‘Shark Tank’ video: Nerdwax gets an offer from Troy Carter
Going into Friday night’s new episode of “Shark Tank,” one of the big selling points is the arrival of Troy Carter as a guest Shark. The prolific investor and music manager is going to be joining Daymond John, Kevin O’Leary, Mark Cuban, and Lori Greiner in the Tank, and it won’t take long before he presents a deal that has Mr. Wonderful smiling and nodding his head.
The video below gives you a brief look at Nerdwax, a company designed with one simple purpose in mind: Helping to ensure that people with glasses are able to keep their frames from repeatedly sliding off their face. It is a common problem, and while we’re sure that not every glasses-wearer out there needs this (we’re typically so stationary that we’re fine pushing them up here and there), this is a nagging problem for people who are active, and need to be able to see what they are doing without worrying that their glasses are going to fly off or get damaged.
What Carter offers to the two entrepreneurs for this product is $80,000 that they are asking for as a loan, which he will then recoup in the form of $120,000. He also wants 10% of the company to go along with. This is the sort of complicated deal that immediately leads to those Kevin O’Leary comparisons.
It turns out that Nerdwax has a different offer from Kevin on the table, one that gets them the money that they need now, but they will have to pay significantly more back in return. However, he is not asking for anywhere near the same amount of equity. Their decision here is simple: Do they want a quick loan, or are they willing to give up part of their company in exchange for a partner?
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