Three small deals in this episode. No one stood out as a can’t-miss success.
Steve and James from Reely Hooked Fish Dip certainly had a good time presenting their product to the Sharks. They had a little “fishing dance” that made the Sharks laugh hysterically. Their product was different from other fish dips because it was made primarily from King Mackerel and contained no preservatives.
Mark Cuban laughed the loudest and said he was interested in making an offer. Steve and James continued talking (and selling) and had to be told that once someone says they want to make an offer, it’s time to stop talking. They ended up getting a deal that called for an investment of $75K for 25% equity. The three did the “King Mackerel dance” together.
Joshua from The Cut Buddy is originally from St. Lucia and recently came to the U.S. with his family. He’s developed a unique hair cutting tool that sells for $14.95. Joshua had sales of $700K last year. He has used social media to grow his business.
What I like about Joshua was he is a man who knows himself and knows his limitations. He stated that he is an inventor, not a knowledgeable businessman. He came to the tank seeking the Sharks business acumen and guidance. He ended up getting a good deal with Daymond…….$300K for 20% equity.
Callie and Kelly from Slumberkins started 18 months ago with $200 and have forecasted sales of $500K for their kids’ plush toys this year!
Callie and Kelly want to expand as quickly as possible and want to get their plush toys into retail channels in addition to selling online. Profit Margins are much lower in retail than they are online, however, and the Sharks questioned the wisdom of this strategy. They felt Callie and Kelly could continue to grow profitably in online channels rather than enter the cut-throat world of plush toys/retail.
Callie and Kelly said they didn’t care about profits, they just wanted to get their plush toys into as many hands as possible. This was their mission, but it didn’t make good business sense to the Sharks. No deal here.
Alexander from Pronto Concepts has invented a product that chills a bottle of white wine in 30 seconds. This is a great product (I might buy one), but I think the price is a bit high at $139 and may have to be reduced to be successful. Alexander got a deal from Mark Cuban of $100K for 25% equity, contingent on Alexander raising an additional $100K from another source.
OVERALL RATING OF THIS EPISODE……………………..C