Great group of entrepreneurs on this week’s episode! The winners of this week’s Sharky Awards are:
Platinum Sharky Award……Steve and Shane, Talbott Teas
These guys had a great story. They had invested $350K of their own money to start a company that sold tins of premium tea for $10 to $15 per tin. They had annual sales of $100K, $350K, and $500K over the last three years…..exactly what the Sharks love to see…..a good growth history. Mr. Wonderful (Shark Kevin O’Leary) invested $250K in return for 35% of the company. Nicely done all the way around.
Gold Sharky Award…..The Bradshaw family, M3 Girl Designs
This family made the Partridge family look comotose. They sold $1.6 million of their self-manufactured jewelry (for kids) last year! Their products had great margins and the Sharks loved them. They ended up getting $300K for 30% of the company from their desired investors…..Robert, Lori, and Mark. Interestingly, Mark Cuban would not give them Mav season tickets (“we’re sold out”) when the Bradshaw’s, who are from Dallas, asked for them as part of the deal. Mark did say they could join him in his owner’s box whenever they wanted.
Silver Sharky Award……..Kevin and Melissa Kiernan, Last Lid
This couple from Northern NJ were extremely passionate about their garbage can lid replacement product. They succeeded in wearing the Sharks down. They were talkin trash from the getgo (pun intended). Finishing a sentence with “swear to God” doesn’t normally get the job done, but somehow these two likeable people convinced fellow New Yorker Daymond that “it’s really not a piece of garbage”, and he coughed up $40K for 60% of the company. Hope they clean up.
Shark Chum…….Amanda Schlechter from Ledge Pillows had created a sleeping pillow for ladies with large breasts who like to sleep on their stomachs.. She had only sold 83 in three years. Because her sales history was so poor, the Sharks thought that the market was too small and she wasn’t committed enough to the company. Mark Cuban called her a “wantrepreneur”….ouch!