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Guest Shark, Alex Rodriguez, joined tenured Sharks Mark Cuban, Barbara Corcoran, Kevin O’Leary, and Lori Greiner in the Shark Tank to evaluate four businesses seeking investment partners. Grind Basketball, Creation Nation, SneakErasers, and BeerMKR represented a wide variety of companies from the food and beverage space to the sports and consumer markets. While all four businesses were hoping to partner with a Shark, only two of these companies left with an investment partner on board. Read on to learn more!
Grind Basketball Partners With Mark Cuban and Barbara Corcoran
Former NBA hopeful, Thomas Fields, has created an affordable shooting machine to make practicing basketball more accessible to the average working family. Grind Basketball is a portable and collapsible device that installs quickly and easily underneath any basketball goal. It collects both shots made and missed and throws them back so you don’t waste your time chasing down the basketball. Although there are other similar products on the market, Grind Basketball is the lowest cost and utilizes payment plans to make it more affordable for families.
Is this automatic rebound machine a true game changer? #SharkTank
— Shark Tank (@ABCSharkTank) May 8, 2021
Thomas is seeking $250,000 in exchange for 5% equity in Grind Basketball. Because the company is just getting off the ground and they are just beginning to fulfill pre-ordered products, the Sharks are concerned that there is not enough proof in the market to tell if this is a worthy investment. Mark Cuban and Barabara Corcoran decided to partner together for a deal so that they can help with marketing and credibility in the market. They agree to invest $250,000 in exchange for 25% equity in Grind Basketball. Thomas accepts their offer.
Creation Nation Leaves the Shark Tank Without a Deal
Los Angeles native, Karen Nation, has dedicated her entire life to healthy eating solutions. While there is a wave of products on the market that offer protein powders for beverages and shakes, Karen has developed a line of protein mixes that can easily create no-bake protein treats for healthy snacking. Creation Nation features many protein powder mixes that can be combined with water, your favorite nut butter, and other simple ingredients to create protein bars and balls.
Do these healthy snack mixes have you stirring for a deal? #SharkTank
— Shark Tank (@ABCSharkTank) May 8, 2021
Karen is looking for a Shark who is willing to invest $300,000 in exchange for 12% equity in Creation Nation. Because she has had extensive problems with co-packing in the past, Karen is looking for a strategic business partner that can help her with long-term trust and stability in her supply chain. She is also looking to reduce her costs and improve upon her margins. The Sharks became frustrated with Karen when they were questioning if Creation Nation would be profitable this year and how much money would go into the bank. After evading the question, the Sharks decided it was too risky to invest in a company where the entrepreneur didn’t know the full financial picture of the company. Creation Nation left the Shark Tank without a deal.
SneakErasers Lands a Deal with Alex Rodriguez and Lori Greiner
Chris Pavlica and Kevin Consolo have developed a simple, low-cost product to help shoes keep looking their best. SneakErasers are pre-moistened, dual-sided sponges that are used to quickly and effectively wash away dirt, debris, and scuff marks on shoes. These consumable sponges can be purchased as major retailers and also at lower-cost discount stores under a different brand name. Through completely teaching themselves how to create and commercialize a product, Chris and Kevin have seen rapid growth in SneakErasers and are on track to sell $1.8 million by the end of the year.
Will this sneaker cleaner get a straight-laced deal or be kicked out? #SharkTank
— Shark Tank (@ABCSharkTank) May 8, 2021
Seeking $200,000 for 8% equity in their company, Chris and Kevin are hoping to partner with Sharks that can help them to expand their market and reach. Because SneakErasers can be used on a variety of shoe types, the Sharks feel that they should look into expansion with shoe companies as well as a blitz marketing campaign in the sporting good retail space. Lori Greiner and Alex Rodriguez decide to partner together and extend an offer to SneakErasers. Mark Cuban also decides to extend them an offer but quickly goes out when they begin to counter with him. Chris and Kevin decide to accept Alex and Lori’s offer of $200,000 in exchange for 20% equity that will be shared between them.
BeerMKR Walks Away From an Investment Offer From Kevin O’Leary
While getting their MBAs at Cornell, Aaron Walls and Brett Vegas, partnered up and developed a simpler solution to brewing beer at home. BeerMKR comes with kits to brew a variety of delicious craft beers from the comfort of your own home. By selling subscription refills, Aaron and Brett are hopeful they can offset the cost of low-profit margins on the BeerMKR technology itself. The pair are seeking a $500,000 investment from a Shark that is willing to help them get their business off the ground following a successful Kickstarter campaign.
Are the offers overflowing for this mini at-home brewery? #SharkTank
— Shark Tank (@ABCSharkTank) May 8, 2021
Although the Sharks love the taste of the product, they are concerned that BeerMKR is not yet in the hands of consumers and therefore there is no data to show proof-of-concept yet in the market. They also are very concerned with the company’s valuation and relatively low margins. Despite the concerns of his fellow Sharks, Kevin O’Leary offers to structure a deal with BeerMKR similarly to his wine partnership deals. He offered to loan Aaron and Brett $500,000 as debt for 36 months at 9% interest in exchange for a 3% stake in the company. Unwilling to give up that much equity and assume additional debt, Aaron and Brett walk away from Kevin O’Leary’s offer and leaves the Shark Tank without a deal.
What did you think about the businesses featured in this episode of Shark Tank? If you were a Shark, would you have invested in any of these businesses? Do you think that the Sharks should have invested in Creation Nation? Do you feel that BeerMKR will regret walking away from an investment offer in the Shark Tank? Start the conversation in the comments below!
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Shark Tank: Grind Basketball, Creation Nation, SneakErasers, and BeerMKR - Business 2 Community
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