On the installment of “Shark Tank” on Friday night there came another group of entrepreneurs looking for an investor, and based on these negotiations, viewers can deduced that there is a human factor involved in the ultimate decision of whether they get the help they need, or leave with nothing.
The entrepreneurs all claim to be passionate and dedicated to their business, such as the first couple who claim to have revolutionized the baking industry, and added that they worked alongside other members of their family at home filling inventory, but Kevin O’Leary pretty much dismissed that based on their product not being one that would actually become a business.
The second set of entrepreneurs had to do with an app that would transform shoe shopping for children, from the shoe store to the comfort of the customer’s own home, and there was only Mark Cuban left and he point blank asked why was this up so good and forget about the passion, he only wanted to hear specifics and he was told that this new app was more accurate than those others in the market. Mark Cuban, -owner of AXS Entertainment-, by being involved in a similar type of industry that produces shirts made an offer contingent on the actual accuracy of the app, but he asked for 40% of the business for a $100,000 investment. The entrepreneurs asked originally for $75,000 in exchange for 15% of the company: however, they happily agreed.
Next up were 2 individuals who had created a new way to fill balloons with water and tied them easily without going through the hassle that comes trying to tie a knot on water filled balloon. They asked for $125,000 in exchange for 10% of the business, and that alone rose of a flag for their valuation of $1.25 million. The only remaining shark was Barbara Corcoran, -real estate mogul-, her offer was $125,000 in exchange for 25% of the business and it would be divided in $50,000 in cash and the remaining $75,000 in a line of credit, the entrepreneurs countered, but Barbara remain steady on her offer, and they wound up leaving with nothing, and this is mind-boggling people come to this show asking for an investor and no matter what percentage they get, everyone knows that just by being involved with one of these billionaires the return will be far greater than anything they might already have, or they imagine of getting on their own.
And then there was a product that would revolutionize that old cardboard box, which could easily be unfolded and folded again without the hassle of tape to close the tabs. The human factor played here, the entrepreneur left medical school that her parents expected her to pursue since both of them are doctors themselves, and she begged as one shark after another said he or she was out. Kevin O’Leary was concerned about the entrepreneur somewhat being delusional and apparent inability to listen to those who know a bit more about business than her, but he liked the idea an offered $50,000 in exchange for 50% of the business, and bring the cost of the box down to 56 cents, the original investment she requested was $50,000 for 20% of the business. Her wheels were turning following Kevin’s offer, because it made her a partner in her business rather than the majority holder, and her response was; "is there another offer" and Lori Greiner, -technology investor-, began to explain the downfalls of the product, but the entrepreneur begged her to believe in such a way that Kevin O’Leary took his offer away and advised how wrong she had been to dismiss the only offer available. But Lori made an offer of $50,000 in exchange for 40% of the business contingent on bringing the cost of the box down, and the deal was made, this entrepreneur was literally saved by the proverbial bell.
“Shark Tank” runs on Friday at 9 p.m. EDT on ABC.