ENTREPRENEUR: Jared Joyce
PITCH: Five-Minute Furniture
ASKING FOR: $250k for a 25% stake
BEST PART OF THE PITCH: Jared has come up with a patented joint system that allows you to assemble furniture without the use of a screws, nails or tools. Heck, you don't even need instructions. He has over 30 designs that can be applied to any four-sided object. The bookshelves he brought into the tank were assembled in less than five minutes. He's made money through licensing, but believes that's not the right move with this product since the world will always need furniture.
DO THE SHARKS BITE? Jared has no sales to date which has Kevin wondering why he put a million dollar value on his company. Jared says he has about 80 other products that his company has designed. Perhaps deals on some of them can be made after this one. Daymond feels like he's the one being interviewed to give money to this guy in the hopes of getting in on some of the other products. He's out. Mark believes Jared is serving too many masters with all his products. He's out. Robert like the product, but doesn't trust Jared to pay him back. He's out.
THE RESULT: Lori wants another Shark to put up half of what Jared is asking for 100 percent of the company. Kevin will team with her. Jared wants to plug into the network of the Sharks by partnering with them, but that's not something they want to do. They only want the company, not Jared. He can't take that deal.
ENTREPRENEUR: Raven Thomas
PITCH: The Painted Pretzel
ASKING FOR: $100k for a 25% stake
BEST PART OF THE PITCH: Raven started her business over three years ago when she began selling chocolate-covered pretzels. The tasty treats now come in unlimited flavor combinations. They are topped with unique toppings. She's had $75,000 in sales over the past year, has another $64,000 order that just came in and she has $140,000 in orders that she doesn't have the capital to fulfill. She's also in stores like Neiman-Marcus.
DO THE SHARKS BITE? Kevin wants to know what's unique about the Painted Pretzel. That's easy. The taste. Mark adds that other companies don't have Raven's heart and soul. Lori wants to know why they should invest in her. Raven's answer is that she's showing her kids that she can be a success by following her dream. That's not a good enough answer for Kevin. He's out. Raven thinks he may change his mind when she tells him that she had to walk away from a $2 million deal from Sam's Club because she didn't have the capital to fill the order.
THE RESULT: Mark tells Raven he can sell the pretzels in his sports arena and movie theaters. He'll give her $100k for 25% if she'll say yes right now. Raven partners up with Mark. No other negotiations are heard in this very tasty deal.WANT TO KNOW MORE: Visit http://www.ThePaintedPretzel.com
ENTREPRENEUR: Ryan Naylor
PITCH: Esso Watches
ASKING FOR: $35k for a 20% stake
BEST PART OF THE PITCH: Ryan says our bodies are bombarded by positive ions emitted by electronic devices every day. He produces watches that contain negative ions that helps restore the energy field in our bodies. He asks the skeptical Sharks if any of them want to test their balance. Lori volunteers. Incredibly, she feels the difference when she wears the watch. Ryan says he's had $120,000 in sales from a $10,000 investment with about $70,000 in profits.
DO THE SHARKS BITE? Mark still thinks this is all a scam. He's out. Lori wants to know if Ryan has independent laboratory testing. He doesn't. Lori thinks this thing could be a liability nightmare. She's out. Daymond recognizes some of Ryan's designs as those in a line that's sold in a company he owns. He thinks this guy is lying, so he's out. Robert doesn't believe any of this. He's out, too. Kevin says that if Ryan admits this is a scam, he might invest. He doesn't do that, so Kevin is out. That was probably a wise move on his part since Mark threatened to beat the crap out of him if he invested.
LEARN MORE: Visit http://www.essowatches.com
ENTREPRENEUR: Rick Hopper
ASKING FOR: $150k for a 15% stake
BEST PART OF THE PITCH: Rick purposely trips and falls on his way into the tank. It's to illustrate the problem some people have when they lose their glasses. He's created an eye-glass holder the using magnetic back plates to hold everything in place. He's generated $65,000 in sales in a market-test mode. He's made over 100,000 magnets by hand. He has a utility patent and a registered trademark.
DO THE SHARKS BITE? Daymond thinks that Rick wants him to work for a profit even after giving him the money. He's out. Robert sees this as small product that would possibly be sold at gas stations. He's out. Kevin thinks the evaluation of the company is too high. He's out. Lori offers Rick $150k for 65% of the company. She thinks she can make him a millionaire thanks to her connections. Rick asks if she'll consider taking 49%. He's reluctant to give up total control without buyout options and royalties. She wants an answer before Mark speaks.
THE RESULT: Mark does finally say something because he likes Rick. But he thinks there are better options out there. He's out. That leaves Lori. Rick takes the deal. That's good news because Lori has sold over $20 million worth of reading glasses in the past. Looks like Rick's eyeglass idea will have him seeing dollar signs in the future.
LEARN MORE: Visit http://www.readerest.com