This was the most bizarre episode ever! How bizarre was it? I had to watch it twice just to make sure I really saw what I thought I saw.
First up was Amy from FashionTap. Amy did a very nice job presenting her business and her fashion app. She was knowledgeable and passionate about her business. She was very focused and I’m sure she will succeed. As Daymond said, “You’re the real deal”.
Amy made one crucial mistake, however. She had asked for $100K for 10% of her company. She got an offer from Shark Barbara for $100K for 25%. Let the negotiating begin!
It never got started. Amy came into the tank with a non-negotiable offer! She wouldn’t even offer a counter. That’s not how the game’s played! Not on Shark Tank or in real life. If Amy wanted $100K for 10%, she might have started with an “ask” of $100K for 7% to leave some room to negotiate.
John and Anusha from Brellabox had one of the worst product ideas in Shark Tank history……renting umbrellas. People have to enter their credit card information in order to get an umbrella (from a machine that costs $1000 to make).The umbrella rents for $1.50 for 12 hours. If the umbrella isn’t returned, the customer gets charged $40. Mr. Wonderful repeatedly called this a terrible idea. I agree!
Not to be outdone, Bob and Adam from My Fruity Faces laid an egg. They had sales of just $125K in three years despite raising $482K. They only had $4K left in the bank and they were desperate. When they said they believe in their business, Mark Cuban responded, “Belief is not enough”. The problem was poor execution….mainly in not hustling to sell more of their edible fruit stickers..
These were the two worst back-to-back presentations in Seven Seasons of Shark Tank.
I was unsure about the final entrepreneur, Dave from Brightwheel. He had developed a smart phone app that can show parents what their kids did during the day at pre-school. He had already raised $2.2 million prior to his appearance on Shark Tank, and he got a deal from Mark Cuban and Chris Sacca for $600K at a $9 million company valuation. He was poised and polished during his presentation.
I think this app would be great for the parents, but I had to question the value proposition for the pre-schools who had to pay up to $200 per month to use the app. I think the teachers have their hands full as it is. Are they going to have to become videographers in addition to their current duties? Will this distract them too much? Will they have to answer too many silly detailed questions from parents? Will a pre-school end up having to hire a full time videographer?
Perhaps they will end up teaching the children to take video selfies. I can see it now…..even infants will have their very own selfie pose! SEE BELOW……
OVERALL RATING OF THIS EPISODE……….D+