It was an eventful week for Shark Tank—ABC announced the addition of two more new episodes this season (for a total of 24 episodes) and Shark Tank had its maiden voyage at the show’s new 9/8 central time slot. Would Shark Tank do well in its later slot? The fact that #sharktank was trending in New York, Chicago, Canada, and the entire United States should be proof enough that time has no impact on the show’s impressive viewership. In case you missed the latest episode, here’s what happened:
A mother’s plea softens the Sharks to the tune of $65k
First into the Shark Tank was Ginelle Mills, representing her multi-functional baby product, the Cool Wazoo. Ginelle asked the Sharks for a $65,000 investment in exchange for 25% of her company. After her daughter sustained a severe burn from a swing seat during the summertime, Ginelle was inspired to create the Cool Wazoo, which is a swing cover, shopping cart seat cover, changing pad and more—all built into one. Unfortunately, the Sharks began asking questions and quickly learned that Cool Wazoo has been plagued with unfortunate events since its inception. Shortly after selling $14,000 of orders on the Today Show, 85% of orders were manufactured with errors, and it currently costs Ginelle $30 per unit to produce the product. Knowing this would be troublesome for the Sharks, Ginelle explained that she’s already researched overseas manufacturing, which would bring costs down to about $11/unit. Despite Ginelle’s optimism, the Sharks didn’t want to invest in her young company… or so it seemed. Once all the Sharks went out, Ginelle delivered an impassioned plea about her work ethic and will to succeed, which surprisingly was persuasive to one of the Sharks. Swayed by Ginelle’s words, Lori offered her $65,000 for 25%, and Ginelle accepted without hesitation.
Shark Tank Success Story: Duality NailPak
After making a deal with Lori, Season Three contestant Barbara Lampugnale is back with an update on what’s happened with her company, Duality NailPak, since her first appearance on the show. Immediately after making a deal with Lori, Barbara found success on QVC and online, however her biggest success to date is the deal she recently signed with ULTA to be on store shelves and online. Congrats ladies!
Seth McFarlane attempts to prod $25,000 investment for No Fly Zone
Second into the tank was Bruce Gaither, professional horseman and creator of the No Fly Cone, a cone-shaped fly catcher that captures flies as they hover over animal droppings. Bruce asked the Sharks for $25,000 in exchange for 15% of his company. To the Sharks’ surprise, No Fly Cone has actually sold over 3,000 units in the last year. Unfortunately, the Sharks aren’t impressed with the fact that the cone is meant to be placed over doggy doo in order to capture the flies. Hoping a little star power will help him out, Bruce invites his horseback riding student Seth MacFarlane, famed for being the brains behind Family Guy, to join him in the tank. Seth’s jokes and sarcasm aren’t doing Bruce any favors though, and the Sharks are left scratching their heads about why Seth isn’t investing in the company with his own money. Star power or not, the Sharks are unimpressed, and they all bow out.
Michael Tensg asks $90,000 for 30% of Plate Topper…or does he?
Last into the tank was Michael Tseng, inventor of the PlateTopper, who asked the Sharks for $90,000 in exchange for 5% of his company. Very simply designed, the PlateTopper transforms any plate into an airtight storage container. Even before Shark Tank, Michael has already sold the PlateTopper on WVC and on Walmart’s website. PlateTopper has PO’s totaling over $1M. The Sharks quickly realize the potential profit in PlateTopper, and Kevin’s the first to make an offer. Kevin offers $90,000 in exchange for a 5% royalty for life. Lori sees such high potential that she offers Michael $900,000 in exchange for 30%. Daymond isn’t far behind with an offer of $1M for 25%… but then things started getting interesting: Michael tells the Sharks that he wants to make sure their offers reflect PlateTopper’s high potential valuation, and that he has a different valuation in mind than what he originally asked. After much prodding, Michael finally reveals that he wants $750,000 in exchange for 5%– a far cry from his original ask. This new valuation gives the Sharks pause, and Kevin remarks that if Michael continues to work this hard, he’ll leave the tank with nothing. Daymond makes no effort to hide his annoyance, and he’s out. Michael finally turns his attention back to Lori, but she’s not impressed with his new valuation. Lori revises her offer to $90,000 to 10%. In a last-stitch effort to save his huge valuation, Michael attempts to “auction” off 5% equity to the highest bidder, but the Sharks aren’t biting. Lori’s final offer is $90,000 for 8%, which Michael accepts. Though if Lori’s post-show tweets were any indication, the valuation drama didn’t end after the show. It seems like after the deal was done, Lori got tired of Michael’s antics, and she was “out.”