- Chic fashion accessories for dogs; a breathalyzer app; gourmet preserves.
- In the Shark Tank episode featuring Mark, Daymond, Kevin, Lori, and Robert, several entrepreneurs presented their business ideas seeking investment. Here's a detailed account of what transpired during the episode:
The first entrepreneurs to enter the tank were Nzinga Teule-Hekima, Lakesha Brown-Renfro, and Tanecia Willis, presenting their product "Mango Mango" mango preserves. They were seeking a $75,000 investment for a 20% stake in their business. The entrepreneurs revealed that their year-to-date sales had reached $138,000, primarily through sales in Natural Foods stores. The product cost $2.18 to produce, wholesaled at $3.96, and retailed for $8. They explained that they needed the investment to establish a manufacturing facility and projected sales of $291,000. Kevin expressed concern over the small profit margins, ultimately deciding to back out. Robert, on the other hand, loved the product but didn't feel he was the best guide for the entrepreneurs and opted out. Mark wasn't interested in the food business and chose to exit. With the remaining Sharks, Lori, who admitted not liking mangoes but loving the product, advised the entrepreneurs to retain their equity and also went out. Daymond followed Kevin and Lori out, leaving Nzinga, Lakesha, and Tanecia without a deal.
The next entrepreneurs, Charles Michael Yim and Matt Ackerman, presented "Breath-O-Meter," a smartphone Breathalyzer. They sought a $250,000 investment for a 10% stake in their business. The product retailed for $50, and Charles, having sold a previous company within 18 months, had invested $50,000 of his own money. Charles revealed that he had secured angel investors for $500 million but needed additional funds for manufacturing. Mark offered $500,000 for a 20% stake, while Kevin proposed $250,000 for 15%. Charles then disclosed that he needed to raise $1 million from angels within the next 60 days and was open to securing the money in the tank. Kevin, Lori, and Robert collaborated and offered $750,000 for 30% equity. Daymond made a separate offer of $250,000 for 10% alone. Mark revised his offer to $500,000 for 15%, and the other Sharks agreed to invest $500,000 collectively for another 15%. Charles ultimately accepted this revised deal.
Jim O'Brien, the creator of "Man Medals," medals for men doing chores, entered the tank seeking a $10,000 investment for a 10% stake. The product consisted of six medals for wives to give to their husbands as rewards for completing household tasks. With sales of $2,500 in the past year, the medals retailed for $5, cost 65 cents to produce, and wholesaled for $2.50. Lori considered it too early for investment and declined to participate. Robert also opted out, and Mark didn't see it as a viable business at its current stage. Kevin, dissatisfied with the concept, forbade Jim from proceeding and chose to exit. Daymond shared similar sentiments, believing it was too early for him to invest, leaving Jim without a deal.
Amber Lee Forrester showcased her business, "Kane & Couture," which specialized in designer dog apparel and accessories. She sought a $150,000 investment for a 33% stake in her company. With sales of $90,000 in the previous year and being carried by Macy's, Amber projected sales of $1.8 million in the coming year. The product cost $3 to produce and retailed for $20-24. Having been in business for 4.5 years, Amber had gained interest from seven major retailers ready to place orders. Kevin, failing to comprehend the appeal of the product, declined to invest. He also criticized the business growth plan, perceiving it as lacking in reality. Lori made an offer of $150,000 for a 40% stake, contingent on Daymond joining her. Mark didn't find the opportunity suitable for him and exited. Daymond agreed to join Lori's offer if Amber could secure opening orders worth $400,000 from the seven major retailers. Amber requested purchase order financing, and after negotiations, she accepted Lori and Daymond's offer.
The update provided was on Lani Lazzari's skincare line for sensitive skin, called "Simple Sugars," from a previous episode (Episode 420). Lani had made a deal with Mark Cuban, resulting in significant sales growth. Prior to appearing on the show, the company had generated $50,000 in sales. However, within 24 hours after the episode aired, sales skyrocketed to $220,000, reaching $1 million in just six weeks. The company had expanded to employ 24 individuals and had eight interns. In this episode, the Sharks evaluated a diverse range of products and investment opportunities. Some entrepreneurs successfully secured deals, while others left without an investment. The show highlighted the challenges and opportunities faced by entrepreneurs seeking investments to grow their businesses.
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