Credit: Shark Tank ABC
Daymond John on Shark Tank
Highlights
- Shark Tank is prominently known for its intense negotiations and deals.
- The pilot episode of Shark Tank Season 16 saw Daymond John get emotional in one of the pitches.
- Connecting on a personal front, Daymond John proposed a deal with guest investor Rashuan Williams.
Shark Tank has earned a distinctive place in a sea of reality shows due to its thrilling deals and nail-biting negotiations. Other than these, one thing that keeps the audiences engrossed in every episode is the interaction between an investor and a pitcher. The Card.io pitch on Shark Tank Season 16 showed the same.
Out of the four pitches presented in the pilot episode of Shark Tank Season 16, Card.io tugged the emotions of the viewers and investors. Daymond John, a constant panelist since the first season, showcased his emotional side by relating to the struggle story shared by the brand’s founder.
Below is a detailed explanation of the pitch, the story that touched Daymond, and Card.io’s final result on Shark Tank Season 16.
Shark Tank Season 16: Card.io Pitch
Destin George Bell, an aspiring entrepreneur from Louisville, approached the panelists on Shark Tank Season 16 with his app Card.io. Seeking $150K for 5% equity, he pitched his app to be an ideal pick for fitness enthusiasts who did not like doing cardio. Using Card.io, he presented a solution with its game-based features.
Destin told the Sharks that his company attempted to combine fitness with gaming so that cardio could be fun. To do so, the app offered a ‘turf war’ game whose map changed every time a user accessed it. Using Card.io, one could join teams, participate in virtual events, and win awards.
To explain better, he presented a video demo. He claimed that the app enabled the idea of a robust social community as players from different places participated in the ‘turf war.’
When the investors asked about its business model, Destin said that the app was following a ‘freemium’ model. The downloads were free, and a subscription model ($25 each month) followed later. By the time of its appearance on Shark Tank Season 16, Card.io had already earned 22,000 users across 70 nations.
In addition, the company earned $470K from June 2022 to the current time of the year, of which $150K was offered by Pokémon GO.
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Why Was Daymond John Emotional About Card.io?
While answering the questions of the investors, Destin gave a small backstory about how he managed to come up with Card.io. He said that it happened during the pandemic when he was completely broke in Austin, Texas. Although he had the idea, bringing it into action required adequate tech knowledge.
Destin did not come from an engineering background, but he still tried learning the nitty-gritty of the field. The results, though, were not fruitful. Due to this, he reached out to 400 engineers through direct messaging on social media. None of them, except one, replied to his request.
The engineer who loved Destin’s spirit and responded was the founding engineer of Pokémon GO. He told him that he would only share the email of the CEO of Pokémon GO. From thereon, he would have to take it forward on his own. Destin then dropped the email in May 2021 and got a revert two months later.
The entrepreneur received a call from the CEO only to learn that he was not on it. Instead, there were three other people on the call who rejected his idea. But this could not shatter Destin’s hope; he kept sending them emails every week for three months. Hearing this, Daymond John laughed admiringly.
Tired of the repeated emails, the ones who rejected his idea responded, saying they would offer him a $50K grant.
Following this story, Kevin O’Leary appreciated his efforts but criticized the high valuation ask. Destin backed the amount confidently and said the company’s future value fitted perfectly with the valuation.
After this, guest Shark Rashuan Williams asked him about his motivation behind the venture. The entrepreneur replied, saying appearing on Shark Tank had always been his dream. He had been watching the show since its first season and had been motivated to appear on it since the time he was a kid.
He was on the show with his mom, who had always pushed him to come up with his business idea on the show. So, he wanted to walk out of the show, bagging a deal.
Rashuan Williams was heavily impressed with his answers and showed an interest in making a deal along with Daymond John. Daymond replied to him, saying that he was keen on proposing an offer, no matter how. This is because he loved Destin’s energy and connected with him on a personal level.
Daymond then reflected on his own story, saying he had done the same thing 40 years ago. He made 50 calls a day for six months straight until he received a ‘yes’ for his business idea. But half of them rejected the idea. Despite this, Daymond kept calling, which compelled them to write cheques or recommend him to other places.
This is why an emotional Daymond John agreed to join guest investor Rashuan to make an offer.
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Shark Tank Season 16: Final Deal For Card.io
Before making the offer, Rashuan shared about his previous hundreds of investments in software-based ventures. He did so to affirm that he was an ideal investor for Card.io. After this, Rashuan and Daymond joined hands to propose $150K for 15% equity in the business.
Destin countered it with 10% equity for the same amount. Hearing this, the Sharks laughed mockingly. But Daymond said that he loved Destin’s hustle.
While the other judges constantly told the entrepreneur to take the deal, he requested to talk to his mom, who was waiting backstage. They agreed and told him to bring her on stage. She told him to take the deal, and he agreed. So, the final deal was locked with Daymond and Rashuan for $150K at 15% equity.
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Conclusion
The Card.io pitch on Shark Tank Season 16 not only reflected practicability but also sentimentality. While the judges were impressed with the ingenious gamified version of ‘turf war.’ Daymond John was determined to make an offer due to the founder’s backstory.
Destin’s challenging entrepreneurial journey reminded Daymond of his struggling days. This segment of the pilot episode demonstrated Shark Tank’s emotional impact. It reiterated that powerful stories and entrepreneurial spirit are as important as a quality business idea.
References
1. Louisville native picked to demo turf war fitness app on ‘Shark Tank’, WDRB, Krystal Goodner
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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