Susan Peterson walked into Shark Tank to pitch her business “Freshly Picked.” Her product features baby moccasin shoes which are stylish and comfortable. She asked the Sharks for $150,000 to get 10% equity in her company.
The Sharks sat forward when Susan told them she made $500,000 last year. Then she told them how she had worked hard one summer to buy the material to make 40 pairs of shoes which started the company. She encompasses the true spirit of an entrepreneur.
Mark and Robert didn’t think they were the right fit for the baby shoe business causing them to go out. Kevin wanted to go in on a deal with Daymond, with no equity, but a royalty of 7%, which dropped to 5% once he recouped his money. However, Daymond wanted to do his own deal.
In the end, Daymond offered $150,000 for 25% of the company. At first, Susan was hesitant about the offer, but finally agreed to team up with Daymond. If you or anyone you know has an invention idea and needs help, please contact us at New Product Consulting.