Find out who gets deals on “Shark Tank” tonight as CMR brings you what happened with the silence of the lambs as the creator of Tower Paddle Boards could not find his voice during his pitch.
Tower Standup Paddle Boards is up and set to be pitched to the sharks by distribution owner Stefan Aarstol. He is seeking $150K for 10%. He gets a good start on his dialogue then goes completely blank and begins ad libbing BADLY! Kevin O’Leary jumps right a=in with the criticisms to which Barbara Corcoran politely adds to. To be honest, I was not really certain as to what was going on except I gather he is more or less an Internet distributor of these paddle boats and undercuts everyone else by not using a retail middleman. Kevin, being his usual asinine self, offers $150 K for a 50% stake and a 10% royalty on each sale stating he is an endless bank for any other ventures Stefan would want to get involved in. Stefan turns him down which opens the door for Mark Cuban to offer $150 K for 30% and the first right of refusal for future businesses. Kevin drops his initial offer to a 25% stake but Stefan goes with Mark and according to the other sharks, no one saw that coming…a deal, I am sure is what they meant!
The update this week is for Readerrest which was promoted a few weeks ago by Rick Hopper and are the eyewear holders he created using magnets. Lori Greiner gave him a deal and got them launched on QVC. They sold 5,000 pairs in minutes so it looks as though this product is on its way to becoming a household name.
The next two entrepreneurs are busts with the sharks as no one wants to invest in the products. The first company up in the tank is Instant Lifts which is an adhesive assist for cellulite and sagging skin. The LaRosa’s are seeking $100K for a 25% stake but the presentation is pitiful and when they brought up the fact they have other products which are similar, the sharks were disappointed they consider them different companies instead of linking them together based on product concept. This duo was not very well organized and the deal was no strategically sound, so there were no bites in the shark tank tonight. The next product was called the Vinamor by Gary DeJohn who is a waiter and created a new form of wine aerator which has a strainer and glass bulb that measures the wine in a glass applicable to restaurants. Although it works, as Kevin attests, the market is so small and it would need to be licensed, making it a losing deal and all sharks head to other feeding waters.
The last entrepreneur in the shark tank tonight is the creator of Miso Media who has brought along Ingrid Michaelson to showcase what the technology can do which is a brilliant move. The pitch is for $300K and a 5% stake. This is a music education app which allows interfacing with real instruments or to learn virtually like Guitar Hero. The app is free and he is basing the valuation of the company on the sales of supplement products like the sheet music. Daymond Johns thinks the whole thing is fishy since this guy has endorsements and investors already with Google and only wants to give up 5% of the company. He is out. Barbara is out as well but Robert makes an offer of $300K for 10% after Kevin offers $100K for 33-1/3% as a “token” gesture. The counter is $300K for 8% to which Mark Cuban comes back with $300K and 8% which Kevin still wants in on and states he will put up half but Mark doesn’t want Kevin in the deal so it is a take it or leave it proposition. It is taken and Kevin is left standing at the door knocking and no one is letting him in!
Image courtesy of ABC