The first episode of Season 7 of Shark Tank aired on September 25, 2015. The Sharks included Ashton Kutcher who is a saavy tech investor in his own right. His Venture Capital investments have included Spotify, Uber, and Airbnb among others.
This was an excellent episode. I was most impressed by Chris from SignalVault and he wins this week’s Sharky Award for entrepreneurial excellence.
SignalVault makes security devices designed to prevent unscrupulous people from scanning credit card information from unsuspecting bystanders. In a little over a year, Chris has sold over $300K of his product and the future looks bright. His One Dollar lottery ticket paid $8,000 and he used the winnings to fund his startup. Chris wanted a deal from Sharks Robert and Lori, and he got it. Each will invest $100K to fund the company. Between Lori’s consumer expertise and Robert’s software/security knowledge, Chris is in good hands.
Best of the Rest….. Martin from The Beebo has developed a baby bottle holder that makes feeding a baby just a little easier. Martin ended up getting a deal from Lori and Ashton for $200K for 30% of his company. Robert passed on the deal by saying, “I just don’t see the pain” meaning the problem that the product solved was not that significant. I agree with Robert.
Peter from Acton came into the Tank looking for $1 million for a mere 3.5% of his company. His company made “rocket skates” which allow people to go up to 10 MPH. Although the Sharks were impressed with the technology and “transportation shift” that will be occurring in the future, Peter made a couple of mistakes that killed the deal. First, his valuation ($28.5 million) was based on previous investments and was way too high for the Sharks. Second, he didn’t know his numbers well enough to make Mark Cuban comfortable. Third, as Lori pointed out, he didn’t appear to really want a deal. He did get great national exposure for his product, however. That may have been his objective from the start.
Jess from McLary Brothers sold drinking vinegars that are marketed as cocktail mixers. Despite the health benefits and $305K in sales, she didn’t get a deal. Mr. Wonderful questioned the taste by saying “only four guys and a dog like this stuff”.
Update……Congrats to Pipcorn who has now generated $1.4 million in sales. They gave one of the 10 Best Presentations of Season 6. Visit http://bit.ly/1hXFvBv to see the Best and Worst of Shark Tank.