ENTREPRENEUR: Jennie Nigrosh
PITCH: The Green Garmento
ASKING FOR: $300k for a 20% stake
BEST PART OF THE PITCH: Jennie has created a garment bag that has multi-functions to create a cleaner closet and a cleaner planet. It can be turned in a space-saving hamper when turned inside-out. By bringing this bag into the dry cleaner, it eliminates the need for single-use plastic bags. Jennie says her company is approaching the million-dollar mark in sales. She also says her product saves money for the dry cleaners that buy and resell the bags.
DO THE SHARKS BITE? The sharks are skeptical when they learn that, even though Jennie has lots of sales, the company hasn't really made any money. In fact, she's actually been losing money. She also has investors who are taking 9% revenue until they get their money back. The numbers are not good. Robert and Barbara think it's a great product, but they'd be buying into a problem. They are both out. Kevin says that people fundamentally want to save the planet unless it costs them money like this product does. He's out. Mark says debt is not an entrepreneur's friend. He's out. Daymond applauds the effort Jennie has made, but he can't invest in the troubled business either.
LEARN MORE: Visit http://thegreengarmento.com/
In Season One, Tiffany Krumins made a deal with Barbara for her children's medicine dispenser called Ava the Elephant. Since her appearance in the tank, she's sold 100,000 units with over a million dollars in sales. She also created Ava the Elephant thermometer stickers that actually read children's temperature. Tiffany is now working with a logistics company and four international distributors. The success of the business has helped her financially and therapeutically.
ENTREPRENEUR: Matt Canepa & Pat Pezet
ASKING FOR: $75k for a 10% stake
BEST PART OF THE PITCH: Matt and Pat created coffee pouches that are filled with freshly-ground coffee that is then flavored and supplemented with vitamins and nutrients to keep you bright and alert. They call it a healthy alternative to chewing tobacco. They have used their background in sports to get their product into the hands of 20 pro teams. They are on track to do $300,000 in sales by the end of the year.
DO THE SHARKS BITE? Barbara loves the energy the guys show, but she can't relate to their product. She's out. Kevin believes the coffee companies may crush them. They need money to prevent that from happening. He offers them $100k for a royalty of 25 cents for every can sold. Robert offers $75k for 15%, but he'd like Daymond to come in on the deal because his specialty is distribution. Mark doesn't believe this product will give him a big enough return for his time. He's out.
THE RESULT: The guys want to know if Robert and Daymond would go up to $100k for the 15%, but the two sharks want more equity for that kind of deal. The guys then ask for more cash. That's not going to happen. The sharks are holding firm with their offer and that's ultimately good enough for Matt and Pat. Here's hoping these two former baseball players will hit a home run with their new partners.
ENTREPRENEUR: Scott Duff & Carlos Ortiz
PITCH: My Cold Snap
ASKING FOR: $50k and a 12% royalty for a 100% stake
BEST PART OF THE PITCH: Scott and Carlos have created a product that they claim is the only ice chest that fits in your hand. It holds a can that keeps a drink cold from the first sip to the last. They have $250k in sales in the promotional products industry in a deal that is now over. They have $20,000 units sitting in inventory. They've had a long period of activity when they put the product on hold.
DO THE SHARKS BITE? Barbara feels like the guys have taken a cold body out of storage and they want her to bring it back to life. She's out. Robert also has a problem with the fact that the business died years ago. He's out. Kevin doesn't think he can make any money from the product. He's out. Daymond believes that these guys are offering a hundred percent of their company because they want him to work for them. He's out. Mark doesn't like the product and he doesn't want to help it. He's out, too. My Cold Snap got a very cold reception from the sharks.
LEARN MORE: Visit http://www.mycoldsnap.com____________________
ENTREPRENEUR: Rebecca Rescate & Chris Hindley
PITCH: Hoodie Pillow
ASKING FOR: $90k for an 15% stake
BEST PART OF THE PITCH: Rebecca has been in the tank before. She sealed a deal with Kevin Harrington in Season 2 for her cat toilet-training system called CityKitty. She's broke a million bucks in sales with that product and is headed for $5 million. Her new venture is with a partner to pitch a product puts a hood onto a pillowcase. Daymond plops down on a couch to test the product. The other sharks think he looks ridiculous, but Rebecca argues he looks relaxed. They've sold 3,000 units in eight weeks. Chris invented the product and Rebecca owns 30% of the company. This makes her a mini-shark. They have a utility and design patent on the product. They also have a portable travel hoodie that you can use on planes. The sharks perk up when they see this product.
DO THE SHARKS BITE? Kevin offers $90k for a 33% stake but nobody can take a draw from the business until later. All three of them will take an equal draw when the time arrives. Chris offers Kevin 25% of the business for $100k, but Mr. Wonderful sticks with his original offer. Daymond also wants a third of the company for the $90k. He wants a decision in 10 seconds. Rebecca wants to hear from the other sharks, so Daymond is out. Barbara wants him to come back in on a deal with her for a 40% stake and a 10-cent royalty. Daymond is back in, but again wants an answer right away.
THE RESULT: Chris says he will do the deal with Daymond and Barbara if they'd accept 30% equity. This has the two sharks offering 35%, but Rebecca wants $90k for 20%. This has Barbara going out because they won't meet her halfway. Robert realizes he doesn't want to miss out on Rebecca again, so he's willing to give her what she asks. Chris can go for that. They have a deal!