ENTREPRENEURS: Amy Feldman and Allison Costa.
PITCH: Coverplay, the first and only slip cover for children's travel play yards. Their existing accounts have told them they need more product awareness.
ASKING FOR: $350K for a 15% stake in their business.
THE BEST PART OF THEIR PITCH: These all-around fun gals already have distribution and two patents.
THE SHARKS BITE WHEN: They reveal that they're on shelves in Target, as well as available in Marriott, Hilton and Best Western hotels and Carnival and Caribbean cruise lines. Barbara first offers the $350K for 40% of the business, but says the money is to be used for development of the product, not for salaries, vacations or worker promotions. Daymond offers the same amount, but wants 65% of the business. His deal, however, says that the money is to go toward the manufacturing, and that he'll finance all manufacturing for the existence of the company, and they'll have access to his warehouses, trucking and billing. Robert and Kevin O"Leary suddenly go in with Daymond on the deal, but the girls are leaning toward Barbara, so the guys lower their percentage stake to 51%.
RESULT: In the end, Amy and Allison still decide to partner up with Barbara.
UPDATE:Barbara Corcoran's investment in Allison Costa and Amy Feldman's childcare product company, Coverplay, has been lucrative. Amy and Allison are in final negotiations with a worldwide hotel chain interested in carrying their product.
WANT TO KNOW MORE: Visit http://www.coverplayard.com/.