Credit – ABC
Sharks Hearing Out Pitches On Shark Tank Season 16 Pilot Episode
Highlights
- Shark Tank returned with its newest season on October 18.
- The sixteenth season saw Rashuan Williams entering as a guest investor for the first time.
- Little Saints, TruFit Customs, 1587 Sneakers, and Card.io were the four pitches in the first episode.
After engaging the viewers for fifteen long years, Shark Tank made a smashing return to television with Season 16 on October 18. With new names like Rashuan Williams gracing the investors’ panel to budding startups pitching the most ingenious ideas, Shark Tank Season 16 lived up to its previous legacy.
Just like the earlier seasons, the latest one saw four different entrepreneurs present the most unique pitches in front of the investors. While some bagged offers from the Sharks, others failed to leave their marks. Below is a discussion on the misses and hits of the pilot episode of Shark Tank Season 16.
Shark Tank Season 16 Pilot Episode: Hits
While the pilot episode saw some missed opportunities, some pitches emerged as hits. Some garnered investors’ attention due to commendable business figures, while others touched the Sharks with their passion and determination. The end result was offers and deals from the judges.
Have a look at the hits from the pilot episode below:
1. TruFit Customs
Matthew Hall appeared on Shark Tank Season 16, pitching for his business ‘TruFit Customs.’ Having started in 2022 by Matthew and Victor Adamo, it offered customized equipment for the sports industry. He came in seeking $750K for 5% equity in his line of customized mouthguards for athletes.
TruFit Customs’ mouthguards were supported with 3D technology, which was breathable, convenient, and cheaper than traditional ones. This technology allowed for easy dental scans and saved the results on the cloud, thereby eliminating the need for repeated scans.
The company’s offerings included a sports mouthguard, a nightguard, a whitening kit, and Vaporbite.
How Was TruFit Customs A Shark Tank Hit?
Once Matthew completed his presentation, the Sharks raised concerns about the high valuation. To justify the same, the entrepreneur revealed numbers related to TruFit to convince them to make an offer. He stated that the sales figures had increased from $115K in 2022 to $750K in the coming year.
Based on this, the founders were estimating the number to reach $1.14 million by the end of 2024. Additionally, before appearing on Shark Tank Season 16, the company had got Arizona Cardinals as its first client. Since then, it had been delivering mouthguards to 50% of NFL teams.
Matthew’s answers did have an impact and he received offers from Kevin O’Leary and Rashuan Williams. After intense negotiations, the final deal was locked with Rashuan for $750K at 10% equity.
This is how TruFit Customs emerged as a ‘hit’ from the pilot episode.
View this post on Instagram
2. Card.io
An aspiring entrepreneur from Louisville, Destin George Bell, made his way to the judges on Shark Tank Season 16 with Card.io. He sought $150K for 5% equity and stated that his specially devised app was a good pick for fitness enthusiasts looking to ace cardio-based activities.
He further discussed that the app was available as a game through which users could participate in a ‘turf of war.’ The idea behind it was to combine exercising and fun elements that promote fitness. Through Card.io, one could join teams, participate in virtual events, and win awards.
Destin came up with the venture during the pandemic, reaching out to 400 engineers to devise the app the way he wanted it.
How Was Card.io A Shark Tank Hit?
To win over the Shark investors, Destin revealed that his ‘freemium’ model-based app had already earned 22,000 users from 70 nations and had a 34% month-on-month retention rate.
From June 2022 to the present time of the year, it has earned grants worth $470K, of which $150K was from Pokémon GO.
Destin then went on to claim that before Shark Tank Season 16, he had secured partnerships with Road Runners Club of America, Austin, and Cleveland Marathons.
Daymond John and guest Shark Rashuan Williams were highly impressed with the entrepreneur’s grit and were compelled to make an offer of $150K for 15% equity. After some discussions, Destin agreed to their offer. Getting a deal from two prominent members of the
Shark Tank cast makes Card.io a ‘hit.’
View this post on Instagram
Shark Tank Season 16 Pilot Episode: Misses
The premier episode of Shark Tank Season 16 witnessed a total of four pitches brought by entrepreneurs from different backgrounds. As had happened in the previous seasons, there were some in which Sharks did not see potential. In others, the entrepreneurs refused to settle for a lower valuation.
Here are detailed insights on the misses from the pilot episode:
1. Little Saints
Megan Klein presented the first pitch of Shark Tank Season 16 with Little Saints. Elaborating on the unique offering, she said that the company offered non-alcoholic drinks that had the taste of cocktails but the benefits of plant-based ingredients. Megan sought $500K for 5% equity in the company.
Going ahead in the pitch, she revealed that the business was started in 2021 when she was looking for a non-alcoholic drink to treat her alcohol hangovers. After a failed hunt, she prepared a sugar-free, non-alcoholic drink from functional mushrooms like Lion’s Mane and Reshi.
Little Saints’ range of drinks included Paloma, Ginger Cape Codder, Secret Garden, and Grapefruit Shandy.
How Was Little Saints A Shark Tank Miss?
When the Sharks inquired about the numbers of her business, Megan stated that she started it on her own using $1 million of savings raised through previous ventures. Further, in October 2023, against a $6 million valuation, the entrepreneur generated $2.2 million in outside capital.
Megan then claimed to have made $5 million in sales in the past 12 months. Additionally, the company had achieved a 500% rise in sales every year since 2021.
Despite the amazing figures, no deal was finalized as the Sharks felt her valuation was way too high.
This is how Little Saints was a ‘miss’ on Shark Tank Season 16.
View this post on Instagram
2. 1587 Sneakers
Aspiring entrepreneurs Sam Hyun and Adam King went on Shark Tank Season 16, pitching their brand 1587 Sneakers. Seeking $100K for 15.87% equity in the business, the duo constantly emphasized their focus towards consumers belonging to the Asian American background.
According to the founders of this Boston-based venture, Asian Americans contributed to a decent market share in the US shoe industry. Despite this, they are often ignored by some of the biggest names in the sneaker manufacturing field. This is why their offerings catered to the needs of Asian American users.
They stated that 1587 Sneakers offered many other items, including t-shirts, slippers, and caps.
How Was 1587 Sneakers A Shark Tank Miss?
The entrepreneur duo of Sam and Adam tried to capture the attention of the Shark investors by claiming that in the past 10 months, they had made $240K in revenue. They had been adopting a direct-to-consumer model and sourcing their products from Italy. Landing costs were $110. They were sold at $288 in retail.
The entrepreneurs said that they were seeking investment from the panelists in order to raise cash and help them enter the retail world.
When the Sharks raised concerns about the company’s reachability and the competitive sneaker industry, the entrepreneurs could not convince them to make an offer.
This is how 1587 Sneakers was a ‘miss.’
Conclusion
The pilot episode of Shark Tank Season 16 showed a mixed range of entrepreneurial pitches that demonstrated both setbacks and successes. Pitches like Little Saints and 1587 Sneakers lagged in getting a deal owing to concerns regarding valuations and scalability. On the other hand, Card.io and TruFit emerged as hits due to their business figures and passionate presentations.
With new episodes about to come by, audiences are excited to see new ventures and ingenious ideas.
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.
Speak Your Mind