If there was a Sharky Award for entrepreneurial excellence for youngsters 10 and under, it would surely go to 9 year old Mikaila (and her Dad, Theo). Mikaila started Bee Sweet Lemonade five years ago and has built it up to the point where YTD Sales are $25K ! Mikaila really knew her stuff, and with a helping hand from Mom and Dad, she has developed the business to the point where she could make an inspirational appearance on Shark Tank and land a deal with Shark Daymond John. Well played, Mikaila. You are the future of America!
In the big boy division, Kevin Connolly (Entourage) look-alike Pat from Brand Yourself has built a $2 million+ business with 60 employees after his graduation from Syracuse University. His service allows people and businesses to re-order or modify search engine results in order to let people put their best foot forward when looking for a job, trying to make a sale, get a loan, etc. He has over 300,000 free users and over 5,000 paying customers.
Even though Kevin, I mean Pat, left the tank without a deal, he showed great composure and a sense of ethics when he turned down an offer from Shark Robert Herjavec for $2 million at an $8 million company valuation . Pat was protecting his earlier investors who had just invested $3 million at a $15 million dollar valuation.
Even though Pat has a lot of competition, he is likely to get acquired down the road by one of the bigger players in the industry. Good luck to this week’s Sharky Award winner!
Best of the Rest…..Ryan from The Home.T sells Tee Shirts that feature the home state of the person wearing the shirt. Ryan is a very accomplished marketing professional. He has managed to build a successful online business selling unique tee shirts. He received three low ball offers from the Sharks but turned them all down. The Sharks believed this was a fad or transient business that was not sustainable. Ryan thought he could net more money this year than the overall valuation the Sharks were placing on his business. I believe Ryan made the right decision by turning them down.
James and Brooke from icPooch had only sold 115 of their “Facetime for dogs and their owners” platform. Mr. Wonderful thought the unit looked like a fire hydrant and might invite a dog to relieve himself while their master was away. James and Brooke need proof that their concept works, and that will only come through more robust sales.