ENTREPRENEUR: Jay Kriner
PITCH: Bev Buckle
ASKING FOR: $50k for a 10% stake
BEST PART OF THE PITCH: The sharks go crazy when Jay flips open his belt buckle to show that it's the only buckle out there that can actually hold your beverage while at a sporting event or in a bar. He can design the faceplate to have any brand, logo or color. Jay screams, "Ba-Bam!" It's the Bev Buckle! He has sold over 4,000 units at festivals and events all over the country, but that was over four years. Jay has a patent and two envelopes. The first envelope contains a list of retailers that want the product. The second one holds a list of major raceways that want the buckle sold trackside. Jay admits that he had a recent order that was 26% defective from the manufacturer.
DO THE SHARKS BITE? Daymond says Jay's lists are worthless because nobody on them has written him a check. He's out. The math doesn't add up for Mark, so he's out. Robert believes that investing in this product will take up a lot of his time, so he wants 75%. Kevin offers Jay the $50,000 with no equity. Instead, he wants a 12% royalty on every buckle sold. Barbara will jump in for 51% of the company.