Highlights
- With over 15 seasons and 300+ episodes, Sharks have encountered over thousands of pitches all these years.
- It is highly likely for them to like the same company and thus bring out their best negotiation skills to compete and strike a deal with the entrepreneur.
- Every competitive deal has its own story which is still discussed by the viewers of Shark Tank till date.
15 seasons, 300+ episodes, and over a 1000+ pitches – this has been the story of Shark Tank so far. But have all the pitches resulted into successful deals? No, right? Why is that? The simple answer to this is that the panel of business moguls who decide whether or not to invest in a particular company would never want their money to go to waste.
But there’s another side to this. There have been a lot of episodes in the past when all of the Sharks like a product/company and want to invest in it. This, in turn, has led to nasty fights, which have become the hottest topic of discussion in the media. And why won’t there be fights? It’s obvious that tensions would flare up as there’s hefty amounts of capital involved in every investment. Plus, the judges don’t want to miss out on opportunities which could help increase their monetary value.
Below is a detailed account of all the times Sharks fought over a deal and it grabbed eyeballs on a global scale:
1. Toor
This fight was the most unexpected one because the ones arguing for the deal were not even a part of it. Have a look at what unraveled:
Junior Desinor, an aspiring entrepreneur came up to the judges pitching for Toor, a smart lockbox that is committed to make house hunting more convenient than ever before. He was looking for a $500K investment deal for 10% equity stake. Regarded as one of the best prepared pitches on the show, he patiently answered to the many queries of the Sharks one by one.
But guest Chris Sacca seemed unimpressed right from the start. As per him, the technology was pretty laid back and brought nothing new to the real estate space. The other judges didn’t like his attitude and reprimanded him a lot of times. Barbara Corcocran was the first to tell him that he should let Desinor talk and not just keep showing that the idea is outdated.
Negotiations: Chris showed no signs of holding back and asked Junior how the invention is any different from what others are doing. To this the latter replied saying that all of the existing real estate agents use old-age technologies and are disconnected from the realtors today. But Chris again interrupted by stressing that such technologies already exist. This made Barbara interfere again and she called him “arrogant.” After all this banter, it was Barbara and Kevin O’Leary who sealed the final deal for $500K for 10% equity with $300 of it as a loan at 18% interest.
After Junior exited, Mark Cuban, who marked himself out of the deal previously got into another round of argument with Chris over the technology telling him that what he did was “denigrating” for Junior.
2. Magic5
Magic5, a brand new innovation in the fitness accessory domain was brought to the Sharks by Bo Habber and Rasmus Barfred, an uncle and nephew duo. The product they presented was the world’s first custom fitted swimming goggle and sought an investment of $500K for 2.5% equity.
Targeting the pain area of leakage and uncomfort in swimming goggles, they explained how their product uses FB scanning technology to scan any face type and prepares customized goggles that eradicates all these issues. They also stated that some of the swimmers and triathletes have already been using their goggles. Additionally, they confirmed that they started operations in 2018 and since then sold to 40,000 customers with a then lifetime revenue of $3 million.
Negotiations: While answering further questions, Bo replied to Mark Cuban that they’ve been using robotics technology. Knowing his forte in the same, Mark instantly made the first offer of $500K at 7.5% saying that he didn’t want them to negotiate with any other Shark anymore owing to his expertise in the technology. This made all the others slightly miffed.
Kevin O’Leary proposed a joint partnership deal with Nirav Tolia. Mark intervened and again started pointing out his knowledge areas in AI, machine learning, etc. Nirav and Kevin jumped back again by offering $500K for 5% stake along with a $3 royalty until the $1.5 million got recovered.
Before the two entrepreneurs could decide, Robert Herjavec joined the negotiations citing his first-hand experience with his swimmer daughter, which as per him made him a better pick than the others. His offer was $500K for 5% equity. The fight for getting the deal kept on accelerating with Lori Greiner joining in, Mark getting a bit aggressive, and Nirav and Kevin’s joint calls. But then came a surprise offer of $1 M for a 6.5% stake by Robert, which the entrepreneur duo finally agreed to.
3. Cozy Bug
Could you have imagined that two Sharks will lock horns for pillowcase dresses? Here’s a detailed account of what led to an ugly spat between Lori Greiner and Daymond John.
Aly Lessor, a budding entrepreneur came in seeking an investment of $50K for 25% equity in her latest venture for childrens’ clothing named Cozy Bug.
Negotiations: After hearing her pitch, Lori seemed really captivated and so made an offer of $50K for a 30% equity stake. Not just this. She even made a promise to Aly that she could help her take the company to QVC and retailers and make her a millionaire.
Daymond John immediately entered the chat stating that this was “his area” and that he could make her a “millionaire” much quicker. The offer made by him was the exact replica of Lori’s, i.e., $50K for 30% equity.
Seeing it getting really competitive between the two, Aly asked Daymond if they both would be willing to collaborate with her on the deal, to which he instantly declined. She became hugely unsure about whom to pick. The other Sharks were seen smiling and were found enjoying the whole situation. But then Lori said that if she was still not sure, she would take away her offer. Eventually, she picked Daymond.
4. Knife Aid
Brought to the tank by Mikael Soderlindh and Marc Lickfett, Knife Aid is a modern version of the traditional knife sharpening service. This new version is new-age with inclusion of e-commerce in its service that disrupts the dated business idea. Seeking an investment worth $400K for 15% of the company, the entrepreneur duo tried to woo the Sharks into their pitch by explaining the many benefits of their product.
Negotiations: Impressed by the aspect of online business and the economics of the company, the Sharks present their offers one after the other. Lori offered $200K and a $2000K line of credit for 20% equity stake. Hearing this, Kevin and Rohan immediately barge in the conversation. Kevin proposed an offer of $400K for 20%, whereas Rohan teamed up with Lori to match up to it. Next was Barbara who joined hands with Mr Wonderful to present her offer at $500K for 20% equity. Mark Cuban was still quiet and listening to the others.
Things get slightly intense between Lori and Kevin, whom Mark accused of groveling. Puzzled with the offers, the entrepreneur duo step out into the hallway. Lori soon follows them, to which Barbara says “it’s against the rules.” Kevin replied to her saying “there are no rules.” And soon we find Rohan, Barbara, and Kevin stepping out into the hallway as well. After some heavy discussions, the entrepreneur duo agreed to Lori and Rohan’s offer for $500K at 20%.
To Conclude
Things are bound to get heated up when matters related to money are involved. But then that is what makes Shark Tank so intriguing for the viewers where they get to see the raw and real side of their favorite Sharks.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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