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Below is a recap of the February 24, 2012 episode of the ABC show Shark Tank (episode 304). 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.
Pitch #1 – Five Minute Furniture
Up first was inventor Jared Joyce presenting Five Minute Furniture. The basic idea is that Jared’s “special joint system” allows you to put together furniture like storage cubes or bookcases in 5-minutes. Jared was seeking $250k for 25% of the company, valuing the company at $1 million. The investment would be only for Five Minute Furniture not for all of the 79 other products Jared is currently working on.
Damond, Robert and Mark were not interested in investing. Lori Greiner and Kevin O’Leary offered $250k combined for 100% of the company and the patents and Jared would not be a part of the company. Jared turned down the deal and left the Shark Tank without a deal.
Update – Man Candle
The Man Candle didn’t grab a deal from the sharks last season. The founder was able to secure funding elsewhere and since the show aired, his sales have gone from $70k/year to $250k/year. The Man Candle candles are in 500 retail stores across America.
Pitch #2 – The Painted Pretzel
Raven Thomas was up next with The Painted Pretzel. The product is a line of chocolate-covered pretzels. Raven was seeking $100k for 25% of the company. Raven noted that she had $75k in sales over the past year plus $140k worth of orders she was unable to fill.
Mark Cuban offered 100k for 25% of the company and Raven accepted. Mark noted that he wants to push the pretzels at Mavericks games and at the Landmark Theatres.
Pitch #3 – Esso Watches
Ryan Naylor was up next with Esso Watches seeking $35k for 20% investment. The watch is made out of silicon with negative ions. Ryan is a SEO expert and uses the power of search to get customers to his website. Mark Cuban quickly called the watch a, “scam and joke”. Unfortunately Ryan was unable to secure a deal with any of the sharks.
Pitch #4 – ReadeRest
Last up was Rick Hopper with his invention ReadeRest, a magnetic clip for a shirt that holds a pair of eyeglasses.Rick charges $10-20 for ReadeRest. Rick was seeking $150k for 15% of the company.
Lori offered Rick for $150k for 65% of the company. Rick countered at 49% of the company, Lori declined that counter. Rick took Lori’s deal and walked out with $150k for 65% of ReadeRest.