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Shark Tank Recap – April 27
Below is a recap of the April 27, 2012 episode of the ABC show Shark Tank. 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.
Tonight Barbara Corcoran was replaced by QVC product creator Lori Greiner. Other sharks include: Mark Cuban, Kevin O’Leary, Damond John and Robert Herjavec.
Don’t forget to check out our previous Shark Tank recaps.
Pitch #1 – Duality Cosmetics
First up into the Shark Tank was Barbara Lampugnale seeking $50k for 20% equity in Duality Cosmetics. Basically her product is an all-in-one nail polish bottle. Instead of having a bottle of nail polish, bottle of nail polish remover and a nail file, Barbara’s product combines them all into one unit. She makes the bottles for $3/each and sells them for $15. Barbara has invested $300k of her own money into the company.
Lori made an offer of $50k for 51% of Duality Cosmetics. Kevin came back with $50k for 40%. Kevin and Lori went back and forth about why each offer is better than the other. Damond enters the conversation with, “a piggy bank with 2 coins in it makes a lot more noise than a full piggy bank”. Lori counters with the same offer as Kevin at $50k for 40% and Barbara accepts the offer.
Update – Talbott Teas
Last season Kevin signed a deal with the founders of gourmet tea company Talbott Teas. The update explains that the deal actually went through with Kevin, Damond and Barbara. The company was bought by Jamba Juice and the teas will be in Jamba Juice stores later this year.
Pitch #2 – Debbie Brooks Handbags
Up next into the tank were husband and wife Paul D’Auriac and Debbie Brooks pitching for $540k for 20% of Debbie Brooks Handbags. Basically the product line was a set of purses and handbags that allow for magnetic faceplates to allow a woman to easily change the look of the bag. The company had $1.2 million in sales last year. Unfortunately the couple left without a deal.
Pitch #3 – Try My Tank
This one was a quick in and out no deal. Lindsay Johnson and Nicole Bilsky entered the tank seeking $57k/30% of their business Try My Tank which creates customizable tank tops for women. So the idea is that the shirt part and the straps parts of the tank top are separate and you can mix and match which shirt goes with which straps. The shirts retail for $35. Unfortunately the two entrepreneurs left without a deal.
Pitch #4 – Lollacup
Last into the Shark Tank were husband and wife Mark and Hanna Lim with their new style of sippy cup. The couple was seeking $100k for 15% of Lollacup. Kevin O’Leary called it, “the new sippy cup”. I think it was one of the nicest looking products and packages to ever come into the Shark Tank.
Kevin made an offer of $100k for 50% but it was contingent on moving manufacturing to an offshore location to drive down the cost to produce the Lollacup. Damond comes in with the same offer as Kevin but with a contingency that they can remove their new sales rep. Mark Lim comes back at $100k for 40% and Mark Cuban seemed to accept. Damond dropped his offer to $100k for 30% but due to back-and-forth, Damond went out. Mark and Hanna accepted a deal with Mark Cuban and Robert for $100k for 40% of Lollacup.