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Shark Tank Recap – April 13 & a Second Chance Pitch!
Below is a recap of the April 13, 2012 episode of the ABC show Shark Tank (episode 307). If you are unfamiliar with Shark Tank, the concept is simple – entrepreneurs pitch their ideas to a panel of investors and the investors have to provide at least the amount the entrepreneur is seeking for a deal to be completed.
The sharks appearing on tonight’s episode are: Mark Cuban, Barbara Corcoran, Kevin O’Leary, Damond John and Robert Herjavec.
(Unfortunately ABC in my area decided to once again push Shark Tank to Sunday at 1am. I had to find an online stream and missed the first pitch. I will update this post after ABC posts the episode tomorrow. I think the pitch was from a cookie/blondie company)
Don’t forget to check out our previous Shark Tank recaps.
Pitch #2 – ViewSport
Ben Wood came into the Shark seeking $50,000 for 20% equity in his company ViewSport. The company provides “sweat activated technology” which gives you “motivation through perspiration”. The idea is that as you sweat, the shirt shows you a logo. Reminds me of those tshirts and jeans in the 80s that changed colors when wet! This year they have done $140k in sales. Ben quit medical school to start ViewSport. The company is hoping to license the technology to retailers and also create other apparel.
Unfortunately the sharks weren’t interested in the tshirts or potential product expansion and Ben left with no deal.
Note: You can watch past episodes of Shark Tank here on Amazon.
Pitch #3 -Sullivan Generator
Mark Sullivan was up next with the Sullivan Generator asking for $1 million for 10% equity. Mark says he is an inventor and showed some sort of slides about water and turbines. Robert explained “we pull in water really fast, create electricity out of one side, and gold out of the other side.” Kevin asked, “so Mark how long are you visiting Earth?”
Mark explained that the sharks are the first people to see this new concept of angular momentum. The machine is 100 feet tall. Kevin said the concept is “nutbar level 6″. Unfortunately Mark left without a deal but left saying that the sharks just didn’t get it and that inventors will save America.
Shark Tank Update and SECOND PITCH!! – Copa Di Vino Wine Glasses
So far the company has gone to $5 million in sales in the first year post-Shark Tank. They are in lots of popular retailers around the country.That was the quick update but guess what…James came back to the Shark Tank to pitch again!
James Martin seeking $300k for 5% of Copa Di Vino which is a company that creates a special wine glass which is basically “wine in a glass”. Last season Kevin O’Leary was the only shark to make James an offer. Kevin’s offer last season was for the IP and patents. Damond explains that the sharks won’t be as gentle as last time.
Once again Kevin offers the same offer for $600k for 51% of the IP and patents. Barbara said that she didn’t like James then and doesn’t like him now so she was out. Damond was also out pretty quick into the televised portion of the pitch.
Kevin provides a new offer of $300k for 12%. Mark Cuban wanted to offer more money from three sharks (Kevin/Mark/Robert). James countered at $300k for 8% of Copa Di Vino. The three sharks countered at $600k for 30%.
After James was sitting there thinking, Mark Cuban said he is out. Robert walked out of the studio claiming that James was just wasting their time. James left the Shark Tank without a deal again.