Shark Tank Recap: Baker's Edge, Foot Fairy, Tie-Not, BZbox
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In a special encore presentation of the season five finale of "Shark Tank," four interesting companies made their pitches in attempt to secure investment from the Sharks.
Baker's Edge
What Is It? A tiny bakeware company that makes super funky, high quality pans and baking accessories in the United States, Baker's Edge is best known for its invention, the Edge Brownie Pan. This husband and wife company has created a whole line of bakeware that takes a fresh look at the "standard baking pan".
By embracing high-end design, best quality, and big personality they continue to throw curve balls to their competitors while building their fan club numbers.
The company's pans have been widely acclaimed for their innovation since launching in 2006 and have garnered rave reviews from amateur and professional bakers everywhere.
The Ask: $400,000 for 20%
How It Went Down: Matt and Emily Griffin pitched the idea that people prefer brownie's at the edge of the pan, so they created pans that give every brownie at least two edges.
The company has a utility patent and has sold $5.8 million in sales. In the past year, the company has a little over a quarter million in sales. The disparity comes because it once was featured on Oprah's Favorite Things list.
Mark Cuban dropped out first. Robert Herjavec followed as did Kevin O'Leary.
Lori Grenier was complimentary, but dropped out as well. Barbara Corcoran offered advice as to how the couple could go forward and dropped out.
Foot Fairy
What Is It? Foot Fairy makes foot measuring and shoe shopping simple and fun. It's a free iPad app created by two working moms (a podiatrist and a therapist) which effortlessly measures your child's growing feet.
Just place your child's foot against the iPad and it will automatically scan his/her shoe size. You then have the option to go directly to a pre-populated page on Zappos filled with shoes in your child's shoe size.
The Ask:
$75,000 for 15%How It Went Down: The doctor and her partner Nicole Brooks brought their apps to the Sharks with a presentation that highlighted how unpleasant shoe shopping can be. The pair wanted the money to build put the app.
The app is free and the company makes money on an affiliate basis when the company sells shoes. The company has no sales but had only been on the market for a few weeks before the pitch.
O'Leary and Grenier dropped out right away. Herjavec followed, leaving Corcoran and Cuban.
Corcoran loved the enthusiasm, but hated where the business was and dropped out.
Cuban expressed interest as he owns a similar company in the men's clothing space. He offered $100,000 for 40% of the company with the contingency that it works and that there is nothing comparable on the market.
The offer was accepted.
Tie-Not
What Is It? Tie-Not revolutionized the water balloon industry and solved the age old, problematic task, of tying water balloons. Wayne Sikorcin invented, as well as, patented his unique tying and filling device in 2010.
The Ask: $125,000 for 10%
How It Went Down: Sikorcin and his partner Scott Smith pitched the Sharks. Their product makes it easy to fill and tie water balloons and the Sharks seemed impressed but questioned the market.
The company has sales so far of $385,000 and a licensing deal it can cancel.
O'Leary questioned the valuation. Cuban dropped out right away.
Herjaveec liked the idea, but thought the valuation was too high as well, so he dropped out.
Grenier thought the item was too cheap to be sold on QVC and dropped out.
O'Leary dropped out leaving only Corocoran, who offered $125,000 for 25%, but offered it as $50,000 in cash and $75,000 in a credit line. The company countered and Corcoran declined to amend her terms. The offer was declined, so no deal was made.
BZbox
What Is It? BZbox is where origami meets home storage. The inventor, Kaeya Majmundar, a third year undergraduate at Emory University, developed a patent pending collapsible storage box design.
Her design allows customers to pop open the box for their storage needs, and then collapse it flat for later use.
The Ask: $50,000 for 20%
How It Went Down: Majmundar, whose family had hoped she would be a doctor, brought the idea to the Sharks.
Herjavec was concerned that the boxes cost more to make than traditional boxes. The product is patent pending.
O"Leary and Cuban both suggested that the time savings is not worth the additional cost.
"What would it take to get the price down to $.56?" O'Leark asked.
Herjavec dropped out first.
Cuban followed.
Corcorran thought Majmundar was not able to listen and lacked a killer sales instinct. She dropped out.
O'Leary expressed similar concerns and offered $50,000 for 50% but dropped out when Majmundar essentially begged Grenier to make an offer.
Grenier liked the idea, but was hesitant. She offered $50,000 for 40% of the company contingent on finding a way to manufacture it differently.
The deal was accepted.