Tonight on “Shark Tank” four new products were introduced to the investors: Barkems, The Ave, Go Go Gear, and Brewer’s Cow Ice Cream. Who gets the money? Who gets the money and who gets the boot? This is what happened~
The first product up for consideration by the sharks comes from the company The Ave which was created by Nick Romero from Venice, California. He has modified a digital image printing machine with custom plates to be able to customize footwear with any image. In just over a year, his sales have been in excess of $500K and he is looking for a $125K investment for a 15% stake in this company to give him leverage to grow. As the sharks ask questions, Nick continues with the presentation which starts to sound like a lot of begging. Daymond John thinks he should consider renting out the machines with his technology for $100K and a royalty per piece since the equipment costs $55K and he could make a ton of money since he owns the patent. Romero doesn’t agree so Daymond is out. Robert, Barbara, and Kevin follow suit, leaving Mark Cuban the only shark standing. After Nick states he could work with being paid six figures like he is now to Cuba’s question about how much he would pay himself sent red flags up that this guy would now be willing to put in the effort it would take to grow this to a multi-million dollar company, so he is out and Nick walks with no funding even though he has a really cool concept.
The “Shark Tank” update is for a company called Ride On Carry On Luggage with is for children. Last year a deal was struck with Barbara Corcoran and owners Darryl and Randy Linn have had sales increase from $40K to more than $500K in six months and going strong with redesigned chairs, new colors, and better packaging.
Blake Sinclair presents his concept called Barkems which is a prepackaging food idea for pet food but doesn’t include the food; it is just the idea for packaging he is trying to raise money for and is asking for $100K for a 51% stake. Mark Cuban wants to see the package idea while the rest of the shark tank want to see the dog. The investors drop like flies, all with the same complaint; this business is too infant to be taken into consideration even though the idea is novel and Blake walks out with a dime!
Next up is Brewer’s Cow Ice Cream with a trio of ice cream makers who have a great product but absolutely no business sense or development plan even though they are seeking $125K for a 15% stake in the company. They come into the tank without any real sales to pitch the product to the sharks who are looking for something that is going places. The suggestion is they contact ice cream manufacturers and license the produce concepts to them for a royalty. All the sharks are out and the ice cream dreams melt.
The final product to be pitched in the shark tank tonight is Go Go Gear which is a great product development by two women who have designed fashionable protective clothing for motorcycle and scooter riders.They initially sought $300K for 15% but after conversing with the sharks, it became clear to everyone on the panel these two were big dreamers with no focus and no business plan in the United States and only a tentative business plan for Europe. Mark wants to crush their dream like the “cockroaches” he considers them to be while Daymond John is interested. Robert is in and out and in and out and in and finally out even when the duet upsets the stake to 65% which Daymond takes as a solo investor, telling them not to embarrass him. It will be interesting to find out if this company actually makes a go of it.
Image courtesy of ABC