ENTREPRENEUR: Rick Hopper
PITCH: ReadeREST
ASKING FOR: $150k for a 15% stake
BEST PART OF THE PITCH: Rick purposely trips and falls on his way into the tank. It's to illustrate the problem some people have when they lose their glasses. He's created an eye-glass holder the using magnetic back plates to hold everything in place. He's generated $65,000 in sales in a market-test mode. He's made over 100,000 magnets by hand. He has a utility patent and a registered trademark.
DO THE SHARKS BITE? Daymond thinks that Rick wants him to work for a profit even after giving him the money. He's out. Robert sees this as small product that would possibly be sold at gas stations. He's out. Kevin thinks the evaluation of the company is too high. He's out. Lori offers Rick $150k for 65% of the company. She thinks she can make him a millionaire thanks to her connections. Rick asks if she'll consider taking 49%. He's reluctant to give up total control without buyout options and royalties. She wants an answer before Mark speaks.
THE RESULT: Mark does finally say something because he likes Rick. But he thinks there are better options out there. He's out. That leaves Lori. Rick takes the deal. That's good news because Lori has sold over $20 million worth of reading glasses in the past. Looks like Rick's eyeglass idea will have him seeing dollar signs in the future.
WANT TO KNOW MORE: Visit http://www.readerest.com
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