ENTREPRENEUR: Travis Perry
PITCH: Chord Buddy
ASKING FOR: $125k for a 10% stake
BEST PART OF THE PITCH: Travis has a product that was inspired by his daughter. It allows you to play the guitar instantly. It's a two-month learning system with tabs on the guitar that teach you which chords to play. Travis gets Robert to strum a tune to prove his point. He had $150,000 sales in one month. Like we said earlier, Travis invented this product for his daughter because she wanted to play. What a good dad. He has a half million dollars in sales and has purchase orders for more. He has a deal with Sam's Club and wants to manufacture the product in the U.S.
DO THE SHARKS BITE? Kevin doesn't like the evaluation of the product, but believes it'll get its place in the retail world. He'll give him $125k for a 20% stake and personally endorse it. Daymond will match that offer and provide a free celebrity endorsement. Robert also offers $125k for 20%. Mark knows Travis is a family man who may not be able to go on the road to promote the product. He's out. Barbara offers $175k for 20% with $50k used for an infomercial.
THE RESULT: Travis has four rock solid offers on the table. He asks wannabe rock star Robert to sweeten his offer, so he will add 50k for an infomercial if they decide to go down that road. Rock on! Travis makes the deal with Robert. The two men strum their way out of the tank. Travis is greeted on the outside with big hugs from his family. The fact that he scored a life-changing deal had to be music to their ears.
UPDATE: CBS Foods
Last season, Shawn Davis, better known as Chef Big Shake, gave the sharks a sample of his shrimp burger, which comes in four different flavors. He vowed to keep moving forward even though none of the sharks bit on his shrimp pitch. After his appearance on the show, Shawn wound up getting an investment that was better than the one he asked for from the Sharks. He was making about $30k annually with the shrimp burger. Now his projected sales are over $5 million. That's one fish story with a happy ending.
ENTREPRENEUR: Pat McCarthy
PITCH: Liquid Money
ASKING FOR: $100k for a 5% stake
BEST PART OF THE PITCH: Pat gets an "Amen" out of the Sharks when he mentions the smell of money. He's managed to bottle this valuable scent in two different fragrances. They are called "His Money" and "Her Money." The ingredients include cotton, silk and linen. These are the same core ingredients found in cold, hard cash. He has annual sales of $52,000 but very limited retail space. He's been approached by banks to use this product as a gift for opening an account.
DO THE SHARKS BITE? Kevin thinks the problem is that it'll take millions of dollars for Pat to buy his way in to the retail stores to sell his product. Daymond knows this business will only be successful through advertising. He wonders why the equity offer was only for 5%. Mark also has trouble with the perceived value of the company, so he's out. Kevin loves money, but he's out, too. Barbara bails because she doesn't believe the product actually smells like money. Robert is out, too. That leaves Daymond.
THE RESULT: Daymond offers $100k for 80% of the company and he'll license the name. That's just too much equity to give up. Pat declines the offer. Just like that, the smell of money is gone from the tank.LEARN MORE: Visit http://www.liquidmoney.com
ENTREPRENEUR: Kyle Rainey
PITCH: Tail Lightz
ASKING FOR: $50k for a 50% stake
BEST PART OF THE PITCH: Tail Lightz are attachable lighted patches for jean pockets. Kyle can create designs that will appeal to many different target markets. There are sports designs for kids as well as slightly sassy ones for the ladies. There's even a shark-themed one for Kyle's potential partners. His products are currently in the design phase with working prototypes.
DO THE SHARKS BITE? Barbara says she's ready…ready to go out. She has a fairly harsh review of the product saying it's uncomfortable, likely to break and features dated designs. Told ya it was harsh. Mark doesn't believe the product will catch on. Robert believes there are other products like this out there. Kevin doesn't feel there's anything proprietary about the product. He's out. Robert agrees that the product looks dated. He's out. Daymond follows his lead. Mark is out, too. But he encourages Kyle to never turn out the lights when looking for that overnight success.
LEARN MORE: Visit http://www.taillightz.com
ENTREPRENEUR: Megan Cummins
PITCH: You Smell
ASKING FOR: $55k for a 20% stake
BEST PART OF THE PITCH: Megan has a new luxury soap brand that she claims is a breath of fresh air in a snooty marketplace. She had about 1,200 bars made in two custom fragrances—lemon and mint. She tested the market by sending them out to different companies. She learned that people were selling her product for between 7-12 dollars per bar. Some big name companies, like Urban Outfitters, are interested in selling it for around five bucks per bar. Megan also has a paper soap product that would work well as an impulse buy item.
DO THE SHARKS BITE? Daymond admires Megan's tenacity, but this isn't a business he's interested in. He's out. Kevin is also impressed with Megan, but he's not willing to invest in an unproven product. He can't smell the money. He's out. Mark likes her spirit and offers $55k for a 20% stake. Barbara says hold on. She was surprised by Megan. She offers $55k for 40% of the business plus 10 cents for every bar of soap sold. Robert loves the product, but wants to know if Megan will be all in. He offers $55k with a $50k salary for a 20% stake. This has Barbara editing her offer down to a 30% stake. She also says that women work harder. Needless to say, the male Sharks are thrashing in their chairs after that remark.
THE RESULT: Megan has always wanted Barbara to be her business mom, but Robert's deal is just too good to turn down. That extra money as a salary helped tip the scales. Megan could also smell success by having Robert as a business partner.
LEARN MORE: Visit http://www.YouSmellSoap.com
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