ENTREPRENEUR: Jonathan Miller, from Chicago, IL.
PITCH: Element Bars, custom energy bars, catered to the taste of the consumer ordering it. Currently shipping 1,000 bars per week, but he's looking to grow to the next step.
ASKING FOR: $150K in return for a 15% stake in his business.
BEST PART OF HIS PITCH: Jonathan explains that customers use the Element Bars website to create a custom energy bar by choosing whole, natural ingredients and choosing their own label. It shows up at the doorstep in seven to 10 days. He also did his homework, and created a customized energy bar for each of the Sharks.
THE SHARKS BITE WHEN: They're all completely wowed by this 29-year-old's savvy at pitching, as well as his ability to negotiate with them. Daymond offers $150K for 75% of the business. Kevin H. offers $150K for 100% of the company, and a 4% royalty forever, or in perpetuity.
RESULT: Jonathan turns all deals down. Kevin H. then counters, offering $150K and a 4% royalty for the licensing rights and 35% of the company. Finally, Kevin comes down to 30% and Jonathan accepts.
WANT TO KNOW MORE: Visit www.elementbars.com.
ENTREPRENEUR: David Chodosh of Manhattan Beach, CA
PITCH: The Fizz, a root beer float in a bottle.
ASKING FOR: $150K for 25% equity.
BEST PART OF THE PITCH: Made sales of $84K from ice cream stores, vendors at state fairs and supplied Coca-Cola with an order. The Sharks seemed to think the drink was tasty.
DO THE SHARKS BITE? No. Ice cream is provided by the customer. But, ideally, it would be pre-packaged by an ice cream company. But David hasn't demonstrated big enough sales to get the ice cream companies interested. The Sharks all agree that without the ice cream being part of the deal, it would be a hard sell.
WANT TO KNOW MORE: Visit http://www.icecreamfizz.com.
ENTREPRENEUR: Buck and Arlene Weimer.
PITCH: Underease Underwear, protective underwear for flatulence.
ASKING FOR: $55K for 25% stake.
BEST PART OF THE PITCH: Arlene has Crohn's Disease, inflammatory bowel syndrome with excessive bad gas. On Thanksgiving in 1991, they were lying in bed after a meal and the gas was unbearable. Buck came up with an idea to solve the problem. He developed underwear made of airtight material with elastic around the legs and a filter in the "back tush area." They launched a website in 2001 and had a first year gross of $83K.
DO THE SHARKS BITE? The Sharks all thought it was a great presentation involving an awkward subject, but the market is just too small. So, no pun intended, they all pass.
WANT TO KNOW MORE: Visit www.under-tec.com.
ENTREPRENEUR: Kimberly Cayce.
PITCH: Kalyx Technologies, makes sports bras engineered to work with a woman's body based on the activity she enjoys.
ASKING FOR: $125K for a 20% stake.
BEST/WORST PART OF THE PITCH:Kimberly is very passionate about her product and believes that it will help many women perform rigorous activities without pain. And the bras do look good. Unfortunately, she admits that her company is running on fumes. There are many sports bras in the marketplace already. Her key competitors include Champion, Nike, Adidas, Under Armour and Moving Comfort. Barbara mockingly says, "Oh, they're not well-known."
DO THE SHARKS BITE? No. The competition is too great for Kevin H. and Barbara and Daymond don't see profits coming anytime soon. Robert points out that the top five companies spend billions of dollars telling buyers that they have the best product. How can she compete with companies that have distribution, money for marketing and every woman out there knows who they are? Kevin O. basically tells her she has no hope for this product. Kimberly says, "That's yet to be seen."
WANT TO KNOW MORE: Visit www.goKALYX.com.
ENTREPRENEURS: Heath Hall & Brett Thompson from Washington, DC.
PITCH: Pork Barrel BBQ Sauce, an all American barbecue sauce and spice rub company.
ASKING FOR: $50K for 10%.
BEST PART OF THE PITCH: It's their recipe and both men like to eat and cook. They won 2nd place in The National BBQ Battle in Washington, DC and they just scored a deal to have their products distributed in major grocery store chain. They have $30K hard copy orders right now.
DO THE SHARKS BITE? Robert got burned before on a BBQ sauce before. The key is distribution and there's no guarantee they'll hit their numbers. Kevin points out that they're both fulltime politicians, and they're not nose to grindstone every day on the product. Only Barbara seems willing to invest. She offers $50K for 50% of the company.
RESULT: Even though Barbara affectionately refers to one of the entrepreneurs as a pig (she feels he'd look good in a pig costume pushing the product), the men are not offended. They accept Barbara's offer.
UPDATE: Pork Barrel BBQ founders Brett Thompson and Heath Hall only had their products in three specialty stores before teaming up with Barbara Corcoran. Now, in addition to a Pork Barrel BBQ restaurant, their products line the shelves in 300 supermarkets and will soon be available at a little store you may have heard of called Costco.
WANT TO KNOW MORE: Visit www.PorkBarrelBBQ.com.