This is one of my all-time favorite episodes of Shark Tank. It rocked!
I usually award one or two Sharky Awards to the best entrepreneurs on each episode. Sometimes I don’t give any Sharky Awards if the entrepreneurs are weak. For the first time ever, I am awarding four Sharky Awards…..one to each entrepreneur appearing on this episode. This is the Grand Slam of all Shark Tank episodes!
Platinum Sharky…..James Martin, Copa Di Vino
James developed an innovative packaging system to offer “wine by the glass”. James had created three revenue streams including his own consumer brand made at his winery. He had already booked $800K in customer orders in 5 months and was working on several multi-million dollar deals. He had invested $1 million of his own money. This was a solid business and James struck a good balance of being very knowledgeable in his marketplace without being arrogant.
In the end, James turned down a $600K offer from Mr. Wonderful, Kevin O’Leary. He was trying to get James to separate his packaging patents/technology from his wine business, but James wouldn’t have any of it. I think James made the right decision not to unbundle his offering. The immediate opportunity is far bigger if he is the only winery that can produce wine by the glass.
James started perspiring profusely at the end. This did make for some good TV but made him appear weak and nervous. As someone who has very active sweat glands, I would like to offer all entrepreneurs this word of advice. Don’t wear a heavy sweater (like James did) when presenting. Better to feel cold than wear heavy clothing that makes you sweat.
Gold Sharky Award……..Megan and Sarah, Tippi Toes
These two sisters were impressive. Somehow they had convinced seven people to spend $30K each to buy a Tippi Toes franchise. In addition, these franchisees committed to pay them royalties for at least 1o years. The Sharks loved their “killer attitudes” despite being very attractive and almost angelic in their outward appearance. They ended up getting a $100K investment from Mark Cuban for 30% equity.
Silver Sharky Award……Shawn Davis, CBS Foods
Shawn has a nice Shrimp Burger business. His product is innovative and great tasting. He handed out samples during his presentation and the Sharks ate them up. Shawn had actual sales of $30K. His only mistake was placing a valuation of $800K on his business. If he would have reduced it to about $250K, I think Shark Daymond would have bitten. Shawn didn’t get an investment from the Sharks, but I do believe he will succeed in the long run. I think it was just a little early for him to seek outside investment.
Copper Sharky Award……..Jonathan Boos, Wurkin Stiffs
This guy is brilliant but socially inept. After a solid initial presentation of his magnetic collar stays, he exhibited very bad behavior when interacting with the Sharks. He rolled his eyes, constantly argued, made faces, talked over the Sharks, and raised Mr. Hand, etc. He responded with ”whatever” a number of times. However, Jonathan is so talented, and has so much potential, that Barbara and Daymond invested $100K in his company despite all of his unprofessional antics. Note: Barbara only convinced Daymond to invest when she told him he’d never have to speak with Jonathan again as long as he lived.