Credit: CNBC
Highlights
- Shark Tank’s soaring success is a result of the many innovative ideas brought to the show by the pitchers.
- The potential of Bala Bangles compelled all the judges to engage in a bidding fight.
- Despite being in an early stage, Aira and Groovebook got deals owing to their innovative concepts.
The foundation of Shark Tank lies in the variety of business ideas presented on the show. With every new season, the expectations of audiences and competition in different verticals compel pitchers to come up with the most inventive ideas. The Sharks, too, watch out for businesses that have a distinctive value.
In every season, the innovative business ideas presented on Shark Tank satiate the business yearnings of viewers and take the show’s graph to a new high. Below are some of these innovative ideas that earned the great attention of investors:
1. Aira
Jake Slatnick and Eric Goodchild made their way to the investors seeking $500K for 7% equity. Their company, Aira, made use of a ‘free power’ technology, which allowed users to charge a wireless gadget without any cable. At the time of their appearance on the show, the product was in its prototype stage.
The entrepreneur duo started their pitch with a captivating visual demo that amazed the Sharks. They revealed to have started the free position wireless charger venture in 2017. Describing the product to be a charging surface, the entrepreneurs stated that the technology was based on an invention by Nikola Tesla.
The charging surface easily allowed users to place more than one device in any orientation. Hearing this, the judges were amazed. Additionally, although Jake and Eric were facing a $30K burn rate, their first order already required them to deliver 33,000 units.
Impressed by the ingenious tech features, the investors proposed their offers one after the other.The first offer of $500K for 10% equity was made by Robert Herjavec. Next were Lori Greiner and Kevin O’Leary who proposed $500K for 15% equity. Seeing it get competitive, both the entrepreneurs suggested the judges join hands for $500K at 15% equity.
The three Sharks agreed and locked the deal for $500K at 15% equity. By 2022, Aira started earning an annual revenue of $4 million.
2. Bala Bangles
Bala Bangles presented a new, innovative business idea, which led all five Sharks to compete fiercely. Brought to the show by Natalie Holloway and Max Kislevitz, the product was centered on the aspect of fitness. The valuation sought was $400K for 10% equity.
Bala Bangles were nothing but stylish and wearable wrist weights that helped increase heart rate, burn fat, and build muscles. As per the entrepreneur couple, these were ideal for Yoga and marathon events by helping users ‘sweat in style.’
Natalie and Max revealed to have made $2.5 million in sales and $50K through a 2018 Kickstarter initiative. Additionally, the products already found a place across 500 retail outlets along with an online presence on Amazon. They then handed out the samples to the Sharks and asked for help with distribution.
All the Sharks were impressed by both the business idea and the sales figures. Each of them jumped into the negotiations, leading to a partnership battle between guest Shark Maria Sharapova & Lori Greiner, Maria Sharapova & Daymond John, and finally, Maria Sharapova & Mark Cuban.
Ultimately, Maria Sharapova and Mark Cuban bagged the joint partnership deal for $900K at 30% equity. The company is earning $1 million in monthly sales as of the latest 2024 update.
3. Groovebook
Groovebook was another innovative business idea that caught everyone’s attention on Shark Tank. Although initially the Sharks were not interested, the entrepreneurs highlighted some key features of the product midway in the pitch, which brought them back in the game.
The entrepreneur couple of Brian and Julie Whiteman went before the panelists with their ingenious photo book app. They asked for a $150K investment at 20% equity. Explaining its features, they showed how one could create photo books out of the photos in a smartphone.
The shipping charges were $2.99, which was to be paid on a monthly basis. They further stated that its distinguishing aspect was its flexibility. Brian and Julie had already acquired more than 18,000 subscribers.
The Sharks were impressed by the distinguishing feature of Groovebook. Mark Cuban offered $150K for licensing the business. Whereas, Kevin O’Leary proposed to buy the entire company for $750K. The entrepreneurs countered Kevin’s offer of $6 million.
Following this, Mark and Kevin had a small discussion and offered $150K in return for 80% of the licensing. The entrepreneurs accepted the deal. Groovebook was bought by Shutterfly for $14.5 million in 2014.
To Conclude
The varied nature of ideas brought on Shark Tank has often shown the creativity of pitchers. Be it Aira’s charging technology, Groovebook’s photobook offering, or Bala Bangles’ fitness equipment, every innovative idea has resulted in profits for both the pitchers and investors.
These products highlight that if ideas are aligned with the right strategy, success is guaranteed.
References
This Startup Made A Deal On ‘Shark Tank’ And Just Sold To Shutterfly For $14.5 Million, Forbes, Amit Chowdhry
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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