After last week’s exciting episode, this week was a bit of a let down. One entrepreneur stood out over the other three, and he wins this week’s Sharky Award.
Platinum Sharky Award….Chris from Rapid Ramen Cooker
Chris is a born entrepreneur. He’s a “mover and a shaker” and has the utmost confidence in himself and his product. Starting at an early age, he has created numerous businesses on a shoestring budget and made them all successful through hard work and his will to succeed……all qualities of great entrepreneurs.
Chris is so confident, when Mark Cuban asked him if he would take $3 million for his whole business, he said he wouldn’t. With last year’s sales of around $200K, that would have been hard to turn down…..but he did. Mark responded by saying, “You’re crazy. I’m out”.
Sometimes in business, if you tell a customer or investor that you’re not interested in doing business with them, it makes them want you all the more. Cuban was hooked…..he re-entered the bidding and ended up striking a deal of $150K in equity (15%) and $150K in the form of a loan. Well played Chris!
Shark Chum Awards….
Debbie from Fairy Tale Wishes had $5500 in sales last year. She’s very creative but needs a business partner to help her make her business fly. She’ll have to look outside the Shark Tank for one. Cuban ended by telling her she was a “wantrepreneur” not an entrepreneur. Ouch!
Nathan and Erick from The Freeloader were great guys that needed some help with their child carrying product. The Sharks had any number of concerns about safety and useability. They also wanted to know the customer acquisition cost but Nathan and Erick didn’t know. Despite these issues, Robert Herjavec plunked down $200K for 33.33% of their business. I wish them the best of luck.
Juli and Ozma from Kookn Kap had created a woman’s cap that kept the food smell out of your hair when cooking, so you could go out after cooking without smelling. Like one of the Shark’s said……”Can’t you just take a shower before you go out?” Their product was a solution in search of a (real) problem.
P.S. Congrats to previous contestant Echo Valley Meats for their surge in sales since appearing on the show.