SHARK TANK - EPISODE 201
ENTERPRENEURS: Jonathan Boos
PITCH: Wurkin Stiffs, a men's brand and Power Stays, the world's only magnetic collar stays.
ASKING FOR: $85k for a 10% stake.
BEST PART OF THE PITCH: Jonathan came up with the idea for a magnetic collar while running late for a dinner date. His magnetic "power stay" device creates instant hidden button-down collars. Jonathan designs and creates all his products. The sharks realize this guy's the real deal when they learn his product is in Nordstrom's. He's made a half million bucks to date with a projection of $1.8 million for next year.
DO THE SHARKS BITE? Guest shark Mark Cuban loves Jonathan's passion, but he's not the guy to help him. He's out. Barbara's gone, too. Kevin offers $100k for a 30% stake but also wants a 14% royalty. Jonathan doesn't like that deal, as it sounds like a loan. Daymond doesn't like the fact that Jonathan won't let him talk long enough to make an offer. He's out. Robert offers $100,000 for 30% and no royalty. Kevin then drops his equity to 20% but the royalty stays. Robert then goes to 25%.
THE RESULT: In a surprise move, Barbara offers 100k for 20% only if Daymond forgives Jonathan and allows him to be her frontman. Daymond wants 40%. Kevin then drops to 15%. But Jonathan goes with Barbara and Daymond's offer. That'll work, as long as Daymond never has to talk to Jonathan on the phone.
WANT TO KNOW MORE: Visit http://www.wurkinstiffs.com/
Update: Classroom James
Classroom Jams founder Marc Furigay made a $250,000 deal with the sharks that was spearheaded by Kevin O'Leary. The two men visit the headquarters of the Houghton Mifflin Company where Marc gives a sampling of the difficult classroom subjects he makes more enjoyable by setting them to cool music. The execs at this educational firm are impressed enough to give Marc the opportunity to do a national test. Kevin says, "I can smell the money already."