On last night's edition of "Shark Tank," the sharks; Kevin O'Leary, Barbara Corcoran, Damond John, Robert Herjavec and Mark Cuban were judges and jury for entrepreneurs looking for an investment in their companies.
The first was a married couple, Susie and Steve, who invented a bib for babies called "bibbitec." They were asking for $40,000 for a 14% stake in their company. The bib fits over the child's head with holes for their arms to go through. Steve saw Susie spending money for bibs that did not work for their messy little boys. It is an American-made, non-toxic fabric that wipes off, never stains and never holds an odor. They sell for $24.99 and the cost to make it is $15. The sharks were livid. They disputed the cost to make them leave not much profit. Robert liked the idea, but told them to go to a bib maker and license it. When asked if they made any money, the answer was negative. Kevin said it is time to quit. Mark told them that he loved the product, but they needed an Internet market to sell their product and forget about retail. Although they came away with no investors, they did receive a wealth of valid ideas. Good luck to them.
The next person was Moshe Weiss, a rabbi who lives in St. Paul, Minn. with his wife and three kids. His product is the "SoundBender," and he is is looking for $54,000 for a 26% stake in his company. He invented a magnetic, power-free attachment that goes on an iPad. Because the speaker is on the back of the iPad, and often hard to hear, this little gadget will solve that problem. It costs $1.00 to make this and sells for $12.99. In six months, he has sold over 7,000 units. He got an iPad as a gift and the rest is history. Damond wanted 40% of the company contingent on the sale to Walgreen's. Robert made the identical offer, but the Rabbi took Damond's offer.
In an update segment, where Barbara went in with two guys who run a food truck called "Cousins Maine Lobster," the cousins made a distribution deal where they can now ship a complete lobster dinner to consumers overnight. Their business went from $150,000 a year to $750,000. They have helped create jobs and boosted the economy of Maine and been honored by the governor.
The next person who dared to enter the "Shark Tank" was Mike Robinson seeking $400,000 for a 20% stake. He has created what he calls, "Cuddletunes." As a father of seven children, and a business traveler most of his life, he knows what it is like to miss his children and grandchildren. The "Cuddletunes" is a plush animal that can record via any computer, a human voice. So parents and grandparents and relatives can sing or tell a story to a child who is not with them. No sharks would bite on this one.
The next ones into the tank were a couple from Boulder, Colo. They are Lena Phoenix & Steven Sashen a married couple looking for $400,000, and an 8% stake in their company called "XeroShoes." For the runner who prefers to run barefoot, yet have protection. Robert tried them out and was very impressed. Kevin offered them $400,000 for 50% of the company, and they turned it down and walked away barefoot.