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!