ENTREPRENEUR: Phil Dumas
PITCH: UniKey Technologies
ASKING FOR: $500k for a 33% stake
BEST PART OF THE PITCH: Phil's passion is access control. His product is the revolution of the key. He has devised a way to incorporate your keys into your mobile phone. As long as you're in range of the lock, you can control it. By having the key on your phone, you can send and receive keys to and from other users. You can also control how long the key is available and delete it whenever you want. He's working on a licensing structure with Black & Decker. The goal is to get the product to market at $149-$199.
DO THE SHARKS BITE? Kevin says Phil is very credible, but the housing market is currently a disaster. He loves the story, but feels the risk. Kevin offers $100k for 10%. That means Phil needs $400k from the other Sharks. Robert thinks the product is very cool. He offers $1 million for a 75% stake, but the deal is contingent on Black & Decker being in on it, too. He wants someone to prove the market. Barbara offers $250k for 50% equity if Phil can get Mark Cuban to put up the other half of the money he seeks. Daymond offers $500k for a 40% stake. Mark isn't willing to team with Barbara, but he'll add $400k to Kevin's offer for 45% of the company.
THE RESULT: Phil counters Mark and Kevin's offer by asking them to go down to 40% equity. He'll even give them two seats on the board of directors so there's a balance of power. That'll work. Phil has a deal and he'll have Kevin available to accompany him as he meets with Black & Decker.
WANT TO KNOW MORE: Visit http://www.unikeytech.com