This episode of Shark Tank showcased four strong entrepreneurs. Two received Sharky Awards for entrepreneurial excellence. This episode’s Sharky Awards go to….
Platinum Sharky Award…..Paige and Ashley from Stella Valle
What a great story! These two sisters graduated from West Point with Business degrees and fought in Afghanistan for 15 months. After leaving the service, they started a jewelry company with a $1000 loan and designed high-end costume jewelry that sells for $50 to $350.
After seeing these two in action you couldn’t help but want to invest in them and their company! They had a great story and a unique product that was perfect for TV or stores. Of course Shark Lori was interested and could envision these two on QVC. She teamed up with Mark Cuban to make a $150K investment for a 35% equity stake.
Gold Sharky Award…….Robert from Geek Chic
This self-professed geek had designed and built high-end furniture that could easily be converted to support game boards, laptops, etc. The Sharks were initially not impressed. They muttered things like, “furniture is a crappy business”. Shark Robert Herjavec dropped out, but circled back and ended up investing $300K in the business.
I believe the two Robert’s shared a common vision, and saw Geek Chic more as a brand with long-term potential….not just a furniture company. This investment took a leap of faith for Herjavec, but being somewhat of a geek himself, he IS the perfect partner for this company.
Shark Chum……J. from Jones Scones had been in business for 10 years and his sales had been declining for the last three years. He admitted making some mistakes by not being more involved in his attempt to grow the business. Investors simply don’t respond well to decreasing sales, no matter what the reason.
Brian from Lugless had a great luggage transportation concept but faced major competition from the likes of FedEx. Brian also used the phrase, “Your wrong!” when responding to several of the Shark’s statements. Better to drop that phrase or get eaten alive!