- An entrepreneur from Salt Lake City hopes to convince the Sharks of the delicious and healthy merits of his energy bars fortified with protein from crickets; an inventor from Vista, California shows how his garage lock will protect everyone from easy break-ins, a confident entrepreneur from Needham, MA, tries to school the Sharks, even those without hair, on a "paradigm shift in morning grooming"--his shower cap to fix bedhead, and two young men from Chicago, OH, try to woo the Sharks on their e-commerce platform for digital textbook rentals. And, an amazing update on this season's newest success story--Fiber Fix, created by entrepreneurs from Orem, Utah, in which Lori Greiner invested.—Anonymous
- In the episode of "Sharks" featuring Mark, Daymond, Kevin, Barbara, and Robert, several entrepreneurs pitched their business ideas seeking investments.
The first pitch was for "Chapul" energy bars made with cricket proteins by Pat Crowley. Pat requested $50,000 for a 5% stake in his company. He revealed that the bars had generated $50,000 in sales within a year, with a selling price of $3 and a production cost of $1. The crickets used in the bars were sourced from a ranch. However, Robert expressed his discomfort with bugs and decided to opt out of the deal, and Kevin also declined for unspecified reasons. Barbara chose not to invest due to the long journey ahead. Mark showed interest but hesitated to commit without a larger equity share. Pat then received an offer from Robert, who proposed $50,000 for a 20% stake. Mark decided to counter with a 15% offer, which Pat accepted.
The second pitch featured Bryan White and his product, the "Garage Door Lock," which was a locking system designed for existing garage doors. Bryan sought a $275,000 investment in exchange for a 30% stake in his company. The product was sold as a do-it-yourself kit, priced at $250, and had already sold 450 units, generating $112,000 in sales. Bryan aimed to expand his market by introducing the product to retail stores and requested assistance from the Sharks in marketing. Barbara acknowledged Bryan's skills as an inventor but declined to invest, stating that he lacked the entrepreneurial qualities she was seeking. Kevin also opted out, citing a lack of return on investment potential. Mark explained that he couldn't commit due to time constraints, and Bryan's lack of follow-up after his YouTube video raised concerns. Daymond made an offer of $275,000 for a 40% stake, contingent on securing a licensing deal. Robert countered with a $275,000 investment for a 70% stake. Bryan then proposed a 35% equity share, which Daymond accepted.
The third pitch was presented by Max Valverde, who introduced "MorningHead," a cap designed to eliminate bed head hair. Max sought a $25,000 investment in exchange for a 20% stake in his company. The product was a shower cap that could be soaked in water and worn to give the appearance of freshly washed hair. With a production cost of $1.19, the cap was sold for $8, resulting in sales of 7,000 units and generating $36,000 in revenue. Max aimed to secure funding to reduce production costs. Kevin did not perceive significant business potential in the product and opted out. Mark also declined, stating that he preferred deals involving multiple products. Barbara noted that a damp cloth could achieve a similar result and decided not to invest. Both Robert and Daymond followed suit and chose not to invest.
The final pitch of the episode featured Kasey Gandham and Mike Shannon, presenting their business "Packback Books," a digital textbook rental service. They requested a $200,000 investment for a 10% stake in their company. The entrepreneurs highlighted the soaring prices of textbooks and offered a pay-per-use model for accessing digital textbooks on their website. They had secured a deal with a major publisher, covering 25-30% of the available books. Students paid $34 per semester on Packback instead of renting the digital copy directly from the publisher for $100. The publishers received 75% of the revenues generated. Kasey and Mike targeted the used book market and emphasized the financial benefits for publishers compared to traditional book sales. Daymond, who was dyslexic and unable to read, opted out of the deal. Barbara expressed skepticism regarding publishers' willingness to sign up and decided not to invest. Kevin cited the time-consuming nature of on boarding publishers as a reason for his withdrawal. Robert made his decision based on intuition. Mark showed interest and requested an offer from the entrepreneurs. They offered him a 17.5% stake for $200,000, to which Mark countered with a 20% offer for $250,000. Kasey and Mike accepted Mark's offer.
An update was provided on a previous deal involving Fiber Fix (Episode 506), which had been made with Lori. Prior to appearing on the show, Fiber Fix had achieved $300,000 in sales. In the three months following the show, their sales skyrocketed to $6 million. They also experienced success on QVC, selling 45 units in just 10 minutes. Fiber Fix had secured a deal with Lowe's, making their product available in 1,800 stores across the United States. The company operated from an 8,200 square foot facility and produced 10,000 rolls of their product daily.
Contribute to this page
Suggest an edit or add missing content