‘Shark Tank’: ‘Chauvinistic’ Entrepreneur Offends Lori Greiner (RECAP)
Spoiler Alert
On tonight’s episode of Shark Tank, guest shark Dan Lubetzky returned to the tank and joined Robert Herjavec, Mark Cuban, Kevin O’Leary, and Lori Greiner to hear the business proposals from four hopeful companies — The Measuring Shovel, Pili Hunters, Supply, and EZC Pak.
Tensions ran high in the tank tonight, ending with Lori telling off an entrepreneur who ignored her. Read on for all the highlights from Episode 6.
The Measuring Shovel
Maddox and Amanda Prichard were first up in the tank seeking $40,000 for 15% stake of their gardening tool company, The Measuring Shovel. The tool, which offers measurements printed directly on it, allows for the user to know how deep they’ve dug without having to use a separate measuring device.
Maddox invented the tool in the fourth grade after watching his mother struggle to space out her plants while gardening. He was recognized at the 2016 National Invention Convention in Washington, D.C.
Kevin and Lori, who were blown away by the 13-year-old’s creation, decided to team up and offer $40,000 for 30% stake with the plan of licensing the product. Dan was equally interested in the product and offered $40,000 for 25%.
Maddox countered to Kevin and Lori and asked if they would drop down to 25%, to which they declined. He then asked again if they would go to $50,000, to which they declined once again. Ultimately, they felt since they are two sharks coming together, he should accept $40,000 for 15% — and he agreed.
Not too shabby for a teenage boy!
Pili Hunters
Next up was Jason Thomas, who introduced the sharks to his nut company, Pili Hunters. Seeking $325,000 for 10% of his company, Jason explained how a pili nut is the lowest carb and highest fat of any other nut on the planet, so he’s been targeting users of the Ketogenic diet.
“I’ve never had a nut this good,” Robert said while sampling the product.
After starting with only $100, he sold $2.5 million of product since conception. However, the sharks began to drop off after learning Pili Hunters had roughly 14 different products in his company and $400,000 worth of inventory.
“You want to sell everything. One thing’s working, and you leave it like, ‘I want to make this! I want to make that!’ The smarter you are, the more focus you need,” Robert said before going out.
The remaining sharks followed Robert’s lead, dropping out one by one, leaving Jason without a deal.
Supply
Patrick and Jennifer Coddou introduced the sharks to Supply, a single blade razor that offers a close, bump-free shave. The couple, seeking $300,000 for 10% of their company, explained how multi-blade razors can easily lead to ingrown hairs, while a single blade gets the job done without the skin irritation.
“Multiple blades means more friction,” Patrick said.
And the proof is certainly in the numbers. This year, Supply is on track to earn $2.5 million, selling direct to consumers online.
Lori was the first to drop out, saying that it simply just wasn’t the right product for her. Dan also went out, saying that he couldn’t add any value to the company. Mark dropped out as well, blaming his loyalty to his multi-blade razors.
Kevin chimed in to make an offer — $300,000 for 5% stake plus a royalty of $1.50 per unit in perpetuity. Robert also wanted a piece of the single blade razor company, offering $300,000 for 15% stake.
The couple countered Robert and asked if he’d come down to 12.5% stake, to which Robert declined, insisting that he was worth 15%. They agreed to Robert’s request and walked away with a deal.
EZC Pak
Last in the tank was EZC Pak, an immune support pack designed to reduce unnecessary antibiotic use. Dr. Sareth Malepati came in asking the sharks for $125,000 for a 5% stake in his company.
Dr. Malepati informed the sharks that 95% of doctors admitted to prescribing patients with antibiotics for unclear reasons. Why? Because patients request them. The increase of antibiotics use weakens the human’s immune system, leaving them susceptible to viruses and other illnesses.
“That is so wrong in every which way,” Mark said, adding that a patient needs to have more access to information about their health.
“We do have an issue where products are being marketed directly towards consumers who may or may not have adequate health literacy to determine if they have a specific illness,” the doctor retaliated.
“Yes, and that’s why this s**t gets sold,” Mark said, holding up the EZC Pak.
Lori, who admitted she’s a believer in the product, couldn’t help but notice that Dr. Malepati’s focus remained on Mark, even as she started to express her interest. “Why are you ignoring what I’m saying? That’s odd to me, I’m talking to you and you’re looking over at Mark. You know what? The fact that when I’m talking to you, you don’t even look at me, I’m out,” she said. “I’m offended, I feel like you don’t respect me as a female sitting here.”
“I don’t think I’ve ever reacted like this on Shark Tank. I just sense some chauvinism here,” she added.
After apologizing, he continued his pitch, explaining that he has 80% margins and over a million dollars in sales.
Despite the rocky pitch and animosity in the tank, Kevin still made an offer of $125,000 for 5% stake plus a royalty of $.60 per unit in perpetuity. The entrepreneur questioned the $.60 royalty and asked if he would be open to a $1 royalty that ends in 36 months. Kevin came back with $125,000 for 5% stake plus a royalty of $1 per unit which maxes out after $450,000 is paid. And the doctor made a deal.
But despite the good news, he was still visibly bothered by his awkward moment with Lori. “When Lori accused me of being a chauvinist, I was very surprised. That’s not who I am as a human being and I’m sorry that she felt that way,” he said.
Shark Tank, Sundays, 9/8c, ABC
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