SHARK TANK - EPISODE 208
ENTREPRENEUR: Rebecca Rescate
ASKING FOR: $100k for a 15% stake
BEST PART OF THE PITCH: Cleaning a litter box is never fun. That's why Rebecca has devised a way to potty train cats. This becomes possible once the cat realizes the water in the toilet covers the scent of the waste better than kitty litter. The CityKitty seat has removable rings that you fill with kitty litter until the cat starts use the potty without them. It costs $4.76 to make and the retail price is $29.99. Rebecca has sold 40,000 units using her web site alone. She did $225,000 in sales last year and is doing $350,000 this year. She's sold $1.4 in cat training kits with no advertising.
DO THE SHARKS BITE? Robert has no interest in the business, so he's out. Kevin O. hates cats, so he's out. Kevin H. always looks for products that solve problems while having mass market appeal. CityKitty meets the criteria. He'll give her the $100k for 40% of the company. Daymond was on the fence, but he's out. Barbara offers $100k for $15% with the contingency that her TV partner will like the product enough to put it on TV.
THE RESULT: Rebecca knows Kevin H. is the go-to guy when it comes to TV deals. But 40% is way too high. She counters with a 20% offer and now he wants 25%. Barbara then offers to drop the contingency. At the end of the negotiation, Rebecca goes with Kevin H. for $100k for 20%. Here's hoping the product will be the cat's meow..