sharks' offers.
WANT TO KNOW MORE: Visit www.nobucklenostart.com/.
UPDATE: A short time ago, entrepreneur Robert Allison turned down a million dollar offer from Robert for the patent on his Lifebelt invention. Since he met with the sharks, Robert signed a multimillion dollar deal with the Gillman Automotive Group, who will be offering Lifebelt to all of their customers in both new and used cars in all of their dealerships. Robert says this is just the beginning and plans to have sales in excess of $10 million. Buckle up, it's gonna be a wealthy ride.