Three of the four entrepreneurs featured in this episode have created products relating in some way to Christmas. All solid entrepreneurs, three deals, but no Sharky Awards.
The Shark Tank Update segment featured Luminaid. They’ve been busy helping survivors of hurricanes in Puerto Rico and Texas by distributing their solar powered inflatable lights. Their annual sales are now $7.5 million vs. $1 million when they appeared on Shark Tank in Season 6. They won my Best Presentation Sharky Award (Youth Division) for Season 6 (see The Best and Worst of Shark Tank blog). Mark Cuban is their investor.
First into the tank were brothers Brian and Michael from Comfy. Their presentation was amusing and entertaining. Their reversible blanket/ hooded sweatshirt competes with the popular Snuggy (22 million of them were sold in its first year). Despite having no website and no sales, Brian and Michael got a deal from Shark Barbara for $50K for 30% equity. I have a funny feeling this may turn out to be a big hit for Brian, Michael, and Barbara. It’s a big potential market. I gave this my Best Deal of the episode award.
Ryan from The Christmas Tree Hugger has developed a plastic cover to be applied to the bark of an artificial Christmas tree to make it more attractive. The product was not impressive, but Ryan was. He cold-called Kroger and QVC and convinced them to sell his product. Despite lack-luster results, Ryan made money on both deals, but he didn’t receive any offers from the Sharks. Mr. Wonderful urged Ryan to kill his product and work on something else, but Mark Cuban encouraged him to go back and make some more money.
Logan from RokBlok (by Pink Donut) has created an amazing tiny portable Vinyl record player with bluetooth connectivity. Vinyl records are gaining in popularity, but very few people have the old phonographs to play them. Logan has solved this problem. He sold $350K of his product on Kickstarter, taught himself electrical engineering on YouTube, lived at the factory in China for two months that manufactures his product, and worked for Apple for 5 years. Impressive!
Shark Robert Herjavec was so impressed he bought the entire company for $500K and agreed to pay Logan a six figure salary for two years plus a 5% royalty. Robert said he thought RokBlok would be a “slow burner” that would sell for many years to come. I would describe this as a high risk/high reward deal for Robert, but a no-brainer for Logan.
Matt from Modern Christmas Trees has created a unique type of art-worthy, non-traditional “Christmas Tree” that is made of concentric rings. His Grandfather was actually the inventor of this concept and Matt has expanded it. His largest tree sells for $799 and the Sharks thought that was too expensive, but Shark Barbara didn’t let that stop her. After some serious negotiating, she and Matt made a deal for $100K for 18% equity.
OVERALL RATING OF THIS EPISODE………….B