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Product - Drive Suits
Created By - Drew Beaumier
Seeking - $150K for 20% Equity
Drew created wearable recreation devices. The person could transform from a human to a vehicle. Interestingly, the cartoon/movie 'Transformers' was never used during the presentation. He's convinced that there was a niche in mass market production for these items. The vehicles go about 10 MPH. He created the idea from a costume contest. There are hand switches. He hasn't started selling the product, because he still struggled with patents.
The money that Drew was looking for would be spent for patents and production. The items for the costume are part of children's toys re-purposed. He's won costume contests, but the sharks were more worried about partnering with a larger toy company. Robert wondered what the uniqueness was; Drew claimed experience. He had the trademark, but didn't have a patent. Kevin continued to emphasize why he didn't head to a toy company. Robert was convinced that he needed the patent to succeed. Barbara was more worried about liabilities. Mark didn't think Drew had a full company, but the two could work together.
Offers - $150K for 40% stake from Mark ; $150K for 30% stake from Kevin contingent on a partnership with a toy company
Accepted Offer - Kevin
Product - PC Classes Online
Created By - David A. Cox
Seeking - $150K for 15% Equity
David started off as a computer dealer teaching basic computer classes. He realized that he could teach people over the age of 50. Comedian Bruce Vallanch showed up as an example of an older person trying to learn how to use Photoshop. He wanted to bundle service with company sales. Bruce admitted that David taught Bruce's mother how to use Skype. He learned that by touching the product, it makes it real.
The sharks pointed out that he didn't know the difference between a "bundle" and an "add-on." David has about $35K in sales with 100+ users. Kevin didn't think that expansion would be fast enough. There was also a rough business tactic with the teachers. Daymond was looking for the a-ha moment. Mark thought the idea was done before; David's never also figured out how to target his audience.
Offers - None
Product - Revestor
Created By - Bill Lyons
Seeking - $250K for 10% Equity
Bill created a program that allows people to get access to information that only real estate investors had access to. The website was a site that had specific real estate information. He has an algorithm for the website with a patent connected to it. The website has a partnership with List Hub.
Barbara wondered about the prediction of value on the best housing of the website. Bill continued to use the words "key indicators" but used spreadsheet terminology. Daymond wondered about sales, he hasn't had any sales yet. Bill created a financial services company prior to the website, he lost funding in 2007.
For revenue, there is a monthly fee for analysis. Bill didn't realize what his audience was, whether it was sharks or a random couple. Robert thought his presentation looked like a con-artist.
Offers - None
Product - Ice Chips
Created By - Beverly Vines-Haines and Charlotte Clary
Seeking - $250K for 15% Equity
The two grandmothers explained that their products used Xylitol as a natural alternative sweetener. The sugar-free candy was not only tasty but it was also healthy. They had samples for the sharks and they liked the taste of the product. Their primary sources were health food stores and dentistry. There was minor diarrhea if you ate the whole tin at once.
Kevin wondered about the evaluations. They explained they had $342K in sales in half a year, aiming for a million by the end of the year. A single package calls $1.11 to make and is sold for $3.125 wholesale. They are both opening up new accounts and maintaining the product.
Their biggest competitor is Spry. They have several grocery stores, but they need to automate the process.
Offers - $125K for 33% stake from Barbara (changed to 20%), $250K for 30% stake from Daymond, $250K for 40% stake from Barbara and Mark, $250k for 35% stake from Daymond and Kevin (dropped), $250K for 25% from Daymond
Accepted Offer - Mark & Barbara