ENTREPRENEUR: Drew Beaumier
ASKING FOR: $150k for a 20% stake
BEST PART OF THE PITCH: Drew enters the tank along with a trio of associates donning wearable recreational devices. The main attraction of these outfits is their ability to instantaneously transform the user from a human or walking state to a vehicular or motor-driven form. Robert checks out the product which can go up to 10-12 miles per hour via a hand switch. Drew has not yet begun selling them because he wanted to get all the patents in place. Drew's product has earned him $25,000 in various contests.
DO THE SHARKS BITE? Kevin thinks it's time for Drew to partner with the big toy companies. Mark believes that would take too long. Robert thinks Drew will be in trouble until he gets a patent. He's out. Daymond thinks it's too soon to invest, so he's out, too. Barbara is concerned about the liability issue, so she's out. Mark offers the $150k to make 20 of these products and they'll make some decisions as they go along. He wants 40% of the company. Kevin offers $150k for 30% with the contingency that they go to a toy company for a deal.
THE RESULT: With two offers on the table, Drew knows he has a difficult decision to make. He has no problem taking the long road Mark is offering, but he's kind of a gambler at heart. That's why he asks Kevin to work with him before happily wheeling out of the tank.
LEARN MORE: Visit http://www.drivesuits.com/
UPDATE: VOYAGE AIR GUITAR
Jeff Cohen walked away from a million dollar offer from Kevin O'Leary for his foldable guitar company, Voyage Air. He returned later to finally seal a deal with Mr. Wonderful. They had a meeting at Fender Guitar where he pitched his folding technology. They struck a deal to do a test in their stores which will hopefully have them strumming along the road to riches.
ENTREPRENEUR: David A. Cox
PITCH: PC CLASSES ONLINE
ASKING FOR: $150k for a 15% stake
BEST PART OF THE PITCH: While teaching basic computer classes to the general public, David realized that most of his students were over the age of 50. He introduces his newest student, the Emmy-winning writer Bruce Vilanch as part of a demo. These two met when David taught Bruce's mother how to Skype. Now the funnyman can't get rid of her on the computer. David has about $35k in revenue with his classes.
DO THE SHARKS BITE? Mark says David doesn't want to bundle the product. He wants it to be an add-on. This mistake in reasoning has Kevin calling David a bozo. Mark says the idea of classes online has been around since the mid-1980s. He doesn't believe he has a clue about running his business. He's out. Robert follows his lead. As do Daymond, Kevin and Barbara. On the bright side, Bruce wants to take David out for some sushi.
LEARN MORE: Visit http://www.pcclassesonline.com/
ENTREPRENEUR: Bill Lyons
ASKING FOR: $250k for a 10% stake
BEST PART OF THE PITCH: Bill claims he has a lock on the real estate search engine of the future. You go to the home page of his site and list the type of property you want. Then you'll learn which properties have the most potential in a map and list view. The site also lists all the key real estate indicators that are associated with the property. Bill has experience building a financial services company from scratch, but suffered a setback during the economy's collapse.
DO THE SHARKS BITE? Kevin believes Bill is going after real estate investors, which is a smaller subset of all real estate buyers. Mark hates this type of business, so he's out. Daymond follows his lead. Barbara doesn't understand how it's possible to make estimations on value. She's out. Robert doesn't believe Bill has a real business concept, so he's out. Kevin applauds Bill for trying to get back into the financial service games, but he can join him in this venture. He's out, too. Bill will have to find another investor for Revestor.
LEARN MORE: Visit http://www.revestor.com/home
ENTREPRENEUR: Beverly Vines-Haines & Charlotte Clary
PITCH: ICE CHIPS CANDY
ASKING FOR:$250k for a 15% stake
BEST PART OF THE PITCH: The ladies pitch their Ice Chips Xylitol candy as the yummiest, healthiest candy on the market. They have 17 exciting flavors for their natural sweetener. Beverly and Charlotte thought that, at this point in their lives, they'd only be playing with their 37 grandchildren. Instead, they are selling and shipping ice chips all over the world. The sharks love the taste of the chips. The product is sold in health food stores. Dentists love them, too. Of course, if you eat the entire tin of candy, there's a chance you'll get a little diarrhea. The grandmas have $342k in sales this year alone and they could hit a million bucks by the end of the year.
DO THE SHARKS BITE? Barbara likes the unique product. She offers $125k for 33% of the company. She guarantees getting the grandmas in 3,000 big box stores. Kevin offers to partner with Barbara for 40%, but she doesn't want to be in business with Mr. Wonderful. She will, however, partner with Mark for the 40%. Daymond offers $250k for 30% and they'll get someone else to do the manufacturing. Kevin then offers to partner with Daymond for 35%. Daymond, however, offers to go it alone for 25%. Robert, on the other hand, is out.
THE RESULT: After all the negotiations are done, the entrepreneurial grannies feel Barbara and Mark are the best fit for their personalities. The sweet deal is sealed!
LEARN MORE: Visit http://www.icechipscandy.com/