The entrepreneurs appearing on this episode of Shark Tank were light on Revenue but long on enthusiasm and potential. That said, I awarded two Sharky Awards for entrepreneurial excellence.
Platinum Sharky……Dance with Me, Billy Blanks
Billy Blanks is the son of Billy Blanks, Sr., the creator of the popular Taibo exercise program. Biily Jr. and his wife created a unique exercise program based on all types of dances. They were homeless at the time they were developing their program. Billy didn’t have a very good relationship with his Dad so he and his wife had to make it on their own. The Sharks immediately liked Billy and were pulling for him.
Billy gave an excellent presentation and demonstrated his program by involving the Sharks in his dance moves. He was given an offer of $100K for 50% equity, contingent on Billy being able to use his name (without interference from his father) and on Zumba distributing the product. Billy rejected the offer without understanding the benefit of Zumba distribution….he thought they would sell it with their name on the product, but this was not the case. Luckily, Daymond went back stage and explained it again to Billy and his wife. Billy was lucky he got a second chance. He finally accepted the offer.
Gold Sharky, Erika & Keeley, Wild Squirrel
These two college students created four unique flavors of peanut butter and sold 3500 jars. They were very impressive, but had little exposure to the real world of business. At one point Keeley said she thought they had worked hard and “deserved” an investment. Shark Robert Herjavec then delivered the best line of the night when he responded, “In life, you don’t get what you deserve, you get what you make of the opportunity”. Well said, Robert! Good words of wisdom for all new entrepreneurs.
The two young entrepreneurs recovered nicely and ended up getting a $50K investment for 40% equity from Barbara. I think they will do well.
Shark Chum Awards….Cab20 is a great band, but the music business is a crap shoot. Their Manager did not come across particularly well and Mr. Wonderful gave them a low-ball offer. They rejected his offer and will take their show on the road.
Watching Frank & Adam, from Bikini Mix was like watching a slow motion train wreck. They couldn’t even agree on their opening investment offer! One said $50K for 5% and the other said $50K for 10%. They didn’t have a Business model, they said things like, “We’re open to suggestions” when asked about licensing potential. Their presentation was weak. Despite all of their goofs, they somehow landed an investment from Barbara. This partnership will be challenging.