ENTREPRENEUR: Zach Crain
PITCH: Freaker USA
ASKING FOR: $200k for a 10% stake
BEST PART OF THE PITCH: Zach has created a stretchable product called the Freaker that can fit every beverage in the world. He has dozens of designs. He shows the sharks a video that details how he created a product that will put an end to moist handshakes around the world. Zach has been in business for 13 months and has about $320,000 in sales in about 200 stores. He has a patent on his product.
DO THE SHARKS BITE? Kevin thinks Zach's company is worth at most $400k, so he'd want at least 50% for the $200k. Zach can't go for that, so Kevin is out. Barbara loves Zach, but she can't buy into the value of the company. She's out. Robert also likes Zach, but he's out, too. Daymond doesn't feel passionate about the product, so he's out. Mark feels there are some unique opportunities here, but he couldn't deal with all the playful "beeping" Zach seems to do all the time. He's out. This leaves Zach beeping/backing out of the tank without a deal