Saturday, February 11, 2012

Shark Tank Season 3, Episode 4

Yesterday evening's episode of Shark Tank proved to be a very vicious, exciting episode that showed just how far the sharks and entrepreneurs would go to make a deal or have a deal made. The episode featured two duds and two very good ideas, but made fairly questionable decisions and may have not had the greatest products. I'll get to that when I review each pitch. The sharks featured in this episode included Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, and Robert Herjavec. That is correct, Lori sat in for regular female shark Barbara Corcoran

The episode started off with Ivori Tennelle and her product known as "The Swilt," which could be worn like a sweater and then turn into a quilt. Despite a deal of $30,000 for 35%, her product proved to be too much like a "Snuggie" and held incredible flaws. None of the sharks chose to invest in this product. I should add that her personality did not necessarily rub me the right way for one, and for two, I am not a fan of the Snuggie. I bought a blue Snuggie that has sleeves for my arms and that is it. I didn't like it and I gave the product to my dog. At least he's enjoying it more than I, because he simply tucks his upper body into the blanket and uses it like the product it does a better job at being.

Shelly Ehler is the next one into the tank. Her product, called "Show No," is a product that you wear like a poncho and use to change out of your wet bathing suit and into dry clothes. Kevin and Robert saw nothing more than a seasonal business in the product and went out. However, the other sharks wanted a part of the deal. With the original offer being $50,000 for 25%, Lori matched the offer and wrote a check right then and there, Daymond made an offer of $50,000 for 20%, and Mark decided to offer $75,000 for 25% of the company. Lori struck back by raising her offer to $75,000 and saying that since she's a woman, she could speak her language and that's an advantage. Daymond also bounced his offer to $75,000 and kept his interest in just 20% of the company. When Shelly felt the need to walk out for a moment, Kevin started ripping apart the sharks for falling for her emotional passion she expressed (she did have a story in which she had to sell her home and move with her husband and two sons), saying that they're making a big deal out of a towel with a slit in it and considered this as being "financial pornography." When Shelly returned, she decided to take Lori's offer, giving Lori her first offer of the season. The question I come out with is, how much can you do with this product? You would have to get your wet suit out of the towel, then get your dry clothes under the towel, plus getting a shirt on would be challenging. Getting the clothes in and out is what is most flawed about the product. I would simply have high hopes that the bathrooms are in good condition and then run into a stall to change.

"Note Hall" was the updated product of the week. This was a product in which two guys had an online site where users could buy notes off of people. They took Barbara's offer and have been succeeding since. They have since been made an offer by the Chegg and have been working with them on sending their product skyrocketing.

Kelly Chaney was next into the tank, with a product called "Puppy Cakes," which was a puppy mix with ingredients that were good for dogs. The sharks, however, did not find the product to be useful and more so a novelty product that did not sell. They all went out. The only one really enthusiastic about the product was her Vizsla, who came with her into the tank. She had little passion and could likely find more success on one of Paris Hilton's shows than in the business world.

The final entrepreneur into the tank was Eric Corti, who offered the sharks $40,000 in exchange for 30% of the company. His product, "Wine Balloon," is meant to go into the bottle and take out some of the excess wine in order to keep the majority of the wine in the bottle fresh. Kevin, a wine connoisseur, decided to match his offer, but in the condition that he goes with him to meet with a company in order to use the product. However, Lori and Mark disagreed with this tactic. Lori offered $500,000 for 100% of the company, and with Mark in the deal, they made a $600,000 offer to buy him out. Eric became hesitant and an inpatient Mark went out. Lori returned to her original offer. Robert and Daymond went out and believed Eric was not making the right decision. Mark decided that he would go back in, but the offer would be $400,000 for the entire company. Eric took Mark and Lori's offer, completely ignoring the offer Kevin put on the table. The decision as to selling his entire company remains questionable. I felt that such a big deal was made on this monster offer for complete control when there was an alternate offer on the table. Even if Mark and Lori's offer blew up into flames, Kevin had an offer matching the original offer, but had some more provisions. It just goes to show you how much of a reputation Kevin has built as being the quintessential money hungry shark who's simply in it for his own gain. If Eric wanted a fine amount of control, he could have very well went with Kevin on this one. Besides, you're working with someone who has an interest in wine.

This was an exciting episode. Lori Greiner's addition to the show was a fine one indeed. She's clever, she's smooth, she's calm, and has a good business ethic. Creating an empire with QVC only strengthens her resume. I believe she should be given more appearances if the show continues. There's no reason it shouldn't, because it's a hit, rating wise and in quality. Lori seems to have much more of a direct fight in the tank than Barbara and could engage in five shark battles. When Mark Cuban showed his aggressive personality and expectations of quickfire decisions, he was given a contract to appear during the entire season. Greiner is slick and extremely businesslike and by next season, she should be given a larger contract. It's unfortunate for sharks like Kevin Harrington and Barbara Corcoran, who either don't stick out or don't make enough offers respectively. Kevin O'Leary doesn't count, because while his offers aren't accepted very often, he makes enough offers and has a personality that's so vital to the show that without it, the show would not be the same.

Next episode will feature Lori Greiner and sounds very promising. We'll just have to see HOW promising.


1 comment:

  1. I love Shark Tank, it's a great reasource for entrepreneurs! I've had a few business ideas myself but am never sure if they're good enough to "make" it. I recently read a book titled "HOT or NOT: How to Know if Your Business Idea Will Fly or Fail", and it helped me pin point the areas of weakness in my idea so I could work on them before trying to find investors. If any of you other aspiring entrepreneurs out there would like some help, I'd definitely recommend checking this book out!