This episode featured a passionate group of entrepreneurs. By far the most interesting of the four fledgling businesses was Litter (think jewelry, not garbage). It is the recipient of tonite’s top prize……
Platinum Sharky Award…..Rachael and Macenzie, Litter
Litter is a company that designs, makes, and sells unique upscale jewelry. They had actual sales of $78K last year and are forecasting $150K in sales this year. They did an excellent job presenting their products to the Sharks. They scored big points when they told the Sharks they had just received a sizeable order from Urban Outfitters (always good to mention a large company as a customer). The sisters’ expertise and passion was designing jewelry and not selling or manufacturing it. Accordingly, they had to give up the majority of their company to get an investment from the Sharks. Mark and Daymond teamed up to offer $80K for 70% of the company plus an annual salary (TBD). Their offer was accepted based on the value Mark and Daymond will add to their business. I think this business will be extremely successful.
Gold Sharky Award……The Mastronardo brothers, Nardo’s Natural
I would give the brothers an A for passion and an F for forecasting. Their cosmetics business did $30K in sales last year and they were projecting $4.8 million in two years….totally unrealistic! This hurt their credibility with the Sharks and they all went out….except for Barbara who came to their rescue with an offer of $75K for 50% of their company. She insisted they change the name of the company to something more appealing.
Shark Chum Awards…..The most passionate entrepreneur of the night was Tony Devine who created The Original Profender….a device to help basketball players shoot better by making them shoot over a long-armed cardboard defender. The retail price was $500 (Tony thinks big). Unfortunately, the same end result can be accomplished with a $5 broom held by a coach.
Todd from Rent-a-Grandma wanted to replace teenaged babysitters with “more mature women”. He received zero interest from the Sharks who thought his business was too small, not profitable enough, and difficult to scale (grow).