SHARK TANK - EPISODE 415
ENTREPRENEUR: Jennie Nigrosh
PITCH: The Green Garmento
ASKING FOR: $300k for a 20% stake
BEST PART OF THE PITCH: Jennie has created a garment bag that has multi-functions to create a cleaner closet and a cleaner planet. It can be turned in a space-saving hamper when turned inside-out. By bringing this bag into the dry cleaner, it eliminates the need for single-use plastic bags. Jennie says her company is approaching the million-dollar mark in sales. She also says her product saves money for the dry cleaners that buy and resell the bags.
DO THE SHARKS BITE? The sharks are skeptical when they learn that, even though Jennie has lots of sales, the company hasn't really made any money. In fact, she's actually been losing money. She also has investors who are taking 9% revenue until they get their money back. The numbers are not good. Robert and Barbara think it's a great product, but they'd be buying into a problem. They are both out. Kevin says that people fundamentally want to save the planet unless it costs them money like this product does. He's out. Mark says debt is not an entrepreneur's friend. He's out. Daymond applauds the effort Jennie has made, but he can't invest in the troubled business either.
WANT TO KNOW MORE: Visit http://thegreengarmento.com/