Let’s get caught up!
Here is a quick recap on what happened on Friday night (10/31) in the Shark Tank.
Titin Tech – 5% for 500K
Titin Tech founder Patrick Whaley was first up in the tank looking for a 500K investment for 5% stake in his company. By using gel inserts that form with your muscle build, his new technology promises advancements in many areas of athletic performance. While Mark was having trouble deciphering the product from traditional ankle weights, I really was impressed with Patrick and his idea. This is an innovative product that could very well become extremely popular within organizations such as Crossfit and traditional athletic programs alike. Additionally, Patrick showed strong trends in sales of Titin and the future looks bright for his company.
Mark: “My BS meter is through the roof” – He was out
Lori: “not hitting me as something I want to invest in” – Lori was out.
Robert: feels “uncomfortable” – Mr. Herjavec was out.
Daymond: Offered 500K for 20%,, and would be willing to handle production
Kevin: Offered 500K for a 15% stake in the company
Deal with Daymond John! 500K for 20% equity. Congrats to Titin Tech!
BeardBrand – 15% for 400K
Eric Bandholz, founder of BeardBrand, walked into the Shark Tank next with booming confidence desiring a 400K investment for 15% of his company. I was really impressed with BeardBrand’s products and pitch to the Sharks. Moreover, THAT BEARD IS INCREDIBLE. Wow. Eric mentioned that after a beard competition in 2012, he created BeardBrand to accommodate the “renaissance in facial hair revolution”. Although no sharks bit on the idea, I loved hearing from Eric. With over 800K in sales over the past 17 months, the company shows great promise for the future. Great people, awesome idea, inspiring beards and products.
Mark: “Too hard to get the money back” – He was out.
Lori: “What’s the market for this?” – Lori was out.
Robert: “Not a beard guy” – Robert was out.
Daymond: “I wouldn’t get my money back until my beard was long like Moses” – He was out
Kevin: “You’d have to become my beard slave” – Mr. Wonderful was out.
No deal for BeardBrand.
SingTrix – 5% for 1.5M
The duo from New York was next up in the tank with their revolutionized karaoke machine. Asking for 1.5M for 5% equity in the company, the business showed strong sales over the past 6 months selling over 4,000 units. The $1.2M in sales got Lori, Daymond, and Mark all giving offers to the guys. The team from SingTrix was looking to ”get involved with someone who will make them better”. However, founders Erik and John were unable to give up any more equity than 7%. Due to this, the sharks immediately withdrew offers and SingTrix was left without a deal. With over 350 effects, SingTrix could revolutionize karaoke parties forever! Best of luck to this team.
Mark: “I don’t see it working” – He was out.
Lori: Offered 1.5M for 30%, then equity goes down to 15% once paid back.
Robert: Offered 1.5M for 20%, eventually goes in on deal with Lori
Daymond: Offered 1.5M for 25%, but will finance orders
Kevin: 1.5M for 50%, but once paid back his equity goes to 10%, with a $2.5 royalty deal after.
The guys came back with 1.5M offer for 7%. Sharks are stunned and all bail!
No deal for SingTrix, best of luck to Erik and John!
Myself Belts – 10% for 60K
Talia from Myself Belts was the final contestant in Friday night’s episode of Shark Tank. Seeking a 60K investment for 10% of her company, the Sharks were intrigued by the idea. Myself Belts is the first belt that is created for children and designed so that they can fasten it themselves. The sharks were very concerned about the sales trends that MySelf Belts had shown (220K in 2012, 205K in 2013), but Daymond John was willing to make an offer.
Mark: “I want you to be successful, but you’re not a killer.” – He was out.
Lori: “lacking drive and determination” – Lori was out.
Robert: “The worst lies you tell in life are the ones you tell yourself.” – He’s out.
Daymond: Loved the idea, offered 75K for 25%
Kevin: “Market spoke to me.” – No offer from Kevin
Deal with Daymond John! 75K for 25% equity.
Make sure to tune in to Shark Tank on ABC this Friday, November 7th at 9/8CT!
Photo’s from ABC’s Shark Tank.