Shark Tank Recap – February 17

Below is a recap of the February 17, 2012 episode of the ABC show Shark Tank (episode 303). 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, Damon John and Robert Herjavec.

Pitch 1 – The Last Lid

Created by husband and wife Melissa and Kevin Kiernan, The Last Lid is a “fabric garden trash can lid replacement”. They were seeking $40k for a 20% investment. The idea is that this fabric lid is a universal fit for any garbage can and it will keep out rodents and racoons. Damon John was the only shark left and after Kevin raised his offer to $40k for 60%, Damon jumped at the chance and the deal was done.

Update – Lightfilm

In season 1, Lightfilm scored a $100k investment from Damon John. The company was rebranded as “Power Decal” and recently signed a deal with Best Buy to carry the light-up changeable decal for your car.

Pitch 2 – The Ledge Pillow

Next up was Amanada Schlechter seeking $30k for a 25% investment in the Ledge Pillow. This foam pillow is made for women with large breasts or women with breast implants to help them sleep. The pillow is made for women who sleep on their stomachs and helps the woman stay uplifted while sleeping. The Ledge Pillow works for women with a C cup and above. Amanda has sold 83 since her launch in 2008. Lori suggested Amanda change the name of the product to something with “boob” in it.

Pitch 3 – Talbott Teas

Steve Nakisher and Shane Talbott presented Talbott Teas. Shane explained the teas as, “reinventing tea just like Ben & Jerry reinvented ice cream”.  Shane and Steve were seeking $250k for 20%. The company had sales of $100k in 2009, $350k in 2010 and $500k to-date in 2011 (remember the show films way before it airs). Talbott Teas has been named one of Oprah’s favorite things and has appeared on QVC multiple times.

Kevin O’Leary offered $250k for 40% – Kevin agreed to a deal at 35% and the deal was signed.

Pitch 4 – M3 Girl Designs

Presented by the Bradshaw Family, Maddie, Margo and mother Diane, the family was seeking $300k for 15% of their jewelry company.  Their first product, “snap caps”, is a magnetic bottlecap necklace for young girls. Now the company is looking to expand their product line and create global distribution. The girls created a company with $5 million in sales over the last 5 years with $1.6 million in sales last year and profit of $1 million. Maddie and Margo are both teenagers and the sharks noted that they are already millionaires.

• Kevin O’Leary offered $300k for 30%
• Lori and Mark Cuban offered $300k for 30% plus Lori will mentor the team and help them get on QVC
• Robert Herjavec joins Kevin’s offer at $300k for 30%
• Family counters at $300k for 30% with Mavs season tickets with Robert, Lori and Mark Cuban
• Final deal agreed to: $300k for 30% with Robert, Lori and Mark with an offer from Mark to sit in his owner’s suite at Dallas Mavericks home games

Tune in next week for another exciting recap of Shark Tank!