ENTREPRENEUR: David & Nique Mealy
PITCH: Back 9 Dips
ASKING FOR: $150k for a 15% stake
BEST PART OF THE PITCH: David and Nique have created a brand of buffalo chicken dips created with all white meat chicken breasts along with wing and dipping sauces. They blend it all together so you can get everything you get on a chicken wing on a chip. Daymond calls their dips a "Chicken Slurpee." Kevin can't stop cracking up at the thought of these two sticking a chicken in a blender. Tears of laughter stream from his face. David and Nique have a little less than $400,000 in sales in less than two years. They have a deal with a supermarket chain in Florida where their product is selling well.
DO THE SHARKS BITE? Lori loves the taste of the product. She also thinks David and Nique are great, but she's not the right person to help them get their products into supermarkets. She's out. Mark thinks they are going to do wonderful things, but he also goes out because this is not his thing. Kevin admires their stick-to-itiveness to survive, but the risk is just too much for him. He's out. Robert thinks this a brutal business and he's not the right partner for them. That leaves only Daymond. Or does it?
THE RESULT: Lori really likes this couple. She offers to come back in and partner with Daymond for a 25% stake. Daymond recalls a time when he was in a similar situation as these two folks. They have one child with another one on the way. Still, Daymond can't bring himself to invest. Lori is out there alone, but not for long. Robert believes these two deserve a shot. He partners with Lori and the deal is done. More tears flow in the tank. The difference is that this time they are tears of joy. Daymond also offers to help from afar.
ENTREPRENEUR: Marvin Philip
PITCH: Lifter Hamper
ASKING FOR: $85k for a 12% stake
BEST PART OF THE PITCH: Marvin was drafted by the Pittsburgh Steelers in 2006. He suffered a back injury in his third year that put him out of the game for the rest of the season. The pain in his back gave him the idea to create a hamper with bungee spring-loaded liner that drops when heavy clothes go in, but then springs back up when you take them out. You never have to bend over to lift your clothes out of the hamper. Marvin has been in business for about six months. He hasn't hit the market yet but has contracts with two big rep firms. He thinks the product will benefit others with back pain.
DO THE SHARKS BITE? Lori thinks the product is cool, but thinks it may be tough to transport. Kevin believes the value of the company is too high. Mark likes the product, but doesn't think he can be of any benefit to Marvin. He's out. Robert thinks he has a long way to go. He needs to go out and sell some. He's out. Lori believes Marvin is only halfway there. She's out with her money, but says Marvin can give her a call when he gets further down the road. Kevin and Daymond go out, too. Marvin will have clean up without a shark by his side.
LEARN MORE: Visit http://lifterhamper.com/
ENTREPRENEUR: Brian and Kevin Fleming
PITCH: Bag Bowl
ASKING FOR: $40k for a 33% stake
BEST PART OF THE PITCH: Brian and Kevin are brothers who have created an exoskeleton device that gives structure to any plastic zipper bag to create a handy and sturdy bowl. When finished, you simply lift out the bag and toss it in the trash. No more clean-up. They've invested $40,000 of their own money so far. They say it'll cost plastic bag manufacturers two cents to add this to their product. They have a utility patent that's pending.
DO THE SHARKS BITE? Kevin doesn't believe there is a real demand for this product. Mark thinks these guys are "wantrepreneurs" not entrepreneurs. He goes out immediately when one of the brothers nicknames him "Cubes." Daymond and Kevin go out, too. Robert thinks the product is clever and can see it selling in the future. He offers the guys $40k for 45%. Lori doesn't believe they'll get any intellectual property coverage for this, but thinks this is a great TV item for QVC. She'll give them $40k for 33%.
THE RESULT: The Fleming brothers want to take a minute to discuss things until it is pointed out that Lori is giving them exactly what they asked for. She'll pull her offer if they walk out of the tank. They don't. A deal is done and hopefully Bag Bowl will be appearing on QVC someday soon.LEARN MORE: Visit http://www.buybagbowl.com/
ENTREPRENEUR: Henry Penix
ASKING FOR: $2 million for a 10% stake
BEST PART OF THE PITCH: Henry's company revolutionizes what people do with their cell phone. He has a product that attaches to your keychain. It warns you when you've walked away from your phone. It also helps you find your keys and has a dialer you can use if you're in trouble. Daymond says it's the modern day version of "I've fallen and I can't get up." Henry has patents all over the world. He did $5 million in sales in 2011. They are on track for about $7.2 million in 2012 and they'll net about $2 million. He's put in $4 million of his own money so far. He's raised another $5 million from an investor. He has another product that also monitors health issues.
DO THE SHARKS BITE? The sharks want to know why Henry needs cash so badly when the product is doing so well. Henry says they have close to $2 million in inventory. They built too much for the last Christmas season and they didn't sell through everything. Daymond wants to know how much was spent on research and development. It was over $1 million. Mark thinks Henry went too big with his company, so he's out. Robert thinks the company is about to die, so he's out. Daymond follows his lead. Lori loves the product, but knows there's something wrong. She's out. Kevin is intrigued by the number of sales, but he can't invest either.
LEARN MORE: Visit http://www.zomm.com/