ENTREPRENEUR: Ryan Custer
PITCH: Cougar Limited
ASKING FOR: $150k for a 30% stake
BEST PART OF THE PITCH: Ryan says that the "cougar" woman has become a pop culture phenomenon. That's why he created "Cougar – Energy Drink for Women." It's the industry's first gender-specific functional beverage. He presents a Courgartini to the lovely 35-year-old lady seated to his right. He's done $60,000 in sales over three years.
DO THE SHARKS BITE? Daymond says he's not here to waste anyone's time, so he's out right away. Barbara thinks the drink tastes like chalk. She's out. Kevin believes he's trimmed the market too much. Not only is he excluding men, but the drink is really only for women who are cougars. He says the beverage market is too competitive for someone like Ryan. He's out. Mark, too. Robert thinks this is a bit of a gag gift. Ryan tries hard to get Robert to see the potential of his product. It doesn't work. Robert is out, too. Even though he couldn't catch a shark, Ryan vows to keep going with his cougar ways.
LEARN MORE: Visit http://www.drinkcougar.com____________________
ENTREPRENEUR: Gary Gagnon
ASKING FOR: $50k for a 10% stake
BEST PART OF THE PITCH: Gary has created a sneaker with a purpose. His cool, casual sneakers are 100% recyclable. All parts of the shoe can go into the recycling bin for zero landfill impact. He wants the Sharks to be pioneers to help make a change as to how we think about sneakers and green living. Gary has no sales, as the product is only three weeks old.
DO THE SHARKS BITE? Robert says his kids would like the idea of mailing something away so that it can be recycled. He thinks Gary needs way more than $50k to even build the molds for all the different types of sneakers he's offering. He thinks that he could go bankrupt even if he's successful. He's out. Kevin knows there's nothing proprietary about the product. He's out. Mark doesn't believe Gary has thought things through far enough. He's out. Barbara doesn't think the product is unique enough. She's out. That leaves Daymond, who likes the recycling idea. He offers $50k for 80% of the company. Gary counters by asking for $100k for 50% of his company.
THE RESULT: Daymond says that his offer is about him either licensing it out, putting it into his own products or bankrolling whatever it is they decide to do with the sneakers. Gary gets choked up when he talks about his two sons. He wants them to be the second generation of Remyxx. Daymond says that he's going to teach him this business, and that will be more beneficial to him and his sons. That's why Gary takes the deal. Afterwards, he thanks the Sharks and gives an emotional shout-out to his two boys at home.LEARN MORE: Visit http://www.REMYXXsneakers.com
UPDATE: EZ VIP
Alashe Nelson made a deal with Daymond and Mark for his website where people can pre-purchase a night out on the town without the fear of getting turned away from a venue. They launched the company in Miami, one of the hottest nightlife spots in the country. Daymond hooked him up with international superstar Pitbull to endorse the product. Needless to say, Alashe is thrilled to have such a top celebrity be the face of his product.
ENTREPRENEUR: Frank Campitelli & Debrae Barensfeld
PITCH: Nitroforce Industries – Titan 1000
ASKING FOR: $250k for a 10% stake
BEST PART OF THE PITCH: The Titan 1000 is the lightest, strongest, fastest, most versatile, most affordable home gym on the planet. Frank and Debrae demonstrate some of the many ways their machine can be used for various exercises. They have about 90 machines in a warehouse. They've sold 12 for $1,300.
DO THE SHARKS BITE? Kevin wants to know why they have valued their company at $2.5 million with no real sales. He says there's no way to know if such a product will be a success until after a massive amount of money has been spent to launch it. He's out. Daymond says it'll cost millions just to educate people as to why this product is better than the others out there. He's out. Mark says they need a proven sales distribution model. He's out. Barbara follows his lead. Robert says that most home gyms like this only ever get used once. He always wonders if a product is something his wife would buy. She wouldn't buy this, so he's out. This particular workout pitch didn't work out with the Sharks.
LEARN MORE: Visit http://www.thenitroforce.com
ENTREPRENEUR: Phil Dumas
PITCH: UniKey Technologies
ASKING FOR: $500k for a 33% stake
BEST PART OF THE PITCH: Phil's passion is access control. His product is the revolution of the key. He has devised a way to incorporate your keys into your mobile phone. As long as you're in range of the lock, you can control it. By having the key on your phone, you can send and receive keys to and from other users. You can also control how long the key is available and delete it whenever you want. He's working on a licensing structure with Black & Decker. The goal is to get the product to market at $149-$199.
DO THE SHARKS BITE? Kevin says Phil is very credible, but the housing market is currently a disaster. He loves the story, but feels the risk. Kevin offers $100k for 10%. That means Phil needs $400k from the other Sharks. Robert thinks the product is very cool. He offers $1 million for a 75% stake, but the deal is contingent on Black & Decker being in on it, too. He wants someone to prove the market. Barbara offers $250k for 50% equity if Phil can get Mark Cuban to put up the other half of the money he seeks. Daymond offers $500k for a 40% stake. Mark isn't willing to team with Barbara, but he'll add $400k to Kevin's offer for 45% of the company.
THE RESULT: Phil counters Mark and Kevin's offer by asking them to go down to 40% equity. He'll even give them two seats on the board of directors so there's a balance of power. That'll work. Phil has a deal and he'll have Kevin available to accompany him as he meets with Black & Decker.
LEARN MORE: Visit http://www.unikeytech.com