Mark Cuban, Shark Tank Angel Investor and Entreprenuer, made an offer to the guys from OrigAudio that appeared to be ruthless.
Cuban has a tremendous amount of experience building online companies like AudioNet, which later became Broadcast.com and is a major player with Netflix. That should make him a great partner.
Turns out Cuban appeared vicious on the show, but Jason Lucash, co-founder of OrigAudio stated he is a pretty nice guy, while the show was edited to make him look ruthless.
Jason Lucash earned the respect from Mark Cuban, something that is difficult to do if you absolutely need the money and have no alternative, but Lucash is in position that doesn’t make this necessary.
Mark Cuban gave Origaudio a 24 second shot clock to say yes to the deal. He attempted to corner the guys into doing something without thinking it through, somewhat of an ultimatum I’ve faced before, although longer than 24 seconds.
The guys passed on Cuban’s deal, and while I’m sure he liked it, ultimately, Mark Cuban thinks no big deal, he is after all a billionaire.
The other Sharks worked the deal, with Barbara Corcoran coming in at $150,000 for 25%, Daymond John offering $300,000 for the whole deal.
In the end, Robert Herjavec scored giving OrigAudio exactly what they asked for, $150,000 for 15% of the company.
In the end, most people think Kevin O’Leary is the self-absorbed arrogant investor, but on this deal, Mark Cuban gave O’Leary a run for the money.
Origaudio makes and distributes organic speakers that are foldable and easily connected to your iPod or MP3 player. The speaker is made out of recycled material and has an option to create your own design.
The company also distributes a speaker that produces great sound when attached to anything including a cereal box, a range hood, a glass and so on. OrigAudio is cutting edge.
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