1
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Tonight, global business
tycoon Peter Jones joins the Tank.

2
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Peter is the most seasoned
investor on "Dragons' Den,"

3
00:00:12,055 --> 00:00:13,665
the U.K. version
of "Shark Tank,"

4
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with 18 seasons under his belt.

5
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I can
help you scale this business

6
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from a global perspective.

7
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That's what I
bring to the party.

8
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The British are coming!

9
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Ocean plastics are
one of the biggest

10
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environmental challenges
of our generation.

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We have
got the meals for busy people

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who care about what
they put in their bodies.

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It's a perfect tool
when you're multitasking

14
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or when you have a
coworker like Mr. Wonderful

15
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who keeps on ranting.

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This is a lifelong
dream realized,

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to be able to put my passion
for music into my career.

18
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I could be your perfect partner,

19
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and that's why I'm
gonna make you an offer.

20
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I know how to
make this thing huge.

21
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I'm afraid you guys
might hold me back.

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Who's ready to take the bait?

23
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- It's a no-brainer.
- It's time to make some money.

24
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First in the Tank

25
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is a way to give the
most memorable gift.

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Hi, Sharks. I'm Ellen Hodges.

27
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And I'm Omayya Atout,

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and we're seeking $400,000
in exchange for 10% equity

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in Songlorious.

30
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Do you want to give
a gift that you know

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will get a strong
emotional reaction,

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a gift that captures memories,
a gift that creates new ones?

33
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Greeting cards,
flowers, they all fall flat

34
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'cause they're
kind of impersonal

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and, sooner or later,
and up in the trash.

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That's where
Songlorious comes in,

37
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with a gift that lasts forever.

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Songlorious is a website
that anyone can use

39
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to have a personalized,
studio-quality song

40
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made completely from
scratch for any occasion.

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All you have to do
is go to the website,

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choose a genre,
tell us your story,

43
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and one of our artists
will have a song created

44
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especially for your loved one.

45
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Let us give you a little taste

46
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of what you could
expect from Songlorious.

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- Yeah!
- Very good.

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Yay!

49
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- Alright.
- Good job.

50
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So, Sharks, which one
of you wants to rock...

51
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And roll with us...

52
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Into the future of gift giving?!

53
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- Alright.
- Good job.

54
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How does it work?

55
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So, every song is completely
unique and made per order.

56
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So, you go to the website,
you choose a genre,

57
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you tell us how long
you want the song to be.

58
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We've got options from 30
seconds to three minutes.

59
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And, you know, the price
depends on those two factors.

60
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And then you just
tell us your story.

61
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You tell us the occasion
and about the person it's for.

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Part of the order process,
you choose the genre,

63
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And some of them
are acoustic genres,

64
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which are priced
a little cheaper,

65
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and some of them
are full production.

66
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We've got pop-rock,
country-rock, EDM.

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And then it's up to the artists

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to provide all of
the instrumentation.

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What's the price
between a 30-second

70
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versus a three-minute?

71
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So, a 30-second is $45.

72
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That's what it starts
at for an acoustic song

73
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And for a full
three-minute song,

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if it's acoustic, $205.

75
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And if it's a full
instrumentation, it's $230.

76
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So, how does it work, then?

77
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So you've got a load
of freelance singers?

78
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Yes. Yes.

79
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We have about 100 musicians
on our team right now.

80
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And how much do you pay
them each time they do a song?

81
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So we pay them anywhere
between 35% to 55%

82
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of the song's order cost,

83
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plus any tips that they
get, they get 100% of.

84
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And the average
tip is about $51.

85
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- Wow.
- Good for them. That's awesome.

86
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What have your sales been
so far since you've launched?

87
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So last year we made $700,000.

88
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- Oh!
- Wow.

89
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This year to date,
we've made $1.1 million.

90
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Wow. That's so great. Whoa!

91
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You made $1.1 million.

92
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What do you get
to the bottom line

93
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by the time bottom
line by the time...?

94
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The bottom line
is 9% profit so far.

95
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- 9%?
- And that's after you guys pay yourselves, obviously.

96
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No, that's before
we pay ourselves.

97
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Ohh.

98
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Well, when we started,

99
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we were living in Brooklyn

100
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in an apartment with
four other roommates,

101
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and I just basically used
my personal credit cards

102
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to start the website.

103
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And basically any
money we were making,

104
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we were putting back in.

105
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How did you come
up with this idea?

106
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So, we're both musicians.

107
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We made a personalized song

108
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for one of my friends
for their wedding

109
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right before the pandemic hit,

110
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and then we decided to kind
of turn that idea into a website

111
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and make the songs ourself.

112
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We hoped to do about
three songs a week

113
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just for fun and
some extra money.

114
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And then put some
advertising money behind it

115
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because we believed in the idea.

116
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But then we started getting
more orders than we could handle.

117
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We were staying up all night
in our apartment, making music.

118
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- Writing music, too.
- And we were overwhelmed.

119
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And that's at the same time

120
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artists were
contacting us, like,

121
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"Hey, we saw your ad.
I'm looking for work."

122
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And we were like, "Join the
team 'cause we need people."

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This is a lifelong dream
realized, to be able

124
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to put my passion for
music into my career.

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It's the best
feeling in the world.

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And to do it with, you
know, the love of my life.

127
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Now, who has
knocked you off so far?

128
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How many competitors
do you have?

129
00:05:18,013 --> 00:05:19,643
So, there are other
businesses that do this.

130
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You know, personalized
songs have really been around

131
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since the singing telegram.

132
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It's not... it seems
new, but it's very old.

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There are some websites out
there that are just one person.

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They typically have long
turnaround times and high prices.

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And then the other ones
that have a roster of musicians

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are typically templated songs

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where they just change
a name, and, you know...

138
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Is it just the two of you
running the company?

139
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It started just the two of us.

140
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Now we have four
full-time employees.

141
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So, where do you see
this company going?

142
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We can copy and paste this
model into other languages.

143
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Right now we only
do songs in English.

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We really want to dive into
the wedding sector as well.

145
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We do a lot of songs
for weddings already,

146
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but we feel like there's
a lot of opportunity there.

147
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Wedding sector.

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And then additionally,
with the corporate world,

149
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you know, we already
have a couple of companies

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who are ordering
songs all the time.

151
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Anytime somebody
gets promoted or hired,

152
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they buy them a custom song.

153
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What would you like
to use the money for?

154
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We're going to use it for
all the marketing expansions

155
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that we're looking for,
whether it's digital, you know,

156
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television, radio, et cetera.

157
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The truth is, you
know, we're musicians,

158
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we're not marketing experts.

159
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We've come this far,
but we really need...

160
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You want to use the $400,000

161
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to professionalize the
whole operation, basically.

162
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Exactly. Exactly.

163
00:06:23,600 --> 00:06:25,472
I get the feeling and sense that

164
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you're not businesspeople.

165
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That's why you're
here. You need help.

166
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Kevin. Do you like this?

167
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- So do I.
- But do you have a forecast?

168
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Do you have any idea
of where this could get to?

169
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We have a general
idea from just forecasting

170
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regular numbers-wise.

171
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We're looking at
$2.5 million this year,

172
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and we're looking out for about

173
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$5 million next year.

174
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So, in the U.K., I
used to own a company

175
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called Red Letter Days.

176
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Basically, it was an
experience company.

177
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You could buy a recording
for whatever you wanted,

178
00:06:50,018 --> 00:06:51,411
for a birthday, for whatever.

179
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Very, very similar.

180
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We sold it, and we
made a lot of money.

181
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One thing that was really
interesting is it took off.

182
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Yeah. Yeah.

183
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It was really, really big.

184
00:07:00,376 --> 00:07:01,725
But it took off
because we decided

185
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to make it really simple.

186
00:07:03,248 --> 00:07:03,814
Mm-hmm.

187
00:07:03,858 --> 00:07:05,120
And your website

188
00:07:05,163 --> 00:07:06,861
and your technology you're using

189
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is absolutely vital
to get that right.

190
00:07:09,037 --> 00:07:12,475
But I do think, with the right
backup in terms of technology,

191
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I think this could be huge,
particularly for weddings.

192
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That means so much - to hear it from you.
- Thank you.

193
00:07:17,175 --> 00:07:18,568
Guys, with what's happening

194
00:07:18,612 --> 00:07:21,484
in artificial intelligence,
you've seen, you know,

195
00:07:21,528 --> 00:07:24,269
emulated voices that sound
really, really, really good.

196
00:07:24,313 --> 00:07:25,314
Mm-hmm.

197
00:07:25,357 --> 00:07:26,968
I have a company
called Synthesia,

198
00:07:27,011 --> 00:07:28,752
and that's all they
do is replicate voices.

199
00:07:28,796 --> 00:07:31,102
- Wow.
- So you can take my voice

200
00:07:31,146 --> 00:07:33,496
saying this and convert it
to 30 different languages.

201
00:07:33,540 --> 00:07:34,889
Ellen, Omayya,

202
00:07:34,932 --> 00:07:36,543
based on this
experience that I have

203
00:07:36,586 --> 00:07:38,066
in growing businesses like this,

204
00:07:38,109 --> 00:07:40,068
I could be your perfect partner.

205
00:07:40,111 --> 00:07:41,524
And that's why I'm
gonna make you an offer.

206
00:07:41,548 --> 00:07:42,897
- Okay.
- Oh!

207
00:07:42,940 --> 00:07:45,769
But my offer doesn't come cheap.

208
00:07:45,813 --> 00:07:48,424
I'm going to offer you $400,000,

209
00:07:48,468 --> 00:07:51,166
but I'd like to share the
business with you equally,

210
00:07:51,209 --> 00:07:52,950
I'd like a third
of the business.

211
00:07:52,994 --> 00:07:54,537
- Oh!
- We appreciate the offer very much.

212
00:07:54,561 --> 00:07:55,649
Yeah. Thank you.

213
00:07:55,692 --> 00:07:57,999
This type of business
could be huge.

214
00:07:58,042 --> 00:08:00,044
I can help you
scale this business

215
00:08:00,088 --> 00:08:01,872
from a global perspective,
and I think that's

216
00:08:01,916 --> 00:08:03,831
really important for
a business like this.

217
00:08:03,874 --> 00:08:06,331
Absolutely. The global market is
definitely something we're interested in.

218
00:08:06,355 --> 00:08:09,358
I think Peter has a
great offer on the table.

219
00:08:09,401 --> 00:08:13,710
That's why I'll match
that, but for 20%.

220
00:08:13,754 --> 00:08:14,774
Wow.
Appreciate the offer.

221
00:08:26,897 --> 00:08:28,135
All sharks are still in.

222
00:08:28,159 --> 00:08:30,727
Ellen and Omayya have
two offers on the table

223
00:08:30,771 --> 00:08:33,556
for their custom song
business, Songlorious.

224
00:08:33,600 --> 00:08:35,776
But Mark and Kevin
may also be interested.

225
00:08:35,819 --> 00:08:38,561
I'm huge in the wedding
industry, obviously,

226
00:08:38,605 --> 00:08:41,999
but I like Cuban's
technology idea,

227
00:08:42,043 --> 00:08:44,045
and he owns that company
that has a piece of it.

228
00:08:44,088 --> 00:08:47,570
How about we partner,
Cuban and I, 50/50,

229
00:08:47,614 --> 00:08:49,006
offer you the $400,000?

230
00:08:49,050 --> 00:08:50,573
We'll do it for 25%.

231
00:08:53,445 --> 00:08:55,336
Actually, what we
should do is we should see

232
00:08:55,360 --> 00:08:58,059
if Peter wants to come
in and go to the 33%,

233
00:08:58,102 --> 00:09:00,452
but let Peter handle
the international,

234
00:09:00,496 --> 00:09:03,238
Kevin handle the
weddings and everything.

235
00:09:03,281 --> 00:09:05,240
I can deal with the
technological side.

236
00:09:05,283 --> 00:09:07,111
Now, we'd still need the 33%.

237
00:09:07,155 --> 00:09:08,765
That gives us
enough each to care.

238
00:09:08,809 --> 00:09:09,810
If Peter's in for that.

239
00:09:09,853 --> 00:09:12,203
I would love to do that.

240
00:09:12,247 --> 00:09:14,554
Come on, guys, give
me some room here.

241
00:09:14,597 --> 00:09:16,488
Hey, why
don't we take it up to 40%?

242
00:09:16,512 --> 00:09:17,644
I'm gonna add the diversity.

243
00:09:17,687 --> 00:09:19,210
No.

244
00:09:19,254 --> 00:09:20,448
You know how close I am
with the music community.

245
00:09:20,472 --> 00:09:22,039
Come on, man.

246
00:09:22,083 --> 00:09:23,800
Wait, listen, this is gonna
be a social-media play, right?

247
00:09:23,824 --> 00:09:25,434
African-Americans,
we like to talk.

248
00:09:25,477 --> 00:09:28,176
So, why don't you let
me in on it a little bit?

249
00:09:28,219 --> 00:09:29,762
- Give me a little sidewalk here.
- Daymond, Daymond.

250
00:09:29,786 --> 00:09:31,005
Another 7%, we all split it.

251
00:09:31,048 --> 00:09:32,504
I'm feeling very left
out all of a sudden.

252
00:09:32,528 --> 00:09:34,617
Can you sing, Lori?

253
00:09:34,661 --> 00:09:35,792
Right now we've got...

254
00:09:35,836 --> 00:09:36,900
We're gonna throw
Daymond under the bus

255
00:09:36,924 --> 00:09:39,448
unless you're
willing to go to 40%

256
00:09:39,491 --> 00:09:41,015
to give us 10% each.

257
00:09:41,058 --> 00:09:43,365
Then we get everything
he's got on social.

258
00:09:43,408 --> 00:09:44,888
You got four Sharks.
We love the deal.

259
00:09:44,932 --> 00:09:46,324
Everybody brings
something special.

260
00:09:46,368 --> 00:09:47,737
To go to 40%, we should
put in a little bit more money.

261
00:09:47,761 --> 00:09:49,066
Agreed.

262
00:09:49,110 --> 00:09:50,720
So that it should be
500K at that point.

263
00:09:50,764 --> 00:09:51,939
Done. Right?

264
00:09:51,982 --> 00:09:53,897
Now, look, it seems like a lot,

265
00:09:53,941 --> 00:09:56,726
but, effectively, we're
letting you just stay creative

266
00:09:56,770 --> 00:09:59,120
and you guys will
own the majority still.

267
00:09:59,163 --> 00:10:02,558
But you've got four people
who touch every base,

268
00:10:02,602 --> 00:10:04,299
so that makes it a home run.

269
00:10:04,342 --> 00:10:05,537
We'd like to counter offer.

270
00:10:05,561 --> 00:10:08,738
- Can we talk for a second?
- Sure.

271
00:10:08,782 --> 00:10:10,368
If you guys don't mind, - please?
- No, go ahead.

272
00:10:10,392 --> 00:10:12,699
Think about the amount of
money that you would have to pay

273
00:10:12,742 --> 00:10:15,179
to get four Sharks like us.

274
00:10:15,223 --> 00:10:16,833
You know, the
expertise that we bring

275
00:10:16,877 --> 00:10:18,530
is extreme in this case.

276
00:10:22,796 --> 00:10:25,929
Let's say $700,000.

277
00:10:25,973 --> 00:10:27,496
You do what you
think is best. Okay?

278
00:10:31,935 --> 00:10:35,722
So, I'm just going
to counter with this.

279
00:10:35,765 --> 00:10:39,247
Can we do $800,000, 40%?

280
00:10:42,990 --> 00:10:44,390
I think you might
be too greedy now.

281
00:10:44,426 --> 00:10:48,169
I think you've got a good
deal at $500,000 at 40%.

282
00:10:48,212 --> 00:10:50,998
If you give us the
40%, we will blow this thing up,

283
00:10:51,041 --> 00:10:54,175
and your competitors
will be in the dust.

284
00:10:54,218 --> 00:10:57,047
You'll be playing tunes of
woe and misery for them.

285
00:11:04,751 --> 00:11:06,709
Alright, you guys got a deal.

286
00:11:06,753 --> 00:11:07,710
Yeah!

287
00:11:07,754 --> 00:11:08,798
Good job.

288
00:11:08,842 --> 00:11:09,581
Good job, Peter.

289
00:11:09,625 --> 00:11:11,192
Fantastic.

290
00:11:11,235 --> 00:11:13,934
Oh, I thought you were
gonna lose that one.

291
00:11:13,977 --> 00:11:15,172
- I'm so excited for you.
- Thank you so much.

292
00:11:15,196 --> 00:11:16,937
That was - really impressive.
- Thank you.

293
00:11:16,980 --> 00:11:18,566
Thank you. - We're so excited, you guys.
- Congratulations.

294
00:11:18,590 --> 00:11:19,742
- Well done.
- This is wonderful.

295
00:11:19,766 --> 00:11:21,115
- Alright!
- Thank you.

296
00:11:21,158 --> 00:11:23,900
Congratulations. Well done!

297
00:11:23,944 --> 00:11:25,597
Thank you.

298
00:11:25,641 --> 00:11:27,077
I know.

299
00:11:29,776 --> 00:11:32,213
- I feel like crying.
- I know.

300
00:11:32,256 --> 00:11:34,258
It's gonna be big.

301
00:11:34,302 --> 00:11:35,782
I think it will be big.

302
00:11:39,960 --> 00:11:42,789
I was born in a small town
in England called Langley.

303
00:11:42,832 --> 00:11:45,139
I come from a really
hardworking family,

304
00:11:45,182 --> 00:11:48,272
and I think that that's
an essence of my identity.

305
00:11:48,316 --> 00:11:50,753
I struggled at school. I
found it really difficult.

306
00:11:50,797 --> 00:11:53,408
My parents wanted me
to get a good education,

307
00:11:53,451 --> 00:11:55,192
go and get a nine-to-five job.

308
00:11:55,236 --> 00:11:56,692
There was always
something inside me, though,

309
00:11:56,716 --> 00:11:59,631
that wanted something different.

310
00:11:59,675 --> 00:12:02,460
I used to play a lot of
tennis, and at the age of 16,

311
00:12:02,504 --> 00:12:05,463
I started my first business,
the Peter Jones tennis academy.

312
00:12:05,507 --> 00:12:08,379
It started out with five people.
Then it grew to 40 people.

313
00:12:08,423 --> 00:12:09,641
The next thing I knew,

314
00:12:09,685 --> 00:12:11,271
wow, I've got a serious
business on my hand.

315
00:12:11,295 --> 00:12:13,080
Whilst I was still doing
my tennis academy,

316
00:12:13,123 --> 00:12:15,125
I'd read about this
guy, Michael Dell,

317
00:12:15,169 --> 00:12:17,214
building computers in his
bedroom, and I thought,

318
00:12:17,258 --> 00:12:18,607
"You know what?
I could do that."

319
00:12:18,650 --> 00:12:20,261
The minute I left school at 18,

320
00:12:20,304 --> 00:12:22,742
I was learning about
how to build a computer.

321
00:12:22,785 --> 00:12:24,352
By the time I'm 21,

322
00:12:24,395 --> 00:12:26,789
I found myself with this
incredible computer business.

323
00:12:26,833 --> 00:12:29,574
I had my own house, had
beautiful cars, and I thought,

324
00:12:29,618 --> 00:12:31,141
"This is amazing.

325
00:12:31,185 --> 00:12:33,404
Business isn't
that difficult, is it?"

326
00:12:33,448 --> 00:12:35,580
Until recession hit in the U.K.,

327
00:12:35,624 --> 00:12:38,322
and then everything
came crashing down.

328
00:12:38,366 --> 00:12:40,672
Companies that owed me
money couldn't afford to pay me.

329
00:12:40,716 --> 00:12:42,849
I'm now having to sell
my house, sell my cars.

330
00:12:42,892 --> 00:12:44,764
It was a dark, dark moment.

331
00:12:44,807 --> 00:12:46,722
But then that word
"failure" kept on resonating,

332
00:12:46,766 --> 00:12:48,028
and that was my eureka moment.

333
00:12:48,071 --> 00:12:49,594
I just went, "Hang on a minute.

334
00:12:49,638 --> 00:12:50,958
There's no such
thing as failure."

335
00:12:50,987 --> 00:12:52,859
That's feedback.

336
00:12:52,902 --> 00:12:55,644
I ended up getting
a job at Siemens,

337
00:12:55,687 --> 00:12:57,385
massive computer company.

338
00:12:57,428 --> 00:13:00,083
I started in sales and
marketing, and I also thought,

339
00:13:00,127 --> 00:13:02,148
"You know what? This
business could do so much more."

340
00:13:02,172 --> 00:13:03,695
Some of the
decisions that I made,

341
00:13:03,739 --> 00:13:05,872
I'm proud to say that the
business made a profit

342
00:13:05,915 --> 00:13:07,438
for the first time
in a long time.

343
00:13:07,482 --> 00:13:08,788
In nine months,

344
00:13:08,831 --> 00:13:10,920
we were so successful
that the chairman decided

345
00:13:10,964 --> 00:13:12,115
that I should be
running the business.

346
00:13:12,139 --> 00:13:14,924
In 1998, I started a
telecoms company.

347
00:13:14,968 --> 00:13:16,839
I knew that mobile phones

348
00:13:16,883 --> 00:13:18,163
were gonna be
the next big thing.

349
00:13:18,188 --> 00:13:19,973
I started with $10,000.

350
00:13:20,016 --> 00:13:21,626
By the time I got
to my fifth year,

351
00:13:21,670 --> 00:13:23,803
we turned over a
quarter of a billion dollars,

352
00:13:23,846 --> 00:13:25,892
and, boy, was I happy.

353
00:13:25,935 --> 00:13:27,981
I like impossible challenges.

354
00:13:28,024 --> 00:13:29,199
Good.

355
00:13:29,243 --> 00:13:31,680
I've been on "Dragons'
Den" since 2005...

356
00:13:31,723 --> 00:13:34,378
Longest-standing Dragon
or Shark, for that matter...

357
00:13:34,422 --> 00:13:35,510
Anywhere in the world.

358
00:13:35,553 --> 00:13:37,555
So I can't wait to
get into the tank

359
00:13:37,599 --> 00:13:39,359
and breathe a little bit
of fire on a few of them,

360
00:13:39,383 --> 00:13:40,689
particularly Kevin.

361
00:13:40,732 --> 00:13:42,909
Even though I'm on
"Dragons' Den" in the U.K.,

362
00:13:42,952 --> 00:13:45,041
"Shark Tank," it's
the Super League.

363
00:13:45,085 --> 00:13:48,175
In my opinion, America is the
pinnacle of entrepreneurship.

364
00:13:48,218 --> 00:13:49,916
There's something
uniquely different

365
00:13:49,959 --> 00:13:51,700
about the American dream.

366
00:13:51,743 --> 00:13:53,310
Three!

367
00:13:53,354 --> 00:13:55,878
The experience I learned
from literally losing everything

368
00:13:55,922 --> 00:13:58,794
was probably one of the
greatest experiences of my life.

369
00:13:58,838 --> 00:14:00,883
It's made me really
care about other people,

370
00:14:00,927 --> 00:14:03,103
and I want to help people
achieve their dreams.

371
00:14:03,146 --> 00:14:04,820
It's one of the reasons
why I do "Dragons' Den,"

372
00:14:04,844 --> 00:14:07,629
and it's certainly the reason
why I'm here to do "Shark Tank."

373
00:14:20,947 --> 00:14:22,687
Next up is a product

374
00:14:22,731 --> 00:14:26,126
inspired by our new
work-from-home normal.

375
00:14:34,874 --> 00:14:36,788
Hi, Sharks, my name
is Parm, like Parmesan.

376
00:14:36,832 --> 00:14:37,920
I know it's cheesy.

377
00:14:37,964 --> 00:14:38,921
I'm from Sacramento, California,

378
00:14:38,965 --> 00:14:40,357
and the CEO of MuteMe.

379
00:14:40,401 --> 00:14:42,185
And I'm Tye, like
the tie that you wear,

380
00:14:42,229 --> 00:14:44,840
and I'm also from Sacramento,
California, and the CFO.

381
00:14:44,884 --> 00:14:46,711
We're here today
asking for $200,000

382
00:14:46,755 --> 00:14:50,063
in exchange for 10% of
our company, MuteMe.

383
00:14:50,106 --> 00:14:52,041
And joining us virtually today
are our two other cofounders,

384
00:14:52,065 --> 00:14:55,285
and wives, Handeep and Brittany.

385
00:14:55,329 --> 00:14:57,418
<i>Hi, Sharks! I'm so
excited to be here today.</i>

386
00:14:57,461 --> 00:14:58,810
<i>My name is Handeep,</i>

387
00:14:58,854 --> 00:15:00,900
<i>and I'm the chief
operating officer at MuteMe.</i>

388
00:15:00,943 --> 00:15:03,052
<i>I'm Brittany, and I'm the chief
marketing officer at MuteMe.</i>

389
00:15:03,076 --> 00:15:04,531
We wish they could
be here with us today.

390
00:15:04,555 --> 00:15:06,035
<i>Yeah, right.</i>

391
00:15:06,079 --> 00:15:07,907
<i>They're so lucky we
let them on the Tank.</i>

392
00:15:07,950 --> 00:15:09,972
<i>We're the real talent. We
should have been on there.</i>

393
00:15:09,996 --> 00:15:11,606
<i>Tell me about it.</i>

394
00:15:11,649 --> 00:15:14,000
<i>You know it took Tye a month
to memorize his five lines?</i>

395
00:15:14,043 --> 00:15:15,673
<i>I had them down in a day.
We would have been flawless.</i>

396
00:15:15,697 --> 00:15:17,220
<i>We would have been.</i>

397
00:15:17,264 --> 00:15:18,704
- We can hear you!
- We can hear you!

398
00:15:19,788 --> 00:15:21,026
<i>There's got to be a better way.</i>

399
00:15:21,050 --> 00:15:22,399
Well, now there is!

400
00:15:22,443 --> 00:15:23,966
Sharks, this is MuteMe,

401
00:15:24,010 --> 00:15:25,596
the world's first
illuminated mute button.

402
00:15:25,620 --> 00:15:27,250
You press MuteMe when
you need to be muted,

403
00:15:27,274 --> 00:15:29,537
the lights change color
so it's never disputed.

404
00:15:29,580 --> 00:15:31,234
Tap it again when
it's your turn to speak.

405
00:15:31,278 --> 00:15:33,628
The light stops you from
letting the wrong words leak.

406
00:15:33,671 --> 00:15:35,412
It's a perfect tool when
you're multitasking

407
00:15:35,456 --> 00:15:37,216
or when you have a
coworker like Mr. Wonderful

408
00:15:37,240 --> 00:15:38,981
who keeps on ranting.

409
00:15:39,025 --> 00:15:40,896
It helps others around
you know if you're busy.

410
00:15:40,940 --> 00:15:43,507
No more wondering, "Hey,
he's not on a call, is he?"

411
00:15:43,551 --> 00:15:44,944
Stainless steel is super neat.

412
00:15:44,987 --> 00:15:46,989
Custom engraving,
it can't be beat.

413
00:15:47,033 --> 00:15:49,383
It's the hottest
product of the year.

414
00:15:49,426 --> 00:15:51,230
No more
conference-call slipups or fears.

415
00:15:51,254 --> 00:15:52,952
Whether you're
working or learning,

416
00:15:52,995 --> 00:15:54,779
our button makes things easy.

417
00:15:54,823 --> 00:15:57,086
Don't worry, we know
this rhyme's pretty cheesy.

418
00:15:57,130 --> 00:16:00,220
Sharks, we hope you found
our pitch just a little bit funny.

419
00:16:00,263 --> 00:16:02,744
But unmute yourselves, it's
time to make some money.

420
00:16:02,787 --> 00:16:04,200
- There you go. - I like that.
- There you go. Good job.

421
00:16:04,224 --> 00:16:07,531
So run through, really
quick, all the scenarios.

422
00:16:07,575 --> 00:16:09,055
Just give me like four or five

423
00:16:09,098 --> 00:16:10,467
where you think
someone would use this.

424
00:16:10,491 --> 00:16:14,234
So, 2020, one of the top
lines that was used was,

425
00:16:14,277 --> 00:16:15,559
"You're on
mute.""You're on mute."

426
00:16:15,583 --> 00:16:17,411
And how many times
have you heard a dog bark,

427
00:16:17,454 --> 00:16:18,847
doorbell ring,
different scenarios

428
00:16:18,890 --> 00:16:20,240
while someone's talking

429
00:16:20,283 --> 00:16:21,806
and they don't realize
they're on mute?

430
00:16:21,850 --> 00:16:23,306
Everyone's trying
to get their attention,

431
00:16:23,330 --> 00:16:26,115
and they just don't have
that indication that they are.

432
00:16:26,159 --> 00:16:28,030
Why not just do a
browser extension, though,

433
00:16:28,074 --> 00:16:29,660
and just make it really,
really big on the screen

434
00:16:29,684 --> 00:16:31,033
where everybody's looking?

435
00:16:31,077 --> 00:16:32,576
Because it takes up
screen real estate.

436
00:16:32,600 --> 00:16:34,360
You don't want to take up
additional space on your screen.

437
00:16:34,384 --> 00:16:36,406
There's like eight different
conferencing platforms, right?

438
00:16:36,430 --> 00:16:38,060
When you're interfacing
with all those different

439
00:16:38,084 --> 00:16:40,173
conferencing
platforms, it's not easy.

440
00:16:40,216 --> 00:16:42,044
So our button, you plug it in,

441
00:16:42,088 --> 00:16:43,543
you press the button,
it mutes and unmutes.

442
00:16:43,567 --> 00:16:45,134
How much are you
selling them for?

443
00:16:45,178 --> 00:16:47,310
We're selling
them for $39 retail.

444
00:16:47,354 --> 00:16:48,461
And what do they cost to make?

445
00:16:48,485 --> 00:16:51,227
It's $11.62 right now.

446
00:16:51,271 --> 00:16:52,837
How did you come up with this?

447
00:16:52,881 --> 00:16:54,404
And tell us about
your background.

448
00:16:54,448 --> 00:16:56,426
We actually have a mutual
friend that came up with the idea.

449
00:16:56,450 --> 00:16:59,018
I worked on a remote working
project with him two years ago.

450
00:16:59,061 --> 00:17:00,560
And Tye is the technical
marketing manager

451
00:17:00,584 --> 00:17:02,456
at the largest all-remote
company in the world.

452
00:17:02,499 --> 00:17:03,848
So we decided to
go down the path

453
00:17:03,892 --> 00:17:05,174
of developing
something ourselves.

454
00:17:05,198 --> 00:17:06,938
We prototyped it
in about a month,

455
00:17:06,982 --> 00:17:09,593
launched a Kickstarter,
and it just takes off.

456
00:17:09,637 --> 00:17:11,789
Give me an idea - what "take off" means.
- Yeah, what is "take off"?

457
00:17:11,813 --> 00:17:13,075
Yeah, so we did...

458
00:17:13,119 --> 00:17:14,816
So, we did 145,000
on Kickstarter.

459
00:17:14,859 --> 00:17:16,035
Dollars or units?

460
00:17:16,078 --> 00:17:16,905
Dollars. Dollars.

461
00:17:16,948 --> 00:17:18,863
And Indiegogo was $135,000,

462
00:17:18,907 --> 00:17:22,084
so we did $280,000
in crowdfunding.

463
00:17:22,128 --> 00:17:23,627
What about real sales?
What's happened?

464
00:17:23,651 --> 00:17:25,870
We've done $61,000.

465
00:17:25,914 --> 00:17:28,525
$61,000. How'd you sell them?

466
00:17:28,569 --> 00:17:29,874
On our website.

467
00:17:29,918 --> 00:17:31,798
You'll want to know also
we are in every Staples

468
00:17:31,833 --> 00:17:33,095
in the United States.

469
00:17:33,139 --> 00:17:35,315
- You are?
- The last four weeks.

470
00:17:35,358 --> 00:17:37,075
But what have they sold
in these last four weeks?

471
00:17:37,099 --> 00:17:39,580
So we've sold
just over 150 units.

472
00:17:39,623 --> 00:17:40,929
That's it?

473
00:17:40,972 --> 00:17:42,844
Where are they
putting it in the store?

474
00:17:42,887 --> 00:17:44,106
Very front. If you walk into

475
00:17:44,150 --> 00:17:45,977
a Staples right now,
there's a table there.

476
00:17:46,021 --> 00:17:47,520
What have they
said about the feedback?

477
00:17:47,544 --> 00:17:49,155
Because 150 units is low.

478
00:17:49,198 --> 00:17:51,200
They haven't promoted
us in any marketing yet,

479
00:17:51,244 --> 00:17:52,873
and that's to come in
the next couple of weeks.

480
00:17:52,897 --> 00:17:54,136
Well, no, they
are promoting you,

481
00:17:54,160 --> 00:17:55,615
because they've
basically got walk-in trade,

482
00:17:55,639 --> 00:17:56,790
and it's the first
thing you see.

483
00:17:56,814 --> 00:17:58,729
Footfall overall everywhere

484
00:17:58,773 --> 00:18:00,862
is not where it should
be as of right now.

485
00:18:00,905 --> 00:18:02,840
No, but hold on, hold on. I think
Peter's asking a great question.

486
00:18:02,864 --> 00:18:04,144
I mean, to back that up, though,

487
00:18:04,170 --> 00:18:05,954
did they tell you the
tests on how many doors

488
00:18:05,997 --> 00:18:06,824
they're putting you in?

489
00:18:06,868 --> 00:18:08,087
1,067 stores.

490
00:18:08,130 --> 00:18:09,479
Every store in
the United States.

491
00:18:09,523 --> 00:18:11,525
We've gone to a lot of
stores, and the one thing

492
00:18:11,568 --> 00:18:13,155
that we're trying to get
them to do most often is,

493
00:18:13,179 --> 00:18:14,919
you see the value
in the illumination.

494
00:18:14,963 --> 00:18:16,486
- Yes.
- And that's something that

495
00:18:16,530 --> 00:18:18,421
the stores run a battery
pack, and the battery pack dies.

496
00:18:18,445 --> 00:18:20,577
You've got to
come up with a way to sell it.

497
00:18:20,621 --> 00:18:22,231
Do something fun
with it on TikTok.

498
00:18:22,275 --> 00:18:25,452
You have got to be
great content creators.

499
00:18:25,495 --> 00:18:26,975
You're a product,

500
00:18:27,018 --> 00:18:28,692
and you haven't
figured out how to sell it.

501
00:18:28,716 --> 00:18:30,283
I mean, you're not even close.

502
00:18:30,326 --> 00:18:31,956
That's what I think you
need to be successful.

503
00:18:31,980 --> 00:18:33,764
So for those reasons, I'm out.

504
00:18:33,808 --> 00:18:35,505
I'm sorry to hear that, Mark.

505
00:18:35,549 --> 00:18:37,681
I think this goes
to zero in retail.

506
00:18:37,725 --> 00:18:40,095
In about 90 days, it'll be in
the discount bin for nine bucks.

507
00:18:40,119 --> 00:18:41,729
That's not a problem.

508
00:18:41,772 --> 00:18:43,948
This should be
completely done online.

509
00:18:43,992 --> 00:18:46,449
Part of the strategy is actually
a business-to-business strategy.

510
00:18:46,473 --> 00:18:48,170
Because the top
is stainless steel,

511
00:18:48,214 --> 00:18:49,713
it can be laser
engraved with any logo.

512
00:18:49,737 --> 00:18:52,000
So we've had a lot of
customers where they've...

513
00:18:52,043 --> 00:18:54,683
Stop selling for a second because
I want a minute just to drop out.

514
00:18:55,221 --> 00:18:57,571
I'm gone, I'm out,
I'm history. Thank you.

515
00:18:58,833 --> 00:19:00,269
Sorry to hear that.

516
00:19:00,313 --> 00:19:02,378
What you've done here is
you've created a great product

517
00:19:02,402 --> 00:19:03,838
that's come out of the pandemic.

518
00:19:03,881 --> 00:19:05,753
I've got a company in Asia.

519
00:19:05,796 --> 00:19:07,209
It's like the third-
or fourth-largest

520
00:19:07,233 --> 00:19:08,886
gadget company online.

521
00:19:08,930 --> 00:19:12,325
We sell tens of millions' worth
of gadgets, and I'm thinking,

522
00:19:12,368 --> 00:19:13,630
"Could I sell this?"

523
00:19:13,674 --> 00:19:15,241
I think I could.

524
00:19:15,284 --> 00:19:17,982
But, sadly, it's going to be a
race to the bottom on price.

525
00:19:18,026 --> 00:19:19,680
That's where I think it's at.

526
00:19:19,723 --> 00:19:21,899
You have other
competitors in this market?

527
00:19:21,943 --> 00:19:23,162
So we're first to market.

528
00:19:23,205 --> 00:19:24,400
There are some
competitors out there

529
00:19:24,424 --> 00:19:25,686
that are trying to...

530
00:19:25,729 --> 00:19:27,446
They saw our Kickstarter
and decided to ramp up.

531
00:19:27,470 --> 00:19:28,863
Do you have any
I.P. at all on it?

532
00:19:28,906 --> 00:19:30,306
We do. We have a
provisional patent.

533
00:19:30,343 --> 00:19:33,302
So we're the only mute
button that isn't a microphone.

534
00:19:33,346 --> 00:19:35,130
That's not bad.
It could be worse.

535
00:19:35,174 --> 00:19:37,108
We work with - all the microphones.
- No, it's good.

536
00:19:37,132 --> 00:19:39,415
So we're the only mute button that's
not a microphone and is illuminated.

537
00:19:39,439 --> 00:19:41,460
We have factories in Shenzhen.
I can make this for you now.

538
00:19:41,484 --> 00:19:43,158
We'd love to work with you.
We'd love to work with you.

539
00:19:43,182 --> 00:19:44,487
Make that happen. Yeah, yeah.

540
00:19:44,531 --> 00:19:46,248
You've got no proprietary
circuit board in here.

541
00:19:46,272 --> 00:19:47,621
This is probably, at volume,

542
00:19:47,664 --> 00:19:51,190
less than 70 or
80 cents, in time.

543
00:19:51,233 --> 00:19:54,236
Yeah, we we are currently
manufacturing it at $11.

544
00:19:54,280 --> 00:19:55,542
Ouch.

545
00:19:55,585 --> 00:19:56,823
We would love to work
with any one of you.

546
00:19:56,847 --> 00:19:58,806
I'll give you an offer.

547
00:19:58,849 --> 00:20:01,287
But the problem is, I
have to redo your business.

548
00:20:01,330 --> 00:20:03,221
Every one of the Sharks
said something that's critical.

549
00:20:03,245 --> 00:20:05,378
You know, you got to
make these things for $1.50.

550
00:20:05,421 --> 00:20:06,901
And at the end of the day,

551
00:20:06,944 --> 00:20:09,730
this has got to be
$19.99, maybe $14.99.

552
00:20:09,773 --> 00:20:12,274
- I think it's $9.99.
- I mean, certain companies are targeting something like $9.99.

553
00:20:12,298 --> 00:20:14,343
So, anyway, unfortunately,

554
00:20:14,387 --> 00:20:15,910
I have to give you
a very Sharky offer.

555
00:20:15,953 --> 00:20:19,000
$200,000 for 50%.

556
00:20:19,043 --> 00:20:20,175
50%?

557
00:20:20,219 --> 00:20:21,742
Ooh.5-0.

558
00:20:21,785 --> 00:20:23,483
- 5-0.
- That's not an unreasonable offer

559
00:20:23,526 --> 00:20:25,049
for what you guys got here.

560
00:20:25,093 --> 00:20:26,790
The valuation is
crazy. It is crazy.

561
00:20:26,834 --> 00:20:28,575
But I have to put
so much work in,

562
00:20:28,618 --> 00:20:30,403
I probably am gonna
have to give percentages

563
00:20:30,446 --> 00:20:31,446
to a bunch of people.

564
00:20:32,535 --> 00:20:34,276
What do you think?

565
00:20:34,320 --> 00:20:35,949
Why don't you see if you can
get an offer from somebody else?

566
00:20:35,973 --> 00:20:38,715
If you don't, - that's the only offer you got.
- That's true.

567
00:20:38,759 --> 00:20:41,679
Well, if you don't get an offer from
somebody else, then it's gonna go up.

568
00:20:42,110 --> 00:20:44,330
Who's still in? Are
we... three of us?

569
00:20:44,373 --> 00:20:45,373
No, I hate this.

570
00:20:46,767 --> 00:20:47,927
Tell us what you really think.

571
00:20:49,378 --> 00:20:52,338
Listen, guys, I
see the benefit of it.

572
00:20:52,381 --> 00:20:54,122
I'm so on the fence about it.

573
00:20:54,165 --> 00:20:57,821
And whenever I feel that
way, I have to go with my gut.

574
00:20:57,865 --> 00:20:59,388
And I'm so sorry, but I'm out.

575
00:21:00,607 --> 00:21:03,218
Guys, so...

576
00:21:03,262 --> 00:21:05,481
I'm really torn.

577
00:21:05,525 --> 00:21:06,830
Be torn towards us.

578
00:21:07,744 --> 00:21:09,050
No, I'm really torn.

579
00:21:09,093 --> 00:21:10,767
If I do this and I go
back and my guys say,

580
00:21:10,791 --> 00:21:12,334
"What the are
you doing? Because..."

581
00:21:14,925 --> 00:21:16,449
"You're just
investing in a button

582
00:21:16,492 --> 00:21:18,886
that goes red and green.

583
00:21:18,929 --> 00:21:21,062
We could create that tomorrow."

584
00:21:21,105 --> 00:21:23,586
And I just... I feel really
quite worried about that.

585
00:21:23,630 --> 00:21:26,285
Hey, you know
what, guys? I'm out.

586
00:21:30,593 --> 00:21:32,919
The thing is, there's a lot of
simple things out there that sell well.

587
00:21:32,943 --> 00:21:35,270
Just because it's simple doesn't
necessarily mean that it's a bad idea.

588
00:21:35,294 --> 00:21:36,817
Seriously, guys,
I'm really sorry,

589
00:21:36,860 --> 00:21:38,300
but I'm going to
have to say I'm out.

590
00:21:39,733 --> 00:21:42,170
Alright. We appreciate it.

591
00:21:42,213 --> 00:21:43,345
Good luck, guys.

592
00:21:43,389 --> 00:21:45,434
- Alright, take care, guys.
- Appreciate it.

593
00:21:45,478 --> 00:21:47,349
- That's a tough one.
- Yeah.

594
00:21:47,393 --> 00:21:48,394
They messed up.

595
00:21:48,437 --> 00:21:49,501
I think they look at something

596
00:21:49,525 --> 00:21:50,352
and they think it's simple.

597
00:21:50,396 --> 00:21:51,875
They don't necessarily,

598
00:21:51,919 --> 00:21:53,703
you know, think that
this is gonna grow,

599
00:21:53,747 --> 00:21:54,965
but I know it's gonna grow.

600
00:21:55,009 --> 00:21:56,378
It's gonna be something
that's gonna end up

601
00:21:56,402 --> 00:21:57,620
on a lot of students' desks.

602
00:21:57,664 --> 00:21:58,902
They're gonna be
sorry in a couple years,

603
00:21:58,926 --> 00:22:00,231
and that's okay.

604
00:22:00,275 --> 00:22:01,861
It's gonna be the Ring
doorbell all over again.

605
00:22:01,885 --> 00:22:03,322
The Ring doorbell
all over again.

606
00:22:03,365 --> 00:22:04,975
The only good thing about this

607
00:22:05,019 --> 00:22:07,108
is if it actually worked
for real on people.

608
00:22:20,991 --> 00:22:22,515
Next in the Tank

609
00:22:22,558 --> 00:22:25,648
is a food business that's
as convenient as it is healthy.

610
00:22:36,050 --> 00:22:37,356
Hello, Sharks.

611
00:22:37,399 --> 00:22:39,488
This is Christopher Jane.

612
00:22:39,532 --> 00:22:41,205
And this is Jennifer Jane.

613
00:22:41,229 --> 00:22:42,665
We're based in Austin, Texas,

614
00:22:42,709 --> 00:22:45,625
and together we are the
sibling founders of Proper Good.

615
00:22:45,668 --> 00:22:47,757
We're here today
seeking $400,000

616
00:22:47,801 --> 00:22:49,063
in exchange for 10%

617
00:22:49,106 --> 00:22:51,413
of our wonderful
natural foods company.

618
00:22:51,457 --> 00:22:53,850
So, what is Proper Good?

619
00:22:53,894 --> 00:22:55,417
Proper Good makes the tastiest

620
00:22:55,461 --> 00:22:57,593
and most convenient
90-second meals ever made

621
00:22:57,637 --> 00:22:59,595
And who are these meals for?

622
00:22:59,639 --> 00:23:02,337
For busy people who care
about what they put in their bodies.

623
00:23:02,381 --> 00:23:04,078
So whether you're
plant-based, ketogenic,

624
00:23:04,121 --> 00:23:05,906
gluten-free, or dairy-free,

625
00:23:05,949 --> 00:23:07,647
we have got the
meals for your lifestyle.

626
00:23:07,690 --> 00:23:09,910
Well, that sounds divine!

627
00:23:09,953 --> 00:23:12,086
So how do people
get these meals?

628
00:23:12,129 --> 00:23:13,566
Ah, well, that
couldn't be easier.

629
00:23:13,609 --> 00:23:15,655
We ship direct to you from
the Proper Good website

630
00:23:15,698 --> 00:23:18,222
in a wonderful, lovely
little box with 12 meals

631
00:23:18,266 --> 00:23:21,530
with no extra packaging,
no insulation, and no dry ice.

632
00:23:21,574 --> 00:23:23,053
Oh, wait a minute.

633
00:23:23,097 --> 00:23:25,969
Are you telling me there's
no refrigeration needed?

634
00:23:26,013 --> 00:23:27,231
Quite right.

635
00:23:27,275 --> 00:23:28,798
All Proper Good
meals are shelf-stable

636
00:23:28,842 --> 00:23:31,322
for up to eight months,
meaning no fridge needed,

637
00:23:31,366 --> 00:23:34,195
so you can enjoy them at
home, at work, or on the go

638
00:23:34,238 --> 00:23:36,458
whenever you need a
90-second meal in a pinch.

639
00:23:36,502 --> 00:23:37,957
It's like having a
wonderful little chef

640
00:23:37,981 --> 00:23:39,113
in your pocket.

641
00:23:39,156 --> 00:23:41,158
By Jove, that <i>does</i> sound good.

642
00:23:41,202 --> 00:23:42,203
Quite good.

643
00:23:42,246 --> 00:23:43,726
- Proper Good.
- Proper Good.

644
00:23:43,770 --> 00:23:46,816
So, Sharks, who's ready to
make a Proper Good investment?

645
00:23:46,860 --> 00:23:48,818
That was absolutely first-class.

646
00:23:48,862 --> 00:23:49,882
Are you really English?

647
00:23:49,906 --> 00:23:51,473
- We are, indeed, yes.
- Yes, we are.

648
00:23:51,517 --> 00:23:53,780
So we grew up on "Dragons'
Den" and watching you.

649
00:23:53,823 --> 00:23:55,845
So when we heard that you
were here, we were delighted.

650
00:23:55,869 --> 00:23:57,305
- Yes.
- Fantastic.

651
00:23:57,348 --> 00:23:58,543
So today I'm your
favorite Shark?

652
00:23:58,567 --> 00:24:00,308
Indeed.

653
00:24:00,351 --> 00:24:01,938
Oh, thank you. How do you
feel about that, Mr. Wonderful?

654
00:24:01,962 --> 00:24:03,093
Alright, I'm out.

655
00:24:03,137 --> 00:24:04,657
Yeah, yeah, yeah.
Yeah, early mistakes.

656
00:24:05,835 --> 00:24:07,184
What do we have?

657
00:24:07,228 --> 00:24:10,492
Yes, so all of the
Sharks to my right,

658
00:24:10,536 --> 00:24:13,408
you all have our Red
Pepper and Meatball soup,

659
00:24:13,452 --> 00:24:14,714
which is our best seller.

660
00:24:14,757 --> 00:24:16,672
That's why it's in the
crown jewels there.

661
00:24:16,716 --> 00:24:18,457
And also Chicken Noodle,

662
00:24:18,500 --> 00:24:21,285
which is an elevated
version of the classic.

663
00:24:21,329 --> 00:24:24,637
And then, Mark, you have
two of our vegan options,

664
00:24:24,680 --> 00:24:27,770
which is the Southwest
Chili with plant-based meat,

665
00:24:27,814 --> 00:24:30,469
and then also a Quinoa
Brown Rice Blend.

666
00:24:30,512 --> 00:24:31,774
It's really nice.

667
00:24:31,818 --> 00:24:33,404
It's good. - I'm eating the meatball.
- Thank you.

668
00:24:33,428 --> 00:24:35,125
- Excellent. It's very good.
- Wonderful.

669
00:24:35,169 --> 00:24:37,258
Very tasty. Good. Thank you.

670
00:24:37,301 --> 00:24:40,348
How much does that box
cost, and what do you sell it for?

671
00:24:40,391 --> 00:24:43,482
Average product price is
around $7, including free delivery.

672
00:24:43,525 --> 00:24:45,092
- That's for one. One meal.
- For one.

673
00:24:45,135 --> 00:24:47,877
So with a subscription, though,
all of our meals are $5.99,

674
00:24:47,921 --> 00:24:49,009
including free shipping.

675
00:24:49,052 --> 00:24:51,228
So that makes the
box $72 for the 12.

676
00:24:51,272 --> 00:24:53,119
If you sell it for $72, what
does it cost you to make?

677
00:24:53,143 --> 00:24:55,537
Cost for us to make
it? Around $30.

678
00:24:55,581 --> 00:24:58,671
And for any given package,
the range for your cost?

679
00:24:58,714 --> 00:25:02,283
Our cost is $2 to $2.50.
We're at about 65% gross.

680
00:25:02,326 --> 00:25:04,503
But I could eat it right
out of the pouch, right,

681
00:25:04,546 --> 00:25:06,026
without even
heating it if I wanted?

682
00:25:06,069 --> 00:25:07,743
- Correct.
- You can eat it cold if you want.

683
00:25:07,767 --> 00:25:10,073
Yeah, and we found a
few different industries,

684
00:25:10,117 --> 00:25:12,685
such as nurses and
truckers in particular,

685
00:25:12,728 --> 00:25:14,121
that love that nature of it,

686
00:25:14,164 --> 00:25:16,036
the fact that it's
already cooked

687
00:25:16,079 --> 00:25:17,690
and you can eat it hot - or cold.
- Yeah.

688
00:25:17,733 --> 00:25:19,779
And what have your
sales been so far?

689
00:25:19,822 --> 00:25:20,910
We launched in 2020, April.

690
00:25:20,954 --> 00:25:22,869
Year one we did,
of calendar year,

691
00:25:22,912 --> 00:25:25,349
$556,000 in sales.

692
00:25:25,393 --> 00:25:26,133
That's great.

693
00:25:26,176 --> 00:25:27,264
Year to date this year,

694
00:25:27,308 --> 00:25:28,590
we're obviously
about 50% through,

695
00:25:28,614 --> 00:25:29,852
we've done just over a million.

696
00:25:29,876 --> 00:25:31,355
- Whoa.
- Wow.

697
00:25:31,399 --> 00:25:34,141
- This is all direct to consumer, - almost 100%.
- Wow.

698
00:25:34,184 --> 00:25:35,292
- Good for you.
- What is generating these sales?

699
00:25:35,316 --> 00:25:36,926
What are you doing
to get customers?

700
00:25:36,970 --> 00:25:38,537
Through COVID,
we saw a lot of people

701
00:25:38,580 --> 00:25:39,886
go to shop online, right?

702
00:25:39,929 --> 00:25:41,603
- Right.
- They started to adopt e-commerce behavior.

703
00:25:41,627 --> 00:25:43,672
And really, we are
truly the only company

704
00:25:43,716 --> 00:25:45,587
offering premium
shelf-stable meals.

705
00:25:45,631 --> 00:25:47,415
Chris and Jen, you know,

706
00:25:47,458 --> 00:25:49,611
I love what you're doing, I
love the packaging, everything.

707
00:25:49,635 --> 00:25:52,376
I don't generally eat
soups, but it's something

708
00:25:52,420 --> 00:25:54,901
that I wouldn't be able to
really be passionate about.

709
00:25:54,944 --> 00:25:57,860
So I wish you luck, and
I loved the presentation.

710
00:25:57,904 --> 00:25:59,601
I'm out.

711
00:25:59,645 --> 00:26:01,013
Okay, thank you - for the time.
- Thank you, Daymond.

712
00:26:01,037 --> 00:26:02,865
I think you're onto something.

713
00:26:02,909 --> 00:26:05,520
I think your sales
are indicative of that

714
00:26:05,564 --> 00:26:09,655
because that's really
fast growth in a pandemic.

715
00:26:09,698 --> 00:26:12,440
But you're a little bit too
early for me right now.

716
00:26:12,483 --> 00:26:14,964
I'd like to see it
have more flavors

717
00:26:15,008 --> 00:26:16,618
and a little more
tried and true.

718
00:26:16,662 --> 00:26:19,273
And solely for those
reasons, I'm out.

719
00:26:20,927 --> 00:26:22,644
Understood. - Thank you for the feedback.
- Thank you, Lori.

720
00:26:22,668 --> 00:26:25,018
Can I just ask a
question about your profit?

721
00:26:25,061 --> 00:26:26,672
What was your
profit on just that

722
00:26:26,715 --> 00:26:28,064
just over a million?

723
00:26:28,108 --> 00:26:30,327
Sure, no, so we are very
much losing money right now

724
00:26:30,371 --> 00:26:32,373
on a customer-acquisition
standpoint.

725
00:26:32,416 --> 00:26:34,767
Let's just break it down
from that million, year to date,

726
00:26:34,810 --> 00:26:37,944
is around $550,000
in gross margin,

727
00:26:37,987 --> 00:26:40,555
There's around
$300,000 in net margin.

728
00:26:40,599 --> 00:26:41,793
But overall, yeah,
company to date

729
00:26:41,817 --> 00:26:43,906
has raised about $2 million.

730
00:26:43,950 --> 00:26:46,169
Oh. - Oh.
- So we are losing money today

731
00:26:46,213 --> 00:26:48,476
to acquire customers, - build products.
- Okay.

732
00:26:48,519 --> 00:26:51,261
Okay, so your cost of
acquisition, then, is huge.

733
00:26:51,305 --> 00:26:53,263
So it's about $32

734
00:26:53,307 --> 00:26:55,483
if you take your total
year-one marketing

735
00:26:55,526 --> 00:26:57,093
over total year-one customers.

736
00:26:57,137 --> 00:26:59,506
But that puts us profitable on
a second order with customers.

737
00:26:59,530 --> 00:27:00,986
And how much are
you burning per month?

738
00:27:01,010 --> 00:27:02,010
$80,000.

739
00:27:03,926 --> 00:27:05,754
Guys, I like the
product, I like the idea,

740
00:27:05,798 --> 00:27:07,147
I think it's going to work.

741
00:27:07,190 --> 00:27:09,671
I much prefer, however,
to invest in a company

742
00:27:09,715 --> 00:27:11,760
that can give me two numbers.

743
00:27:11,804 --> 00:27:14,284
Customer-acquisition
cost and lifetime value.

744
00:27:14,328 --> 00:27:16,635
Because if you had
already arrived at a place

745
00:27:16,678 --> 00:27:18,985
where you said to me,
"Look, Kevin, lifetime value

746
00:27:19,028 --> 00:27:21,988
is 250 bucks,
acquisition is $18,"

747
00:27:22,031 --> 00:27:24,207
- it's a no-brainer.
- Sure.

748
00:27:24,251 --> 00:27:26,577
All we have to do is fight about - what percentage I get.
- Correct.

749
00:27:26,601 --> 00:27:29,256
That's it. You're not there yet.

750
00:27:29,299 --> 00:27:32,694
For me, not ready. It's
not pasteurized enough yet.

751
00:27:32,738 --> 00:27:34,653
The model isn't
nailed down. I'm out.

752
00:27:34,696 --> 00:27:36,263
Okay.

753
00:27:36,306 --> 00:27:38,439
I really like it.

754
00:27:38,482 --> 00:27:40,373
I think you've produced a
really good quality product.

755
00:27:40,397 --> 00:27:41,572
Thank you.

756
00:27:41,616 --> 00:27:44,575
However, I've been
in this market before

757
00:27:44,619 --> 00:27:46,142
with Barenaked Foods,

758
00:27:46,186 --> 00:27:47,927
and one of the big
things that we got right

759
00:27:47,970 --> 00:27:51,365
was that specific
cost of acquisition

760
00:27:51,408 --> 00:27:52,845
- at the starting point.
- Yep.

761
00:27:52,888 --> 00:27:54,411
And what actually
ends up happening

762
00:27:54,455 --> 00:27:55,543
in businesses like this

763
00:27:55,586 --> 00:27:57,588
is that you have a
high level of entry.

764
00:27:57,632 --> 00:27:59,590
And whilst you
think you can change

765
00:27:59,634 --> 00:28:02,419
to the subscription
model, you will demonstrate

766
00:28:02,463 --> 00:28:04,310
that your customer
acquisition will go down. Sure.

767
00:28:04,334 --> 00:28:06,380
When you start to bring
out your new ranges,

768
00:28:06,423 --> 00:28:08,948
your cost of acquisition
goes through the roof again

769
00:28:08,991 --> 00:28:13,082
and you go in a never-ending
cycle of actually massive burn,

770
00:28:13,126 --> 00:28:14,997
and you need more
and more investment.

771
00:28:15,041 --> 00:28:17,521
And that's why what happens
is, to businesses like this,

772
00:28:17,565 --> 00:28:20,307
the founders, sadly, end
up with tiny equity at the end.

773
00:28:20,350 --> 00:28:22,613
They end up shorting,
ultimately, the investor

774
00:28:22,657 --> 00:28:25,529
at the front end, and you
end up diluting and diluting,

775
00:28:25,573 --> 00:28:27,183
and it's a race to the bottom.

776
00:28:27,227 --> 00:28:30,926
And that's the only reason why
I'm gonna say, sadly, I'm out.

777
00:28:30,970 --> 00:28:32,885
Okay, understood. Thank you.

778
00:28:32,928 --> 00:28:37,150
You guys, I know how to
make this thing huge, right?

779
00:28:37,193 --> 00:28:40,370
I'm afraid you guys
might hold me back.

780
00:28:40,414 --> 00:28:42,677
Because when you have
a product that's functional

781
00:28:42,721 --> 00:28:44,723
and it's the message itself,

782
00:28:44,766 --> 00:28:46,942
then you just got
to let it sell, right?

783
00:28:46,986 --> 00:28:48,703
Would you be willing to
change your marketing

784
00:28:48,727 --> 00:28:49,945
and to change your packaging?

785
00:28:49,989 --> 00:28:53,079
Yes, we... well, "data over ego"

786
00:28:53,122 --> 00:28:54,709
is our kind of - little mantra.
- Perfect. Okay.

787
00:28:54,733 --> 00:28:55,753
- Perfect.
- So, yes, definitely.

788
00:28:55,777 --> 00:28:56,777
I'll make you an offer.

789
00:28:59,215 --> 00:29:01,696
It's gonna be Sharky, but
this is what it's gonna take.

790
00:29:01,740 --> 00:29:04,351
And I have the team to do
it and the results to prove it.

791
00:29:04,394 --> 00:29:07,093
So I'll offer you the
$400,000, but I want 25%.

792
00:29:07,136 --> 00:29:09,399
- Okay.
- Mm!

793
00:29:09,443 --> 00:29:11,401
Well, - thank you for the offer.
- Thank you.

794
00:29:11,445 --> 00:29:13,553
- Mm!
- Because you should be able to go from a million

795
00:29:13,577 --> 00:29:15,101
to $25 million

796
00:29:15,144 --> 00:29:17,756
within three to
four years easily,

797
00:29:17,799 --> 00:29:20,019
if not faster, and you should
be able to cut your CAC

798
00:29:20,062 --> 00:29:21,934
- to next to nothing.
- Yep.

799
00:29:21,977 --> 00:29:24,110
But, you know, focusing
on fitness and travel

800
00:29:24,153 --> 00:29:27,026
and all these different things
and just using earned media.

801
00:29:27,069 --> 00:29:29,395
Would it be okay to hear if there's
any other offers on the table?

802
00:29:29,419 --> 00:29:30,246
They're all out.

803
00:29:30,290 --> 00:29:31,682
I think they're all out.

804
00:29:31,726 --> 00:29:33,946
Oh, just one? I thought
I forgot he was out.

805
00:29:33,989 --> 00:29:35,184
Okay, um... Yeah.

806
00:29:35,208 --> 00:29:36,339
We're all on Mark.

807
00:29:36,383 --> 00:29:37,664
Do you want to
take a minute to talk,

808
00:29:37,688 --> 00:29:39,342
or what do you want to do here?

809
00:29:39,386 --> 00:29:41,518
Would you consider 20%?

810
00:29:45,914 --> 00:29:47,220
I would do 20%.

811
00:29:47,263 --> 00:29:48,458
Alright, - let's make it happen.
- Deal.

812
00:29:48,482 --> 00:29:50,310
Let's do it.

813
00:29:50,353 --> 00:29:51,398
Alright. Good.

814
00:29:51,441 --> 00:29:52,442
Congrats, guys.

815
00:29:52,486 --> 00:29:53,680
- Excellent.
- Thank you.

816
00:29:53,704 --> 00:29:54,923
That's proper good.

817
00:29:54,967 --> 00:29:56,074
We're gonna make a lot of money.

818
00:29:56,098 --> 00:29:57,380
- Thank you so much.
- Thank you so much.

819
00:29:57,404 --> 00:29:58,511
- Well done.
- Pleasure. Thank you so much.

820
00:29:58,535 --> 00:29:59,904
- Lovely. Bye-bye.
- Thank you. Bye-bye.

821
00:29:59,928 --> 00:30:01,328
- Thanks, guys.
- Alright, hands up.

822
00:30:03,062 --> 00:30:05,020
Nice! Awesome.

823
00:30:05,064 --> 00:30:06,761
Ooh, it was touch-and-go
for a moment.

824
00:30:06,805 --> 00:30:08,676
It was.

825
00:30:08,719 --> 00:30:10,591
Of course we're a
little bit sad not to get

826
00:30:10,634 --> 00:30:12,506
the fellow Englishman
in the Shark Tank,

827
00:30:12,549 --> 00:30:14,987
but we are delighted
to be with Mark Cuban

828
00:30:15,030 --> 00:30:16,510
and really excited to grow this.

829
00:30:16,553 --> 00:30:18,033
It really is good.

830
00:30:18,077 --> 00:30:20,688
- I'd say it's quite good.
- Oh, it's Proper Good.

831
00:30:33,135 --> 00:30:34,963
Next up is an apparel company

832
00:30:35,007 --> 00:30:37,270
focused on helping our oceans.

833
00:30:46,757 --> 00:30:48,890
Hello, Sharks. My name
is Michael Lamagna.

834
00:30:48,934 --> 00:30:50,326
I'm Lauren Lamagna.

835
00:30:50,370 --> 00:30:52,720
And we're salty siblings
from New England.

836
00:30:52,763 --> 00:30:56,855
We're here seeking a
$375,000 investment

837
00:30:56,898 --> 00:30:58,595
for 15% of our business,

838
00:30:58,639 --> 00:31:00,641
the Long Wharf Supply Co.

839
00:31:00,684 --> 00:31:03,122
It's no secret that
ocean plastics are one of

840
00:31:03,165 --> 00:31:06,255
the biggest environmental
challenges of our generation.

841
00:31:06,299 --> 00:31:08,954
Additionally, millions of
pounds of oyster shells

842
00:31:08,997 --> 00:31:12,000
are discarded every year
and end up in landfills,

843
00:31:12,044 --> 00:31:14,046
eventually turning
toxic over time

844
00:31:14,089 --> 00:31:15,612
while contributing
to global waste.

845
00:31:15,656 --> 00:31:18,050
And that's why we're
turning waste into wool.

846
00:31:18,093 --> 00:31:20,791
We created the first
fisherman's sweaters made

847
00:31:20,835 --> 00:31:23,751
from a soft blend of
recycled oyster shells,

848
00:31:23,794 --> 00:31:26,885
recycled water bottles,
and natural lambswool.

849
00:31:26,928 --> 00:31:30,714
Each sweater sold
reseeds up to 30 oysters.

850
00:31:30,758 --> 00:31:34,675
To date, we've reseeded
over 70,000 oysters,

851
00:31:34,718 --> 00:31:38,984
which naturally filter 3.5
million gallons of seawater

852
00:31:39,027 --> 00:31:41,334
in our local
waterways every day.

853
00:31:41,377 --> 00:31:44,163
- Wow.
- By creating high-quality and timeless garments

854
00:31:44,206 --> 00:31:46,426
that promote the use
of recycled materials

855
00:31:46,469 --> 00:31:49,820
and that directly support
reseeding coastal oyster reefs,

856
00:31:49,864 --> 00:31:51,997
we hope to reduce
waste and clean up

857
00:31:52,040 --> 00:31:54,477
our inshore waterways
for the next generation.

858
00:31:54,521 --> 00:31:57,828
So, Sharks, now that we've
got a hook in the water,

859
00:31:57,872 --> 00:31:59,047
who's ready to take the bait?

860
00:32:00,701 --> 00:32:02,548
- This is - a really nice sweater.
- Thank you.

861
00:32:02,572 --> 00:32:04,115
- It is really nice.
- Really good quality.

862
00:32:04,139 --> 00:32:07,142
Super soft. I mean,
it really feels nice.

863
00:32:07,186 --> 00:32:08,970
It's got, like, that
a good weight,

864
00:32:09,014 --> 00:32:11,233
but also like something
you'd want to put on.

865
00:32:11,277 --> 00:32:14,236
What's the percentage of
the lambswool to the recycled?

866
00:32:14,280 --> 00:32:18,545
It's 10% lambswool and
50% of our recycled material.

867
00:32:18,588 --> 00:32:19,633
Really? 50%?

868
00:32:19,676 --> 00:32:22,070
The other 40% is 20% nylon

869
00:32:22,114 --> 00:32:24,507
and 20% plant-based viscose.

870
00:32:24,551 --> 00:32:26,379
So for those who don't know,

871
00:32:26,422 --> 00:32:29,948
one oyster filters how
much water a day?

872
00:32:29,991 --> 00:32:31,340
I'm glad you asked.

873
00:32:31,384 --> 00:32:33,125
People are floored to learn

874
00:32:33,168 --> 00:32:36,606
that 50 gallons of
seawater per day

875
00:32:36,650 --> 00:32:38,478
are filtered by each oyster.

876
00:32:38,521 --> 00:32:41,220
I filmed a little
experiment for you

877
00:32:41,263 --> 00:32:42,414
so you can see it
with your own eyes.

878
00:32:42,438 --> 00:32:44,310
We filled two tanks
with mucky seawater,

879
00:32:44,353 --> 00:32:46,921
placed 60 oysters in the tanks.

880
00:32:46,965 --> 00:32:48,531
If you'll notice
by the end here,

881
00:32:48,575 --> 00:32:50,664
the tank on the
right gets pretty clear.

882
00:32:50,707 --> 00:32:52,971
- People are blown away.
- What was that period of time?

883
00:32:53,014 --> 00:32:54,755
- For two hours.
- That was two hours alone?

884
00:32:54,798 --> 00:32:56,887
Only takes you two
hours to clean that much?

885
00:32:56,931 --> 00:32:58,213
For that time-lapse,
yes. For that, yeah.

886
00:32:58,237 --> 00:33:00,021
Wow, that's pretty interesting.

887
00:33:00,065 --> 00:33:01,718
So, what's your backstory?

888
00:33:01,762 --> 00:33:03,503
Yeah, absolutely.

889
00:33:03,546 --> 00:33:07,072
After graduating, I moved
back to Boston initially to work for

890
00:33:07,115 --> 00:33:09,726
one of the most successful
e-commerce companies, Wayfair.

891
00:33:09,770 --> 00:33:11,946
- Mm-hmm.
- And I interned in New York City,

892
00:33:11,990 --> 00:33:13,600
working for an entrepreneur

893
00:33:13,643 --> 00:33:16,646
who had cofounded
fashion label Tory Burch,

894
00:33:16,690 --> 00:33:18,257
was hired as an associate.

895
00:33:18,300 --> 00:33:20,172
It was my dream job.

896
00:33:20,215 --> 00:33:22,522
Unfortunately, I got
caught up in layoffs,

897
00:33:22,565 --> 00:33:24,350
and I just did what I
knew how to do best...

898
00:33:24,393 --> 00:33:26,482
Go back and jump
on lobster boats.

899
00:33:26,526 --> 00:33:28,354
And during those
years, I looked around

900
00:33:28,397 --> 00:33:31,313
and I was floored
at how much plastic

901
00:33:31,357 --> 00:33:33,533
and waste we'd
pull out of the ocean.

902
00:33:33,576 --> 00:33:36,492
So I started thinking about
launching my own business.

903
00:33:36,536 --> 00:33:40,801
So Long Wharf originally
started at the end of 2016

904
00:33:40,844 --> 00:33:44,892
with a handful of waxed
canvas and leather goods.

905
00:33:44,935 --> 00:33:47,547
We actually launched the
sweater collection last year,

906
00:33:47,590 --> 00:33:48,896
12 months ago.

907
00:33:48,939 --> 00:33:50,463
So, what do these
things sell for?

908
00:33:50,506 --> 00:33:52,117
What are your margins?

909
00:33:52,160 --> 00:33:55,990
So we have just under an
80% gross average margin.

910
00:33:56,034 --> 00:33:59,167
- Wow.
- They cost us $23.50 to $33.50 to make.

911
00:33:59,211 --> 00:34:02,475
And we sell them
for $128 to $158.

912
00:34:02,518 --> 00:34:04,738
Have you figured out your
customer acquisition cost yet?

913
00:34:04,781 --> 00:34:08,046
We have. Right now we can
acquire customers for $41.

914
00:34:08,089 --> 00:34:09,699
- That's expensive.
- $41?

915
00:34:09,743 --> 00:34:11,440
Give me the last
three years in sales.

916
00:34:11,484 --> 00:34:14,052
Yeah, so I just want to talk
about our pandemic pivot

917
00:34:14,095 --> 00:34:15,377
because it was a
big part of our story.

918
00:34:15,401 --> 00:34:16,856
It's never good when
someone asks you,

919
00:34:16,880 --> 00:34:17,901
"How much are you selling?"
and we get another story.

920
00:34:17,925 --> 00:34:19,144
And you change subject, yeah.

921
00:34:19,187 --> 00:34:23,191
In the last 12 months,
we've sold $495,000.

922
00:34:23,235 --> 00:34:25,169
And is it just the two
of you running the company?

923
00:34:25,193 --> 00:34:27,326
Like, tell me how is
this operation being run.

924
00:34:27,369 --> 00:34:28,718
It's the two of us.

925
00:34:28,762 --> 00:34:32,200
I mean, it's bootstrapped,
nose to the grindstone,

926
00:34:32,244 --> 00:34:33,332
pounding down doors.

927
00:34:33,375 --> 00:34:34,570
You're doing everything, though?

928
00:34:34,594 --> 00:34:36,117
Mike likes to tell
stories, doesn't he?

929
00:34:36,161 --> 00:34:37,790
- Mike's a storyteller, right?
- I'll jump in.

930
00:34:37,814 --> 00:34:39,773
He's Italian, I'm Italian.

931
00:34:39,816 --> 00:34:41,620
If we're not talking, we
don't know what to do.

932
00:34:41,644 --> 00:34:44,734
But it's very much an
all-hands-on-deck kind of effort.

933
00:34:44,778 --> 00:34:47,128
And are you 50/50 partners?

934
00:34:47,172 --> 00:34:49,565
No. Right now I own
100% of the company.

935
00:34:49,609 --> 00:34:51,089
Michael. You do?

936
00:34:51,132 --> 00:34:52,979
- He does.
- And what about Lauren?

937
00:34:53,003 --> 00:34:54,744
I still have a full-time job

938
00:34:54,788 --> 00:34:56,006
and I'm working on Long Wharf

939
00:34:56,050 --> 00:34:57,636
mornings, nights, and
weekends right now.

940
00:34:57,660 --> 00:34:59,619
Well, why doesn't Lauren
have a percentage?

941
00:34:59,662 --> 00:35:01,336
Yeah, why doesn't
Lauren have a percentage?

942
00:35:01,360 --> 00:35:04,754
There's a couple negotiations
we can do in this room today.

943
00:35:04,798 --> 00:35:06,626
Hey, who's the Shark?

944
00:35:06,669 --> 00:35:08,169
Hang on, Mike. Just
give me one second here.

945
00:35:08,193 --> 00:35:09,759
$375,000, 15%.

946
00:35:09,803 --> 00:35:12,197
$2.5 million valuation.

947
00:35:12,240 --> 00:35:14,677
$495,000 in sales.

948
00:35:14,721 --> 00:35:16,636
I get the oyster story.
That's really great.

949
00:35:16,679 --> 00:35:18,179
But it's a
sweater business, okay?

950
00:35:18,203 --> 00:35:20,466
Your worth is sort
of one-time sales.

951
00:35:20,509 --> 00:35:22,859
$375,000...

952
00:35:22,903 --> 00:35:26,341
I'd need to have like 75% of it.

953
00:35:26,385 --> 00:35:28,300
We appreciate the offer,

954
00:35:28,343 --> 00:35:30,703
I haven't said ...but
that deal's a little too steep for us.

955
00:35:31,607 --> 00:35:33,150
He didn't give an offer.

956
00:35:33,174 --> 00:35:35,283
Mike, let me tell
you... the valuation's insane.

957
00:35:35,307 --> 00:35:37,831
The company's not
even worth $375,000 yet.

958
00:35:37,874 --> 00:35:39,224
You asked for too much money.

959
00:35:39,267 --> 00:35:41,182
I'm out.

960
00:35:41,226 --> 00:35:44,185
We appreciate it, Mr. Wonderful.
Thank you for your time.

961
00:35:44,229 --> 00:35:46,029
You know, I mean, I'm
really attracted to this

962
00:35:46,056 --> 00:35:49,016
because my daughter
is five years old.

963
00:35:49,059 --> 00:35:50,887
You know, they asked
all the kids in school,

964
00:35:50,931 --> 00:35:52,976
"What do you want to
be?" and two of the kids say,

965
00:35:53,020 --> 00:35:54,824
"I want to be a venture
capitalist when I get older."

966
00:35:54,848 --> 00:35:57,242
My daughter said, "I
want to pick up trash."

967
00:35:57,285 --> 00:35:58,721
Interesting.

968
00:35:58,765 --> 00:36:00,636
Nothing against the
hardworking men and women

969
00:36:00,680 --> 00:36:02,116
that clean up our cities.

970
00:36:02,160 --> 00:36:04,007
And I asked her, "Why do
you want to pick up trash?"

971
00:36:04,031 --> 00:36:05,772
And then she looked
at me at five years old

972
00:36:05,815 --> 00:36:07,904
with those big,
beautiful eyes and said,

973
00:36:07,948 --> 00:36:09,819
"Because I want to clean
up the world, Daddy."

974
00:36:09,863 --> 00:36:11,169
Right? Ohh. Aww.

975
00:36:11,212 --> 00:36:13,475
And so this is
something I want to do.

976
00:36:13,519 --> 00:36:16,826
It's something that our
kids need to understand.

977
00:36:16,870 --> 00:36:21,004
But the number is so much
to wrap our heads around,

978
00:36:21,048 --> 00:36:24,051
and I would be making
an uneducated decision

979
00:36:24,094 --> 00:36:26,009
and paying the
most I could for it.

980
00:36:26,053 --> 00:36:27,639
So we're trying to... So
I have to pass. I'm out.

981
00:36:27,663 --> 00:36:28,925
With that $375,000...

982
00:36:28,969 --> 00:36:30,884
Oh, we appreciate
your time, Daymond.

983
00:36:30,927 --> 00:36:33,147
Um, I think it's
really interesting.

984
00:36:33,191 --> 00:36:35,889
You do think that there's a
gap in the market, don't you?

985
00:36:35,932 --> 00:36:37,238
We do. I mean, we see ourselves

986
00:36:37,282 --> 00:36:40,546
becoming the face of
the circular economy.

987
00:36:40,589 --> 00:36:42,480
We believe that... That wasn't
an opportunity for a speech.

988
00:36:42,504 --> 00:36:44,027
It was just a statement.

989
00:36:44,071 --> 00:36:45,309
No, I'm just...

990
00:36:45,333 --> 00:36:47,553
What I'm looking at now is,

991
00:36:47,596 --> 00:36:49,990
is there actually a
market in that gap?

992
00:36:50,033 --> 00:36:52,122
Because I think
what your mission

993
00:36:52,166 --> 00:36:54,013
and what you're trying
to stand for is really great.

994
00:36:54,037 --> 00:36:55,778
How do you make
this into a business?

995
00:36:55,822 --> 00:36:58,390
Isn't there something
bigger that you could be doing

996
00:36:58,433 --> 00:37:00,914
that would be helping the
oceans in an even bigger way

997
00:37:00,957 --> 00:37:02,357
You don't like this
business at all?

998
00:37:02,394 --> 00:37:03,980
- No.
- We'd like to get there,

999
00:37:04,004 --> 00:37:06,224
and I think we're on
the track to do that.

1000
00:37:06,267 --> 00:37:07,679
Let me ask the
question a different way.

1001
00:37:07,703 --> 00:37:10,140
Can you sell something that
everybody can afford to buy

1002
00:37:10,184 --> 00:37:11,794
so everybody can participate,

1003
00:37:11,838 --> 00:37:14,057
a T-shirt that
everybody can say,

1004
00:37:14,101 --> 00:37:16,234
"Hey, I'm supporting
conservation

1005
00:37:16,277 --> 00:37:20,063
and reclamation of oysters
and making the oceans better"?

1006
00:37:20,107 --> 00:37:22,544
There's got to
be a path to scale.

1007
00:37:22,588 --> 00:37:24,242
Yes, and there is.

1008
00:37:24,285 --> 00:37:26,592
So, right now what we've
been talking to you guys about

1009
00:37:26,635 --> 00:37:28,724
is our lambswool blend.

1010
00:37:28,768 --> 00:37:30,857
But something that
we're working on

1011
00:37:30,900 --> 00:37:33,207
is a cotton and
recycled-material blend.

1012
00:37:33,251 --> 00:37:35,905
It's much more versatile
than our wool blend,

1013
00:37:35,949 --> 00:37:38,299
which is made to keep you warm.

1014
00:37:38,343 --> 00:37:41,650
Just tell me, can you
sell a T-shirt for $29.95,

1015
00:37:41,694 --> 00:37:44,218
make 60-plus percent margins,

1016
00:37:44,262 --> 00:37:47,395
accomplish the same thing,
and sell five million of them?

1017
00:37:47,439 --> 00:37:49,330
We think we can sell five
million of these sweaters.

1018
00:37:49,354 --> 00:37:50,354
I'm out.

1019
00:37:53,183 --> 00:37:55,055
We do appreciate your time.

1020
00:37:55,098 --> 00:37:56,491
You know what's a bummer?

1021
00:37:56,535 --> 00:37:59,625
Mark's idea's a really great
one because people care.

1022
00:37:59,668 --> 00:38:01,801
His daughter cares.
We all care, right?

1023
00:38:01,844 --> 00:38:04,040
And we want to be able to do
things and get behind things,

1024
00:38:04,064 --> 00:38:05,326
but, to Mark's point,

1025
00:38:05,370 --> 00:38:08,634
in an affordable,
inexpensive way, a T-shirt.

1026
00:38:08,677 --> 00:38:11,593
And when he said, "How about
doing that? Can you tell me doing that?"

1027
00:38:11,637 --> 00:38:12,957
And if you had
said to him, "Yes,"

1028
00:38:12,986 --> 00:38:14,355
I would have said,
"Mark, I want to join you."

1029
00:38:14,379 --> 00:38:16,337
But you didn't.

1030
00:38:16,381 --> 00:38:17,923
- Look at Michael.
- But you didn't.

1031
00:38:17,947 --> 00:38:19,819
It was the moment
to jump in and say,

1032
00:38:19,862 --> 00:38:22,343
"Yeah, you know what? It's a
good idea. We'll figure it out."

1033
00:38:22,387 --> 00:38:24,278
We'll make anything - out of oyster shells.
- And you guys, unfortunately,

1034
00:38:24,302 --> 00:38:25,757
Now you're talking,
but... because you didn't,

1035
00:38:25,781 --> 00:38:27,870
I'm so sorry, but I'm out.

1036
00:38:29,524 --> 00:38:31,285
- Well, we appreciate it, Lori.
- Thank you for your time, Lori.

1037
00:38:31,309 --> 00:38:33,572
Look, I think you've
come with a great product,

1038
00:38:33,615 --> 00:38:35,661
a really, really good idea.

1039
00:38:35,704 --> 00:38:38,054
There's two things
I don't like about it.

1040
00:38:38,098 --> 00:38:39,969
One is clearly the valuation.

1041
00:38:40,013 --> 00:38:41,884
And the second
thing, interestingly,

1042
00:38:41,928 --> 00:38:44,017
is you haven't given
any share to your sister,

1043
00:38:44,060 --> 00:38:45,671
who I think is just
about as passionate

1044
00:38:45,714 --> 00:38:47,412
in this business as you are.

1045
00:38:47,455 --> 00:38:49,718
So can you answer why
that hasn't happened?

1046
00:38:49,762 --> 00:38:53,374
Honestly, Peter, we haven't
even thought about it yet.

1047
00:38:53,418 --> 00:38:55,333
Lauren's put in the time.

1048
00:38:55,376 --> 00:38:56,701
Did you think about, Lauren?

1049
00:38:56,725 --> 00:38:58,094
You might want
to ask Lauren that, yeah.

1050
00:38:58,118 --> 00:39:00,294
Lauren, would you take
it if he offered you equity?

1051
00:39:00,338 --> 00:39:01,643
Yeah, absolutely.

1052
00:39:01,687 --> 00:39:03,273
Michael, are you going
to offer her some equity?

1053
00:39:03,297 --> 00:39:04,603
Yes.

1054
00:39:04,646 --> 00:39:05,952
How much is she gonna get?

1055
00:39:07,388 --> 00:39:08,757
I'd like to see
Michael's commitment.

1056
00:39:08,781 --> 00:39:10,304
How much would you give her now?

1057
00:39:10,348 --> 00:39:11,436
Hmm.

1058
00:39:11,479 --> 00:39:12,915
Lauren, what do you want?

1059
00:39:12,959 --> 00:39:13,916
I'll take 10%.

1060
00:39:13,960 --> 00:39:14,700
That's it?

1061
00:39:14,743 --> 00:39:15,831
Done.

1062
00:39:15,875 --> 00:39:17,267
Alright! We got a deal finally.

1063
00:39:17,311 --> 00:39:18,984
Great, you've just done
a deal in the Shark Tank.

1064
00:39:19,008 --> 00:39:20,619
- Congratulations.
- We'll take it.

1065
00:39:20,662 --> 00:39:22,858
You might do another one 'cause
I'm gonna make you an offer.

1066
00:39:22,882 --> 00:39:25,058
Awesome. Let's hear it.

1067
00:39:25,101 --> 00:39:28,278
I am able to help you sell this

1068
00:39:28,322 --> 00:39:31,804
on a global basis
in multiple markets.

1069
00:39:31,847 --> 00:39:33,936
I've got a business...
I'm a major shareholder.

1070
00:39:33,980 --> 00:39:35,416
It's called Localised.

1071
00:39:35,460 --> 00:39:37,766
We take even American brands,

1072
00:39:37,810 --> 00:39:39,942
and we put them
into global markets.

1073
00:39:39,986 --> 00:39:41,267
I'm going to offer
you all of the money...

1074
00:39:41,291 --> 00:39:44,512
That's $375,000...

1075
00:39:44,556 --> 00:39:46,949
- But I want 45% - of the business.
- Ooh!

1076
00:39:46,993 --> 00:39:48,144
- Yowza!
- Wow.

1077
00:39:48,168 --> 00:39:49,387
Wow!

1078
00:39:59,309 --> 00:40:00,572
Four Sharks are out.

1079
00:40:00,615 --> 00:40:02,748
Peter is interested
in Lauren and Mike's

1080
00:40:02,791 --> 00:40:05,272
recycled-oyster sweater
company, Long Wharf,

1081
00:40:05,315 --> 00:40:06,708
but he wants a much bigger bite

1082
00:40:06,752 --> 00:40:09,015
than the 15% they
came in offering.

1083
00:40:09,058 --> 00:40:10,340
I'm going to offer
you all of the money...

1084
00:40:10,364 --> 00:40:11,887
That's $375,000...

1085
00:40:11,931 --> 00:40:14,586
- But I want 45% - of the business.
- Ooh!

1086
00:40:14,629 --> 00:40:15,369
- Yowza!
- Wow.

1087
00:40:15,413 --> 00:40:16,370
Wow!

1088
00:40:16,414 --> 00:40:17,719
The British are coming!

1089
00:40:17,763 --> 00:40:20,156
Yeah. No...

1090
00:40:20,200 --> 00:40:22,202
That they are. Um...

1091
00:40:22,245 --> 00:40:23,769
I think that's a
hell of an offer

1092
00:40:23,812 --> 00:40:25,901
because you don't
have anything yet.

1093
00:40:25,945 --> 00:40:27,816
You got oysters, you
got some water bottles,

1094
00:40:27,860 --> 00:40:29,165
you got nothing in sales.

1095
00:40:29,209 --> 00:40:30,489
And you got a new partner.

1096
00:40:30,515 --> 00:40:33,735
You do that deal, you
lost 55% in one minute.

1097
00:40:34,954 --> 00:40:36,521
Um...

1098
00:40:36,564 --> 00:40:37,826
What are you thinking?

1099
00:40:37,870 --> 00:40:40,046
Your dream for having
this business successful

1100
00:40:40,089 --> 00:40:42,222
becomes reality the
minute you say yes.

1101
00:40:42,265 --> 00:40:44,703
What do you want to do?

1102
00:40:49,838 --> 00:40:52,406
Yeah.

1103
00:40:52,450 --> 00:40:55,453
Peter, we we'd love to
have you join the family.

1104
00:40:55,496 --> 00:40:56,541
Great.

1105
00:40:56,584 --> 00:40:58,412
We appreciate the offer, but...

1106
00:40:58,456 --> 00:41:00,240
Is that a deal?

1107
00:41:00,283 --> 00:41:02,372
Would you consider 25%?

1108
00:41:02,416 --> 00:41:03,456
No.

1109
00:41:04,549 --> 00:41:06,986
To Kevin's point, this
business today is worth

1110
00:41:07,029 --> 00:41:08,988
maybe $300,000 to $500,000.

1111
00:41:09,031 --> 00:41:10,511
That's the reality.

1112
00:41:10,555 --> 00:41:14,254
And my business, we're the
only company in the world...

1113
00:41:14,297 --> 00:41:16,517
This is a big
statement, but it's true...

1114
00:41:16,561 --> 00:41:20,129
The only company in the world
that could take a global brand

1115
00:41:20,173 --> 00:41:22,654
and open them up in a
localized market like Japan,

1116
00:41:22,697 --> 00:41:26,005
Korea, and Asia
in 30 days or less.

1117
00:41:26,048 --> 00:41:28,573
That makes a very,
very unique difference,

1118
00:41:28,616 --> 00:41:30,096
and that's what I
bring to the party.

1119
00:41:30,139 --> 00:41:33,752
There... There's no
coming off of 45%?

1120
00:41:33,795 --> 00:41:36,537
No, because I just feel that
there's gonna be a lot of work here.

1121
00:41:36,581 --> 00:41:40,193
I'm not gonna budge on
that. It's my final offer, so...

1122
00:41:43,544 --> 00:41:44,763
Mm-hmm.

1123
00:41:47,461 --> 00:41:51,204
Well, Lauren's made
the decision on this one.

1124
00:41:51,247 --> 00:41:53,641
Peter, we really
appreciate your offer,

1125
00:41:53,685 --> 00:41:55,619
but it's more than we're
willing to give up right now.

1126
00:41:55,643 --> 00:41:57,689
Whoa! Cuban: Good for you guys.

1127
00:41:57,732 --> 00:41:59,188
- Understandable.
- Are you kidding?

1128
00:41:59,212 --> 00:42:00,605
No, that's smart as hell.

1129
00:42:00,648 --> 00:42:02,757
We really appreciate
everyone's advice and time today.

1130
00:42:02,781 --> 00:42:04,173
Good luck.

1131
00:42:04,217 --> 00:42:06,262
Well, listen, Peter just got
you 10% of the company.

1132
00:42:06,306 --> 00:42:07,370
- That's true.
- Right?

1133
00:42:07,394 --> 00:42:08,613
We're walking away as winners.

1134
00:42:08,656 --> 00:42:10,049
You've done a deal! Well done.

1135
00:42:10,092 --> 00:42:11,877
Absolutely. Thanks, guys.

1136
00:42:11,920 --> 00:42:13,637
- Thanks, everyone. - We appreciate your time.
- Good luck, guys.

1137
00:42:13,661 --> 00:42:14,682
Congrats, guys. Good luck.

1138
00:42:14,706 --> 00:42:15,944
- Good work.
- Wow.

1139
00:42:18,666 --> 00:42:20,146
So...

1140
00:42:20,189 --> 00:42:22,583
- Look at you!
- Got one deal done.

1141
00:42:22,627 --> 00:42:25,194
45% was way too high.

1142
00:42:25,238 --> 00:42:27,762
I did give up 10%
today to a great partner

1143
00:42:27,806 --> 00:42:29,590
who's been there
since the beginning,

1144
00:42:29,634 --> 00:42:31,331
but we're still
keeping it in the family.

1145
00:42:36,684 --> 00:42:44,684
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