Two Sharky’s are being awarded for entrepreneurial excellence tonite.
Platinum Sharky Award…….Samantha and Conor from Misto Box
These two met in college while taking courses in entrepreneurial studies. Their internet subscription-based coffee service is similar to the book of the month club. They started their company by raising $9K on Kickstarter (crowd-funding site) and self-funding an additional $12K.
They were very well prepared and confidently answered all of the popular Shark questions (see my May 1 post outlining the Sharks 10 most asked questions). They ended up getting a deal from Mark Cuban for $75K for 30% equity. This was a great fit because Mark has lots of experience with internet sales of subscription-based products and services.
Gold Sharky Award……..Carole from Mee-Ma’s Louisiana Gumbo Brick
Carole had created a great tasting gumbo and managed to get into a couple of Costco stores. Carole admitted that she had little business acumen and needed help running the business. Normally companies that have limited business expertise don’t attract investors, but Mr. Wonderful (of all people) and Lori Greiner stepped up and will invest $200K for 50% equity. It wouldn’t surprise me if they install their own management team to run the company due to Carole’s weak infrastructure.
I doubt if this kind of investment would be made in the “real world”, but it was a great made-for-TV moment. Carole had worked hard as a truck driver, entrepreneur, and a mother so she and her daughter could make ends meet. Someone said “Mr. Wonderful does have a heart.” Mark Cuban slowly looked up and said dryly, “Let’s not go that far”.
Shark Chum Awards……Michael from Squirrel Boss created a bird feeder that sends an electric shock to squirrels trying to eat the bird feed. It was a scary product and Michael was a scary contestant. After every one of the Sharks said they were out, Michael stated that he wasn’t going to leave until he got an offer……and he meant it. Scary entrepreneurs never get investments.
David from Vermont Butcher Block & Board Company was also a bit odd. He wore a completely tie dyed outfit and told a couple of Sharks they “were wrong” about their analysis. Crazy looking entrepreneurs also never get investments.
Update: eCreamery was a contestant appearing earlier this year. They are doing very well with their ice cream business. They are now projecting $2 million in sales next year. Despite the fact that they didn’t receive an investment from the Sharks, they won my Platinum Sharky award for their episode. I had predicted, “they would do just fine without the Sharks”. Sharky’s go to the best entrepreneurs, not simply to the one’s getting an investment.