SHARK TANK - EPISODE 115
ENTERPRENEUR: Jan Augenstein
PITCH: Fridge Fronts, a magnetic skin with a decorative finish that can be applied to any appliance
ASKING FOR: $100k for a 30% stake
BEST PART OF THE PITCH: When Jan had a home on a military base, Uncle Sam provided her with a less-that-attractive refrigerator. So, she developed a magnetic designer fridge front to pretty things up. She has a patent and has made sales through SkyMall. She also got a shout-out from Rachel Ray. Any success Jan's had has been plagued by setbacks, which she discusses openly and honestly. She wants the cash to keep her business going, but also to pay back her supportive brother, who invested heavily in the product.
DO THE SHARKS BITE? Kevin O. believes this could be a product that people buy but, because it's not a company, he's out. Robert and Daymond quickly follow his lead. Both Barbara and Kevin H. are interested. They'll do a tag-team deal where they'll invest $50k each. But they want a 50% stake.
THE RESULT: The Shark Tank is Jan's last hope for her product. She appreciates the fact that Barbara and Kevin are willing to take a risk. For that reason, Jan believes they deserve half her business. She has two new partners on the Fridge Fronts front. Cool!
WANT TO KNOW MORE: Visit http://www.fridgefronts.com
ENTERPRENEUR: Bob Kroupa
PITCH: New Era Brands, Clip 'n' Go cases for mints, gum and contact lenses
ASKING FOR: $500k for a 30% stake
BEST PART OF THE PITCH: Bob's product seems like a breath of fresh air in the world of tiny travel cases. The product holds your mints or gum in a protective case featuring a clip so you can attach it to your belt, backpack or whatever. Now he's introducing a new case to hold contact lenses. The sharks perk up a bit when Bob says he had $817,000 in cash last year in sales. But there's more to the story.
DO THE SHARKS BITE? The sharks don't understand how there can be $800,000 in sales without any profit. Bob explains that the overhead was ridiculous. Kevin O. says, "Well, that's your fault." The stores that sold the product placed it on the shelves for promotional periods but didn't reorder. Kevin O. believes Bob had a sugar spike with his product. The stores bought in bulk but couldn't justify keeping it on the shelves. And not one shark can justify an investment. Clip 'n' Go is a no-go.
WANT TO KNOW MORE: Visit http://www.clipngo.com
ENTERPRENEUR: April Morris
PITCH: Thin Gloss, an aromatic lip gloss that helps curb your appetite
ASKING FOR: $80k for a 20% stake
BEST PART OF THE PITCH: April discovered an herb from South Africa that has been known to fool your brain into believing your stomach is full. There are other aromas that, when inhaled, help enhance your energy and boost your mood. She combined these ingredients into Thin Gloss. She had $26,000 in sales last year and hopes to break a million this year, as she has a contract with one of the largest cosmetic distributors in India.
DO THE SHARKS BITE? Robert doesn't believe a lip gloss that's promoting weight loss would be a huge seller in a poor country like India. Kevin O. worries about ticking off the government with weight loss claims, so he's out. Barbara, Kevin H. and Daymond feel the same. They're out, too. Robert simply doesn't believe the company can grow at the rate April thinks it will and he's out. April thanks the sharks for their consideration and plans to prove them wrong a year from now. That's not just lip service. That's confidence. You go, April!
WANT TO KNOW MORE: Visit http://www.expresseffects.com
ENTERPRENEURS: George Podd & Rolf Schwartz
PITCH: Lightfilm, a light-up decal for car windows
ASKING FOR: $100k for a 5% stake
BEST PART OF THE PITCH: First of all, the product is pretty cool. A motion/light sensor sets off an animated peel-and-stick decal that attaches to car windows. Though it could be used as a safety device, the key market is for sports fans looking to promote their teams. The sample they show the sharks needs a power cord, but their next version is wireless.
DO THE SHARKS BITE? Kevin H. thinks they need a lot more cash, so he's out. Kevin O. is intrigued by the product but feels that even if he gave them a million bucks, they still need a strategic distributor. He's out, as is Robert. Not only is Barbara the wrong partner, she's also the wrong customer. Daymond, however, is interested in the wireless version. He can offer some of his licenses and a manufacturing deal. But he wants 75% of the company.
THE RESULT: George and Rolf want to recoup their original investment. They would like $750,000 for a 51% stake. Some of the other sharks suggest that George and Rolf could get an accelerated share of the profits until the $750,000 is paid off. Daymond would go for that and Robert is suddenly interested again. George and Rolf still want a little more up front, but realize that's not going to happen. They make the deal to give up 70% of their company to assure that Lightfilm's future remains bright.
WANT TO KNOW MORE: Visit http://www.powerdecal.com
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