SHARK TANK - EPISODE 302
ENTREPRENEUR: Jared Joyce
PITCH: Five-Minute Furniture
ASKING FOR: $250k for a 25% stake
BEST PART OF THE PITCH: Jared has come up with a patented joint system that allows you to assemble furniture without the use of a screws, nails or tools. Heck, you don't even need instructions. He has over 30 designs that can be applied to any four-sided object. The bookshelves he brought into the tank were assembled in less than five minutes. He's made money through licensing, but believes that's not the right move with this product since the world will always need furniture.
DO THE SHARKS BITE? Jared has no sales to date which has Kevin wondering why he put a million dollar value on his company. Jared says he has about 80 other products that his company has designed. Perhaps deals on some of them can be made after this one. Daymond feels like he's the one being interviewed to give money to this guy in the hopes of getting in on some of the other products. He's out. Mark believes Jared is serving too many masters with all his products. He's out. Robert like the product, but doesn't trust Jared to pay him back. He's out.
THE RESULT: Lori wants another Shark to put up half of what Jared is asking for 100 percent of the company. Kevin will team with her. Jared wants to plug into the network of the Sharks by partnering with them, but that's not something they want to do. They only want the company, not Jared. He can't take that deal.
Update: Man Candle
A few years ago, Johnson Bailey was looking for a way to freshen up his stinky place. He wanted the place to smell good, yet manly. He created the Man Candle. His line of candles come in scents of pot roast, golf course, football, popcorn and draft beerβjust to name a few. It didn't make a deal with a Shark, but the advice he got helped make his business flourish. His sales went from $70,000 a year to over $250,000. He's in a bunch of retail stores including some major chains. He now has fulltime employees in his manufacturing facility. Johnson feels like he's truly become a CEO.
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