- This week, a man from Brattleboro, VT joins singer Pat Boone to pitch a new eco-friendly car that they claim is superior to electric vehicles; a super-fit mother of three from Ft. Collins, CO touts the benefits of her snack bars connected to a popular diet; a fisherman who holds the world record for biggest striped bass ever caught tries to net a Shark's investment in his unique lure that helped him make that catch; and two men from Cincinnati, OH provide customers with sets of glasses and frames that are interchangeable.
- In this episode of Shark Tank, several entrepreneurs presented their business ideas to the panel of investors, including Sharks Mark, Daymond, Kevin, Lori, and Robert.
First up was Zero Pollution Motors, a company that manufactures a compressed air car called the "Zero Pollution Motors." The founders, Pat Boone and Ethan Tucker, were seeking $5 million for a 50% stake in their company. At the time, their car was still in the prototype stage, but it had a top speed of 50 mph and a range of 100 miles. The car was already certified in Europe, and the founders had obtained the license to manufacture it in the US. The retail price for the car was $10,000, and the money they were seeking would be used to build a car plant and regional plants for local communities. However, due to limitations on their license, they could only sell cars produced in their Hawaiian plant in that specific state. Mark and Robert opted out of the deal, and Daymond also decided not to invest, citing the early stage of the business and the lack of US certification. The founders also argued with Kevin, who suggested buying a license for New York separately. Lori also backed out since the founders didn't have the rights for the whole US. In the end, Robert made an offer of $5 million for 50%, contingent on negotiating a deal for the entire US instead of going state by state, and the founders accepted.
Next was The Paleo Diet Foods, which offered a meal bar designed for consumers following the Paleo diet. Shauna Sledge was seeking $150,000 for a 20% stake in her business. The meal bar was gluten, soy, and dairy-free, aligning with the principles of the Paleo diet. Each bar contained 17 grams of protein, and the product had generated $135,000 in sales so far, available in 350 stores. The bars cost $1.09 to produce and retailed for $3, resulting in a 25% profit margin. Online sales accounted for $45,000. However, Lori didn't like the taste of the bars and decided not to invest. Shauna, a dentist with three children and other commitments, was perceived as being stretched too thin, and Kevin believed she lacked focus. Robert and Daymond shared the same concerns and opted out. Mark also didn't like the bars due to their high sugar content and chose not to invest.
The third pitch was from Greg Myerson, the world record holder for the largest striped bass, presenting his product called the "World Record Striper Company." He was seeking $75,000 for a 20% stake in his business, which offered a rattle sinker designed to attract fish using sound. The product was patented, and Greg had already sold 7,000 units. The rattle sinker retailed for $6.45, with a production cost of $2.50. The business had been operating for two years, and Greg manufactured the products himself. Kevin suggested pursuing licensing, while Mark made an offer of $80,000 for a 33% stake. Robert and Daymond encouraged Greg to accept Mark's offer, and in the end, he agreed.
The last presentation was from Frameri, a company offering eyeglasses with interchangeable lenses and frames. The founders, Konrad Billetz and Kevin Habich, sought $150,000 for a 3.5% equity stake. Each box of Frameri eyeglasses, priced at $500, included three frames and two lenses. The business had no revenues but had received pre-orders worth $70,000. They also raised $64,000 through a crowdfunding campaign, exceeding their $30,000 goal. The frames cost $27, while the lenses cost $10. However, Daymond believed the entrepreneurs were desperate for capital and chose not to invest. Lori was concerned about the untested nature of the product, and Robert believed the founders lacked experience. Mark was uncertain about the marketing strategy. Kevin made an offer of $150,000 in exchange for a $25 royalty per unit until $450,000 was paid back, along with a 3.5% equity stake. However, the founders rejected the offer.
In an update from a previous episode, Heidi K. Lovig of Heidi Ho, a plant-based flavored cheese business, made a deal with Lori. Since appearing on Shark Tank, her sales had increased from $150,000 to $750,000 in just four months, and her products were now available in 300 Whole Foods stores.
This episode also featured a cameo from singer Pat Boone, who pitched for Zero Pollution Motors. Following the episode, a spin-off series called Beyond the Tank premiered.
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