Next into the tank are Katherine Saltzberg and Lauri Fraser of Hugo’s Amazing Tape, seeking $50,000 for 50 percent equity.
Hugo’s Amazing Tape is a versatile tape that holds without adhesive. According to their website, inventor Hugo Maisnik “envisioned a roll of tape with no adhesive, that had tremendous holding power – something that could wrap a delicate poster, or pristine rug, or large rolls of heavy paper (inspired by the fact that he operated a massive printing plant).” The durable, self-clinging tape has multiple applications and can be used for crafting, sewing, traveling and more. The tape, which is reusable and available in clear and purple, starts at $12.99.
During their best year, they did $68,000 in sales and in the last 12 months, they did $27,500 in sales. Kevin O’Leary thinks the duo is fun but calls them “bad theatre.” He doesn’t view it as a business and goes out, followed by Robert Herjavec.
Barbara Corcoran likes the tape and is impressed that it works when wet, but she encourages them to get rid of the business. She goes out. Lori Greiner and Mark Cuban then team up and offer $100,000 for the entire company. They accept.
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