This week on Shark Tank, the Sharks battle it out for some tasty ribs, while another hopeful duo misses the boat when they walk out to the hallway to make a decision.
Shark Tank starring Mark Cuban and Kevin O’Leary airs on ABC Fridays at 9:00 pm ET/8C.
Marley and Alexander walked into the Tank asking for $450,000 for a 15 percent stake in their headwear company. Spirit Hoods are unique headwear that feature animal like prints. The duo looked really silly when they first came in, but after they announced that they had 9.3 million in sales so far, the Sharks were thrown for a loop. This last year though the profits fell a bit, which sent up a red flag. An even bigger flag was raised when it was revealed that the amount they lost last year was actually $500,000. Kevin O’Leary felt anyone could do it, so he dropped out. Robert Herjavec, Mark Cuban and Barbara Corcoran quickly followed. Daymond John decided to make an offer, but wanted 50 percent, a huge rise from the 15 originally offered. He also suggested licensing the brand. Barbara decided to throw in her two cents, which caused the guys to talk it over in the hall. Marley and Alexander countered the offer, but once again the curse of the hallway showed its ugly face, and Daymond took his offer back.
Mark and Daymond spoke at the Kingonomics Conference, which aims to give minority entrepreneurs access to resources to help build their businesses. There was also a glimpse into the casting process, though it would have been nicer to see more of that aspect.
Jan Goetegluk walked in asking for $2 million in exchange for a 10 percent stake in her company Omni. With the Omni, gamers are transported into a video game, which looked rather neat, especially with the 360-degree rotation. Robert gave it a try, and though he stumbled a bit, he was still impressed. The unit was also not as expensive as the Sharks thought, which seemed like a plus. The valuation proved to be a big problem, along with Barbara’s concern that it would cost a lot to demonstrate it. The Sharks started dropping out one by one, and Jan walked away without a deal.
Jocelyn and Kelly wanted $150,000 for a 30 percent equity stake in their company Fohawx. Fohawx is a fashionable safety helmet that children can wear while riding bikes or skateboarding. They can be interchanged, giving the helmet a different look each time. Robert pointed out that there were a lot of similar products, but the ladies believed the interchangeable styles made their company unique. They had 50 thousand in sales, which did not impress the Sharks. Kevin felt their sales were low, but Jocelyn disagreed. The sale price was also a sticking point, and this caused an intense back-and-forth with the Sharks. Everyone jumped out, and no deal was made.
De-boned Baby Back Rib Steaks
Al “Bubba” Baker is a former NFL player who now owns a barbecue restaurant, and he has invented something he hopes the Sharks will salivate over. Bubba’s product is De-boned Baby Back Rib Steaks, which are boneless ribs that can be made in the microwave in two minutes. He wanted $300,000 in exchange for 15 percent of his company. His daughter put the ribs in the microwave and once the Sharks tasted the product, you could tell they were ready to take a bite out of more than the ribs. Both the process and the product are patented, which made the product more desirable. Kevin felt the valuation didn’t jive with the sales, but he was still interested, and made an offer that involved 49 percent equity and was contingent on getting a licensing deal. Daymond made the same deal, but for 30 percent. Robert felt Bubba could do it on his own, and Barbara believed the other offers were better than anything she could make, which meant they were both out. Mark soon followed, leaving Daymond and Kevin to duke it out. Bubba thanked Kevin for his offer, but he decided to go with Daymond.