2013 Shark Tank contestant Dave from Echo Valley Meats returned to the Tank and got a deal from Mark Cuban for the mail order portion of his business. The great part of this story is that Dave learned so much from his earlier appearance. Two years ago he came across as a guy who knew his product but not much about how to grow a business. This time he knew his numbers and had taken the Sharks’ advice to start a mail order business in addition to his retail/wholesale business. The moral to the story…….great entrepreneurs learn from their mistakes and listen to input from customers, employees, and potential investors. GOOD JOB, DAVE!
Dave was inspirational, but Brian from Emazing Lights won the Sharky Award for entrepreneurial excellence tonite.
Brian has created something called “gloving”, which I would describe as Break Dancing 2.0. His sales were $8 million a year for his gloves with lights. At first I thought it might be a hoax, but Brian ended up getting a deal from Mark and Daymond at a $13 million valuation. Assuming this deal makes it through due diligence, it could be a huge winner despite its transient nature.
Best of the Rest……. Rob, Jonathon, and Avin from Aqua Vault got a quick deal from Daymond for $75K from 25% of their company that makes small beach vaults that allow people to bring their phones, wallets, glasses, etc. to the beach without worrying about someone walking off with them. I couldn’t help but wondering…….what if they walk away with the vault?
Catalina from Naja is a perfect example of too much Venture Capital chasing too few high quality deals. Prior to her appearance on Shark Tank, she had raised $850K at a valuation of $5 million for her company the makes bra’s and lingerie. The investment was secured based on a couple of sketches of her products. Her sales were $145K in the last 6 months.
Granted, Catalina’s products are beautifully designed (per Daymond) and she has a great education (Stanford), but she was lucky to get a VC investment prior to Shark Tank at that valuation. This not to say that Catalina won’t be successful in the long run, but she’s got a lot to prove. She’s a little too early for her appearance on Shark Tank.
Update….. Congrats to Sharky Award Winner Pipcorn. They have had great success since their appearance earlier in Season 6 selling their gluten-free popcorn. Barbara is their investor/partner.