ENTREPRENEURS: Romy Taormina
PITCH: PsiBands
ASKING FOR: $250k for a 10% stake
BEST PART OF THE PITCH: Romy says PsiBands are the stylish way to quell queasiness. They are acupressure wristbands that relieve nausea. Romy's product comes in fun colors, they are waterproof and they have an adjustable orb that used for the acupressure. She says there are medical studies that prove her product works. She's had a million dollars in sales over the last year, but had only 11 percent net profit. She also has $600k in debt because of deferred salaries from the past. In other words, she wants to get paid for all the work she's already done.
DO THE SHARKS BITE? Barbara says it's hard for an investor to watch someone write a check to themselves because they believe they are owed money for work they did in the past. She's out. Mark is upset because Romy doesn't have any real research and development to support her claims that this truly does help people. He's out. Robert has no problem with the pursuit of profit until someone tells him it helps people with cancer as Romy claims her product does. He's out. Daymond doesn't trust Romy, so he's out. Kevin will give her $250k for 40% of the company. Romy is set on sticking to her original offer though. Kevin says she's dead to him. In other words, he's out.
WANT TO KNOW MORE: Visit http://www.psibands.com
