Shark Tank Episode 10 Recap
Here is a quick recap on what happened last Friday night (11/21) in the Shark Tank!
This week CEO of GoPro, Nick Woodman, joined the tank as a “Guest Shark”!
Kitchen Safe – 100K for 5%
David Krippendorf and Ryan Tseng, founders of Kitchen Safe were up first in the Shark Tank on Friday night. This innovative product is the first plastic container that can be locked for a selected amount of time. You simply place the lid over the container, choose the amount of time you would like it to be locked, and its done! The team has done nearly 300K in sales, with almost 90% of revenues generated from their online website. Kitchen Safe had already been in negotiation with HSN, but Lori was quick to tell the team they weren’t too late to hop on the QVC train. With spectacular margins and a strong passion for their business, Kitchen Safe was bound for success in the Shark Tank.
Lori: Offered $100k for 20%, but they have to go on QVC instead of HSN
Kevin: Thought “the product was junk” – He was out.
Daymond: Offered $100k for 20%, also leveraging his HSN connections.
Mark: “Didn’t get a good feeling” about the product. He was out.
Nick: Joined Lori’s deal, $200k for 30%, then revised offer to 100K for 20%
Deal with Nick and Lori, 100K for 20%. Congrats to Kitchen Safe!
Off The Cob – 100K for 15%
Up next in the Shark Tank was an organic tortilla chip company that has started flooding the shelves of Whole Foods. After winning an entrepreneurship contest at Babson College, Cameron Sheldrake founded Off the Cob. Cameron began using vitamin rich and healthy sweet corn when making his tortilla chips, staying clear from traditional starchy grain corn. With 45K in sales over the past year, Cameron was looking for a Shark to help scale his tortilla chip business.
Lori: “Difficult to scale” – She was out
Kevin: “Didn’t think the outcome is going to be a good one” – Mr. Wonderful was out
Daymond: Thought it was an “Uphill battle” – He was out
Mark: “Don’t think I could get a return quick enough” – Cuban was out
Nick: Thought the “business side of him says no” – He was out
No deal for Off the Cob. Awesome and inspiring pitch by Cameron though!
Magic Cook – 100K for 20%
Next into the Shark Tank was Magic Cook, the on-the-go cooker. While most on-the-go food stoves require gas, propane, electricity, etc… The Magic Cook doesn’t! Just simply pour any form of liquid on the “Magic Hot Pack” and your food will begin cooking within 20-30 minutes. While this could very well be used for the lunchroom, this product would do really well at REI and other outdoor/camping stores. Magic Cook did over 150K in revenue last year, and entered the tank looking for a Shark to assist in the next big step for the company.
Lori: “Doesn’t think its right investment for her” – She was out
Kevin: “Camping sucks” – He was out
Daymond: Offered 100K for 33%
Mark: “I just don’t hear it” – He was out
Nick: Didn’t think the product “solved a pervasive problem” – He was out.
Deal with Daymond John, 100K for 33%. Congrats Magic Cook!
Earth Logs – 160K for 20%
Tom Sanetti from Huntington Beach, California was the last to step into the tank with his brilliant new eco-friendly fire log, Earth Logs! Unlike traditional fire logs, Earth Logs are used from 100% recycled material. Additionally, the product is “hotter” than natural fire logs, scented, and is $1-$2 cheaper than traditional fire starter logs. The company did 50K in sales last year, but shows significant promise as Tom brought a letter of intent from Albertsons. After explaining that he needed a shark to help him meet the demand, the Sharks were appealed by his business.
Lori: Offered 160K for 35%
Kevin: “Good luck” – He was out
Daymond: “Too early for me” – He was out.
Mark: “If you were further along” – Cuban was out.
Nick: Was out “because there is so much work to do” to get the company off the ground.
Deal with Lori Greiner, 160K for 35%. Congrats to Earth Logs!
Make sure to follow us on twitter as we will be live tweeting during the show this Friday night (12/5)!