Stephan Aartol, the first presenter is an admitted geek with an MBA and a passion for stand-up paddle boarding. He offered the “Sharks” $150,000 for 10% of his company, Tower Paddle Boards. Kevin O’Leary made him an initial offer for 50% of his company. Stephan refused Kevin and went with Mark Cuban who bought 30% of his company.
Next came Nick and Penelope Lariosa, whooffered Instant Lifts, an instant solution for cellulite-free looking skin. The partners developed the formula and design for the lifts, which are basically transparent tapes that can push up the flabby parts. They asked the “Sharks” for $400,000 and were almost about to get it until they made a mistake by mentioning other patented products not on the table in the same line. The “Sharks” noticed the brand confusion and declined the offer including Barbara, who got out of the deal she had put on the table.
Gary Dejon has been serving wine for years and developed a product that could increase the quality of wine that restaurants sell. Gary invented the Ventimore, which allows wine to properly breathe in a matter of seconds. He asked for $75,000 for a 30% stake which the “Sharks” all declined because most lacked sufficient contacts and or knowledge in that industry.
Indie-pop & singer-songwriter Ingrid Michaelson joined an entrepreneur from Marina del Rey, Ca. to pitch his high-tech music software product. Miso app and its CEO, Aviv Grill, offered the “Sharks” $300,000 for 5% of the company, MisoMedia. The presentation wowed the “Sharks” but eyebrows started to raise when Aviv revealed that the deal he offered the “Sharks” is double the evaluation that MisoMedia made a few months prior. Mark offered Aviv the $300,000 for 8% of the company which Aviv couldn’t refuse.
There was also a follow-up on Rick Hopper and his invention, Readerest, a magnetic clip that secures eyeglasses. Lori Greiner invested in the product and took it to QVC where it sold out in the first day.
“Shark Tank” has become an unparallel example of what exposure can do for a new product or company. Good luck to all the contestants who made deals. If you or anyone you know needs help with their new product or business, please contact us at New Product Consulting.