ENTREPRENEUR: Pat McCarthy
PITCH: Liquid Money
ASKING FOR: $100k for a 5% stake
BEST PART OF THE PITCH: Pat gets an "Amen" out of the Sharks when he mentions the smell of money. He's managed to bottle this valuable scent in two different fragrances. They are called "His Money" and "Her Money." The ingredients include cotton, silk and linen. These are the same core ingredients found in cold, hard cash. He has annual sales of $52,000 but very limited retail space. He's been approached by banks to use this product as a gift for opening an account.
DO THE SHARKS BITE? Kevin thinks the problem is that it'll take millions of dollars for Pat to buy his way in to the retail stores to sell his product. Daymond knows this business will only be successful through advertising. He wonders why the equity offer was only for 5%. Mark also has trouble with the perceived value of the company, so he's out. Kevin loves money, but he's out, too. Barbara bails because she doesn't believe the product actually smells like money. Robert is out, too. That leaves Daymond.