ENTERPRENEUR: Bob Kroupa
PITCH: New Era Brands, Clip 'n' Go cases for mints, gum and contact lenses
ASKING FOR: $500k for a 30% stake
BEST PART OF THE PITCH: Bob's product seems like a breath of fresh air in the world of tiny travel cases. The product holds your mints or gum in a protective case featuring a clip so you can attach it to your belt, backpack or whatever. Now he's introducing a new case to hold contact lenses. The sharks perk up a bit when Bob says he had $817,000 in cash last year in sales. But there's more to the story.
DO THE SHARKS BITE? The sharks don't understand how there can be $800,000 in sales without any profit. Bob explains that the overhead was ridiculous. Kevin O. says, "Well, that's your fault." The stores that sold the product placed it on the shelves for promotional periods but didn't reorder. Kevin O. believes Bob had a sugar spike with his product. The stores bought in bulk but couldn't justify keeping it on the shelves. And not one shark can justify an investment. Clip 'n' Go is a no-go.
WANT TO KNOW MORE: Visit http://www.clipngo.com