Light, wine, forts, and books all came together on April 18th’s episode of Shark Tank.
Let’s take a look at the companies that bared their souls to the investors, and what the sharks had to say about them.
Former UT Texas classmates Corey Egan and Swapnil Bora created ilumi.
Their company produces light bulbs that you can use an app to control, allowing consumers to remotely tune the color and brightness of their devices.
According to the company’s press release, their bulb is seven times more energy efficient than a regular light bulb and will endure for 20 years.
They asked for $350,000 from the sharks. “Your money gets our products into customers’ hands,” Egan told the judges.
The duo shocked the investors by announcing the cost of $289 for a 3 pack.
“I’m concerned with some of your competition out there,” added Greiner.
“I’ll give you $350,00 for 35 percent.” said Robert. He later backed out.
Mark offered the same money for 25 percent. He backed out after seeing Egan’s hesitation, but then gave the boys a second chance.
Kevin wanted to license them and get 15 percent of the royalties.
“Mark would be willing to meet at the middle at 20 percent?” Egan asked Mark.
In the end, it was Mark who gave them a deal.
Real life couple and parents, Felix and Jordan have a background in education. Jordan was the Head of K-12 Education at Google, and Felix was was Washington, DC’s Teacher of the Year.
They formed Zoobean, which curates books and apps to suit individual children’s needs.
“For us education is really everything,” said the Washington D.C.-based pair, who are a mixed race couple. They said that is part of the reason they made this company, to customize all people’s needs.
They asked for $250,000 for a 15 percent stake.
When they announced that they now have 85 subscribers, the investors seemed disappointed.
Mark brought up Amazon and asked:
What’s the secret sauce? What is it that makes you different?
Lori baked out first, stating their idea wasn’t unique enough.
Barbara sympathized because she adopted a child, but still said, “I really don’t think there’s a need for the business.”
After all the others sharks left the game, Mark remained. “I’m trying to figure out where this can go,” he said.
He made an offer of $250,000 for 30 percent of the business. The couple accepted.
Rolling out the new packaging! pic.twitter.com/8UkRyKKQ
— Chase Hoyt (@chasehoyt) March 10, 2012
Chase Hoyt showed off his bottle stoppers along with his father, Bob.
They were seeking $250,000 for 10 percent equity.
Their company ensures that a bottle of wine is re-corked with the correct amount of pressure.
Bed Bath & Beyond already bought their product, which impressed the investors.
Hoyt then explained his plans to expand this same idea to coffee.
Barbara backed out because she thought it seemed like so many other products she’s seen to conserve wine.
Kevin was the only one who even considered helping them, but called them “too greedy,” and the father-son team went home with nothing.
4. Fort Magic
Erika Pope, a former stay-at-home mom, presented her fort-making company for kids. She asked for 100,000.
The young entrepreneur said children can make forts “as big as their imagination.”
She revealed that they now sell almost entirely through Amazon.com for $190.
“It’s a lot sturdier than I would have thought,” said Robert, from the inside of the fort.
One Fort Magic kit gives kids the opportunity to build multiple fort designs.
— Fort Magic (@FortMagic) April 16, 2014
The judges were shocked to learn that Pope’s mother actually invested $200,000.
Barbara left after saying, “Your answers to the questions are driving me crazy.”
Lori didn’t like the fact that the product did not contain all the materials in one place.
“I think you’re going to sell a ton of forts,” Robert said. He offered to split the company’s profit. Pope countered by asking him to only take 25 percent, but he denied her.
Corey Egan and Swapnil Bora are the young entrepreneurs on April 18's episode of Shark Tank. The former classmates debuted "the world's smartest light."Click here to read more