Best Deal of the Episode…..Anthony from mcSquares gave a great presentation. His product is designed to be a replacement for the Post-it note. He was asking for $300K for 10% equity which equates to a $3 million company valuation…….not unreasonable considering his sales will be about $1 million this year.
It appeared Anthony’s honesty almost got him in trouble when Shark Barbara asked him if he was organized. Anthony immediately responded “No”. Barbara said that’s why she loved him, because she’s not organized either. None-the-less, she bowed out and Mr. Wonderful made a deal at $300K for 25% equity.
Eric and Brett from Rescue Ready are fire fighters who have created a faster way for occupants to escape from a burning home. They actually have figured out a way to build a “rope” ladder and store it in the base of a window. This can save lives when seconds matter.
They had a great product but a poor business model. They would have to sell their product to builders and window manufactures. These potential customers typically don’t like to change and don’t like adding cost to their homes/windows. No deal here.
Manny and Josh from Slate have developed a low sugar, lactose free, chocolate milk drink in a can. The Sharks didn’t care for the taste. Mark Cuban let out a loud groan after his first taste. Not off to a good start.
Manny and Josh came into the Tank with zero sales, but believed having a “well known previous investor” would be enough to impress the Sharks and motivate them to invest. Their strategy didn’t work. They received no offers.
Jeff from Salted actually has a good business but his presentation was confusing. His business falls into the category of a “Cloud Kitchen”. This is a shared kitchen that is set up for delivery-only food orders. He should have started with this definition and then talked about the details. Instead he started by talking about delivery partnerships and the Cloud Kitchen concept didn’t come out until the end of his pitch.
Jeff makes five different foods, all with different names, and the Sharks loved the taste of the samples. His sales are about $3 million this year. That’s the good news.
The bad news is the Sharks didn’t like him. They thought he was a fast talking guy who never listened. Shark Rohan said he was high energy “but he scares me”. Shark Lori said, “He ignored me and never made eye contact”. No Deal.
OVERALL RATING OF THIS EPISODE…………………..C+