Ryan Frankel and Kunal Sarda walked into Shark Tank to pitch their app called Verbalize It. The app puts 2,000 live translators from all over the world onto your mobile device with the push of a button. Customers register for the service that connects them with the translators. Ryan and Kunal were asking $250,000 for 15% equity in their company.
Verbalize It has only been available for about a month and had $10,000 in sales in the last two weeks. Not bad. They’ve also made a deal with Skype to be a featured app in their directory. Not to mention, anyone traveling in a foreign country could benefit from this app in numerous situations.
Barbara and Daymond decided to back out rather quickly on this one. Mark made an offer of $250,000 for 25% of the company. He also stated that if they didn’t decide before the other Sharks made an offer then he may bail. Yet, the offers kept coming. Kevin offered $250,000 for 20% and Robert offered $250,000 for 25% making three active offers on the table.
In the end, Ryan and Kunal asked Mark and Robert if they could improve their offers to beat Mr. Wonderful. Mark wouldn’t budge leaving Kevin and Robert to verbally belittle each other. Kevin’s offer had the lowest equity stake causing Ryan and Kunal to accept his offer. If you or anyone you know have an invention idea and needs help, please contact us at New Product Consulting.
- Sharks take a bite of the Shell Bobber on Shark Tank (newproductconsulting.me)