A very impressive group of entrepreneur/contestants competed on this Shark Tank episode. Three received investments from the Sharks and will win Sharky Awards for their entrepreneurial excellence.
Platinum Sharky Award……. Lani from Simple Sugars
This young lady (11 years old when she started the business now 18) created an all natural product that keeps skin smooth. Lani’s personal experience at the dermatologist as a child helped her figure out how to develop this product to cure eczema.
The fact that Mark Cuban’s son has this condition and she was from Pittsburgh (Mark’s hometown) helped her secure a $100K investment from Mark. But the main reason she secured an investment is she is a very impressive entrepreneur and knew her business inside and out!
The quote of the night was from Daymond as he reflected on Lani’s presentation….. “If this is our future, we’re in good hands”. Amen.
Gold Sharky Award…..Jeff and Mark from Drop Stop
These two guys developed a foam rubber product that fits between the front seat of a car and the console to prevent stuff from falling in between them (think french fries!) . This was the perfect “QVC Product” and Lori jumped on the opportunity to invest.
When she said, “I can make you a millionaire”, Jeff and Mark immediately rejected an offer from Mr. Wonderful and accepted Lori’s offer of $300K for a 20% equity stake. I think she will help them make a ton of money.
Silver Sharky Award……Jeff from Cool Wraps
Jeff ended up selling his whole company to Mark Cuban for $250K plus a 3% royalty. Jeff and his partners had been in the market 10 years ago but couldn’t continue due to lack of funding. Jeff didn’t do a great sales job but his shrink-wrap product was interesting to the Sharks, proving there is value to a great product even if there is no track record.
Shark Chum Award……..Dave and Gary from Traditional Fisheries based their entire value proposition on stopping the Lion Fish explosion. No natural predators? How about five Sharks?