ENTREPRENEURS: The Inventioneers
ASKING FOR: $100k for an 15% stake
BEST PART OF THE PITCH: The Inventioneers is a group of clever kids ages 12-18. They've created a way to put an end to distracted driving. The Smartwheel is a device that lights up or makes a tone to alert the driver that he is engaged in one of three unsafe driving positions. They have a prototype and plan on selling their product for $200. They did a pilot study at MIT saying that their product would be effective at changing a driver's unsafe behavior. Even President Obama has said that he'd like a Smartwheel for his daughters when they are old enough to drive.
DO THE SHARKS BITE? Daymond likes the product, but he can't add any value to this area. He's out. Barbara thinks the kids have gone too far with the fact that their product produces a report indicating the times unsafe driving occurs. She thinks teens will rebel against that. She's out. Kevin doesn't believe this product actually stops anyone from driving in an unsafe way. He thinks the kids will come up with a good idea one day, but this one isn't it. He's out. Robert thinks the kids should sell this product to someone instead of trying to produce it. He'll give them $100k for 30% contingent on a licensing deal with a car company.
THE RESULT: Mark offers to go 50-50 on Robert's deal but thinks they should take out the contingency. However, he also believes they should talk to the car companies. The kids go along with that. They have a deal for the wheel!