This week on “Shark Tank,” there were insults, ridiculous pitches, and even some ideas that will probably never come to fruition. However — and just like every other episode — there were a few success stories.
Villy Customs – First things first, this is a great idea. Who wouldn’t want to have a customized bicycle? The bikes look good, and there is even a cool mascot here courtesy of a dog.
Unfortunately, there were still a number of other problems with the pitch — the founder in Fleetwood was making the assumption that his business was worth $1.5 million, and the bikes actually cost over $640 per unit. Are they a fashion statement? Sure, but this is only appealing to high-end customers.
We were actually worried that Fleetwood was going to leave empty-handed based on his asking price, but he actually got one of the sweetest deals we have ever seen on the show — Barbara Corcoran and Mark Cuban went in on 42% of the company, and Fleetwood ended up getting the full $500,000 he was asking for. (Now, we want one of these bikes!)
SkyRide – Scotty Olson invented the rollerblade, but that doesn’t mean that this idea was equally brilliant. It was effectively a monorail that you could operate like a bicycle, and in some ways there are signs this could be the way of the future.
However, this idea had more problems than we can count — from his asking price of $3 million for a 20% stake in the idea to the numerous concerns about construction, application, and of course safety when you are hovering above the ground. The “Shark Tank” is not a place for dreams this risky, and nobody wanted to bite.
Boot Illusions – What a stellar idea this is — it is a boot that can also double as a high heel, and it saves a significant amount of closet space. It fills a void in the market, and it is also reasonably affordable compared to some of the other boots on the market.
Daymond John was quick to make an offer here — but it was $100,000 for 75% of the idea. He wanted to actually take the company and license it elsewhere, which we certainly would have done since we know the guy is successful in the field. However, the company co-founders instead went with Barbara, who took 55% of the company and gave them the same amount of money. They have more of an interest … but we’re also not sure she was the right choice.
Airbedz – Who wants to sleep in the back of a pickup truck? This air mattress was an interesting idea from a practical standpoint, since it does make camping much easier for those who want to sleep under the stars and not pitch a tent. But Kevin O’Leary had a point here — this is a niche market. Only a small percentage of campers want to camp fully exposed to bugs, and only a small percentage of these people have pickup trucks that the product works in.
We admire that the founder here has managed to get his product into stores, but it’s not selling — and there are two reasons for that:
1. He’s not much of a salesman.
2. The product only appeals to a tiny audience.
We’re honestly stunned that Barbara actually made this guy an offer — even if it was for $250,000 for a whopping 50% of his company. What was even more stunning was that this guy declined it! It was the only offer he was going to get, but he didn’t want to go through with giving that much away. Therefore, he left empty-handed.
Which one of these ideas was your favorite this week?