Key Highlights
- No reality TV show is complete without scandals and fights.
- Shark Tank has witnessed some fierce bidding battles in its running history of 15 years.
- Scholly, Lavabox, and Brightwheel are some of the products for which the Sharks competed against one another.
Over the past decades, the concept of reality shows have garnered a momentous and unprecedented attention from viewers globally. Introduced as a medium which presents reality, it has been made into different genres, including talent, lifestyle, business & entrepreneurship, romance, and so on.
What do you think is the primary reason behind this? Has it become a new mode of escape from the monotonous lifestyle we all lead? Probably yes.
Mantra for a successful reality show
If someone asked what leads to the success of reality shows a decade back, your answer would have most likely been impressive storytelling, stories that seem relatable and one of our own.
However, in recent years, there have been huge transformations in this backdrop. Fights and scandals have become an indispensable aspect of current reality shows.
Viewers enjoy fights, scandals, and arguments between contestants and judges. Producers are very well aware of this, and hence don’t miss any chance to air episodes which involve any such scenario. Shark Tank is no different either.
In its history of 15 seasons, there have been numerous instances when the Sharks have been at loggerheads over bidding for a particular product/company.
Here is a list of the most unexpected Shark Tank bidding wars that will blow away your minds:
1. Scholly
Probably one of the most hottest bidding battles in the history of Shark Tank, the final deal on Scholly led to three of the judges walking out of the set, which of course the audience loved.
Christopher Gray, an undergraduate student from Pennsylvania, came up with his indigenously designed app named Scholly with an offer of $40K for 15%. The app attempts to aid students struggling with high college fees by scouting scholarship programs, which can eventually help them get away with loans. Using their mobile phones, learners simply need to fill in basic details like their state’s name and GPA to find a scholarship match based on their potential.
Before Chritopher could talk more in detail, Lori Greiner stopped him midway and agreed to invest as per his offer, i.e., $40K for 15%. This didn’t go well with the other Sharks who were baffled and seemed pretty upset. They expressed the same to her, but then Daymond John hopped on and made the same offer to Christopher. This is when the arguments escalated.
Despite the raised concerns, Lori and Daymond joined hands and proposed a partnership investment of $20K each for 15% equity. Christopher couldn’t resist and said yes to the offer. After he went, the other three sharks furiously walked out of the set.
Scholly did pretty well and has earned over $30 million till date. Additionally, Sallie MAE acquired Scholly in a multi-dollar deal.
2. Lavabox
Josh Thurmond, an aspiring entrepreneur and Chief Eruption Officer for Lavabox Portable Campfires, came up with an offer of $200K for 10% equity in his company. Citing the devastation created by campfires, he reiterated how his product is revolutionary with its clean, easy to use, and safe nature. Turman further went ahead with his product demo by popping the top of its ammo can, checking the propane, lighting the lighter, and turning up the gas. And Boom!! The fire gets lighted.
Intrigued by Josh’s pitch, the Sharks began their questions about his background, total sales, mode of sale, and so on. Impressed by his answers, Kevin O’Leary made the first offer of $200K for 20%. Daymond John was the second Shark who made the exact same offer as O’Leary. Next was Lori Greiner who offered $200K for 15%, but there was a catch. She demanded a royalty of 75 cents per product, until she got paid back the $200K. Hearing this, Daymond and Kevin jumped in and started to dissuade Josh into making the offer with their sarcastic remarks.
Following this, Josh asked if Lori would be interested in 12% equity, to which she countered with a demand of 12.5%. Seeing Josh’s slight inclination towards Lori’s offer, Daymond very cleverly described himself as an “outdoor person” and made a second offer of $200K for 15% with no royalty, thus showing that he would be the ideal investor, not the others. Then came Kevin again with $200K for 10%. Mark Cuban didn’t like this at all. The argument further escalated between Daymond, Lori, and Kevin. But in the end, Josh picked Lori.
The deal with Lori never closed but Josh kept hustling and managed to touch the revenue mark of $1.2 million with some help from Shark Tank.
3. Brightwheel
If we’re talking about the most unexpected Shark Tank bidding wars, the Brightwheel episode has to be on the list.
Dave Vasen, founder and CEO of Brightwheel, a mobile app for preschools, daycares, and families, came up with an offer of $400K for 4% equity stake. In his pitch, Dave gave a product demo by showcasing how the app streamlines operations between parents and teachers and how they can manage the kids better this way.
Almost every Shark except Daymond John and Barbara Corcoran expressed their interest in the product. Everything seemed fine until now. But then he proposed an idea to Chris Sacca asking if he would like to team up with any one of the Sharks. To this, Chris replied that he doesn’t think anyone of the rest had anything on their tables through which they could make this partnership soar.
This didn’t go well with Mark Cuban, who aggressively asked him “Are you serious?” Further, he targeted his tech background and asked him to get out of his bubble if he wants to generate brand value by teaming up with people other than “Silicon Valley.”
Right after this heated argument, Kevin O’Leary, bearing previous experience in the educational space, asked Dave if he’s looking for someone with a multi-billion dollar access in his space, he was the ideal pick for it. He thereby offered $400K at 4.85% equity stake. But eventually, the most surprising aspect of the episode came when after all the bickering and arguments, Mark and Chris sealed the deal together with a joint offer of $600K for a $9 million valuation.
Over the years, with additional investments from Mark Cuban, Chris Sacca, Mark Zuckberberg’s investment firm, Next Play Ventures, Daniel Sheparo, etc., the current valuation of Brightwheel stands at $10 million.
To Conclude
Shark Tank brings together business prodigies at one platform who come up with their share of experience and understanding of their particular industry. It’s normal and humane to not always have mutual agreements on everything. Additionally, the chase for hunting the best deals results in a lot of ego clashes, which ultimately leads to “bidding wars.”
References
- Christopher Gray, Forbes
https://www.forbes.com/profile/christopher-gray/ - Dave Vasen, Crunchbase
https://www.crunchbase.com/person/dave-vasen - Mark Cuban called this CEO a ‘great example’ for any ‘Shark Tank’ contestant—he landed 3 offers and a $200,000 deal, CNBC, Ashton Jackson
https://www.cnbc.com/2023/04/03/mark-cuban-lavabox-ceo-is-great-example-for-shark-tank-contestants.html
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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