Very unusual show tonite. No deals, but lots of lessons learned for entrepreneurs. I think the Sharks may have missed the boat on a deal or two tonite.
I was very impressed by Jamie from Doorbot. His product could best be described as a video doorbell for smart phones. With a million dollars in sales over a recent 9 month period, his valuation of $7 million was a bit rich. I believe he will be very successful, but only Mr. Wonderful made an offer. He wanted a 10% royalty plus some equity. Jamie was smart enough to know that when you’re growing, you can’t afford to give up that much cash. He rejected the offer.
Julie from Slawsa had her product in 4200 stores including Kroger. I didn’t like her product name (a combination of slaw and salsa….sounds like the noise you make when you sneeze), and I’m sure I wouldn’t care for the taste, but I loved Julie! She and her husband have lived below their means and had saved up enough money for her to buy out her partner and finance her business (as Mark Cuban pointed out, this is the best way to fund a new venture). Her sales were projected to be $500K this year. Julie was a very emotional and determined lady who will be successful despite not getting an offer. She left the tank and said ” I will make the Sharks regret this”. Love it!
Trevor, Blake, and Sanford from Magic Moments missed the mark. They are the creators of Café Press’s mobile app and had an exclusive agreement with them. That’s the good news. The bad news is that they were a “pre-revenue company” and hadn’t proved there was a real market for their app (which allows people to sell photo’s taken with their iPhone’s). They said that Café Press partnership was proof of concept, but that didn’t hold water with the Sharks.
Rosie and Donna from Surprise Ride had an offer from Shark Robert but lost it when they didn’t react to it quickly enough. The more they talked, the more Robert wanted out. These two were very bright (one sister had an MBA from Harvard), and they were very well prepared. They even knew how to answer the toughest Shark Tank question for an entrepreneur….”What is your customer acquisition cost?”. They had an immediate answer ($5.30). They also customized each one of the sample boxes for the Sharks that contained things of interest specifically to them. Good job, ladies!
The Update segment featured Shark Barbara and 7 of her entrepreneurs on a retreat on Fire Island. Together they have created over 150 jobs since their appearance on Shark Tank. I think Barbara continues to be the most successful Shark based on the number of successful companies she has invested in. I hope they had time to have a Bloody Mary at Leo’s to celebrate the new Shark Tank book!