On Friday night's edition of "Shark Tank," the sharks; Kevin O'Leary, Barbara Corcoran, Daymond John, Robert Herjavec and Mark Cuban were judges and jury for entrepreneurs looking for an investment in their companies.
The first was a group of three guys, Peter Ferreira, Dennis Iannotti & Neil Cameron, who were looking for shark money for their company "Nuts 'N More." They were seeking $250,000 for a 20% equity stake in their products; pumped-up peanut butter and other nut butters with protein and omega fats to make them healthier with no sugar added. The questions asked by the sharks left the men with little to say. They overpriced their product and overestimated the worth of their company. Kevin and Barbara were out. Mark made an offer for the $250,000 and a 35% stake giving them $75,000 upfront and $175,000 when needed for future purchase orders. Robert offered the same money for 50% of the company, which Mark told him; it caused more problems for him. When the men conferred and returned, they accepted the offer Mark made, and Robert agreed and joined the team for the 35% interest.
For an update, Mark made an offer earlier this season for "Surfset Fitness" for the surfing inspired workout. After their appearance on "Shark Tank," their sales have increased by $500,000 in just two months and are on track to hit $5,000,000 in their first year. Mark visited a workout session and saw the enthusiasm in the class and even joined in.
Next into the tank was Romy Taormina, who presented her product "PsiBands" for relief of nausea. She is seeking $250,000 for a 10% stake in her company. These are pressure bands for pregnant women who suffer from nausea, cancer patients on chemotherapy or for cruisers who get seasick. These are both fashionable and functional and can be worn while bathing or swimming. They are adjustable for size and amount of pressure needed. When most of the sharks were out, Kevin offered the $250,000 for 40% of her company, which she declined and will continue on her own.
Next up were Nick Gonzales and Kevin Mack seeking $80,000 for a 20% investment in their company; "NEO Innovations." Their product is for home removal of tattoos. Based on light and not lasers. They are awaiting FDA approval, but that costs about what they are asking. The reason the sharks were leery was the lawsuit liability factor, but they will continue on without help from the sharks.
Next into the tank, was Jessica Haynes from Emerson, Ark. Her product is in the prototype phase, and although she has been turned down by many investors, the sharks are her last hope. She makes accessories for shoes called "JesKa Shoe Company" and is seeking $70,000 for 30% of her business. Her product is a shoe that can be changed in several ways to accommodate a woman's outfits. Kevin pointed out that shoe companies want to sell more; not less of their product. She estimates the price for the shoe to be $200 a pair. She used her college fund of $63,000 from her grandfather. When she ran out of money, her parents refinanced their home, as did Damond's parents. Kevin and Mark were out, Barbara told her that the price was too high, and with accessories for the original shoe at about $20 each. Just for her heart and determination, Damond gave her an offer, $70,000 for 70% of her company, because he had to do the entire job for her. As the sharks tried to dissuade her, she took the deal. She felt that a small portion of a big thing is much better than a big portion of a small thing. She then accepted Damond's offer, and she now has a new lease on life, thanks to her persistence and appearance on "Shark Tank."