Tonight’s Shark Tank Episode is a re-run originally aired on January 20, 2012. Entrepreneurs include My Wonderful Life, Easy VIP, Business Ghost, and Clean Bottle. The follow up segment features Origaudio. On ABC tonight at 8PM EST.
Last night’s Shark Tank was wild and wacky, with only one entrepreneur, GoGo Gear getting funded. There were many lessons to be learned.
The opening pitch featured The AVE Venice and owner Nick Romero. Mr. Romero started off well and his patented process of instantly silk screening canvas sneakers with custom designs seemed to pique the Shark’s interest. Unfortunately, his youth and inexperience got him in trouble. As soon as he mentioned he was “living the LA life” with profits from his business, I knew he was in trouble. Mark Cuban, who had earlier said on Twitter “I go off on folks tonight,” didn’t think Nick had the proper work ethic to invest in him. ”That guy needed $125K but was paying himself $150K, when i made the first 500k i lived on mac n cheese,” tweeted Cuban. Ultimately, none of the Sharks thought the AVE Venice was worthy of an investment, largely due to Romero’s casual attitude. It just goes to show you, if you are going in the Shark Tank, be prepared to sacrifice everything for your business if you want to get funded. The Sharks invest in people as much as ideas.
Next up was Barkem’s, a new concept in portable pet foods. Entrepreneur Blake St. Clair showcased his patented packaging for premium pet foods that allows dog owners to bring along a convenient solution for meals when on the go with their best friend. Even though the packaging solution is patented, the Sharks thought ziplock bags could do just as well as Barkem’s for pups on the go. Pet products have not done well on the Shark Tank. I wonder if the Sharks understand thirty-nine percent of U.S. households own at least one dog, that’s about 51,365,000 potential customers. While Mr. St. Clair did make a good impression with his dog, he was doomed from the start. Lesson to be learned: don’t pitch pet products on the Shark Tank- the Sharks won’t bite.
The Brewer’s Cow guys had the funniest segment of the night. They couldn’t seem to get their numbers straight and the Sharks ripped them. The two funniest lines of the night came from Kevin O’Leary. The Brewer’s Cow guys brought samples and Daymond John announced he was out because he is lactose intolerant. O’Leary went out because he is “lack of sales intolerant,” and then proceeded to call them “ice cream Bozo’s.” Perhaps he was a bit harsh, but it was funny nonetheless. Seriously though, the guys were portrayed as not knowing their numbers. They even said, “we’re ice cream makers, not accountants.” If you want to get funded on The Shark Tank you MUST KNOW your numbers. On the positive side, they did get their product on the shelves at Whole Foods.
Last but not least was the GoGo Gear gals. The ladies showed off their very stylish, protective outerwear for motorbike riders. Their products looked good, but they didn’t seem prepared for their presentation. They also were portrayed as not knowing enough about their business. While a fresh website upgrade on Thursday tipped me that they probably got funded, it was looking shaky for a while during the broadcast. They came across as flighty and the Sharks don’t like that. While they ultimately got a similar deal as the Litter Jewelry gals, it was only after a LOT of negotiating. They were originally only looking to part with 18% of their company and settled on 65%. When they went to the hall to discuss Daymond’s offer, Daymond said “ did any of you have anything to eat or drink last night, because we are going to do surgery.” The lesson to be learned here is to have a firm grasp on the value of your business before jumping into the Shark Tank!