ENTREPRENEUR: Mark & Hanna Lim
ASKING FOR: $100k for a 15% stake
BEST PART OF THE PITCH: Hanna and Mark's pediatrician wanted them to use straw cups for their nine-month old daughter as opposed to traditional sippie cups that can damage teeth. They couldn't find one that worked, so they created their own safe, quality cup. It's easy to use and easy to clean. They have $30,000 in sales over four months. They could make a bigger profit if the cups were made overseas, but that's not something the Lims want to do. Their two young daughters love the cup. They've just been issued a design patent.
DO THE SHARKS BITE? Lori loves the product. She thinks it's a great idea, but it's just not her market. She's out. Kevin will give them $100K for 50%. He wants to produce the cups offshore so they can make millions. That would compromise their "Made in America" contingency. Mark wants to know about the sales agent the just signed with recently. They pay the sales agent 15%. Robert sees this deal as an obstacle. Daymond matches Kevin's offer with the contingency that they get out of the deal with the sales agent. Then the counteroffers fly. Here's what happened.
THE RESULT: Robert considers the Lims offer of 40%, but Mark says he'll take the deal before he can respond. They have 24 seconds to decide. Then Daymond says he'll go to 30%. When the 24-second clock expires, Mark sits down and Daymond goes out. Mark reconsiders his decision to go out after the Lims ask if Robert will team with him. At 40%, the Lims strike a deal with both Robert and Mark for Lollacup. Oh, baby!
WANT TO KNOW MORE: Visit http://www.lollacup.com