ABC’s Shark Tank returned for the second time this week with an all-new batch of entrepreneurs vying for an investment from some of the top business moguls in the world. Tonight, sharks Robert Herjavec, Lori Greiner, Kevin O’Leary, Barbara Corcoran and Mark Cuban decide whether or not they want to take a shot – with their money, time and reputation – on several up-and-coming businesses.
So here is the recap of tonight’s pitches:
Asking: $100,000 for 20%
Entrepreneurial trio Tony Gauthier, Scott Hoag and Wesley Osaze come into the tank with their spin on the typical breath freshener. Sprëtz is a dual use product; that was made to both freshen its user’s breath and topical odors on their hands.
After their highly synchronized pitch, the entrepreneurs pass out their various flavors of the product. Right away, it is evident that the spray is very powerful in terms of flavor. However, all of sharks seem to be okay with this and see some substance behind the concept.
So far, the guys have sold 1,000 units through direct selling. While the Sharks seemed to view the product favorably initially, they soon begin to point out several flaws. Kevin notes that the labeling doesn’t make the dual-purpose use very clear. In addition, Mark thinks that consumers will have a hard time spraying something on their hands that is also meant to be used in their mouth.
First off, Mark pulls out and is followed by Kevin, who doesn’t believe $100,000 will be enough to launch the innovative product. After, Barbara advises them to take their “hustle” to a better product and drops out. Robert follows his counterparts. Lastly, Lori points out that she doesn’t feel that “smelly hands” is really a problem that consumers are looking for a solution. Thus, Tony, Scott and Wesley walk out of the tank without a deal.
Asking: $50,000 for 5%
Evan Lutz is the creator of Hungry Harvest, a company that spawned from his passion for entrepreneurship and making a positive impact on his community and the world. Evan’s program takes imperfect produce that would normally be disposed of (although it is completely edible and tastes fine) and sells it through a subscription service.
After Evan explains that 6 billion pounds of “ugly” produce gets thrown away every year in the States, he hands out some of his “produce with purpose” to the sharks. He then explains that he charges different subscription programs from $15 to $35 a week. He gets the produce straight from multiple farmers and does not have to deal with wasted inventory. Evan goes on to state that he began with $37,000 in annual sales and has since upped to $107,000 but is still unprofitable.
Unfortunately, Barbara admires Evan’s social awareness but drops out after she explains that Evan needs to be greedier – this happens after Evan explains that he invests notable amounts of his earnings into positive social programs, even though he doesn’t earn a profit yet. Robert is really inspired by the empowering concept and decides to offer Evan $100,000 for 10%. After Kevin begins brainstorming an offer for Evan, but Robert gets frustrated. Thus, Evan quickly accepts Robert’s offer so that he doesn’t drop out (at $100,000 for 10%).
Asking: $50,000 for 20%
Controlled Chaos is the newest innovation in hair care created by friends and hair stylists, Alanna York and Maureen Emerson. The product line is designed for curly-haired customers who need help taming their mane. In addition, the product also utilizes eco-friendly ingredients.
The two show off some wig samples, one of which uses the Controlled Chaos products and the other using a typical gel. Right away all of the sharks are impressed with the difference between the two hair samples.
Over the past few years, the company has made about $300,000. In the past year, they have made $30,000 through their flagship product: curly hair control cream. Unfortunately, Maureen’s honesty and carefree spirit doesn’t go over too well with the sharks. Maureen admits that she has made plenty of mistakes and is going to have to rebrand her product.
First to drop is Mark, who doesn’t want to take such a big chance with the entrepreneurs. Afterward, Kevin also criticizes their flaky business model, but he ends up offering them $100,000 for 50% because he really believes in the product. Lori also jumps in and offers $51,000 for 50%. Next, Barbara offers them $50,000 for 51% of the business, but only 33% of the profits. Lastly, Lori adjusts her offer to $60,000 for 50%.
In the end, Alanna and Maureen decide to go with Lori’s offer of $60,000 for 50% (after Lori offered to get the product on QVC). Evidently, Kevin’s lack of hair didn’t work in his favor this time around.
The last pitch of the night was from entrepreneur Lindsey Laurain, who believes she has created the solution for messy eaters. The Ezpz Happy Mat is a place mat and built on a plate that suctions to the dinner table. Thus, not allowing for messy eaters (particularly kids) to make a mess or spill during mealtime.
Laura then explains her business model, which entails selling the mats for $24.99 (with a cost of $6.00 per unit). While the sharks are intrigued with the concept, they are not pleased with Laura’s crazy evaluation (especially considering she has only sold 85,000 units). In addition, Laura is still waiting for her patent to clear.
Kevin decides to offer her $1,000,000 at 5%, but if Laura doesn’t make her estimated sales next year ($10,000,000) then his equity increases to 20%. Immediately after, Cuban drops out claiming he would never be able to work with Laura (as she comes off rather disheveled). Next, Barbara offers $1,000,000 for 5%, but the investment would be given over four years if Laura follows through with her sales predictions. Unfortunately, Laura’s off-the-charts optimism triggers her to turn down all of the offers – as she feels the Sharks don’t have the same confidence in the business as she does. Rightfully, the Sharks question Laura’s judgment.
Quite honestly, it seemed like perhaps Laura was only in the tank to gain publicity for her product (which will most likely be highly effective and result in a crazy increase in sales after the episode airs). Something about this woman just felt false, and it really feels more like she just wanted a shot in the arm of free publicity as her attitude and demeanor felt like she was acting crazy to make sure no one would invest in her.
Next Week on Shark Tank:
Once again, Silicon Valley investor and former Google employee Chris Sacca joins the sharks for a series of pitches, including: a product for babies, a way to ease the pain of paying for post-secondary, and a tech solution for parking tickets.