ENTREPRENEUR: Neal Desai
PITCH: CATE APP
ASKING FOR: $50k for a 5% stake
BEST PART OF THE PITCH: Neal shows a video reenactment of a woman who believes her significant other is cheating on her after intercepting a text message. It's a scene filled with melodrama and face slaps. Neal has created a Smartphone app that will help keep your indiscretions discreet. It hides a list of contacts that you never want seen in public. The app intercepts sensitive calls or texts and stores them for you. The screen will never indicate who called. Neal says that if Tiger had this app, he might still be married. Neal didn't develop it, but he does now have full ownership of it with his sister. They have about 5,500 paid customers.
DO THE SHARKS BITE? Robert thinks this is a cheater's app and wonders about the morality of the product. Kevin isn't worried about that at all. He offers $50k for 50% of the company. Mark, on the other hand, doesn't like the app. He's out. Robert feels the same way. He's out, too. Daymond offers to partner with Kevin. Barbara feels this product has a future as a privacy app. She offers $50k for 30% provided Neal is open to repositioning the product as a privacy app as opposed to a cheater's app.
THE RESULT: Neal counters by offering 15% across the board. Kevin and Daymond drop their offer to 35%. This has Barbara dropping to 25%. Neal then asks Kevin and Daymond for $75k. They end up striking a deal at $70k for a cheater's app that will hopefully prosper.
WANT TO KNOW MORE: Visit http://www.cateapp.com/