‘Shark Tank’ Episode 2: Mark Cuban & Rohan Oza Offer One Lucky Company $1 Million (RECAP)
Spoiler Alert
On Episode 2 of Shark Tank Season 11, Mark Cuban, Kevin O’Leary, Lori Greiner, and Barbara Corcoran are joined by guest shark Rohan Oza to hear the business proposals from four different companies, Circardian Optics, Boost Oxygen, Face Yoga, and Atlas Monroe.
Who will walk away with a deal? Read on for all the highlights from Episode 2.
Circadian Optics
Circadian Optics is a light therapy lamp business that mimics the color and brightness of the sun for individuals who aren’t exposed to enough sunlight during the day. “Help us bring more light into people’s lives,” said Amber Leong, a Malaysian immigrant living in Minnesota, who asked for $750,000 in exchange for 10% of her company.
She shared that working in a corporate job with minimal exposure to sunlight was affecting her health and making her feel sluggish, so she bought a therapy lamp. The only problem? It was very big and cumbersome, and she was often teased by her co-workers. So, she took it upon herself to design a stylish, effective light therapy lamp.
With lifetime sales of $7.4 million, and $4 million in the last year, the sharks were instantly impressed with Amber’s company and impressive 20% margins.
“I’m looking for a strategic partner that can help take my company to the next level,” Amber pleaded.
Together, Mark and Lori offered $750,000 for 20% while Barbara and Kevin offered the exact same deal. Lori and Mark then added another $50,000 to their offer, which Amber happily accepted.
“I’ve never dreamed this big. If you have the chance and the opportunity to reach for your dreams, reach for your dreams,” she said.
Boost Oxygen
Mike Grice and Rob Neuner pitched their all-natural product, Boost Oxygen, which is compressed oxygen in portable a can used for health and wellness purposes. When the entrepreneurs revealed that they were looking for a hefty $1 million for a 5% stake in their company, Barbara immediately went out.
This year, they’re on track to make $1.5 million, but admitted they’re looking for the million dollars from a shark because they’re looking to expand their staff.
“You’re trying to educate people on a problem they don’t know they have,” Rohan said before going out.
Lori and Mark also revealed they weren’t big fans of the product.
Kevin, on the other hand, offered the entrepreneurs a $1 million loan at 9% interest for a 7.5% stake in the company. As a counter, they asked for $1 million loan at 6% interest for a 5% stake. Mr. Wonderful came back once more and asked to bump up the stake to 6.25%, to which Mike and Rob accepted.
Face Yoga
Say goodbye to plastic surgery and Botox. Face Yoga offers the natural solution which wakes up muscles in the face to maintain a youthful appearance. Entrepreneur Koko Hayashi asked for $200,000 for a 20% stake in her company and even demonstrated her very unusual facial exercises to the sharks.
Though the exercises themselves only take a few minutes a day to complete, Koko will offer training seminars to students who want to learn the specifics on how to master the moves.
“In Japan, face exercise has been very popular for over a decade so there are many schools and teachers,” she said, but her lifetime sales of only $17,000, the sharks weren’t too impressed.
“This Face Yoga thing is really hard to make money off of it,” Kevin said.
Koko unfortunately went home without a deal, but she admitted after leaving that she would “laugh” at the sharks if they try to ask her for Face Yoga classes in the future after she becomes successful.
Atlas Monroe
Two entrepreneurs, Deborah and Jonathan Torres pitched their vegan fried chicken company to the sharks, asking for $500,000 for 10%.
“The batter is extremely tasty. You really fooled me,” said Lori, who thought she was actually eating chicken instead of an organic vegan product.
Deborah revealed her father was diagnosed with type 2 diabetes so her family went on an organic vegan diet to support him. After becoming “hangry” from eating nothing but salads, she and Jonathan decided to experiment in the kitchen. Ninety days later, her father was healed and they continued their all-natural plant-based diet.
Rohan couldn’t wrap his head around the valuation, so went out. Mark, who became a vegetarian recently, offered $500,000 as a line of credit for 30% of the business. Shortly after, Rohan came back in to offer a new deal with Mark: $1 million to buy out the entire company plus 10% in royalties on product sold.
“We’ll do all the work. You are immediately a millionaire couple,” Mark said.
Surprisingly, the couple declined the million-dollar offer, but asked Mark to reinstate his original offer. Mark and Rohan end up retracting their offer and the couple walked away empty-handed.
“If somebody offers you a million dollars, you know you have something extraordinary,” Deborah said.
Shark Tank, Sundays, 9/8c, ABC
