January 15, 2010 08:01 PM by Candace Young
The Sharks have their big money ready for another night in the Shark Tank on ABC. They prepare to hear from another round of entrepreneurs who will try to convince them to invest in their products and ideas in return for a stake. First up is NYU business student, Nate Berkopec, who wants to make the world a better place…
Nate Berkopec ‘s business is The Factionist environmentally conscious clothing – it’s not just an apparel brand – it’s a movement. He’s looking for $30,000 for a 20% stake . Nate explains that he just got started and has sold $3,000 worth of t-shirts at this point. The Sharks point out that he merely silk-screens a good saying on a t-shirt. They ask what makes him different? Nate can’t come across or give them the figures they’re asking for. The investors also have an issue with him not putting the logo on the t-shirts. They admire his passion, but he’s not in the real world. They send Nate back to his business class defeated.
Husband and wife team Anthony and Tina Calvert plunge into the tank next with their invention, the Podillow. They want a $250,000 investment for a 33% cut. The product is a massage pillow with a hole so you can lay face down, and pockets for MP3 players etc. The Sharks are amused that Anthony is a retired tactical officer who takes a ribbing for his floral inventions. They seem impressed that they have sold 6,000 units so far, are featured in two mail-order catalogs, and are there because they have orders they can’t fill. Looking at the numbers, however, Kevin questions the amount of money they are asking for, explaining that at this point, 33% of the company is not worth anything like $250,000.
While two Sharks bow out, Daymond feels he could make them filthy rich with this product. Excitement looms until Daymond says he would need 250% of their company for the money they’re requesting – he’s out. The sentiment is echoed across the panel – they’re all out!
Cactus Jack, a former contestant with an exercise machine called the Body Jack, is back to prove he’s lost thirty pounds, and to collect on the promise of an investment made previously by Barbara. Cactus Jack hops on the scales – and lo and behold – he’s lost the weight using his own product! The deal is signed!
Wee Can Shop
Kimberly and her brother Matthew Foley are the creators of Wee Can Shop a retail store where kids can shop with miniature shopping carts. They are asking for $200,000 for a 30% stake in the company. Kimberly tells the story of how she came up for the idea of a gift shop where children can shop, pay for, and gift-wrap their purchases. Kevin wonders if there are concerns that she’s promoting consumerism to kids. Matthew says they’ve increased their income 100% in each of the three years they’ve been open – this year they made $13,000.
The Sharks wonder how she can tout this as a retail chain when she’s not even making an income from it. Next, they learn that the Foleys have put in $120,000 of their own money. Kimberly cries because she feels so passionate about the business – they tell her she should be crying because she’s not making money! They all opt out.
Grease Monkey Wipes
Cycling enthusiasts, and business partners, Tim Stansbury and Erin Whalen are touting their product Grease Monkey Wipes. They are looking for $40,000 for a 40% stake. When doing bicycle repairs on the road, they discovered they needed a way to remove grease from their hands – hence, Grease Monkey Wipes! Citrus oils are the agents breaking down the grease – it’s safe for the environment. Kevin asks what is stopping him from copying their idea – are they patented? Tim explains that their product is unique because of it’s portability, but they haven’t had the resources up to now to patent it. They’ve had a reasonable amount of success so far – with $7,000 in sales in a few months.
The Sharks, however, are worried that the only thing owned is the logo – the product can be knocked-off. Others feel it isn’t particularly original. Robert is the last Shark to be waffling. Erin appeals to him, saying these can be in every glove compartment! Robert considers it, and decides he’s in. In a last minute shocker, Barbara says she loves Erin so much that she wants in – she and Robert go 50/50!
Photos Courtesy: ABC