Tonight is the season 3 finale for “Shark Tank” and there are some interesting products lined up to be pitched! Which ones will capture the attention of the sharks and which ones will simply be sent back through the doors? Let’s find out as the “Shark Tank” panel of Robert Herjavec, Barbara Corcoran, Kevin O’Leary, Daymond John, and Mark Cuban take their seats and the first entrepreneur enters~
First up in the shark tank is Ryan Custar and his pitch for Cougar Ltd. energy drinks where he is seeking $150K for a 30% stake in the company. The drinks are supposedly specifically customized for women between 30 and 55 and he thinks marketing them with the fad name of cougar will be an appeal point although no one else on the panel feels the same. Barbara tries it and tells him it tastes like chalk and she is out. Kevin, back to his good old jerkish self, tells Ryan that the four big drink companies will squish him like the cockroach he is…not necessary but then Kevin thinks he is a much bigger shark than in actuality. It was not a very well presented pitch nor was there a lot of research given to statistics needed to “sell” the product to the investors. Everyone is out and Ryan will have to take his fetish elsewhere! You got to wonder if Ryan was just seeking some kind of fame and not really looking at a fortune.
Remyxx, the recyclable sneaker by Gary Gagnon comes in to the shark tank and he is seeking $50K for a 10% stake in the company which is really only at the launching phase. Once more Kevin is acting like a complete donkey while Mark tries to point out there is no real business plan and he did not think BIG and go for the amount of money he would really need to get this off the ground so he is out. Daymond really likes the recycle idea of this fashion statement and offers $50K but wants 80% of the company. Gary comes back with a counter offer of $100K and 50% but Daymond tells him the only way this will ever fly is if he folds it in to one of his existing companies and uses those resources instead of starting at scratch. In the end, Gary takes the deal on the guarantee that Mark Cuban will wear a pair court side for the Dallas Mavericks! Not sure if Gary will make a fortune, but he will definitely be reducing footprints in the landfills!
The update this week is for the EZ VIP company which aired its pitch in January and teamed with Mark Cuban and Daymond John. Daymond delivers on his promise of an “A-Lister” promotional figure and introduces him – it is Pitbull and he has already come up with some additional ideas to grow this company. It looks like they will be rolling in the dough!
Frank Campetelli presents the Nitroforce Titan 1000 in his pitch for Nitroforce Industries who is seeking $250K for a 10% stake in the company. This is a home fitness machine which is operated using nitrogen charged gas struts for resistance. They take a lot of time in the presentation just showing how the thing works which loses the interest of the sharks right off the bat not to mention all of the sharks think it is too cumbersome, too expensive, and needs too much public indoctrination in order to sell it so everyone is out! He will have to keep pumping those clients in order to raise the funding he needs!
The final company pitched tonight gets all of the sharks biting and circling for blood, especially Robert, who in the end is really upset he did not land the deal. Phil Dumas presents his revolutionized “keyless” access technology called Unikey which allows a smart phone user to unlock a home lock through remote access and is looking for $500K for 33% of the company. The cool concept is this “key” can be sent to whomever would need access but allows the owner to rescind the “keys” at any given time as well as use a conventional key should the cell phone be dead or not accessible. It is patented but he needs funding to make the technology exclusive and talks about a potential deal in the works with Black and Decker. Kevin starts up but then comes to his senses and submits the first off of $100K for 10% if Phil can get other sharks to come into the deal for the rest of the money. Robert immediately jumps in with an offer of $1M for a 75% stake in the company which will provide all the necessary capital for the two phases to bring the product to market but it is contingent on getting the deal with Black and Decker.
Barbara wants in on the action and offers $250K for 25% of the company if Mark will go in on the deal with her to which Daymond answers with an offer of $500K for 40%. Mark Cuban jumps onboard with $400K and 45% but wants to partner with Kevin because he is a hustler. Phil counters with wanting to relinquish only 40% of the company on the deal. In order to guarantee success in the next phase of raising the additional $600K, Phil offers them two seats on the board in order to balance the power in the company between shares and equity return. They agree and a deal is struck with the two that Phil targeted in the beginning so Robert really had no chance…it’s tough when the pitch comes from someone who knows about the business and can think on their feet! Phil hooked two sharks for almost exactly what he wanted. This is a guy seeking a fortune!!!
Image courtesy of ABC