Narrator: Tonight on "Shark Tank"...
What's your teacher gonna say when I call your cell
and you're in school in the class?
They're not gonna let you answer,
and that really pisses me off.
Rose is the social media queen.
This is Rose from Poplight. I'm kinda famous on TikTok, guys.
Robert. Hello, Maaaark.
Everybody that sees the mat says, "That is genius.
When are you going on 'Shark Tank'?"
All the time. What?
You're gonna need a hell of a lot more money
than you think you need.
I mean, is this just a commercial for you guys or...?
Yeah! [ Laughter ]
♪♪
Narrator: First into the Tank is an easy way
to brighten your living space.
♪♪
Where are they?
[ Chuckles ]
They changed their mind.
[ Rooster crows ]
Good morning, Sharks!
I'm Caroline. And I'm Rose.
And we're the wife-and-wife dynamic duo
from Denver, Colorado, and we're here seeking $150,000
for 8% in our company, Poplight.
When we first moved in together, we needed to install wall lights
on both sides of our bed.
Now, Sharks, we're pretty handy,
but installing wall lighting is a real hassle.
Punching holes in your wall,
running wires for electricity, patching drywall.
Who has the time?
We could hire an electrician to do it,
but that could cost over $1,000.
In this economy?
We thought there could be a better way
to install wall lighting, and Sharks,
that's when we had our light-bulb moment.
Let's show them how it's done.
This is Poplight.
Poplight is modern, stylish wall lighting
that's as easy to install as it is to remove.
Poplight installs in seconds.
The base attaches to your wall using double-sided adhesive.
No tools required.
Plus, the Poplight base has a built-in level,
so you'll always stick the landing the first time.
-That's cool. -Oh, good idea.
All that's left to do is swivel and click Poplight into place.
Cuban: That's cool. Wow. Wall lighting in seconds.
Corcoran: That's it? Plus, it's dimmable.
Sorry. What was that, Lori?
You want to know how Poplight's powered?
Great question.
Poplight is USB-C rechargeable.
Simply pop out the battery when you need to charge it,
or leave it plugged in if you like the look.
Options. And we agree, Mr. Wonderful.
Time is "shmoney."
It is not a very executive move to have to get up
and adjust your wall lighting.
And that's why we created the Poplight app,
where you can choose between three different color warmths,
set a sleep timer, dim your Poplight,
and control multiple at once.
Whether you're a first-time homeowner
moving into an apartment, setting up a dorm room,
or just want wall lighting that's easy to install,
Poplight is modern wall lighting designed for everyone.
So, Sharks, who's ready to revolutionize wall lighting
with Poplight?
Sharks, in front of you is your very own
gorgeous Poplight for you to check out.
-Super cool. -Thank you.
What happens to the wall when you take off the adhesive?
Nothing.
We designed Poplight so that when you remove the tape,
you don't leave any damage on your wall.
Herjavec: Where's the button to turn it on?
Caroline: If you look at the bottom,
you'll see a little power... Robert!
...and you just have to tap it.
Got it. Robert.
Greiner: So that's -- it's very -- Hello, Maaaark.
Great idea.
-Thank you. -Thank you.
This is a prototype,
so we just did our first round of tooling.
So you have our first tooling prototypes.
-Oh, wow. -Don't drop it.
Rose: It's our baby.
They did a nice job, though. The tooling looks good.
It's very clean, yeah.
Herjavec: How much are you gonna sell it for?
So they retail for $95.
And what is it going to cost you to make? For one?
Yeah, for one. Mm-hmm, yeah. So it costs $25 to make,
about $30 landed, $95 retail,
which puts our profit margin around 68%.
You're gonna sell direct to consumer only? That's kinda expensive, guys.
Caroline: Sorry? That's kind of expensive, don't you think?
We also ran a lot of tests.
We found that people were more responsive
if we priced it higher and offered a bigger discount.
-I don't think $95 is expensive. -And offered a what?
Offered a bigger discount, yeah. Discount.
How long does the charge last?
Yeah, it takes about four hours to get fully charged.
And then the battery lasts between five and nine hours,
depending on how bright it is.
But you can leave it plugged in all the time using that cord.
So I'm curious -- are there any others out there like this
where it's an adhesive back,
besides the ones where you pop-on, pop-off?
You know what I'm talking about? Yeah, yeah. Tap lights.
The under cabinet, like -- tap lights.
-Yeah. -Thank you.
Yeah, it actually didn't exist. So, we needed it.
We looked for it. We couldn't find it.
And we actually have a patent.
So we have three patents on this.
What do they cover? We have a design patent.
And then we have two pending patents
on the technology behind Poplight.
One is the way that Poplight swivels and clicks
and the way it's removable, the base from the wall light.
-The base to it. -Smart.
And then also the way the tape attaches to the base.
And that's the part we wanted to protect,
because that means that if you were to put another
stick-on wall light on the wall, you would rip off the paint.
Herjavec: Have you sold any?
So we launched an incredibly successful Kickstarter
at the beginning of this year.
We did over -- Ooh, tell us more.
We did over $178,000 in a little under four weeks.
Despite launching at 6:00 a.m.,
we met our goal at around 22 minutes.
Wow. And then what we're running into is inventory.
We are slated to run out of our first run
in about four months.
To meet the Kickstarter order? Mm-hmm.
And have you shipped any of that yet?
-Not yet. -No.
Do you have any orders outside of crowdfunding?
We launched a website.
Rose is the social media queen.
This is Rose from Poplight. I'm kinda famous on TikTok, guys.
You are? What for? A little bit.
We went viral on TikTok.
We've actually gone viral several times.
But all of our sales since our Kickstarter
have been just through organic content.
Tell us the sales after Kickstarter online.
It's not very exciting because we just got
our website live. Yeah. But about $5,000.
I'm guessing you both have other jobs still at this point?
We both still have full-time jobs, which is great
because it helps us fund the -- what we're doing with Poplight.
There's nothing wrong with it. What do you guys do?
Yeah. Well, tell us about you. What's your background?
I've been working in tech for several years,
working in fast-paced startups.
I am a data whiz, and I think the most important thing
I can tell you about myself is I'm the daughter
of multiple generations of entrepreneurs.
My grandfather, most importantly,
moved to America with not much except his skills
and built an incredible life for himself.
And I, like, really can say if he could see
what I'm doing right now and who I'm talking to,
the Manischewitz would be flowing.
It's just like, it's such an honor to be here.
Caroline: Yeah, it really is.
Mazel tov to your grandfather. Thank you.
So I'm a licensed clinical social worker.
I provide therapy to individuals and couples,
and at the end of the day, Poplight or people,
I just love figuring out how things work.
All right, guys, look, the whole deal is very nascent.
It's a total crapshoot, I think. But I'll make you an offer.
Hold my hand. I'll give you the $150,000 for the 8%,
but I want a royalty of $2 on it until I get back $500,000.
Then the royalty drops to $1 in perpetuity.
We thought you'd throw in a royalty.
-Of course I would! -Shocking, right? Just shocking.
It's actually a really good deal.
That's not his worst deal ever, trust me. No.
I think you guys are incredible.
Or Kevin is getting softer in his old years,
because that is a really good offer.
-No, it's definitely us. -Yeah.
I'd like to give you a rather simple offer. Caroline: Uh-huh.
I'll give you the $150,000.
I don't even want the stock, honest to God.
But I would like to get a $20 royalty.
$20? Yes.
-But no equity. -Whoa!
No equity at all.
$20 per unit?
-Wow. -$20 per unit.
-Wow. -That's just brutal.
♪♪
Narrator: All Sharks are still in.
Caroline and Rose have two offers on the table
for their removable wall light, Poplight.
Kevin has offered $150,000 for an 8% stake,
plus a $2 royalty until $500,000 is paid.
Then the royalty drops to $1 per unit sold.
Barbara has offered $150,000 for no equity,
but wants a $20 royalty.
I don't think they make enough money, Barb.
No, I think you do make enough money at $20.
When will that end? And you keep your total stock.
When does that end, Barbara?
Never ending. That's the best part.
Never, ever ending. Wow.
Never ending. Wow.
Herjavec: I don't know what's happened here.
Barbara and Kevin changed spots.
-So you're gonna be left with -- -Yeah. Yeah.
-Nothing, yeah. -It eats into some of our --
-You can't invest, yeah. -That's a brutal offer.
Caroline, Rose, you guys, I love the product.
You two are really impressive.
Thank you. I think you'll figure it out.
I think Kevin made you a pretty good offer.
I would take his offer, I gotta tell you. Really?
Barbara's offer is absolutely nuts.
I don't know what she's doing. There's nothing wrong with that.
Yeah. I'm out.
Yeah. Thank you for that.
What are you doing, Lori?
I am not sure about your marketplace.
I'm familiar with quite a few things
that stick on the wall that light up.
So I have a little bit of concern
about your competition.
For those reasons, it makes me hesitate,
and I'm out.
There's absolutely stick-on lighting.
One thing that keeps ours a little bit different from that
is that the stick-on is hidden.
So most stick-on lighting,
it either is showing underneath the light,
so when you remove it, you have that access to the tab.
But then you see the plastic bits that are behind your light.
Or even worse, you can't access the tape
and you have to rip it off your wall and take off the paint.
That's the win-or-lose to your business, right?
Because if it's transient, if I can just stick it
and then pull it off and move it when I need to move it,
and you're the only one and that's pretty protective,
you win.
If you're not, you battle.
But I'm just not convinced. Right?
So for those reasons, I'm out.
So can I clarify it? The question --
O'Leary: Hey, these guys are out.
Time to focus on the deals now.
Barbara, would you consider any less than $20?
On the royalty? What do you feel you can afford?
I think $12 would be more comfortable for us.
-Damn. -Wow.
If you'll take $100,000 in cash and $50,000 in a credit line,
I'll do that deal.
Wow. All of a sudden, a really good offer.
Okay, guys, you gotta make a decision.
Okay. All right. Kevin, would you consider
having that royalty go until you hit $350,000?
No.
What would you consider?
What I ga-- the offer I gave you.
I think it's very fair. I like it a lot.
There's absolutely no wiggle room there?
No. Okay.
Um, what do you think?
Kevin, we'd love to do that offer with you.
-What?! -Absolutely.
-Congratulations, ladies. -Let's have some fun.
Thank you for your consideration and your patience, for real.
Thank you. We're so excited.
Thank you. Congratulations, guys. Well done.
-Thank you, guys. -Bye.
Have a good rest of your night.
Greiner: Bye.
Don't you just love them? Yeah, I do. They're great.
I think I want to adopt them.
-They're great. -Exactly.
How are you feeling? I'm really good.
I can't believe that happened.
[ Exhales ] That was wild. Yeah.
Now that we have Mr. Wonderful,
we are just gonna go back to the drawing board
and keep working, keep working, keep working.
There's so much to do with Poplight.
We can't wait to get it out there.
Narrator: In season 14, Ashley and Charles Young
made a deal with Emma Grede
for their inclusive bridesmaid gown line, Bridal Babes.
I know this business incredibly well.
I make inclusive sizing at both Skims and Good American.
Let's see what they're up to now.
Ashley: Bridal Babes is the first size-inclusive
bridesmaid gown line for women of color and women with curves.
After the episode aired, we were flooded with inquiries.
So many people were excited to shop with us, support us.
It was life-changing.
We saw a 600% increase in web traffic.
The exposure allowed us to switch from
a paid advertising strategy to a more organic strategy,
because the customers were already there
and so invested in the brand.
We need to make women feel seen, heard, and represented.
Investing in Bridal Babes was a total no-brainer.
I know this space better than most,
and I thought their approach was just so special.
And, ultimately, they've completely cornered the market
when it comes to inclusive dresses
at this beautiful price point.
Charles: Three years before "Shark Tank,"
we had $2 million in lifetime sales.
After closing the deal with Emma last year,
we generated over $1 million in just one year,
and now we've generated over $3.3 million
in lifetime sales.
Ashley: Today, we're hosting
the Bridal Babes end-of-season celebration,
where we're gonna see a fabulous fashion show,
chat with some of our industry experts,
and create that buzz before the upcoming wedding season.
I'm so proud of Charles and Ashley.
They're truly innovating for a community
that is massively underserved in the market,
and they're doing it for them and their family.
This is gonna be a great legacy business for them.
I want to thank you, Ash,
because I told you when we were getting married
that you had a special vision.
Ashley: Disrupting the bridal industry has been difficult,
but also rewarding.
We have created this community of women
who've been overlooked by the bridal industry for decades.
Our kids look to us and they say,
"I want to be an entrepreneur one day,
just like Mom and Dad."
It's so important for them to be able to see that
and to be able to model it
and know that it's possible for them as well.
♪♪
Narrator: Next into the Tank
is a way to keep everyone dry on rainy days.
♪♪
Hello, Sharks. My name is Nathaniel Wellen.
I'm from Los Angeles, California.
This is my mom. This is my sister.
And I'm seeking $100,000
for 10% equity in my company.
Sharks, we've all been there.
You get caught in the rain and you take out your umbrella,
but you're with someone of a different height.
Maybe it's your tallest friend.
Maybe it's your fast-walking, fast-talking business partner.
Or, ugh, maybe it's your little sister.
No matter how hard you try,
the two of you can't stay dry under that tiny brim.
There isn't even enough room for both your hands on the handle,
so you struggle for control.
Maybe she pulls it down to her height
and it smacks you in the head. Aah!
Or -- and I'm sorry it had to happen
like this, little sister --
but she walks too fast to stay under the umbrella.
She's hit by a sudden torrential downpour!
[ Laughter ]
Sharks, either way, no one's safe, no one's dry,
and no one's happy.
It's been thousands of years,
and the standard umbrellas we use today
have not changed much.
That's why I invented The Duo,
the dual-handle umbrella designed for two. Voilà!
The Duo conveniently adds a second hidden,
adjustable handle so that two people of different heights
can share the umbrella at the same time,
walk in the rain, stay safe, they stay dry.
And most importantly, they're feeling right as rain.
Because you know what, Sharks?
Everyone deserves their own handle.
The Duo comes with a 54-inch larger canopy,
so two people comfortably fit underneath it.
We have our compact Duo that fits in any purse or bag,
or our stick umbrella.
It makes you look like a million bucks.
Either way, we've got you covered, literally.
Sharks, again, it's been thousands of years,
and the umbrella really hasn't changed.
Why don't we make umbrellas
the way they should have been created from the very beginning?
Help me make it rain with The Duo.
Herjavec: Yeah! [ Laughter ]
-Good, good. -Good job.
You sound like a kid out of a 1985 movie or something.
-Yeah. -Thank you.
Tom Cruise in "Risky Business."
Okay, while my mom and sister go dry off,
why don't you take a look at the samples
that I have in front of you.
Oh, wow. That is a good size for a little --
you know, the compact umbrella.
Hey, how does the -- oh, you just pull it down.
Yes. If you pull on the strap on the bottom...
Now, where's the second handle?
...it'll come exactly down.
So that umbrella... There you go.
...that's a prototype. That's not the final product.
We're getting ready to go to market.
Oh, you're a pre-revenue company.
We are a pre-revenue company,
but we're getting ready to go to market.
So three things constantly bring me
to that million-dollar valuation.
-Tell us. -Number one...
We can't wait to hear.
...our IP, our patents. I don't want to --
We have one utility patent granted.
-You do? Good for you. -Yes, we do.
-That's a big accomplishment. -But for what, Nathaniel?
-For the idea of two handles. -Got it.
Now, we have one other utility patent pending.
That's for the second handle, the locking mechanism inside it. Oh.
Nathaniel, how old are you? I'm 15 years old.
-What?! -You're 15?
Thank you. So I made the prototype.
I developed the design. I even applied for and received
that first utility patent when I was 9.
Greiner: Oh, my gosh! You're so cute.
That's me and my dad when I was young, yep. Aww!
And then I got invited to the Henry Ford Museum
to compete in the National Invention Convention.
-Wow. -Uh, yeah,
where I won Most Original Invention... Good for you.
...in the country out of 144,000 participants.
-Wow. Good for you. -Wow. That's amazing.
How did you get from your original idea to where it is today?
Yeah, so that's where our partner comes in, Shed Rain.
They are the number-one U.S. market leader for everything
umbrellas in volume and distribution and sales. You're kidding.
So you've already cut a deal with your manufacturer?
Exactly. That's --
-Well! -Yes. They own --
Tell us about that deal. Don't talk to him anymore.
They own 49% of the company.
But they sell over 15 million umbrellas every single year. Herjavec: Wow.
-Now you're talking. -That's smart.
And what was the deal you did with them
for them to get 49%?
For 49%, they're gonna help us in the prototypes.
They're gonna help us in manufacturing, distribution.
They're gonna get us into places like Target,
Walmart, Kroger, Costco. But they didn't pay you
for that 49%. They did not, no. We're --
So they have equity and you have equity.
Exactly. And you're going to share the profits
and whatever comes into the company together.
-Of course, yeah. -And how did they find you?
Well, I made a cold call to Shed Rain.
Thank you. Wow. On your own?
Yes. You just picked up the phone and called them?
Yeah. I e-mailed, called up,
reached out to a bunch of companies.
Shed Rain really stuck out.
I formed a really good bond with their CEO,
and their entire staff's amazing.
Can I go back to the product for a sec? Of course.
So what do you think you're gonna sell it for?
There's two separate SKUs.
The estimated landed cost for the compact is $4.
We'll sell it wholesale for $10.
We'll sell it direct to consumer for $25. Wow.
The stick umbrella we manufacture,
estimated landed cost is gonna be $8.
We'll sell it for $20 wholesale,
and direct to consumer is gonna be $50.
Those aren't bad margins. Thank you. Yeah.
And who's gonna do that, Nathaniel?
Because you're in school. I know you have this partner.
It's not clear what they're gonna do,
you're gonna do. You'll figure that out.
Well, they'll do all our distribution,
and they'll create all the umbrellas, so --
They're doing all your manufacturing.
They're doing all our manufacturing and they'll pay for it too.
And they're fronting the money for the manufacturing. Yeah.
So that's been clearly stated by them?
I'm gonna go out on this
because I don't think you have a need for a Shark.
You've got an ideal partner, Shed Rain.
So I really don't think you need the help of a Shark.
I'm out. Thank you, Barbara.
I'm very impressed with your presentation,
but I have a basic rule.
I have to be able to call my CEO 24 hours a day.
I don't like the fact you're in school.
What's your teacher gonna say when I call your cell
and you're in school in the class?
They're not gonna let you answer,
and that really pisses me off.
So for that reason, I'm out.
Okay. Cuban: Yeah, Nathaniel, along the same lines,
a couple things.
One -- great example for kids out there
that want to be entrepreneurs.
I can't tell you how many times I hear,
"Well, I'm too young, I'm too young, I'm too young."
No, you picked up the phone. You called the CEO,
created a connection, obviously met with them.
You did that on your own. That's a great example.
Two -- if you dilute your equity at all, even 10%,
you're under 50%.
And that's an issue going into what you're doing.
I know they get diluted the same amount,
but given the circumstances, you want to stay over 50%.
So for those reasons, I'm out, Nathaniel.
But congratulations on what you've done.
It's amazing. Thank you, Mark.
Nathaniel, here's kind of where I'm at.
I think all the Sharks made really great points.
Yes, you're in school.
Yes, you're gonna get diluted.
But you've built in a natural buyer.
I love deals where there's a potential exit
already built in.
You create this product, you partner with them,
and it takes off,
there's no way they're not gonna buy you out.
Great point.
So all you gotta do, man,
is you gotta go out there and prove it works.
You've got the distribution. You've got that money.
I mean, I really like the deal.
I'll give you the $100,000 for 20%.
You've done an amazing job.
There are some nuances to it we can make better.
And then I think you just gotta go market them,
figure out the distribution.
I can help you with all that. Thank you, Robert.
That's my offer. And then you'd be getting in on the ground floor, too.
[ Laughter ] Greiner: Nathaniel, let me tell you where I'm at...
Thank you, Nathaniel. ...because he's given you an offer.
So, first of all, you blow me away.
You've done what so many people would die to do,
which is you got a partner
of the world's largest manufacturer of your idea.
I think you have the perfect partner.
So for those reasons, I'm gonna take myself out.
But Robert did give you an offer.
$100,000 for 20%.
I'm not making it to a 15-year-old kid.
I'm making it to a real entrepreneur
who's done a lot of the legwork.
What do you say?
Can I counter?
-Yes. -Of course.
Would you be open to 15% for $100,000?
I'll do it for 18%.
You got a deal, Robert. Done!
Ta-da!
Congratulations.
-Good deal. -Awesome.
[ Laughter ]
-Great job. -Thank you, Robert.
-Congratulations. -Great job.
Advice for other kid-preneurs
is to just keep moving, keep going.
Even if something doesn't go your way,
just keep going for it, reach for your goals,
and maybe you'll make a deal with Robert,
something amazing like that.
Kaley: Our dad invented the Cup Board Pro,
and it was his dream to pitch it on "Shark Tank."
Unfortunately, he passed away before he had that chance. Oh, I'm sorry.
But we're here today to continue his legacy
and make that dream a reality.
One of the most heartwarming pitches
in "Shark Tank" history was Cup Board Pro.
As he was getting his first prototypes,
our mom was diagnosed with breast cancer.
Cuban: Ohh.
And he put everything on hold to be by her side.
And we're only able to be here
because of how strong our parents were.
Three lovely kids came out,
and their father had just passed away.
They had also lost their mother,
and they touched all of our hearts so deeply.
We decided to work together.
Wow. And so all five Sharks are gonna come together --
[ Laughter ] Which is a rarity.
It's a deal.
-It's a deal. -It's a deal. All right.
-Oh, yay. -Thank you so much.
Greiner: We all went in together and gave them the deal,
and they're doing fabulous today.
Bring it in. Bring it in.
♪♪
Narrator: Next in the Tank is a product
that helps prevent meal-time accidents.
♪♪
Hi, Sharks. My name is Berlyn Haughton.
I'm from Franklin, Tennessee,
and I am seeking $100,000 for 10% of my company,
The Table Tyke.
Meal time with kids is exhausting,
especially when they're so little,
they're still learning to keep their heads
above their own necks.
They hit their heads, they chew on tables,
or they just create a disaster zone.
And eating out with them? Forget about it.
I would take my son to the restaurant,
pull him up to the table, boom!
He'd hit his mouth or he'd start gnawing on
that germ-infested table edge because he's teething.
That's why I invented The Table Tyke.
It's the only multifunctional silicone placemat
with a table-edge bumper.
It's the parenting hack you won't regret buying.
Our half-inch-tall bumper not only protects them
from hitting their head and chewing on the table... [ Laughter ]
...but it also catches spills... Herjavec: Oh.
....making cleanup so much easier for the parents.
You can put the food right on our non-slip grip mat. Cuban: Clever.
As soon as they're done eating it, you can shake it off,
roll it up, pull the loops over each end.
Smart. The mess stays in the mat.
As soon as you get home, you can unroll it
and throw it in the dishwasher.
The Table Tyke is great for snacks, meals, and activities,
and it grows with your kids,
from babies to toddlers to big kids,
and now even adults.
The Table Tyke XL
is double the size for double the fun.
That's for really old guys?
[ Chuckles ] For you. For the old guy.
This is perfect for baking, crafting, potting.
The uses are endless, because sometimes us big kids
like to make a mess, too.
Sharks, don't miss out on the opportunity to roll with us
as we are keeping babies safe,
kids entertained,
and messes contained with The Table Tyke.
-Good job. Good job. -Thanks.
Sharks, you have samples in front of you.
Herjavec: Wow. Is a child hitting their head on the edge
of the table a big deal?
I actually have a friend whose baby
knocked their tooth out. Ouch!
Yes. The reason that I started The Table Tyke
is because when we were eating out at restaurants,
my younger son would always hit his mouth,
or there's just germs.
I'm not even a germophobe, and it grossed me out.
So when I started talking to other friends,
I'm like, "Do your kids do this, too?"
And sure enough, it was, like, unanimous.
Everybody had this problem with their kids.
This is when my idea started. I'm like,
if I made this mat with a bumper, would people buy it?
Across the board, people thought it was brilliant.
Everybody that sees the mat says, "That is genius.
When are you going on 'Shark Tank'?"
All the time.
And here you are. And here I am!
Just like that. Just like that.
Tell us about the sales.
So we launched at the very end of 2020.
$10,000 in sales.
The next year, we did $24,000. That was 100% grassroots.
I didn't do nothing on social media.
It was, like, really word of mouth.
And then...
And then my goal was to double in sales last year.
I quadrupled in sales, did just under 100K,
and this year projected to do 200K.
Why do you think word of mouth hasn't carried it further
to generate more sales?
Over 60% of my sales last year happened in Q4.
So we hit our boom through that word of mouth
because I started using TikTok.
-Ah! -Ah!
So once I had that social proof, people are seeing it,
then all of a sudden people are buying it
and they're buying it again for their friends.
So people love the product.
I just need help getting it out there more.
Berlyn, I have 5-year-old twins, as you may know.
Yes, I know. I've lived this problem.
Yeah. This is a great product.
Thank you.
I've done a lot of investments in this space.
Yep. Here's the challenge.
Is this big enough to sustain a business,
or is it a one-hit wonder?
So I have that concern, too.
This is a product that people love.
And the good thing about The Table Tyke --
a lot of the placemats that are out there
are used for a very short period of time.
My almost-8-year-old -- we literally still use this mat.
People are willing to spend 25 bucks on it
because they're gonna use it for years.
But that's not good
if I buy it once and it stays with the child.
Yeah, what do you sell it for and what's your cost?
So it's $24.99. It costs me $4.90.
-Wow. -That's good margins.
And I just lowered it by a dollar.
So we have great margins.
Are you doing this yourself?
I am. So it's a one-man band.
I have an Amazon consultant. I know what my weaknesses are.
My strength is not Amazon.
So I have gotten it into 80 boutiques across the country.
We just started retail less than a year ago.
I like the boutique space because my margins are better
than big-box retailers.
I need to find a PR company and get on BuzzFeed.
That goes viral. You need to do it yourself.
You need to -- I'm trying.
You need to do it yourself. But I will tell you,
having a PR company reach out for you
on your behalf gets your e-mails read.
Sure, but PR is not gonna get you
the sales you want on a consistent basis. That's one piece, yeah.
Look, it's really hard to play the PR game
because there's so much noise out there.
The successful companies in your space
have figured out how to communicate on social
and do it in a way where they acquire the customer
just when that baby is at the right age.
And it ain't easy.
But I can't add a lot of value here.
I had my kids a long time ago.
I remember them banging their heads and everything else.
[ Laughter ]
It was -- I just don't even want to go back there.
Me either! So I like to invest in products
that I actually use so I can push my --
Give it five years, Kevin.
Well, maybe the XL. That's what I'm thinking.
No, I appreciate that. I'm gonna need the XL.
Look, I love it, but it's not for me.
-I understand. -I'm out.
Well, thank you.
You know, Berlyn, I'm kind of in the same boat,
where I think you've done an amazing job, right,
to go from where you started to being able to have
a great product, putting it together yourself. Yep.
You deserve a ton of credit. Thank you.
But this is just not my wheelhouse.
So for those reasons, I'm out.
Yeah, I appreciate that.
Greiner: Berlyn, you made a really nice product.
There is competition out there, but in a sea of others,
you came up with something unique. Mm-hmm.
Sometimes it's not good to bring in an investor.
I think you just need to keep doing what you're doing
and make it a great living for you.
I wish you good luck, but I'm out.
Thank you.
Well, I would love to have you as a partner.
I don't want to -- Corcoran: Well, what we have here right now
is a business that doesn't have room for a Shark.
I think you've been terrific in what you've produced here.
I just think you are
on the verge of really doing a lot of sales.
And the answer is in social media.
Yeah. This is a time and a place for TikTok and Insta,
but there's no room for a Shark, so I'm out.
Yeah. Thank you.
O'Leary: You still have one Shark left.
Robert, what are you doing?
Um, look, after 15 years, I want to invest in stuff
that I think has a really big return. Yeah.
I don't see the vision beyond a million or two.
And I want to invest in bigger stuff.
Yeah, I understand. It's just not for me right now.
Okay. Fantastic design, but I'm out.
Well, I appreciate it. Thank you so much.
Congrats, Berlyn. Good luck. And I just really appreciate the advice, okay.
-Thank you. -Thanks, everybody.
-Thank you, Berlyn. -Thank you so much.
I, of course, wanted a deal,
but the Sharks were so complimentary.
And, you know, they said a lot of great things
about the product and that it is a good product.
So getting the validity from them
just makes me want to push even harder.
♪♪
Narrator: Next into the Tank
is a better-for-you version of a classic snack.
♪♪
Hi, Sharks. I'm Allison Lin, co-founder of Like Air.
I'm Steve Atieh, co-founder.
And I'm Kevin Atieh, CFO.
And we're from Madison, New Jersey.
And together...
Together: We're the snack sibs!
Sharks, we're here today to ask for $300,000
for a 3.5% equity stake in our company...
-Ooh. -Ooh!
...Like Air.
America is a snacking nation.
We love snacks.
And if you're anywhere from 6 months to 106 years old,
our snack is for you.
So let's say you're craving a tasty snack,
but you don't want the guilt
that comes with unhealthy options.
That's where Like Air Puffcorn comes in.
It's a delicious, light, and airy snack
that melts in your mouth.
And unlike popcorn, it contains no hard kernels,
so it won't get stuck in your teeth. Huh.
There is nothing artificial in Like Air Puffcorn.
It's made with non-GMO corn.
It's gluten-free and free from eight major allergens.
The best part? It's only 50 calories per cup.
You can have three whole cups per serving.
While Like Air is light in calories,
it's not light when it comes to flavor.
Like Air comes in four delicious varieties --
two savory versions, Classic and White Cheddar,
and two sweet flavors, Pancake and Cinnamon Bun.
And would you believe that Pancake and Cinnamon Bun
have half the sugar as the leading kettle corn?
We've created a delicious, melt-in-your-mouth snack
that is better than popcorn.
So, Sharks, who's ready to take a bite
out of the snacking market
and help take Like Air to new heights?
We get to try it?
Yes, please. You have it right in front of yourselves.
Oh, wow! This is so good.
-Thank you. -Thank you.
Wow! Classic is kind of our take on a movie-theater butter,
but none of the junk.
Do you grind the corn up into a paste
and then use an extrusion system to puff it?
Steve: Yeah, so it comes as a cornmeal. Ooh!
And then it's kind of mixed with a little bit of oil
and water, just a little bit.
And then it's still very kind of powdery.
And it goes right in the machine and puffs right out.
This actually has a better flavor to me
than movie popcorn. O'Leary: It's very, very good.
It's probably the best low-cal snack... It's incredible.
...we've seen on "Shark Tank" in 15 years.
-Thank you. -Thank you.
How did you come up with this?
Lin: After having my first daughter,
I got into what she was eating, healthy snacking.
I saw a lot of areas for innovation in the snack market.
So I came to my brother Steve,
and I said, "Let's start a company together."
So in looking at all the kids' snacks,
we wanted something that we said,
"Okay, not just for kids, but for everyone."
And puffcorn's something that's been around.
There is a national brand, but it uses a lot of junk.
So it has artificial color and artificial flavor
and non-premium ingredients.
So we basically took that
and we put kind of that up-market spin on it. Mmm.
I'm really proud of what's in there.
I'm, like, proud to give it to my kids. O'Leary: It tastes fantastic.
Every flavor is fantastic. Thank you.
Steve, what were you doing when Allison called you
and asked you to start the business with her?
I started my career off as an investment banker,
and then went to work at a small pharmaceutical company
as their CFO. And then we sold that company,
and I was kind of doing some investments on my own
and was ready to do something new.
Said, let's get him back to work. Yes.
Yeah. And what were you doing, Allison?
So I have a degree in international politics.
I was a Fulbright Scholar. I studied conflict resolution...
Greiner: What?! ...in Cyprus,
worked at the United Nations... Wow!
...something that's a passion of mine. Amazing.
And then, you know, I'd always wanted
to do something kind of on my own.
But I said, first, let me work at a startup.
So I worked in financial technology.
And then after having my first daughter,
I started this company.
Wow! What a résumé. What about you?
I also started my career in investment banking.
Then I worked in private equity,
and since then I've worked in a couple high-growth startups.
What's the price? How does it compare to normal popcorn?
It's very similar in pricing to kind of all the bag snacks
that are out there. How much is this?
It retails about for $3.99.
And wholesale?
It's $2.50 wholesale.
What does it cost to make a bag?
Costs 88 cents to make.
So we actually just invested in our own
dedicated production line at a new... Herjavec: Really?
...co-packing partner in Chicago.
-You bought the machine? -Ah, gotcha.
Yeah, we bought the machinery.
We spent a good amount on the machinery,
about $2.5 million. O'Leary: Okay, let's talk about --
Okay, so you've raised a lot of money, then?
We've raised about -- Which explains what you asked for, right?
What did you raise?
So we raised -- in 2019, we raised $800,000.
We just raised $3.5 million more
in our kind of growth round.
And that's at a $23.5 million post-money valuation.
So I'm curious, if you just raised all this money,
what do you need from a Shark?
Lin: It's a really competitive market.
We need the partnership.
What are your sales?
2020 sales were 100K.
2021 sales were $2.5 million.
[ Laughs ] What?!
Did you make any money on that?
We did -- uh, we were break-even on that.
Okay. What about 2022? What happened?
So 2022 we did over $5 million in sales.
-Wow! -Make money on that?
We did not make money on that. We lost 190K.
-How is that possible? -So where did all the money go?
Was it just new equipment or --
Okay, all right, so salaries, inventory distribution.
We did 5.2 gross in 2022.
And then trade spend was about 16% to get to net sales...
-16%? -...which was 4 1/2.
So you're paying to get on the shelf.
It's hard to do that because you're competing
in a really mature market -- popcorn.
Totally. So it's, how do we stand apart, right?
So it's all about distribution. So right now we sell in Kroger,
the number-one retailer in the country.
We're working with launching at all 2,200 Albertsons banners.
So, guys, you left out 2023.
The plan for -- is to do over 10 this year.
And so what do you think you'll end up
on a free cash-flow basis? You're investment bankers.
On that $10 million, what's left over?
So the plan for the year
is to burn about $1 million in cash.
Why can't you -- Okay, that says a lot about your --
That doesn't -- Yeah. That's the wrong answer.
No, it's not the wrong answer. I think so.
It just says a lot about their goal.
So if you're spending this way and you're willing to lose
$1 million on $10 million, $12 million in sales,
you must have very big ambitions.
So what comes next?
Yeah. So, we do have big ambitions.
We really think we can grow this thing quickly.
That's kind of why we're here. We need some help.
It's kind of a no-brainer to be here. But you don't.
Open doors. To open doors.
Come on. You don't need us to open doors on this.
You're at the point now where your sales speaks for themselves
because everybody sees all the reporting.
And so anybody who would be able to sell this in volume at retail
just looks at the reports and says,
"Oh, my goodness, Like Air is moving up the charts.
We're interested."
So, I mean, is this just a commercial for you guys?
♪♪
Narrator: All Sharks are still in,
but Mark is suspicious about Kevin, Allison,
and Steve's real motivation for coming in the Tank
with their puffed-corn snack business, Like Air.
Cuban: I mean, is this just a commercial for you guys?
Here's a good example. No.
So at a big retailer like Kroger,
we've only been on-shelf at Kroger in the last 15 months.
We've never gotten off-shelf.
Like, about 70% of salty snacks are sold
on display and on promotion.
So we need to get off-shelf.
Steve, you talked about big ambitions.
We heard the $10 million. What's the big ambition?
So we think we can do, in 2024, about $30 million
and then kind of go from there -- $50 million
and then potentially $80 million the year after that.
Guys, you're very, very impressive.
I mean, you definitely have the team to pull this off.
The problem for me is 3.5% -- I don't get out of bed for 3.5%.
I don't even -- I'll do that deal and forget about it.
This journey isn't for me, guys. I'm out.
-Okay. Thank you. -We appreciate it.
Corcoran: Let me share with you a happy story
that turned out not so happy in the end. Okay.
Yeah. I invested in a company called Pipcorn
when they had one snack. Now they have 68.
Phenomenally successful by anyone's standard.
They have just passed $70 million in sales. Yeah.
I only invested $100,000 in their business.
I took 20%. Boy, was I happy.
But with all their seed rounds,
with all the following rounds that happened,
I found my investment was shrinking up like crazy.
They're hoping to sell, as I am hoping they sell.
But what I want to say is you're gonna need
a hell of a lot more money than you think you need.
You're gonna need millions of dollars to make it a home run.
By the time you get there,
you will have your investors watered down
and you will be putting so much money in there.
I don't think I want to go on that long trip with you.
Barbara -- So I'll be out.
-Okay. Thank you. Barbara. -Thank you, Barbara.
Appreciate it. -Thank you, Barbara.
Herjavec: Guys, I can't fault you for anything.
I mean, incredible growth, incredible sales.
It's just not the reason I'm on "Shark Tank."
I'm on "Shark Tank" to add value where I can help with people.
3.5% doesn't interest me. I wish you all the best.
I'm out.
And, Mark, we'd just like to say that we do think
that this is a real return opportunity of many multiples,
tens of times your money back.
We're looking for a home run.
We're not looking to hit a single and --
I hear you, Steve, but I think to Barbara's point,
you're gonna need more money.
It's gonna be multiple rounds.
By the way, I'm the tall, good-looking one, Robert.
Mark's on the other side.
[ Laughter ]
Thank you, Robert. Thank you.
Well, listen, I'll take a flier and give you an offer, okay?
I will give you $300,000.
I would go 7.5%
if I'm non-dilutable.
I don't know if your other partners...
That's called a ratchet. You know these guys are bankers, right?
...will go with that.
I don't know if they'll go for this,
but I'm -- you know, listen, you want a Shark for a reason.
You want a Shark because of their cachet
and their connections.
And that means the Shark has to work for you
in a different way than your other investors.
I don't have to explain what a non-dilutable --
-Steve knows what this is. -Yeah, we're well aware.
Just for the sake of those that don't understand it,
that means whatever happens
in whatever future rounds of financing you do,
Lori never goes below 7.5% equity.
And another term for it is called a ratchet
because it really hurts,
but it keeps her at 7.5% in perpetuity.
It doesn't hurt if they see the value in your Shark.
There's another term for it -- crazy.
Ooh. We wouldn't say that.
Would you rather me not do that and want a higher percent?
No. Uh, we're open to talking about it and...
Let's counter. We'd love to counter.
Yeah, we'd love to hear what you would...
Okay. Well, why don't you counter before I give you
a different creative offer?
I think we would propose 7.5% but dilutable.
We would say that we don't think
we're gonna need to raise again if we do --
How about 10%?
And dilutable? Dilutable.
And dilutable? We would say I think we would want --
It might wind up in the same place, I don't know.
Would anybody else be interested in joining at that 10%
for two Sharks? Kevin: We haven't heard from Mark.
For 10%, I would do it, yeah. We would do that deal.
-Two vegan flavors. -Yeah.
Well, Mark and I would do that deal for 10%.
-You guys have a deal! -Okay!
[ Cheers and laughter ]
Corcoran: Nice job.
-Appreciate you, man. -Thank you very much.
-Congratulations. -Oh, thank you guys so much.
We're so excited. -You're welcome. Yay!
Thank you. Everywhere in America, here we go.
Thank you, guys. Thank you, everyone. Thank you.
Great presentation.
-Hell yeah! -Yeah!
Steve: 10% -- we weren't looking to do it,
but it's all about partnership.
We'd rather have a smaller piece of the pie for the future
because that's what it's all about.
It's a really competitive space, salty snacks.
So having Mark and Lori on board with us
will just help open doors.
-- Captions by VITAC --
♪♪