- Two sisters from Memphis, Tennessee pitch body sprays and lotions for tween and teen girls; a third-generation chocolatier from St. Augustine, Florida has a family business that manufactures chocolate candy with a toy inside; a veteran food entrepreneur from Austin, Texas has a device that turns a stick of butter into spray; and two entrepreneurs from New York plug their invention that makes high heels more functional and comfortable.
- Sharks attending are Mark, Daymond, Kevin, Lori and Robert
The first entrepreneur to pitch is Monica Ferguson and Becca Brown with their product called "Solemates." It is a cap designed for high-heeled shoes to prevent them from sinking into grass. They are seeking $500,000 for a 10% equity stake in the company. Solemates retails for $10 and generated $1.1 million in sales last year. They expect sales to reach $1.3-1.5 million this year. The product is sold in 3,000 stores, including Nordstrom, GSW, and bridal shops. It has a strong correlation with the wedding and women's shoe industries. Solemates boasts a 65% gross profit margin. The entrepreneurs have raised $1 million so far and personally invested $100,000. They earned a net profit of $30,000 last year and paid themselves $80,000 each. Lori decides to bow out of the deal, stating that the market is not substantial enough. Mark also declines because the numbers don't add up for him to recoup his investment unless the profits reach $5 million with $50 million in sales. Daymond opts out, citing a long return on investment time-line. Robert makes an offer of $500,000 for a 25% stake. Kevin offers $100,000 for a 10% equity stake and an additional $400,000 as a loan. After negotiating with Robert, the entrepreneurs agree on a deal at 20% equity.
Next up is Jared Whetstone with his company "Atlantic Candy Company." They produce hollow chocolate candies with toys inside, a product that has been banned in the United States since 1930. Jared's father developed a solution to overcome the ban by creating a chocolate shell that never touches the edges of the two halves. He seeks $1 million for a 10% stake. Last year, the company achieved sales of $2.5 million. They hold a patent for their product and also contract manufacture for companies outside the USA. However, the patent will expire in 24 months, so Jared wants to capitalize on the market quickly. Mark opts out due to the limited time left to execute the plan successfully. Daymond passes because Jared has never tested retail. Lori declines as the patent expiration is a concern. Robert bows out due to long lead times in retail. Kevin exits the deal based on valuation.
The third entrepreneur is Doug Foreman with his invention called "Biem," a device that converts a stick of butter into a butter spray. Doug is seeking $500,000 for a 5% equity stake. Biem sells for $137, with a cost of $43 per unit. The product has a pending patent and is sold online. They project sales of $10 million next year. Daymond offers $500,000 for a 17.5% stake, and Kevin follows with the same offer but for a 15% stake. Daymond matches Kevin's offer. Lori offers $600,000 for a 20% stake. Robert offers $500,000 for a 10% stake. Daymond drops out due to his dislike of indecisive partners, and Robert decides to withdraw as well. Mark declines the opportunity because the business does not align with his interests. Eventually, Doug negotiates with Lori and they settle on a deal at $500,000 for a 14% stake.
The last entrepreneurs to present are Mallory (10 years old), Viara, and Madison (12 years old) Boyd with their business "Angels and Tomboys." They sell scented body sprays and lotions targeted at tween girls. Their ask is $55,000 for a 20% equity stake. The product sells for $12, with a cost of $4 per unit. They primarily sell online and at trade shows. Their sales amounted to $60,000. Their marketing relies on social media and word of mouth. The entrepreneurs express their desire to expand into Target. Kevin opts out, believing that if there were a market, big brands would have already launched similar products. Robert also sees no market and decides to decline. Lori passes due to the challenges of the fragrance business, even with celebrity involvement. Mark and Daymond jointly offer $66,000 for a 33.3% stake. The girls accept the offer.
In an update from a previous episode (Episode 608), Ashley Drake presents her business, The Natural Grip. She has developed a hand grip contraption for athletes and gym-goers. Since appearing on the show, Ashley has hired more sales staff and secured a preferred hand protection supplier deal with CrossFit. She has also entered into licensing and distribution agreements with Reebok. Sales have skyrocketed from $170,000 before appearing on the show to $1.5 million afterward.
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