Great episode last night! Three of the four entrepreneurs received investments from the Sharks and the fourth was so entertaining and talented that I am giving all four contestants a Sharky Award for entrepreneurial excellence. It should be noted that in the last four years I have only given four Sharky’s one other time, so this was quite a feat.
Pat from Chapul (Aztec for cricket) made an eco-friendly insect-based energy bar. The Sharks were initially repulsed by the thought of “eating crickets”, but it turned out Robert and Mark became interested in the flower used to make the energy bar. The potential exists to sell the flower to other businesses. As Robert put it, ” The business is the flower and not the energy bar”. Mark ended up undercutting Robert in the end, and gave Pat $50K for 15% of his company. I’m sure Mark will opt to sell the flower in order to “unlock” the value of Chapul.
Next up was Brian from The Garage Door Lock. He received a $275K investment from Daymond. Brian was not a salesperson. He was a hell of a nice guy and a great inventor. As Barbara put it, “You need an entrepreneur!”.
Despite his short comings, Daymond was willing to take a shot with him. He plans on calling on 5 0r 6 executives he has a relationship with. Daymond’s offer was contingent, however, on a manufacturer licensing Brian’s product. This deal could pay off handsomely.
Tonite’s comic relief was provided by Max from Morninghead. I alternated between thinking Max had created the next great gag gift (something like the Pet Rock), and thinking he was lampooning the Sharks. Basically his product was a shower cap with a “bumper sticker” on it. It was to be used to dampen one’s unruly hair in the morning to allow the user to use the “5 finger comb” to style their hair.
Barbara got off the best one liner of the night when she had found a better way to do the same thing….”I found a great solution, a wet wash cloth!”.
Max was brilliant and funny. I’m surprised no one invested in HIM, if not his company or product. For his great performance, I gave him a Sharky .
In the clean-up position was Kasey & Mike from Packback Books. College students now pay approximately $150 to buy a textbook. Packback offers an eTextbook pay-per-view service. They rent online textbooks by the day. They are required to pay the publishers a 75% royalty. Despite that, Mark Cuban invested $250K in the company. Kasey and Mark were smart and prepared. Despite a slip of the tongue at the end, these two have done a nice job.
Update: FiberFix, a recent Sharky Winner, did $6 million in sales in the three months following their appearance on Shark Tank. They are about to go into 1,800 Lowes stores. Lori made a great investment!