Season 5 is kicking off to some staggering numbers and shattered records. The second episode that aired last Friday set the record of the first time all 5 SHARKS made a single deal together on Shark Tank. It was for a good reason and a great product which can help prevent drunk driving.
Charles Michael Yim walked into SHARK TANK as the inventor and CEO of Breathometer which can transform your smartphone into a breathalyzer within seconds. Once a small device is attached to your smartphone the person simply blows into the device to help monitor their alcohol consumption, giving them the power to make smarter decisions when drinking.
Charles asked the SHARKS for $250,000 for a 10% stake in the company. He served the SHARKS champagne and then had Lori test out the product where she blew a .04 after sipping on her drink. The SHARKS eyes all lit up as Charles continued his pitch and it became apparent that he has been a successful entrepreneur in the past.
In the end, Mark did not want to work with the other SHARKS as he felt he could do this one alone and offered $500,000 for a 15% stake. This caused the other four SHARKS to team up and offer Mark their help while allowing Mark to take a bigger share of the pie. Mark agreed and they offered Charles $1,000,000 for 30% stake in the company with Mark giving half the money and taking half the equity offered. If you or anyone you know has an idea and needs help, please contact us at New Product Consulting.