I asked for amends on the fact that this post is five days after the show aired. I'm a busy guy and this was the best opportunity I could find to write up a review for the most recent episode of Shark Tank. I must say that this week was an extremely impressive episode. Last week, we had one offer and one potential offer the entire episode. This week, we had several offers and it became extremely heated among the sharks. Speaking of which, the sharks were the same as last week: Mark Cuban, Daymond John, Kevin O'Leary, Barbara Corcoran, and Robert Herjavec.
The first entrepreneur was a guy from Alabama named Travis Perry, who pitched his product, "Chord Buddy." This product provided an easier way to learn how to play the guitar. Perry showed a ton of enthusiasm for his product and for teaching people how to play the guitar. I must say even I may have gained a bit of encouragement to go out and play knowing that controlling the chords will be a bit easier. Perry believed that keeping the production and jobs in America was key to the strive in his company. It seemed like Perry's American approach was not as severe as the same approach last week, because four of the five sharks (Cuban being the odd shark out) were interested in teaming up with him. The original offer was $125,000 for 10% of the company. O'Leary offered $125K for 20% plus a promise to star in the infomercial, John $125K for 20% plus a celebrity endorsement, Corcoran (making her first offer of the season) $175K for 20%, $50K of the stake would have to be used in an infomercial, and Herjavec also offered $175K for 20%, $50K of the stake to be used for the infomercial. Perry went with Herjavec (who was eager to learn how to play guitar)'s offer. The two went strumming out of the tank.
For a recap, Shawn Davis, who created a shrimp burger line, was this week's update. All of the sharks turned him down, but he seemed to be doing just fine.
Pat McCarthy was next into the tank. He created a scent line of perfume and cologne that smelled like money. While this seemed to be the product that would be right up the sharks alley, it really didn't prove to be the the dream product people who dream it would be. The only shark that showed any interest was Daymond John. The offer was $100,000 in exchange for 5% of the company. John would provide the money, but needed 80% of the company. McCarthy refused and the offer was turned down. As Corcoran said, the product didn't really smell so much like natural money.
Kyle Rainey was the next one in the tank. His product was "Tail Lightz," a not so hip glow in the dark patches that you place on your back pant pockets. The offer was $50,000 for 50% of the company. None of the sharks had interest. Who would blame them, because as they said, the patches were dated and they looked uncomfortable. I should add that they did a very poor job glowing in the dark. This would be one of those ripoff products like the Marvin's Magic Drawing Board.
Megan Cummins was last into the tank. Her product was "You Smell," a luxury soap company that came in such scents as lemon, which would be mentioned on the back of the bar wrapper. Her offer was $55,000 for 20% of the company. Three of the sharks expressed interest in the product. Cuban matched the offer, Corcoran offered $55K for 40% and Herjavec offered $55K and a $50K salary in the first year for 20%. Corcoran would eventually drop her offer to 30% and use comments about girl power and how women work harder to sway Cummins over. Nonetheless, she goes with Herjavec and his clearly strong offer. Cuban did do well, but Herjavec did better in an offer that couldn't be turned down.
Episode 3 of Shark Tank was clearly Robert Herjavec's episode. He went away with two strong offers of products that could potentially be huge. Chord Buddy is definitely something of the future, while You Smell seems like a regular luxury soap, but could come off big. It all goes to show you the limitations to each of the sharks. This was a fine episode indeed!
In the next episode, Lori Greiner from QVC will be sitting in Barbara Corcoran's seat for the episode and hoping to come out with an investment. The male sharks will all be the same. We'll just have to wait and see what the next episode has to offer. Should be really interesting.