Episode 2 of “Shark Tank” season 8 is here! This time around we’re back to having only five Sharks (Barbara Corcoran is sitting this one out), and we’ve got a wide array of products coming up. We’ve got food, we’ve got suit innovations, and we’ve even got something that will make it easier to put stuff up on walls!
As per usual, we’re updating this review LIVE with more from the episode — including the deals. Be sure to refresh the page for more! Also, you can click on any of the links below to get some more information on all of the products featured via the businesses’ official website.
The Lapel Project – Want to change your suit into a tuxedo? Here you go. What we liked about this segment in particular was that the guys behind the product were not only tremendous salesmen, but they understood that there was a tipping point where they needed to just stop looking for deals and take one. We’ve seen people blow a Mark Cuban offer by sniffing around, and the moment that both Daymond John and Lori Greiner went out, these guys went for it with Mark. Smart move: He’ll market this quickly, and they’ll make a ton of cash with these margins.
Goodhangups – The idea of this company is easy: A way to use magnets in order to hang things like posters and paper fliers up on walls easier. This is something that could sell really well, provided that two things are met: It’s got the right packaging, and it’s in the right retail outlets. As of now, it cannot claim either.
Enter Lori Greiner! The Queen of QVC made an offer, but she used the same ticking-clock strategy Mark did earlier. Sure, at times this is frustrating, but it’s a TV show and these moments do add some drama. It was worthwhile for the entrepreneur in this case to wait, since there were other offers out there and she was able to get a better deal from Lori. Was she the right partner over Daymond and Kevin O’Leary? We do think that this is an instant QVC hit, but Kevin’s proposition was also interesting thanks to his connection to Shutterfly.
Ice Age Meals – Let’s talk paleo frozen food. That’s what this company is all about! We’ve eaten a good bit of paleo food and know it can be tasty, so we certainly buy into what the guy is selling and even the price of it. (The upfront cost for a new customer could be a little high, but people who are in this lifestyle probably won’t mind.) The big problem with what was otherwise a really good presentation is that he vastly overvalued his company based on a possible Crossfit deal that he was working on. He basically counted his chickens (hey, chicken is paleo) before they hatched, and that valuation created enough concern for him to lose any shot of a deal.
TactiBite Fish Call – If you are a hardcore fisher, maybe this is for you! We cannot even begin to gauge whether or not this is effective, since we haven’t fished since we were about thirteen years old and we’re no real fan of the hooks. Yet, the solid presentation generated plenty of active water for the Sharks to swim around in! Daymond, Kevin, and Lori all made offers asking for more than the valuation, even though they conceded it was fair.
At the tail end of the episode, it was Robert Herjavec who pulled another classic “Shark Tank” move in swooping in at the last minute and giving the guys exactly what they wanted. This gesture of faith was clearly enough to get a deal done, even if Lori tried to counter with the same thing.
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