Last into the tank is Martin Dimitrov of SnapClips, seeking $150,000 for 15 percent equity.
SnapClips is a weight collar that makes it easier and safer to swap out weights. According to their website, the “silicone grip and velcro lock secure SnapClips tightly against the weights, without damaging the bar or plates. Unlike other collars which lose tension, SnapClips never lose their tension and allow you to adjust how tightly they grip any bar 1.5 – 2.5 inches in diameter.” The clips, which are available in black and orange, cost $29.99.
The sharks love how simple the product is and its potential applications. With an investment, 19-year-old Dimitrov hopes to become full-time, which would involve quitting school. This year, the business did $6,500 in sales.
Lori Greiner thinks marketing would be tough, while Robert Herjavec thinks the business needs to expand. He goes out, followed by Barbara Corcoran. Greiner finds the patent “interesting” and offers $150,000 for 50 percent and guest shark Alex Rodriguez offers to partner. Mark Cuban then jumps in with an offer of $150,000 for 30 percent, with an option for Greiner and Rodriguez to join. They accept and also want him to stay in school. He accepts.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.
Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.
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Author: Erica Abbott