Inventors Jeff Stafford and Dusty Hollowell walked into Shark Tank to pitch their product, Shell Bobbers. The two fishing enthusiasts came up with their invention while hunting and a shotgun shell fell into water. As it floated, the idea came to them to make a fishing bobber out of shotgun shells.
Jeff and Dusty were asking $80,000 for a 20% stake in the company. The cost to make each bobber is about a dollar and they retail for $8.99. They are seeking help trying to get into the major retailers around the world.
As usual, Kevin O’Leary or Mr. Wonderful, brought an unfair deal to the table asking for $80,000 for a 50% stake with a residual profit per unit until cash is paid back. The two inventors didn’t feel they should give up that much of a percentage of their company.
In the end, Mark Cuban made an offer of $80,000 for a 33% stake in the company, which the friends gladly accepted. If you or anyone you know has an idea and needs help, please contact us at New Product Consulting.
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