Shark Tank season 11, Stitch Fix founder and CEO Katrina Lake joined Mark Cuban, Kevin O’Leary, Lori Greiner, and Robert Herjavec to meet the hopeful entrepreneurs behind the companies Coconut Girl, Baby Quip, Bite Toothpaste Bits, and Pair Eyewear in yet another episode of Shark Tank.
About Shark Tank
Shark tank is a show where aspiring entrepreneurs from around the world come to the platform and pitch their ideas. Based on the ideas, the panel of investors decides whether they would like to invest or not. Similarly, the companies also have the liberty to either accept or pass, once an offer is made. While some companies get their desired offer, some are in a real fix whether to accept the offered amount or not.
Companies that accepted the offer
Pair eyewear co-founders, Nathan Kondamuri and Sophia Edelstein came up with the idea of having magnetized frames that can be swapped as per convenience and liking. Nathan and Sophia expected an offer of $400,000 for 10% of their product line. However, the company wasn’t bringing in much revenue. Yet, Lori and Katrina partnered up and offered $400,000 for 10% equity plus a $1.5 royalty which they happily accepted.
Frankie Yamsuan took to the floor and expected $180,000 for 18% of her frozen treat company, Coconut Girl. Coconut Girl offers ice-cream sandwiches that are dairy-free, gluten-free, naturally sweetened with organic coconut milk, honey, and maple syrup. The samples impressed the Sharks immediately. Moreover, the company is getting a revenue of $300,000 annually and is also selling in big-box stores in California. Mark instantly made an offer of $180,000 for 25% equity, but he didn’t want Frankie to hear the other offers. When she hesitated, he went lower and offered the same amount for 20% which she accepted.
Companies that didn’t accept the offer
Asher Hunt and Lindsey McCormick, entrepreneurs on a mission to challenge the oral hygiene industry, did some significant research and developed a company named Bite Toothpaste Bits. Each bit contains enough toothpaste for one-time use and can either be recycled or refilled with a compostable refill pack. The company is on its way to earn $1.3 million within the first 10 months and based on that, Asher and Lindsey expected an offer of $325,000 for 5% equity. A few of the Sharks offered the same amount but for a higher percentage of equity. They didn’t wish to go low as they felt that a lot of work had to be done to make it a permanent product. Hence, the company walked out without accepting any of the offers.
Joe and Fran Meyer entered the tank seeking $500,000 for 5% equity in their company, Baby Quip. It is a company which aims to make the lives of traveling-parents easier. It is a renting platform that connects customers to local providers that carry baby essentials. Kevin was the only one who made an offer but the company eventually decided to pass as the equity percentage was too high.