ENTREPRENEUR: Dallas Robinson and Mike Buonomo
ASKING FOR: $200k for a 20% stake
BEST PART OF THE PITCH: Kisstixx is a high quality lip balm that comes in two compatible flavors, one for you and one for your partner. When you kiss, these two flavors come together to create a chemistry reaction that bursts with flavor and aroma. They have flavors like Strawberry Daiquiri and Pina Colada that combine to create a Miami Vice flavor just like the drink. Dallas and Mike brought a kissing booth with them where Barbara is coerced into planting a wet one on Mr. Wonderful, Kevin O'Leary. This onstage smooch gets a huge reaction from the other Sharks. The guys have had $80,000 in sales in about a year. Walgreens wants to order $540,000 of their product for a Valentine's Day promotion.
DO THE SHARKS BITE? The Sharks are impressed with the product. Mark thinks it's cool that they are also planning to roll out breath spray and gum. Barbara, however, may still be feeling the aftershocks of kissing Kevin. Her gut tells to bail. She's out. Kevin doesn't believe the company is worth the value they are giving it. He's out. Mark also thinks the evaluation is too high. He offers them $200k for a 40% stake. That's a better offer than Daymond and Robert would have made.
THE RESULT: With only one offer on the table, Dallas and Mike partner up with Mark. They didn't get what they were originally asking, but they did manage to get Kevin and Barbara to kiss as part of their lip-smacking good presentation.
ENTREPRENEURS: Stephanie and Daniel Rensing
PITCH: The Smart Baker
ASKING FOR: $75k for a 25% stake
BEST PART OF THE PITCH: Stephanie and Daniel have come up with a series of products to make home baking easier. They created a cheat sheet apron with recipes printed upside down on the bottom for easy reading. They've also created a line of parchment paper with lift tabs to pull the product out of the pan easily. They also have a reusable cupcake/treat tower. They've had $34,000 in sales in the past three months and hope to end the year netting $100k.
DO THE SHARKS BITE? Mark likes what they are doing, but feels like he would only hold them back. He's out. Kevin doesn't feel there's enough meat on the bone to invest. He's out. Robert says he would definitely be a customer, but he can't add value to their company. He's out. Daymond offers $75k for a 40% stake. Barbara wants to make a deal similar to the one she made with the creator of Daisy Cakes. She will give $75k for a 40% stake and a 5% royalty until she makes her money back.
THE RESULT: Daniel wants Barbara to go up to $100k, but she rejects that counteroffer. But her original deal still stands. That's good enough for Stephanie and Daniel. The Smart Baker just got a smart investor.LEARN MORE: Visit http://www.thesmartbaker.com/
ENTREPRENEUR: Lyle Schuette
PITCH: The Heat Helper
ASKING FOR: $100k for a 50% stake
BEST PART OF THE PITCH: Lyle created this product for his wife after she hurt her back. He raised their dryer up in the air so she wouldn't have to bend and also created a filter that pumps the hot dryer air into the house while doing laundry. It pays for itself within the first year. Lyle has sold 680 units through his website. He's sold them in Lowe's and Walmart in his local market.
DO THE SHARKS BITE? Daymond thought this was a great presentation, but he's out. Kevin likes Lyle a lot, but doesn't think this is going to be a huge business. Barbara is skeptical because Lyle took a break from this product when his other business took off. She's out. Robert and Mark don't want to write a check to a guy who isn't living and breathing the business. Everyone is out, but they all loved Lyle.
LEARN MORE: Visit https://www.heat-helper.com/
ENTREPRENEUR: Scott Jordan
ASKING FOR: $500k for a 15% stake
BEST PART OF THE PITCH: Scott is a gadget guy who wanted an easy way to store all his electronic devices. That's why he created TEC—Technology Enabled Clothing. It's a patented system that makes accessing items easy in specially designed, non-bulging pockets. Headsets can be looped through part of the jacket. He's had $5.1 million in sales to date and is on track to do $12 million this year.
DO THE SHARKS BITE? The Sharks learn that Scott only wants to sell a stake in licensing the patent, not his lucrative retail clothing business. They also learn that Scott has settled with many companies that infringed on his patent. Mark is upset by this news since the patent is for a common sense move. Daymond agrees. He's out. Barbara is also out, but Robert will give the $500k for a 15% stake in the patent and retail clothing business. Scott says that would be insane. Mark is out because he feels upcoming wireless technology will hurt the business. Scott doesn't feel like that's a great loss since he was never going to invest anyway. Kevin will give Scott $1 million for a 30% stake in the patent and retail business if Robert will partner with him, but then matches Robert's offer when that notion goes south.
THE RESULT: Robert wants to know if Scott will entertain any offer for the retail business. That'll depend on a phone call he needs to make to a member of his advisory board: Steve Wozniak. The Woz advises Scott that the offer was just too low. Things get nasty when Scott returns to the tank. He ends up being the one who tells Kevin and Robert they are out. As you can imagine, this doesn't sit well with the Sharks, who are not very fond of this particular entrepreneur.
LEARN MORE: Visit http://www.scottevest.com/