SHARK TANK - EPISODE 408
ENTREPRENEUR: Drew Beaumier
ASKING FOR: $150k for a 20% stake
BEST PART OF THE PITCH: Drew enters the tank along with a trio of associates donning wearable recreational devices. The main attraction of these outfits is their ability to instantaneously transform the user from a human or walking state to a vehicular or motor-driven form. Robert checks out the product which can go up to 10-12 miles per hour via a hand switch. Drew has not yet begun selling them because he wanted to get all the patents in place. Drew's product has earned him $25,000 in various contests.
DO THE SHARKS BITE? Kevin thinks it's time for Drew to partner with the big toy companies. Mark believes that would take too long. Robert thinks Drew will be in trouble until he gets a patent. He's out. Daymond thinks it's too soon to invest, so he's out, too. Barbara is concerned about the liability issue, so she's out. Mark offers the $150k to make 20 of these products and they'll make some decisions as they go along. He wants 40% of the company. Kevin offers $150k for 30% with the contingency that they go to a toy company for a deal.
THE RESULT: With two offers on the table, Drew knows he has a difficult decision to make. He has no problem taking the long road Mark is offering, but he's kind of a gambler at heart. That's why he asks Kevin to work with him before happily wheeling out of the tank.