SHARK TANK - EPISODE 306
ENTREPRENEUR: Nick Romero
PITCH: The Ave
ASKING FOR: $125k for a 15% stake
BEST PART OF THE PITCH: Nick says his business allows people to custom-create any article of clothing within minutes. You can turn any idea into wearable art from head to toe. He uses an image of the Sharks to demonstrate how their faces can decorate the exterior of a pair of shoes. They don't actually make any product until someone orders it which helps drive up profit margins. He's generated $570,000 in his first year of business with $150,000 in profit. Nick wants to put an Ave store in every city in the country.
DO THE SHARKS BITE? Daymond thinks Nick is an incredibly cool guy who is working hard instead of working smart. He's out. Robert doesn't agree with Nick's business model, so he's also out. Kevin hates retail, so he's out. Barbara follows his lead. Mark believes the most unique thing Nick has going for him is the plate that's used to do the printing. A red flag goes up for Mark when Nick says that he'd be comfortable with a six-figure salary. It would have been better if he'd said he'd be willing to live on macaroni and cheese. Mark believes there's no greater motivator than adversity, so he's out, too.
Update: Ride On Carry On
Last season, Darryl and Randy Lenz struck a deal with Barbara for their product that instantly converts carry-on luggage into a travel stroller. The attachable seat can carry kids from 8 months to 5 years old. It then folds onto the luggage for easy storage. Sales have gone from $40,000 to half a million dollars. Barbara helped them redesign their product which has certainly taken off!
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