Tonite there were two entrepreneurs worthy of Sharky Awards for their excellent performances and two fell into the Shark Chum category.
Platinum Sharky Award…..Mark and Hanna Lim, Lollacup
First let me say I love Husband and Wife business partnership. These two were definitely on the same page and were passionate about their business (and about each other I think). Their “new and improved sippy cup” has tremendous potential in the marketplace. They made an excellent presentation and ended up getting an investment from Sharks Robert and Mark.
Lollacup had made one previous mistake by giving exclusive U.S. distribution to one company without getting any performance guarantees. In defense of Mark and Hanna, when a company has very little history, it is difficult, if not impossible, to get performance guarantees from anybody. This spooked the Sharks but they eventually saw the longer term potential after they heard there was only 8 months left on the agreement.
The biggest hurdle for Lollacup is to reduce their cost to manufacture the cup to $2.00 or less. In an interesting twist, Mr. Wonderful wanted them to off-shore manufacturing to China, but they refused because they didn’t want to compromise the quality of the plastics. These two entrepreneurs are going places!
Gold Sharky Award……..Barbara from Duality
Barbara’s unique nail polish was right up Shark Lori’s alley. She immediately saw this as potentially a huge hit on QVC and has the connections to make it happen. Barbara presented her producted nicely and is a likeable person. She had invested $300K of her own money to make 10,000 bottles of her nail polish. She believed in her product and had put her money where her mouth is. Barbara and Lori are a great combination.
Shark Chum Awards…..Debbie and Paul from Debbie Brooks Handbags is another husband and wife team. They should have done better, but their presentation was confusing and Paul came across as a “fast-talking New Yorker”. Naturally this led the Sharks to hesitate and pull out. Debbie and Paul had actual sales of over $1 million per year and were highly profitable, but had trouble answering one of the favorite questions of investors, “How would you use the money?”
Nicole and Lindsey from Pittsburgh were something like Laverne and Shirley from Milwaukee. They had generated a grand total of $3,500 in sales at a local flea market. They talked over each other and constantly interrupted the Sharks. Mark Cuban wanted to go out and drink beer with them in the Burgh……maybe at a brewery like Laverne and Shirley’s?