ENTREPRENEUR: Matt Canepa & Pat Pezet
ASKING FOR: $75k for a 10% stake
BEST PART OF THE PITCH: Matt and Pat created coffee pouches that are filled with freshly-ground coffee that is then flavored and supplemented with vitamins and nutrients to keep you bright and alert. They call it a healthy alternative to chewing tobacco. They have used their background in sports to get their product into the hands of 20 pro teams. They are on track to do $300,000 in sales by the end of the year.
DO THE SHARKS BITE? Barbara loves the energy the guys show, but she can't relate to their product. She's out. Kevin believes the coffee companies may crush them. They need money to prevent that from happening. He offers them $100k for a royalty of 25 cents for every can sold. Robert offers $75k for 15%, but he'd like Daymond to come in on the deal because his specialty is distribution. Mark doesn't believe this product will give him a big enough return for his time. He's out.
THE RESULT: The guys want to know if Robert and Daymond would go up to $100k for the 15%, but the two sharks want more equity for that kind of deal. The guys then ask for more cash. That's not going to happen. The sharks are holding firm with their offer and that's ultimately good enough for Matt and Pat. Here's hoping these two former baseball players will hit a home run with their new partners.