SHARK TANK - EPISODE 207
ENTREPRENEURS: Jason Lucash & Michael Szymczak
PITCH: Orig Audio
ASKING FOR: $150k for a 15% stake
BEST PART OF THE PITCH: Jason and Mike have a product called The Rocket. It uses vibration technology to turn anything into a speaker. Whatever their product sticks to utilizes sound movement to amplify what's being played. An upside-down fishing boat was once turned into a giant speaker with the product. Their first product was "Fold and Play" recycled speakers, the origami of audio. They have $750,000 in sales after one year in business. Their product is in stores and is also sold online. They have a license agreement with a manufacturer in China. They've also sold their product on QVC.
DO THE SHARKS BITE? Daymond wonders what's going to keep the manufacturing company from throwing these guys under a bus should the product take off. Kevin O. thinks the value they placed on their product is too high in a very competitive industry. He's out. Mark wants a better percentage before he'll talk to them. He also doesn't want the guys to talk to anyone else before that happens. This ticks off the other Sharks as time ticks away for Jason and Michael.
THE RESULT: Robert doesn't like bullies, which is a label he bestows upon Mark. Daymond offers $300k for 100% of the company. Barbara offers $150k for 25% while Robert says he'll do the original deal. That means Mark is out. The guys take a timeout to chat about the offers. While they are out of the tank, Robert makes it clear that he wasn't impressed with Mark's tactics. In the end, Jason and Mike are impressed with Robert and take his deal.