This was a very exciting episode of Shark Tank. Like a good movie, it started slowly but built to an exciting climax. I think tonite we may have seen the next Chipotle-like (restaurant), and met a bunch of kids who invented a product that may help reduce teenage driving deaths due to texting. This was the best Shark Tank episode I’ve seen in a long time. Accordingly, I am awarding two Sharky Awards for entrepreneurial excellence.
Platinum Sharky Award……..Yuen and Peter from “How Do You Roll”
These two brothers have possibly created the next Chipotle. Their restaurants make and serve customized Sushi rolls. Their process is very similar to Chipotle (a large chain of Mexican restaurants) and their average customer spends about $12 per visit. In just a little over two years they have sold over 40 franchises and turned down an offer for $6.6 million for 75% of their company.
These two brothers come from a restaurant background. Starting at the age of 8, they worked in a chinese restaurant owned by their family. They know the business.
They received an offer of $1 million from Mr. Wonderful for 22% of their company. After some negotiating, they got him down to 20% equity for his million dollar offer. Mr. W showed some awareness of the business when he answered a question from the entrepreneurs regarding real estate negotiations. This will be a home run for all.
Gold Sharky Award…..The Inventioneers and Smartwheel
These six kids were amazing. After giving the cutest, yet most compelling, presentation in recent memory, they talked about the validation of their steering wheel product from a group at MIT as well as President Obama and the Secretary of Transportation! Investors love name dropping and tacit endorsements from celebrities. In fact, the President said he wanted a couple of the steering wheels for his daughters when they were old enough to drive. Well played guys!
These geeks-in-training were treated like adults by the Sharks. and they ended up getting a great offer from Mark Cuban and Robert Herjavec for $100K for 30% of the company. Herjavec knows a ton about cars and the automobile industry and will be a great mentor. Of course Mark gives them added cache.
Shark Chum….I loved Bea Arthur (no kidding) from Pretty Padded Room. I especially loved her tagline….”A nice place to go crazy”. This was another example of someone who wants to do well and do good. Her online counseling business was impressive but her command of the numbers was not. She will succeed, but needs some business and technology help.
Carmen from Gotta Have S’more was not as impressive. Her S’muffins cost $54 to ship to customers. Mr. Wonderful couldn’t get over the price she had to charge and Barbara didn’t like how they tasted. The S’mores were toast after these comments.