SHARK TANK - EPISODE 313
ENTREPRENEUR: Jim Pittman
ASKING FOR: $250k for a 15% stake
BEST PART OF THE PITCH: AirBedz is the original truck bed air mattress. The cutout design allows the mattress to go around, and more importantly, go on top of the truck's wheel wells. This creates a sleep area that utilizes the entire back of the truck. It's rugged and durable. It's easy enough to inflate and deflate from a power source that uses a rechargeable battery. Jim had $210,000 in sales last year and may double it by the end of this year.
DO THE SHARKS BITE? Kevin believes this is a small niche market. That's why he believes Jim has such a big inventory at this time. He has no interest in investing in this product. He's out. Mark believes there's a market for this product, but Jim needs to get out there and sell it. He's out. Robert also believes that Jim hasn't proved this is the great product yet. He's out. Daymond follows his lead. Barbara is on the fence because she doesn't believe Jim is a good salesperson. She offers $250k for 50% of the company. She also wants Jim to get out of the way as a salesperson.
THE RESULT Jim makes a counteroffer. He's only willing to give up 25% of his company. Barbara gives him a moment to reconsider, but that's Jim's final offer. Barbara says good luck to him just before declaring she's out. Looks like Jim will have to get into bed with an investor outside the tank.