This Shark Tank episode was re-broadcast on July 11, 2014. One Sharky Award was earned by Rugged Maniac.
Originally posted on TimMcEneny:
Tonite’s Sharky Award winner is:
Brad and Robert from Rugged Maniac……These two have developed two businesses. The business they were pitching involved physically challenging obstacle courses that covered 3 miles. They ran these events in 20 cities. The second business (which was not initially included in the offering) was a “running with the bulls” type of event.
Investors don’t like it when an entrepreneur has a second business that is not included in their investment. They want their interest and the entrepreneur’s interest to be closely aligned. And so the Sharks started making offers based on the two businesses bundled together. Mark Cuban ended up getting the deal when he offered $1.75 million for 25% of the combined company. Mark had pointed out that these guys have a bigger competitor that has “first mover” advantage in this space.
Generally speaking, there’s enough room in every…
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