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Shark Tank Recap – March 2
Below is a recap of the March 2, 2012 episode of the ABC show Shark Tank (episode 305). 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.
Pitch #1 – Kisstixx
The first pitch of the evening came from Dallas Robinson and Mike Buonomo seeking $200k for 20% of their company. Kisstixx is a line of lip balms. The only offer came from Mark Cuban at $200k for 40% and the pair of entrepreneurs took the deal.
Last Season Update – Daisy Cakes
Kimberly Nelson pitched her Daisy Cakes and signed a deal with Barbara Corcoran. Since the show aired, Daisy Cakes has gone from 2000 total cakes in a year to $100k/month in sales. And Kimberly had to move the business to a much larger location.
Pitch #2 – The Smart Baker
Stephanie and Daniel Rensic came into the tank to pitch their kitchen product line called, The Smart Baker. They were seeking $75k/25%. The Smart Baker includes products like an apron with measurements on it to help when you need to cutup a recipe for smaller servings. Also included are their newest products — cupcake and tree towers.
Damond offered $75k/40%, Barbara offered the same but in addition she wants a 5% royalty on all sales until the $75k is paid back. Stephanie and Daniel countered at $100k/40% with 5% royalty but Barbara declined. After some discussion, The Smart Baker accepted Barbara’s original offer for $75k/40% with a 5% royalty.
Pitch #3 – Heat Helper
Lyle Chutey was up next with the Heat Helper. He was seeking $100k for 50% of his product. The Heat Helper is a unit that goes below an electric clothes dryer to recycle the hot air that comes out of the dryer to heat the laundry room. Unfortunately none of the sharks made Lyle an offer and he left the Shark Tank without an offer.
Pitch #4 – TEC
Last up into the tank was Scott Jordan with his product line TEC which stands for Technology Enabled Clothing. Scott was seeking $500k for 15% of TEC. You may have heard the name Scott Jordan before. Scott runs the company Scottevest which I believe is a line of vests that have compartments for gadgets. The deal Scott is seeking in the Shark Tank is for the technology/patents only, not a part of Scottevest. It’s interesting to note that the sharks talk about the products from Scottevest but never mention the name. Scott noted that the other business has $5.1 million in sales and is on track to hit $12 million in sales for “this year” (remember the show taped last year.
Mark Cuban went off about “dumbass patents” regarding “putting a wire through a piece of clothing”. The same offer came from both Robert Herjavec and Kevin O’Leary – $500k for 15% of the “other” business. Scott left the tank to call Apple co-founder Steve Wozniak. Scott turned down the offers and left the tank saying, “I don’t need you”.