Four solid entrepreneurs appeared on tonite’s episode, but none had the “wow factor” needed to win a Sharky Award.
Bryan and Matt from Foot Cardigan made their entrance to the tank wearing their underwear and the unique socks they sell thru an online subscription model. They gave a good presentation……they knew their numbers and were open to the Sharks’ ideas. They received multiple offers and ended up taking an offer from Mark Cuban and newcomer Troy Carter for $250K for 20% equity.
Next up was Wayne from ValPark Mobile. His valet parking app handles payment of parking fees and allows the user to call for his/her car and receive a message when the car is available. Wayne was confident bordering on cocky……he dismissed any potential competitors, and compared his business to Uber despite having sales of less than $30K. Wayne received no offers, but should have good success in this niche market without the Sharks.
Adam and Tim from The Two Guys Bowtie Company make stylish wooden bowties and hats. They have had several NBA players and broadcasters wear their bowties and have generated $407K in sales. As expected, they got a deal from Daymond John for $150K for 20% equity. Daymond minimized his risk by negotiating a royalty until he gets his money back.
Dan, Lydia, and family from Nerdwax were next up. Their product beeswax prevents eyeglasses from sliding down your nose. They sell their product online and have fantastic margins (over 90%). Their business is profitable but not investable because the potential market size is too small for the Sharks to get excited. Daymond pleaded with Dan and Lydia NOT to take any money from the Sharks. Daymond and Mark actually applauded when they declined a couple of “blood sucking” offers.