Sponchia / Pixabay
Mark Cuban, Daymond John, Lori Greiner, Kevin O’Leary, and Robert Herjavec came together in the Shark Tank to review business proposals from four companies looking to partner with a strategic investor. Truffle Shuffle, suds2go, Salad Sling, and Larq prepared and presented engaging business pitches that highlighted their products and sales while clearly portraying why they needed the help of a Shark. Ultimately, three of these businesses left with new business partners in tow. Read on to learn more!
Truffle Shuffle Partners with Mark Cuban
Chefs, Jason McKinney and Tyler Vorce, came to the Shark Tank seeking $500,000 in exchange for 5% equity in their company, Truffle Shuffle. Although the pair has a business selling gourmet products made with high-quality European truffles, they are looking to partner with a Shark that can help them to expand their virtual cooking lesson business model. For this service, Jason and Tyler provide a box of fresh ingredients to the consumer and then conduct a live, virtual cooking instruction lesson. Because the pair had to pivot their strategic direction because of Covid, they are hoping to continue to capitalize on their success in this new market.
Is this truffle-based cooking business a diamond in the rough? #SharkTank
— Shark Tank (@ABCSharkTank) April 17, 2021
The Sharks are very impressed with their products and how they have managed to completely shift gears under the adversity of the pandemic. They also believe that Truffle Shuffle could evolve to a model that would allow customers to pay to unlock classes and meals that are already pre-recorded. Robert Herjavec, Mark Cuban, and Kevin O’Leary are all impressed with their product and extend offers to Jason and Tyler. Ideally, they came to the Shark Tank hoping to partner with Mark Cuban and they countered with him to make that a reality. Mark agreed to invest $501,000 for 18% equity in Truffle Shuffle.
suds2go Lands a Deal with Robert Herjavec
Husband and wife duo, Cindy and Gabe Trevizo, came to the Shark Tank to showcase their company sud2go in hopes of partnering with a Shark that can help them grow and expand in the ever-changing global economy. Suds2go is a patented product that allows consumers to wash their hands with soap and water on the go. Suds2go offers both a reuseable bottle design as well as a pocket, disposable product, allowing users the freedom to pack the product with them wherever they go. Gabe and Cindy are seeking a Shark willing to invest $200,000 in exchange for 10% in suds2go.
Would you have a deal ready 2️⃣ go for this portable hand-washing invention? #SharkTank
— Shark Tank (@ABCSharkTank) April 17, 2021
Both Daymond John and Robert Herjavec feel that they can help to grow suds2go’s reach and offer to invest in the company. Robert feels that Daymond is asking too much by offering $200,000 for 22.5% and extends an offer of $200,000 in exchange for 15% equity. Because they want to save as much equity in the company as possible, Cindy and Gabe decide to accept Robert’s offer.
Salad Sling Strikes Out in the Shark Tank
Entrepreneur, Jill Visit, showcased her product, Salad Sling, in the Shark Tank. This easy-to-use product allows consumers to ditch their traditional salad spinners and use microfiber cloth technology to dry their greens in just a few seconds. Using centripetal force, the Salad Sling is spun in a circular motion to drive the moisture out of the greens in an easy and fast manner. Hoping to find a partner that can help provide a marketing strategy, Jill is looking for a Shark who is willing to invest $100,000 in exchange for 20% equity in Salad Sling.
Are you in for this veggie spin? #SharkTank
— Shark Tank (@ABCSharkTank) April 17, 2021
Although the Sharks think the product is fun and would be a good one-time gift purchase, they don’t believe that Jill has a reusable, consumable product line on her hands that would sustain business long term. They believe that she has more of a great product idea rather than a full business idea. Although they said they may be customers of the product, the Sharks decided not to invest in Salad Sling as they think the market behavior is too hard to change for this niche market. Salad Sling ultimately left the Shark Tank without a deal.
Larq Snags a Deal with Two Sharks
In an effort to reduce the number of single-use plastic bottles consumed and provide clean drinking water to people everywhere, Justin Wang has created, Larq. This self-cleaning and purifying water bottle features refractive UV technology that quickly cleans the reusable bottle while purifying the water inside. Seeking $500,000 in exchange for 1% equity in Larq, Justin has come to the Shark Tank with the highest valuation of any company featured to date.
Does this self-cleaning water bottle have you thirsty for a deal? #SharkTank
— Shark Tank (@ABCSharkTank) April 17, 2021
Although the Sharks love the product, they are concerned about the excessive valuation of the company. With such a small equity percentage up for grabs, it will be hard for them to earn their money back. They are also concerned that, perhaps, Justin has not gone far enough with finding global philanthropic uses for his product and patented technology. In what became an intense negotiation, Kevin O’Leary and Lori Greiner decided to partner together and work with Larq. The pair will invest $1,000,000 in exchange for 4% equity, split between the two of them.
If you were a Shark, which of these businesses would you have invested in? Do you think the Sharks missed an opportunity by not partnering with Salad Sling? Are there any offers that you felt the Sharks should not have made? Start the dialog in the comments below!
May 03, 2021 at 10:40AM
https://ift.tt/3h2NrTX
Shark Tank: Truffle Shuffle, suds2go, Salad Sling, and Larq - Business 2 Community
https://ift.tt/3ekeW79
salad
No comments:
Post a Comment