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Product - Coatchex
Created By - Derek Pacque
Seeking - $200K for 10%
Derek explained that he created the concept of a coat check where there is a ticket-less system. There would be a name and photo attached to the jacket. They then pay with a credit card. He wants to franchise his businesses to area developers.
Mark realized that there are levels of uncertainty. There are questions of testing out the product, because there was a seasonal problem with the coats. Derek has a patent to the "bailment" system. Derek claimed that there were also no competitors, but Daymond disagreed. Personally, I'm with Barbara. What's wrong with a ticket?
While Mark liked the concept, his business plan was awful. Derek tried to change his offer to $200K to 15 percent and then 20 percent.
Offers - $200K for 33% from Mark
Accepted Offers - None
Product - Bev Buckle
Created By - Jake Brenner
Seeking - $50K for 10% stake
The basic concept of the product was a buckle that could become a beverage holder. Faceplates could be changed for licensing and branding. It works as a great novelty item. There is a magnet holding the buckle together. He's only sold 4000 units in 4 years. He holds the patent.
He has two options: a list of clients and raceway clients. He had a 26% defective stock which caused a lot of problems. The sharks’ biggest issue was that he's not getting anywhere.
Offers - $50K for 75% from Robert, $50K for 12% royalty from Kevin, $50K for 51% from Barbara
Accepted Offer - Barbara
Product - Body WalKing
Created By - Todd Miller
Seeking - $100K for 10% stake
He created a body walking concept where he applies pressure with his feet as Barbara was in the demonstration. One would apply compression using his grid. Robert pointed out that while it was an old concept, Barbara realized it would work for America.
The biggest issue was that he's been taking too long to train people and his focus was put into question.
Offers - None
Product - BuggyBeds
Created By - Maria Curcio & Veronica Perlongo
Seeking - 125K for 7% stake
Bedbugs. It seems like a long talked issue about itchy lumps. Did you know one bedbug could lay 500 eggs? The product was an early detection glue trap. They were working for six months on the product and were looking for distribution.
They had recent successes and they emphasized that they had the patent. The MSRP is $6.99-$8.99 with a $1.35 cost. They had a Home Depot and Burlington Coat Factory plan. They had rejected an offer to buy five million dollars in patents.
The sharks had a private discussion about how the five of them should work together.
Offers - $250K for 25% stake from Kevin, Robert, Mark & Daymond, $150K for 15% stake from Barbara (dropped), Evolved to all five sharks $250K to 25%.
Accepted Offer - All Sharks