ENTREPRENEUR: Michael Tseng
PITCH: PLATE TOPPER
ASKING FOR: $90k for a 5% stake
BEST PART OF THE PITCH: Michael has created a way to transform plates into airtight storage containers. You simply grab the handle and press down. The airtight seal is so strong that you can actually lift the plate up by the handle. The product is microwave and dishwasher safe. Michael has plate toppers in a variety of sizes. He needs help from the sharks to fulfill massive purchase orders from two of the world's largest retailers. He has purchase orders from QVC totaling over $1 million over four months.
DO THE SHARKS BITE? Robert thinks the product is a great idea. Kevin thinks Michael needs a financier. He offers in $90,000 for a 5% royalty. Lori offers to add a zero to Michael's offer. She'll give him $900k for 30% equity. She'll keep funding more as it continues to work. Daymond comes in with an offer for $1 million for a 25% stake. This has Michael declining Kevin's offer. Daymond gets frustrated by Michael's reluctance to give him a magic number in a counter, so he pulls his offer. Lori also rolls back her offer to the original one Michael asked for. The bad news continues when Robert goes out. Michael finally throws a number out there. He was going to ask for $750k for 5% of the company. This has the sharks feeling like Michael may be pulling a bait and switch.