Four solid entrepreneurs were featured in this episode. Each fell just a bit short of winning a Sharky Award, but they each had numerous strengths. Their businesses have potential, but it’s a little early to predict any of them will be a runaway success.
Shannon and Regan from Goverre have created “an adult sippy cup” for wine. Their Year-to-Date sales are $384K and their margins are about 75%…quite good. Mr. Wonderful, being the self-proclaimed wine guru, was very interested in doing a deal with Shannon and Regan but Sharks Lori, Robert, and Mark aced Mr. W by offering the same deal and promoting the fact that Shannon and Regan would get three Sharks instead of one for the same price…….$200K for 33.33% equity.
Next up was Dr. Rob from See Rescue Streamer. He has invented a rescue alert system that is lightweight (13 ounces) and can be used by boaters, hikers, campers, military personnel, etc. It requires no external power source. It has already saved the lives of four people. The problem here was that selling to the military is a lengthy and expensive process and the consumer markets aren’t big enough to get the Sharks interested. The Sharks passed on this opportunity.
Amanda and Steve from BootyQueen Apparel gave a great presentation and came close to winning a Sharky Award. Amanda is internationally known for her glutes and her booty. They have leveraged Amanda’s attributes by capturing over 1 million followers on social media. In the funniest line of the episode, Steve unwittingly said he “did a lot of the back-end stuff” in the business. They’ve sold over $355K in 18 months of their booty-enhancing leggings. They got a deal from Daymond for $250K for 33.33% equity. I think this has potential, if it proves not to be a short-term fad.
Adam and Don from LocTote Industrial Bag Company have developed a bag that can replace a backpack and cannot be cut by a knife. Apparently, bag slashing is a big problem outside the U.S. They had previously raised over $800K on Kickstarter followed by $500K on Indiegogo to launch their business. Don is fighting cancer while growing the business and his passion and strength generated interest from Mr. Wonderful. The two had a lengthy negotiation where Mr. W. offered a “take it or leave it” $150K for 10% equity and a royalty of $10 a bag until he was paid $450K. Don countered with the same deal except paying a maximum of $150K instead of $450K. Mr. W was about to decline the counter-offer when Shark Robert jumped in and said “I’ll take that deal”. Don accepted and Mr. W. got aced again.
OVERALL RATING OF THIS EPISODE…………………….B