1 00:00:01,251 --> 00:00:02,735 Narrator: Tonight, investor, innovator, and disrupter 2 00:00:02,735 --> 00:00:04,638 Steven Bartlett joins the Tank. 3 00:00:04,638 --> 00:00:06,423 I relate to your journey, and I've got a black belt 4 00:00:06,423 --> 00:00:07,591 and the thing that you need. 5 00:00:07,591 --> 00:00:10,477 Steven is the creator of "The Diary of a CEO," 6 00:00:10,477 --> 00:00:11,612 one of the highest-earning 7 00:00:11,612 --> 00:00:13,480 and most successful podcasts 8 00:00:13,480 --> 00:00:14,631 in the world. 9 00:00:14,631 --> 00:00:16,800 He is the youngest-ever Dragon on "Dragons' Den," 10 00:00:16,800 --> 00:00:18,602 the UK's version of "Shark Tank," 11 00:00:18,602 --> 00:00:21,705 as well as the founder and CEO of Steven.com, 12 00:00:21,705 --> 00:00:24,024 a global creator media and technology company 13 00:00:24,024 --> 00:00:27,461 leading the way for a new generation of creators. 14 00:00:27,461 --> 00:00:28,612 This is a global problem. 15 00:00:28,612 --> 00:00:29,763 Therefore, it's a global opportunity 16 00:00:29,763 --> 00:00:31,648 and a global product. 17 00:00:31,648 --> 00:00:34,668 I think what he offered you is amazing. 18 00:00:34,668 --> 00:00:36,537 Wait, Lori. I would like to go in with him. 19 00:00:36,537 --> 00:00:37,905 Silence! [ Gasps ] 20 00:00:37,905 --> 00:00:41,508 Your sexy British accent is getting two American women... Scott: It is. 21 00:00:41,508 --> 00:00:43,076 ...to fight over who can partner with you. 22 00:00:43,076 --> 00:00:45,862 I never really fit in and I never really understood why 23 00:00:45,862 --> 00:00:47,764 until I actually discovered entrepreneurship. 24 00:00:47,764 --> 00:00:49,733 This is a bloodbath. 25 00:00:49,733 --> 00:00:51,668 This will suck you dry, like Kevin O'Leary. 26 00:00:51,668 --> 00:00:53,487 ♪ I need a royalty ♪ 27 00:00:53,487 --> 00:00:54,721 -Ooh. -Oh, boy. 28 00:00:54,721 --> 00:00:55,872 Together: [ High-pitched voice ] Zee-oop! 29 00:00:55,872 --> 00:00:57,507 I don't feel good about this. 30 00:00:57,507 --> 00:00:58,659 Okay, I've heard enough. I've heard enough. 31 00:00:58,659 --> 00:01:00,360 I'll make you an offer. 32 00:01:00,360 --> 00:01:05,949 ♪♪ 33 00:01:05,949 --> 00:01:07,634 Steven, welcome to the "Shark Tank." 34 00:01:07,634 --> 00:01:08,869 Thank you for having me. 35 00:01:08,869 --> 00:01:09,953 Scott: It's gonna be fun. Kevin, are you gonna say hello? 36 00:01:09,953 --> 00:01:12,940 Kevin. Kevin, it's your turn. Absolutely. 37 00:01:12,940 --> 00:01:15,709 How similar or different is this from what you do in... Man: 7, 6... 38 00:01:15,709 --> 00:01:18,211 I think we're about to find out. ...5, 4... 39 00:01:18,211 --> 00:01:19,529 3, 2... 40 00:01:19,529 --> 00:01:20,764 We're rolling. [ Laughs ] 41 00:01:20,764 --> 00:01:23,567 [ Dramatic music plays ] 42 00:01:23,567 --> 00:01:24,901 Narrator: First in the Tank is a product 43 00:01:24,901 --> 00:01:27,354 to make outings with your best friend 44 00:01:27,354 --> 00:01:28,639 a whole lot easier. 45 00:01:28,639 --> 00:01:36,613 ♪♪ 46 00:01:36,613 --> 00:01:38,532 Hi, Sharks. My name is Brian Zibricky. 47 00:01:38,532 --> 00:01:39,900 This is my daughter, Kayla. 48 00:01:39,900 --> 00:01:43,770 We're here today seeking $150,000 for a 10% stake 49 00:01:43,770 --> 00:01:45,672 in our company, Pup Stack. 50 00:01:45,672 --> 00:01:47,708 Sharks, we love our pets 51 00:01:47,708 --> 00:01:49,576 and we love taking them on new adventures. 52 00:01:49,576 --> 00:01:50,644 But let's be honest -- 53 00:01:50,644 --> 00:01:52,095 Making sure they have everything they need 54 00:01:52,095 --> 00:01:54,831 and keeping them safe can be a bit of a juggling act. 55 00:01:54,831 --> 00:01:56,116 Things like traditional dog anchors 56 00:01:56,116 --> 00:01:59,419 that only screw into the ground. There you go, Dad. 57 00:01:59,419 --> 00:02:01,722 And these gigantic gates. 58 00:02:01,722 --> 00:02:03,724 And you can't forget the leash. 59 00:02:03,724 --> 00:02:05,976 You need a bag for toys and treats. Scott: Yeah. 60 00:02:05,976 --> 00:02:07,661 And they're gonna have to eat or drink, 61 00:02:07,661 --> 00:02:09,029 so they need their bowls. 62 00:02:09,029 --> 00:02:11,698 I mean, look at how ridiculous my dad looks. 63 00:02:11,698 --> 00:02:13,567 Wow, Kayla. 64 00:02:13,567 --> 00:02:15,485 Are you sure you remembered everything? 65 00:02:15,485 --> 00:02:16,637 Yeah. Of course. 66 00:02:16,637 --> 00:02:18,772 [ Gasps ] Oh, my gosh. 67 00:02:18,772 --> 00:02:20,557 Mary Poppins! 68 00:02:20,557 --> 00:02:21,725 [ Laughter ] 69 00:02:21,725 --> 00:02:22,909 Okay. Greiner: The dog. 70 00:02:22,909 --> 00:02:25,329 Can you believe she forgot the dog? 71 00:02:25,329 --> 00:02:26,513 [ Laughter ] 72 00:02:26,513 --> 00:02:27,864 Now, Sharks, 73 00:02:27,864 --> 00:02:30,934 when you're forced to remember all of these items, 74 00:02:30,934 --> 00:02:32,853 you're bound to forget something. Oh! 75 00:02:32,853 --> 00:02:34,788 That's why we created... 76 00:02:34,788 --> 00:02:36,606 the Pup Stack. The Pup Stack. 77 00:02:36,606 --> 00:02:39,042 The Pup Stack is a portable dog anchor 78 00:02:39,042 --> 00:02:42,763 that you can use anywhere on any surface. 79 00:02:42,763 --> 00:02:47,567 It includes 20 feet of durable, rubber-coated tile line 80 00:02:47,567 --> 00:02:49,736 that you can lock in at any length 81 00:02:49,736 --> 00:02:51,772 so your pup can stay or play. 82 00:02:51,772 --> 00:02:53,940 It also rotates 360 degrees, 83 00:02:53,940 --> 00:02:55,759 which means fewer tangles. 84 00:02:55,759 --> 00:02:58,845 The Pup Stack also includes built-in storage, 85 00:02:58,845 --> 00:03:01,565 so you have everything you need, like toys... 86 00:03:01,565 --> 00:03:04,651 Cool. ...treats, and potty bags. 87 00:03:04,651 --> 00:03:07,688 It even includes bowls for food and water. 88 00:03:07,688 --> 00:03:08,839 But wait. 89 00:03:08,839 --> 00:03:10,107 There's more. There's more. 90 00:03:10,107 --> 00:03:13,126 The Pup Stack can also grow with your puppy. 91 00:03:13,126 --> 00:03:16,613 You can easily remove the top portion of the Pup Stack 92 00:03:16,613 --> 00:03:17,914 to stack on more weight. 93 00:03:17,914 --> 00:03:20,016 It's expandable up to 40 pounds. 94 00:03:20,016 --> 00:03:21,985 The use cases are endless. 95 00:03:21,985 --> 00:03:24,738 Whether you're going to the park, camping, 96 00:03:24,738 --> 00:03:27,908 your next road trip, your front porch, back patio, 97 00:03:27,908 --> 00:03:29,993 the pickleball courts, your kid's next soccer game... 98 00:03:29,993 --> 00:03:31,645 Dad, we have to wrap it up. 99 00:03:31,645 --> 00:03:32,696 Oh, you're right. 100 00:03:32,696 --> 00:03:34,030 Regardless of where you're going, 101 00:03:34,030 --> 00:03:36,016 the Pup Stack can keep your pup safe 102 00:03:36,016 --> 00:03:37,934 so you can enjoy more time together. 103 00:03:37,934 --> 00:03:40,570 So, Sharks, who's ready to start stacking 104 00:03:40,570 --> 00:03:41,905 some cash with the Pup Stack? 105 00:03:41,905 --> 00:03:43,824 I love you guys. Greiner: Ah, great job. 106 00:03:43,824 --> 00:03:45,158 Great job. I love this. 107 00:03:45,158 --> 00:03:47,794 Sharks, all of you have Pup Stacks right in front of you... Oh. 108 00:03:47,794 --> 00:03:48,929 ...so you can check them out. 109 00:03:48,929 --> 00:03:50,530 This thing is heavy. 110 00:03:50,530 --> 00:03:51,965 That's the base Pup Stack. 111 00:03:51,965 --> 00:03:53,967 What you see right there is about 12 1/2 pounds total. 112 00:03:53,967 --> 00:03:55,702 12 1/2 pounds. 12 1/2 pounds. 113 00:03:55,702 --> 00:03:56,937 I need to start working out. 114 00:03:56,937 --> 00:03:59,106 Scott: So, like, I have a big dog. 115 00:03:59,106 --> 00:04:01,057 Well, I have 10 dogs. Okay, don't judge. 116 00:04:01,057 --> 00:04:02,275 I've met them all. I have a problem. 117 00:04:02,275 --> 00:04:05,162 I do. I have 10 dogs, so I'm gonna need 10 Pup Stacks. 118 00:04:05,162 --> 00:04:08,932 But Duke is the biggest and he's 100 pounds. 119 00:04:08,932 --> 00:04:10,901 Duke, unfortunately, is not our customer. 120 00:04:10,901 --> 00:04:14,871 We only recommend Pup Stacks up to dogs up to 40 pounds. 121 00:04:14,871 --> 00:04:16,923 What we have on our website is, 122 00:04:16,923 --> 00:04:18,992 the dog owner can't even purchase the product 123 00:04:18,992 --> 00:04:21,144 until they tell us how much their dog weighs. 124 00:04:21,144 --> 00:04:23,096 Once they select how much their dog weighs, 125 00:04:23,096 --> 00:04:25,749 the appropriate number of additional Pup Stack weights 126 00:04:25,749 --> 00:04:27,851 are added to their order. Very clever. 127 00:04:27,851 --> 00:04:29,736 Brian, what's your background? What's your background? 128 00:04:29,736 --> 00:04:30,937 And, Kayla, what's your background? 129 00:04:30,937 --> 00:04:32,989 I lead a marketing team for the one of the world's largest 130 00:04:32,989 --> 00:04:34,674 and best learning companies. 131 00:04:34,674 --> 00:04:35,742 And you're full time on this now? 132 00:04:35,742 --> 00:04:37,110 I am not. 133 00:04:37,110 --> 00:04:38,995 I am still currently working with my day job. 134 00:04:38,995 --> 00:04:41,114 My daughter also works in marketing, as well. 135 00:04:41,114 --> 00:04:43,216 Yeah, I'm two years post-grad currently 136 00:04:43,216 --> 00:04:45,285 and I work full time in marketing, just like my dad, 137 00:04:45,285 --> 00:04:48,021 for one of the largest public safety tech companies. 138 00:04:48,021 --> 00:04:50,807 I wanted to jump into this full time right out of college, 139 00:04:50,807 --> 00:04:52,876 but I knew I was walking out with a good amount 140 00:04:52,876 --> 00:04:55,762 of student debt and loans, so it just wasn't 141 00:04:55,762 --> 00:04:57,147 the smart financial decision for me, but... 142 00:04:57,147 --> 00:04:59,816 So this is your -- This is your side dish? 143 00:04:59,816 --> 00:05:00,851 -Yes. -Side hustle. 144 00:05:00,851 --> 00:05:01,885 Side dish. 145 00:05:01,885 --> 00:05:03,670 Ultimate goal to be full time. Yeah. 146 00:05:03,670 --> 00:05:05,172 So how did this just come to you? 147 00:05:05,172 --> 00:05:10,677 Well, we started the process by getting our dog Cooper. 148 00:05:10,677 --> 00:05:12,028 Okay? So there's Cooper. Oh! 149 00:05:12,028 --> 00:05:14,030 So that's our dog, Cooper. Scott: Cute. 150 00:05:14,030 --> 00:05:15,882 So my wife had got diagnosed 151 00:05:15,882 --> 00:05:17,968 with multiple sclerosis in 2014. Oh. Sorry. 152 00:05:17,968 --> 00:05:20,120 I'm so sorry. So she had gone from, like, a cane 153 00:05:20,120 --> 00:05:22,923 to a walker, to a wheelchair very quickly. 154 00:05:22,923 --> 00:05:24,374 We got Cooper to keep her company. 155 00:05:24,374 --> 00:05:27,911 So I'm kind of her primary care provider during the day. 156 00:05:27,911 --> 00:05:30,747 I switched to a job that was fully remote 157 00:05:30,747 --> 00:05:32,749 so I could do that, as well as work. 158 00:05:32,749 --> 00:05:33,850 And all of a sudden, we had 159 00:05:33,850 --> 00:05:35,051 this 3-pound furball running around, 160 00:05:35,051 --> 00:05:36,970 and I could not keep track of this little guy anymore. 161 00:05:36,970 --> 00:05:38,889 So I started drafting up ideas. 162 00:05:38,889 --> 00:05:42,192 That got us on Kickstarter in 2022, and we're here. 163 00:05:42,192 --> 00:05:44,828 But the reason that I have not been able 164 00:05:44,828 --> 00:05:46,062 to transition full time 165 00:05:46,062 --> 00:05:48,081 is because the treatments my wife gets 166 00:05:48,081 --> 00:05:50,100 are a couple hundred- thousand dollars per year. 167 00:05:50,100 --> 00:05:52,102 So it's been very, very difficult 168 00:05:52,102 --> 00:05:56,089 for me to try to pull away from something that is steady. 169 00:05:56,089 --> 00:05:59,192 And the insurance is obviously the major factor. Mm-hmm. Right. 170 00:05:59,192 --> 00:06:00,827 Can you run me through the financial performance 171 00:06:00,827 --> 00:06:01,945 of this business? Sure. 172 00:06:01,945 --> 00:06:03,046 Yeah, absolutely. 173 00:06:03,046 --> 00:06:04,848 2026 year to date, 174 00:06:04,848 --> 00:06:06,950 we're currently a little over $260,000, 175 00:06:06,950 --> 00:06:09,619 which is 56% higher than where we were trending 176 00:06:09,619 --> 00:06:10,270 this time last year, 177 00:06:10,270 --> 00:06:12,305 and projecting to do $700,000 this year. 178 00:06:12,305 --> 00:06:15,792 And this is all D2C via your website or... Correct. 179 00:06:15,792 --> 00:06:17,510 -Wow. -That is incredible. 180 00:06:17,510 --> 00:06:20,830 So the problem with D2C on this business is the weight. Greiner: Do you... 181 00:06:20,830 --> 00:06:22,115 You're shipping a lot of weight here. 182 00:06:22,115 --> 00:06:24,084 Our average shipping cost is $21. 183 00:06:24,084 --> 00:06:27,003 The base Pup Stack costs $124.99. 184 00:06:27,003 --> 00:06:29,072 And cost to make that is about $24. 185 00:06:29,072 --> 00:06:32,726 Our margins are about 61% gross margin, 186 00:06:32,726 --> 00:06:34,110 41% all-up margin 187 00:06:34,110 --> 00:06:36,947 if you include shipping costs and customer acquisition costs. 188 00:06:36,947 --> 00:06:38,865 O'Leary: You're both in a tough situation 189 00:06:38,865 --> 00:06:40,984 because most investors, including me, 190 00:06:40,984 --> 00:06:44,120 would want to see somebody full time. Mm-hmm. 191 00:06:44,120 --> 00:06:46,940 The fact that you've managed to scale to $700,000 192 00:06:46,940 --> 00:06:48,842 in revenue with this as a side dish 193 00:06:48,842 --> 00:06:50,360 is a threat or an opportunity. 194 00:06:50,360 --> 00:06:53,013 And the opportunity is, imagine what those numbers look like... Right. 195 00:06:53,013 --> 00:06:55,165 ...when they're given the capital to go full time. 196 00:06:55,165 --> 00:06:58,084 Listen, I've seen entrepreneurs in this industry 197 00:06:58,084 --> 00:07:01,087 that are full time and are doing a fraction of these numbers. 198 00:07:01,087 --> 00:07:03,373 All right, guys, I love this. All right? 199 00:07:03,373 --> 00:07:05,942 I have things that I love and I have things that I hate. 200 00:07:05,942 --> 00:07:07,360 One, your valuation is cuckoo crazy. 201 00:07:07,360 --> 00:07:10,397 Okay, honey? Like, we're not at $1.5 million yet. 202 00:07:10,397 --> 00:07:13,066 Number two, I need somebody at the helm of this baby. 203 00:07:13,066 --> 00:07:14,918 If it's not the two of you, 204 00:07:14,918 --> 00:07:16,252 then you're gonna need to find somebody 205 00:07:16,252 --> 00:07:17,938 who you can bring into the business 206 00:07:17,938 --> 00:07:19,139 and, like, make it work. 207 00:07:19,139 --> 00:07:21,074 The product, I think, is great, 208 00:07:21,074 --> 00:07:23,059 but what I see is that you also have the ability 209 00:07:23,059 --> 00:07:25,061 to build an amazing brand. 210 00:07:25,061 --> 00:07:27,063 And that's where I get excited. 211 00:07:27,063 --> 00:07:30,800 I'll give you your $150,000, but I want 25% of the business. 212 00:07:30,800 --> 00:07:32,352 Ooh. 213 00:07:32,352 --> 00:07:34,187 So the channels that are currently driving sales -- 214 00:07:34,187 --> 00:07:35,322 Can you give me a breakdown? 215 00:07:35,322 --> 00:07:37,774 Okay. The breakdown right now... Yeah. 216 00:07:37,774 --> 00:07:39,142 ...is almost 100% Meta. 217 00:07:39,142 --> 00:07:40,894 Okay. You're currently on a tectonic plate 218 00:07:40,894 --> 00:07:42,228 that can shake at any time 219 00:07:42,228 --> 00:07:44,180 because you're dependent on that one platform. 220 00:07:44,180 --> 00:07:47,050 Your sales can drop overnight by 40% out of the blue 221 00:07:47,050 --> 00:07:48,752 if you're platform-dependent. 222 00:07:48,752 --> 00:07:50,053 I'll remove that risk. 223 00:07:50,053 --> 00:07:53,123 And knowing how to do that at scale globally 224 00:07:53,123 --> 00:07:54,341 is what I have a black belt in. 225 00:07:54,341 --> 00:07:55,892 What's your offer, Steven? I live here in America. 226 00:07:55,892 --> 00:07:56,977 I live in L.A. What's your offer? 227 00:07:56,977 --> 00:07:58,061 I have to sell myself a little bit. 228 00:07:58,061 --> 00:07:59,062 I'm new here, Kevin. 229 00:07:59,062 --> 00:08:00,430 So I love Kendra's offer. 230 00:08:00,430 --> 00:08:02,315 You know, I think she'll be a fantastic customer, 231 00:08:02,315 --> 00:08:04,434 but I think I'll be your perfect investor. 232 00:08:04,434 --> 00:08:07,037 So my offer for you today, with it in mind 233 00:08:07,037 --> 00:08:09,255 that I know you're gonna need more capital... 234 00:08:09,255 --> 00:08:12,275 You are. ...in order to go full time on this business, 235 00:08:12,275 --> 00:08:13,994 I'm gonna offer you more than you asked for. 236 00:08:13,994 --> 00:08:17,097 I'm gonna offer you $200,000. 237 00:08:17,097 --> 00:08:19,199 And, listen, I'm not Count Dracula like down there, 238 00:08:19,199 --> 00:08:21,584 so I'm gonna say 20% of the business. Greiner: Oh. 239 00:08:21,584 --> 00:08:23,436 $200,000 for 20%. And with that, the critical thing is... 240 00:08:23,436 --> 00:08:25,388 I'll maintain that through time... Wow. That's an amazing offer. 241 00:08:25,388 --> 00:08:28,942 and expand you across other environments. 242 00:08:28,942 --> 00:08:30,160 I've done this for 15 years. 243 00:08:30,160 --> 00:08:31,294 That's my offer. That's a hell of a pitch. 244 00:08:31,294 --> 00:08:32,395 What are you gonna do? I also have a dog. 245 00:08:32,395 --> 00:08:35,280 No, that's a great offer, but I'm a brand builder. 246 00:08:35,280 --> 00:08:38,351 You need this in other stores -- the PetSmarts, the Targets. 247 00:08:38,351 --> 00:08:40,320 This could go -- We can do big box retail in America, 248 00:08:40,320 --> 00:08:43,106 but also globally, because this is a global problem. 249 00:08:43,106 --> 00:08:44,791 Therefore, it's a global opportunity 250 00:08:44,791 --> 00:08:45,408 and a global product. 251 00:08:45,408 --> 00:08:48,511 I think you could potentially get two Sharks. 252 00:08:48,511 --> 00:08:50,413 What do you think about doing something together? 253 00:08:50,413 --> 00:08:52,348 You know what? Honestly, I would go in. 254 00:08:52,348 --> 00:08:56,069 I think what he offered you is amazing. 255 00:08:56,069 --> 00:08:58,004 Wait, Lori. I would like to go in with him. 256 00:08:58,004 --> 00:08:59,322 Like, to me, sitting here, 257 00:08:59,322 --> 00:09:02,058 he kind of blew my mind. Lori, I think it's amazing, but also... 258 00:09:02,058 --> 00:09:03,359 I know what I can do for you. 259 00:09:03,359 --> 00:09:06,146 And I don't know if you know SwiftPaws... Mm-hmm. 260 00:09:06,146 --> 00:09:08,081 ...but, like, we're soaring with that. Mm-hmm. Yeah. 261 00:09:08,081 --> 00:09:09,249 And you guys could integrate 262 00:09:09,249 --> 00:09:10,750 and do some wonderful things together 263 00:09:10,750 --> 00:09:14,054 with everything that I'm doing, but I... I was your first offer. Let me be clear here. 264 00:09:14,054 --> 00:09:15,438 I saw it first. -Can I just appreciate 265 00:09:15,438 --> 00:09:17,307 what's going on? Greiner: I always loved the product, but... 266 00:09:17,307 --> 00:09:19,793 Your sexy British accent is getting two American women... Scott: It is. 267 00:09:19,793 --> 00:09:22,345 ...to fight over who can partner with you. No, I always loved the product and I love both of you. 268 00:09:22,345 --> 00:09:24,013 Yes. It's so well made. 269 00:09:24,013 --> 00:09:25,098 Everything about it. 270 00:09:25,098 --> 00:09:26,649 Lori! Enough. Enough. Do you even have a dog? 271 00:09:26,649 --> 00:09:28,351 Let the guy decide that. He convinced me that this could be an amazing thing. 272 00:09:28,351 --> 00:09:30,386 What do you guys want to do? You want to listen to this all day, 273 00:09:30,386 --> 00:09:32,155 or do you want to make a decision? 274 00:09:32,155 --> 00:09:34,891 So I will go in with him if you are interested. 275 00:09:34,891 --> 00:09:37,143 [ Dramatic music plays ] 276 00:09:37,143 --> 00:09:41,631 ♪♪ 277 00:09:46,319 --> 00:09:48,221 Narrator: All Sharks are still in. 278 00:09:48,221 --> 00:09:50,373 Brian and Kayla have two offers on the table 279 00:09:50,373 --> 00:09:52,992 for their weighted dog tether, Pup Stack. 280 00:09:52,992 --> 00:09:54,344 But both Kendra and Lori 281 00:09:54,344 --> 00:09:56,262 are vying to get in on Steven's offer. 282 00:09:56,262 --> 00:09:58,198 Why don't we make some decisions here? 283 00:09:58,198 --> 00:09:59,282 Do you know what? I'm in a bit of a sticky situation here 284 00:09:59,282 --> 00:10:00,617 'cause these beautiful ladies 285 00:10:00,617 --> 00:10:02,485 are both asking to team up, so... Well, I'd like to go in... 286 00:10:02,485 --> 00:10:04,337 Together, we're a dynamic duo. Here's -- I'm gonna tell you... 287 00:10:04,337 --> 00:10:06,389 O'Leary: Okay. Let's go. Let's go. 288 00:10:06,389 --> 00:10:08,124 I'm gonna tell you one major difference. 289 00:10:08,124 --> 00:10:09,325 Silence! 290 00:10:09,325 --> 00:10:12,212 I'll give you the $150 000 for 10%. 291 00:10:12,212 --> 00:10:14,914 I don't want to hear any more talking. Let's go. 292 00:10:14,914 --> 00:10:16,132 Do you want to? 293 00:10:16,132 --> 00:10:18,184 Well, I do love the higher cash value. 294 00:10:18,184 --> 00:10:20,954 Well, then make a decision. Make a decision. 295 00:10:20,954 --> 00:10:22,772 [ Dramatic music plays ] 296 00:10:25,041 --> 00:10:26,559 Lubetzky: Steven, give us some clarity. 297 00:10:26,559 --> 00:10:28,661 Are you going this alone or with a partner? Yes. 298 00:10:28,661 --> 00:10:31,614 I want them to decide what they need for their business 299 00:10:31,614 --> 00:10:33,500 because they know their business better than anybody else. 300 00:10:33,500 --> 00:10:34,667 And I'm willing to do it alone. 301 00:10:34,667 --> 00:10:36,402 But I'm willing to go with one of the other ladies, 302 00:10:36,402 --> 00:10:39,055 depending on what you think is best for your business. 303 00:10:39,055 --> 00:10:40,056 What are you gonna do? 304 00:10:40,056 --> 00:10:43,176 So it's 20%... $200,000. 305 00:10:43,176 --> 00:10:44,494 ...for $200,000. $200,000. 306 00:10:44,494 --> 00:10:48,047 Is there any way either one of you would go down to 15%? 307 00:10:49,149 --> 00:10:50,366 I wouldn't move on 20%. There's no way. 308 00:10:50,366 --> 00:10:53,219 I mean, I think 20% for $200,000. 20% was fair. 309 00:10:53,219 --> 00:10:56,055 You want... You want them to give you a better deal 310 00:10:56,055 --> 00:10:57,507 than what he already offered you. 311 00:10:57,507 --> 00:11:00,210 This guy gave you an insane offer. 312 00:11:00,210 --> 00:11:01,544 We're gonna sell so many of these. 313 00:11:01,544 --> 00:11:03,229 In the last 10 minutes, if we'd done the deal, 314 00:11:03,229 --> 00:11:04,581 we could have sold, I think, a couple hundred Pup Stacks. 315 00:11:04,581 --> 00:11:07,033 Yeah, I agree. I agree, yeah. If you let me get to work, Brian, 316 00:11:07,033 --> 00:11:08,084 we're gonna sell some Pup Stacks. 317 00:11:08,084 --> 00:11:09,202 -Yes. -Yeah. 318 00:11:09,202 --> 00:11:11,404 I know the value I can bring to this business. 319 00:11:11,404 --> 00:11:14,290 And I know at 20%, you're gonna get all of me. 320 00:11:14,290 --> 00:11:16,192 I will not let you down. 321 00:11:16,192 --> 00:11:18,027 You've heard our elevator pitches. 322 00:11:18,027 --> 00:11:19,362 We need a decision now. 323 00:11:19,362 --> 00:11:21,848 [ Dramatic music plays ] 324 00:11:24,200 --> 00:11:25,568 Kendra and Steven... 325 00:11:25,568 --> 00:11:27,487 You got a deal. Let's do it. You got a deal. 326 00:11:27,487 --> 00:11:30,006 -Let's do it! Yes! -Let's do it. 327 00:11:30,006 --> 00:11:31,441 Whoo! I'm so excited! 328 00:11:31,441 --> 00:11:33,209 -Thank you so much. -Congrats. 329 00:11:33,209 --> 00:11:34,410 Kayla: Oh, I'm so excited. Thank you so much. 330 00:11:34,410 --> 00:11:37,247 We are gonna sell so many Pup Stacks. Oh, my gosh. 331 00:11:37,247 --> 00:11:38,431 Greiner: Congratulations. This is gonna be fun. 332 00:11:38,431 --> 00:11:40,366 And, Lori, I love you. No. No worries. 333 00:11:40,366 --> 00:11:42,118 -I love you so much. -No worries. 334 00:11:42,118 --> 00:11:43,169 All right. Thank you guys so much. 335 00:11:43,169 --> 00:11:45,171 Bartlett: Thank you so much. Thank you. 336 00:11:45,171 --> 00:11:46,372 Oh, my God. 337 00:11:46,372 --> 00:11:48,458 A literal bidding war. 338 00:11:48,458 --> 00:11:50,443 Oh, my [bleep] Unbelievable. 339 00:11:50,443 --> 00:11:52,445 That's insane. Unbelievable. 340 00:11:52,445 --> 00:11:55,415 I think that dog feels abandoned. 341 00:11:55,415 --> 00:11:56,516 Bartlett: You guys left your dog. 342 00:11:56,516 --> 00:11:57,550 -Aww! -You guys left your dog. 343 00:11:57,550 --> 00:12:00,904 Come on. Come on. Come on. Come on. 344 00:12:00,904 --> 00:12:02,121 Oh. Yes. 345 00:12:02,121 --> 00:12:04,123 Mary Poppins. Thanks so much, man. 346 00:12:04,123 --> 00:12:06,192 Appreciate it, man. Hello. 347 00:12:06,192 --> 00:12:08,511 Having Kendra and Steven up the ask 348 00:12:08,511 --> 00:12:11,264 and offering us more money as part of the deal 349 00:12:11,264 --> 00:12:12,749 is gonna be transformative, 350 00:12:12,749 --> 00:12:16,102 because we're going to be able to potentially work 351 00:12:16,102 --> 00:12:18,137 on Pup Stack full time. 352 00:12:20,023 --> 00:12:20,657 [ Clapperboard clacks ] 353 00:12:20,657 --> 00:12:23,309 I'm Steven Bartlett. I'm an entrepreneur and investor 354 00:12:23,309 --> 00:12:25,094 and the host of one of the world's leading podcasts, 355 00:12:25,094 --> 00:12:26,930 "The Diary of a CEO." 356 00:12:29,115 --> 00:12:31,100 My story starts in Africa, 357 00:12:31,100 --> 00:12:32,535 where I was born, in Botswana. 358 00:12:32,535 --> 00:12:34,637 Came to the UK when I was a couple of years old. 359 00:12:34,637 --> 00:12:37,473 I grew up in a context of being the only black family 360 00:12:37,473 --> 00:12:40,343 in the area who were poorer than the people around me. 361 00:12:40,343 --> 00:12:43,112 My favorite TV show to watch with my mother 362 00:12:43,112 --> 00:12:44,280 was "Dragons' Den," 363 00:12:44,280 --> 00:12:46,165 the UK's version of "Shark Tank." 364 00:12:46,165 --> 00:12:47,467 The remarkable thing that shows 365 00:12:47,467 --> 00:12:49,252 like "Dragons' Den" and "Shark Tank" do 366 00:12:49,252 --> 00:12:51,487 for kids like me is, they expand your belief 367 00:12:51,487 --> 00:12:53,339 about what is possible. 368 00:12:53,339 --> 00:12:54,590 Without shows like "Dragons' Den" and "Shark Tank," 369 00:12:54,590 --> 00:12:57,076 there is no chance that I would be sitting 370 00:12:57,076 --> 00:12:58,211 where I am today. 371 00:12:58,211 --> 00:12:59,512 By the age of 14 or 15, 372 00:12:59,512 --> 00:13:01,531 I was really struggling at school and I realized 373 00:13:01,531 --> 00:13:04,183 that academia wasn't gonna be the path for me. 374 00:13:04,183 --> 00:13:06,352 So I start these small businesses 375 00:13:06,352 --> 00:13:08,054 where I'm trying to sell Japanese clothes 376 00:13:08,054 --> 00:13:09,339 to the UK market, 377 00:13:09,339 --> 00:13:10,440 and then I start this next business 378 00:13:10,440 --> 00:13:11,524 where I'm doing events. 379 00:13:11,524 --> 00:13:12,675 Through that time, it was rough. 380 00:13:12,675 --> 00:13:15,445 To make money, I worked night shifts in call centers. 381 00:13:15,445 --> 00:13:17,196 There were times where I didn't have enough money 382 00:13:17,196 --> 00:13:18,298 to feed myself. 383 00:13:18,298 --> 00:13:19,365 In all that time, 384 00:13:19,365 --> 00:13:20,500 I was working on this website idea 385 00:13:20,500 --> 00:13:21,584 that I had called Wallpark, 386 00:13:21,584 --> 00:13:22,635 which is kind of like Craigslist. 387 00:13:22,635 --> 00:13:25,271 It's just a notice board for students. 388 00:13:25,271 --> 00:13:26,622 And eventually it paid off 389 00:13:26,622 --> 00:13:28,558 and I managed to get my first investor. 390 00:13:28,558 --> 00:13:30,426 The next couple of years, I grew Wallpark. 391 00:13:30,426 --> 00:13:32,278 I discovered this thing called social media, 392 00:13:32,278 --> 00:13:34,247 and I was able to drive millions of people 393 00:13:34,247 --> 00:13:35,631 to Wallpark for almost free. 394 00:13:35,631 --> 00:13:38,301 I started to believe that social media 395 00:13:38,301 --> 00:13:39,602 would be more important than the thing 396 00:13:39,602 --> 00:13:40,737 that I had started building. 397 00:13:40,737 --> 00:13:43,539 And at 21 years old, that led to my next company, 398 00:13:43,539 --> 00:13:46,225 which was called Social Chain, which was essentially a chain 399 00:13:46,225 --> 00:13:47,527 of these big social media pages. 400 00:13:47,527 --> 00:13:49,812 There, it became an e-commerce company, 401 00:13:49,812 --> 00:13:51,831 which was publicly listed on the stock market. 402 00:13:51,831 --> 00:13:54,650 It had reached a valuation of more than $300 million. 403 00:13:54,650 --> 00:13:57,704 I just can't let you walk away. 404 00:13:57,704 --> 00:14:00,857 At 27 years old, I became the youngest Dragon. 405 00:14:00,857 --> 00:14:03,626 I'm really personally passionate about solving the problem. 406 00:14:03,626 --> 00:14:05,678 It felt both like this huge honor 407 00:14:05,678 --> 00:14:08,531 to be invited into the TV screen that I grew up watching, 408 00:14:08,531 --> 00:14:10,600 but, also, it felt like a huge responsibility 409 00:14:10,600 --> 00:14:13,619 to represent who I am and where I come from. 410 00:14:13,619 --> 00:14:15,388 My whole life, I've just quit every situation 411 00:14:15,388 --> 00:14:16,989 where I didn't have freedom. 412 00:14:16,989 --> 00:14:18,291 In 2017, 413 00:14:18,291 --> 00:14:19,475 I started a podcast in my bedroom 414 00:14:19,475 --> 00:14:20,626 called "The Diary of a CEO." 415 00:14:20,626 --> 00:14:22,395 I would sit down at 2:00 a.m. in the morning 416 00:14:22,395 --> 00:14:23,780 and I would just read out my diary. 417 00:14:23,780 --> 00:14:26,115 Pretty much nobody was listening at the time, 418 00:14:26,115 --> 00:14:26,816 but it felt good. 419 00:14:26,816 --> 00:14:29,369 And a couple of my close friends told me that they liked it. 420 00:14:29,369 --> 00:14:30,603 So I made the decision 421 00:14:30,603 --> 00:14:32,605 I was no longer just gonna read my own diary. 422 00:14:32,605 --> 00:14:35,525 I was gonna sit with the world's most impressive people -- 423 00:14:35,525 --> 00:14:38,628 CEOs and founders and scientists and investors. 424 00:14:38,628 --> 00:14:40,430 So how did you become the best? 425 00:14:40,430 --> 00:14:41,714 I would think of an idea on a Tuesday 426 00:14:41,714 --> 00:14:42,949 and have it in the street by Wednesday. 427 00:14:42,949 --> 00:14:46,669 Some six years later, we have about 30 million subscribers. 428 00:14:46,669 --> 00:14:48,671 We're one of the fastest-growing podcasts in the world. 429 00:14:48,671 --> 00:14:50,573 The media company that we've built behind the podcast 430 00:14:50,573 --> 00:14:51,724 employs hundreds of people, 431 00:14:51,724 --> 00:14:53,543 and it's the third highest-grossing podcast 432 00:14:53,543 --> 00:14:55,645 in the world, according to Forbes. 433 00:14:55,645 --> 00:14:58,297 Just over a year ago, we turned down a nine-figure deal 434 00:14:58,297 --> 00:14:59,749 to sell the company, and we decided 435 00:14:59,749 --> 00:15:02,452 to build our own media company ourselves. 436 00:15:02,452 --> 00:15:03,669 And that company, Steven.com, 437 00:15:03,669 --> 00:15:06,456 was recently valued at $425 million. 438 00:15:06,456 --> 00:15:07,774 The biggest creators in the world come to us, 439 00:15:07,774 --> 00:15:09,642 and we help them scale their audiences 440 00:15:09,642 --> 00:15:10,810 and scale their revenues. 441 00:15:10,810 --> 00:15:13,346 I've now invested in more than 100 companies, 442 00:15:13,346 --> 00:15:14,564 and I really focus on companies 443 00:15:14,564 --> 00:15:17,600 that I think will drive a happier, healthier humanity. 444 00:15:17,600 --> 00:15:19,469 Do you remember you said you always wanted me 445 00:15:19,469 --> 00:15:20,603 to be a Shark on "Shark Tank"? 446 00:15:20,603 --> 00:15:21,737 Bartlett's mom: Yes. 447 00:15:21,737 --> 00:15:23,739 A couple of months after I moved to Los Angeles, 448 00:15:23,739 --> 00:15:25,792 I got a call from the producers at "Shark Tank." 449 00:15:25,792 --> 00:15:28,194 They've asked me to be a guest Shark 450 00:15:28,194 --> 00:15:29,262 this year on the show. 451 00:15:29,262 --> 00:15:30,480 [ Screams ] 452 00:15:30,480 --> 00:15:34,984 ♪♪ 453 00:15:34,984 --> 00:15:37,753 I think the big difference with "Dragons' Den" and "Shark Tank" 454 00:15:37,753 --> 00:15:39,722 is, on "Shark Tank," everything's bigger, 455 00:15:39,722 --> 00:15:41,707 louder, and more ambitious. 456 00:15:41,707 --> 00:15:44,527 And I think that allowed me to dream even bigger. 457 00:15:44,527 --> 00:15:46,796 And I discovered this thing called the American dream. 458 00:15:46,796 --> 00:15:49,599 I don't quite think 16-year--old me that watched "Shark Tank" 459 00:15:49,599 --> 00:15:52,185 would really believe any of this stuff. 460 00:15:52,185 --> 00:15:56,172 ♪♪ 461 00:16:01,727 --> 00:16:03,596 A little comment about that jacket -- 462 00:16:03,596 --> 00:16:05,715 very aggressive. Very aggressive. Scott: I love it. 463 00:16:05,715 --> 00:16:06,866 I was trying to be as loud as you. 464 00:16:06,866 --> 00:16:08,634 Do you know what I mean? This is what I was thinking. 465 00:16:08,634 --> 00:16:09,836 I was thinking, "I've got to be loud." No, but as -- 466 00:16:09,836 --> 00:16:11,871 Steven, as the head fashionista here, 467 00:16:11,871 --> 00:16:14,557 always get your stuff approved by me first. 468 00:16:14,557 --> 00:16:15,558 [ Laughter ] 469 00:16:15,558 --> 00:16:17,760 [ Dramatic music plays ] 470 00:16:17,760 --> 00:16:20,546 Narrator: Next into the Tank is a healthy makeover 471 00:16:20,546 --> 00:16:23,466 to a nostalgic childhood indulgence. 472 00:16:23,466 --> 00:16:29,288 ♪♪ 473 00:16:29,288 --> 00:16:30,556 Hi, Sharks. I'm Jo, 474 00:16:30,556 --> 00:16:32,892 founder of Nutcase Milk from Las Vegas, Nevada. 475 00:16:32,892 --> 00:16:37,263 I'm here seeking $250,000 for 5% of my company. 476 00:16:37,263 --> 00:16:37,797 Wow. Whoa. 477 00:16:37,797 --> 00:16:39,582 Sharks, I don't know about you, 478 00:16:39,582 --> 00:16:41,584 but I grew up on chocolate milk. 479 00:16:41,584 --> 00:16:43,753 Sadly, when I started to read labels, 480 00:16:43,753 --> 00:16:46,439 I just could not drink it anymore. 481 00:16:46,439 --> 00:16:47,840 But, man, I missed it. 482 00:16:47,840 --> 00:16:50,760 I looked everywhere for a healthier option, 483 00:16:50,760 --> 00:16:52,378 but I never found one. 484 00:16:52,378 --> 00:16:54,614 So I made my own. 485 00:16:54,614 --> 00:16:57,633 And, well, I named it Nutcase after myself. 486 00:16:57,633 --> 00:16:59,485 [ Laughter ] 487 00:16:59,485 --> 00:17:01,020 But, also, it's nut milk. 488 00:17:01,020 --> 00:17:04,891 And not only is it better for you -- It's also better-tasting. 489 00:17:04,891 --> 00:17:08,794 Even people who swear they hate nut milk love Nutcase. 490 00:17:08,794 --> 00:17:10,463 You know who else loves it? 491 00:17:10,463 --> 00:17:11,914 One of the most influential 492 00:17:11,914 --> 00:17:14,634 and recognizable gamers in the world -- 493 00:17:14,634 --> 00:17:17,336 this guy...Ninja. Lubetzky: Oh, wow. 494 00:17:17,336 --> 00:17:17,970 -Hi, Sharks. -Whoa! 495 00:17:17,970 --> 00:17:21,641 I gotta get this fake Ninja out of here, dude. 496 00:17:21,641 --> 00:17:23,759 Cool. Do you guys know Ninja? 497 00:17:23,759 --> 00:17:24,827 I'm well aware, my friend. 498 00:17:24,827 --> 00:17:26,945 He is the greatest gamer of all time online. 499 00:17:26,945 --> 00:17:28,698 Ninja: I appreciate it, Lori. Thank you so much. 500 00:17:28,698 --> 00:17:30,866 Like, my kids are gonna flip. Flip! Come on. [ Laughs ] 501 00:17:30,866 --> 00:17:33,402 I have four children. They all love you, also. 502 00:17:33,402 --> 00:17:34,537 -Let's go. -Yes. 503 00:17:34,537 --> 00:17:35,855 I obviously love Nutcase so much. 504 00:17:35,855 --> 00:17:37,473 I became a co-founder. Greiner: How are you doing? 505 00:17:37,473 --> 00:17:38,808 Hi. I'm good. How are you? Good. 506 00:17:38,808 --> 00:17:41,844 Nutcase is made with rich, creamy cashews 507 00:17:41,844 --> 00:17:44,030 and real clean ingredients. 508 00:17:44,030 --> 00:17:46,716 Sharks, did you know that almost half of America 509 00:17:46,716 --> 00:17:48,534 is lactose-intolerant? 510 00:17:48,534 --> 00:17:51,254 That means that dairy is no bueno. 511 00:17:51,254 --> 00:17:51,887 But fear not. 512 00:17:51,887 --> 00:17:55,708 Nutcase is safe to indulge without massive explosions. 513 00:17:55,708 --> 00:17:56,759 You're welcome. [ Laughter ] 514 00:17:56,759 --> 00:17:58,628 Also, it is packed with magnesium, 515 00:17:58,628 --> 00:18:00,846 and it has more potassium than a banana. 516 00:18:00,846 --> 00:18:04,550 It is the perfect guilt-free late-night sweet treat. 517 00:18:04,550 --> 00:18:06,435 So, Sharks, who wants to go nuts 518 00:18:06,435 --> 00:18:08,471 and milk this with us? 519 00:18:08,471 --> 00:18:09,922 I love the concept. 520 00:18:09,922 --> 00:18:12,792 Is this trying to appeal to young people particularly? 521 00:18:12,792 --> 00:18:15,845 Is that -- because it has "make milk dope again." 522 00:18:15,845 --> 00:18:17,546 The packaging is insane. 523 00:18:17,546 --> 00:18:18,581 Scott: Yeah. It's really good packaging. 524 00:18:18,581 --> 00:18:19,649 -Thank you. -What -- 525 00:18:19,649 --> 00:18:22,368 Tell me more about your consumer goal, 526 00:18:22,368 --> 00:18:22,935 your target. Yeah. 527 00:18:22,935 --> 00:18:26,539 So it's twofold because it's for the adult 528 00:18:26,539 --> 00:18:27,757 who grew up on it, 529 00:18:27,757 --> 00:18:29,742 and there's still all of that nostalgia, 530 00:18:29,742 --> 00:18:33,546 but you kind of feel silly walking around with a bottle 531 00:18:33,546 --> 00:18:35,081 that has a bunny on it. [ Laughter ] 532 00:18:35,081 --> 00:18:38,000 So it's -- The packaging is designed to make it feel cool 533 00:18:38,000 --> 00:18:40,569 and adult, but that also works really well 534 00:18:40,569 --> 00:18:41,704 as reverse psychology 535 00:18:41,704 --> 00:18:43,623 because then kids are like, "Oh, this is cool. 536 00:18:43,623 --> 00:18:44,940 Like, I'm not supposed to have it." 537 00:18:44,940 --> 00:18:47,426 So they want it more. This is delicious. 538 00:18:47,426 --> 00:18:48,628 -Yeah. -Great news. 539 00:18:48,628 --> 00:18:50,630 I just tried the chocolate, 540 00:18:50,630 --> 00:18:52,882 and that's on-steroids delicious. Oh, my gosh. 541 00:18:52,882 --> 00:18:54,617 Chocolate Chaos is insane. 542 00:18:54,617 --> 00:18:56,569 Jo, we all know Tyler's background. 543 00:18:56,569 --> 00:18:57,720 I'd love to hear a bit more about yours. 544 00:18:57,720 --> 00:18:58,938 Yeah. So I never really fit in. 545 00:18:58,938 --> 00:19:00,873 And I never really understood why 546 00:19:00,873 --> 00:19:02,742 until I actually discovered entrepreneurship. 547 00:19:02,742 --> 00:19:04,160 And that's when I understood, like, 548 00:19:04,160 --> 00:19:06,262 "Oh, this is what's different about me." Scott: Yes. 549 00:19:06,262 --> 00:19:07,613 Amen. 550 00:19:07,613 --> 00:19:09,632 So I've started four different companies, 551 00:19:09,632 --> 00:19:10,816 all different lanes. Really? 552 00:19:10,816 --> 00:19:12,835 -Wow. -Okay. 553 00:19:12,835 --> 00:19:15,538 What does it cost you to make a 12-pack? 554 00:19:15,538 --> 00:19:16,856 What do you sell it for? 555 00:19:16,856 --> 00:19:18,858 A 12-pack -- Currently it's $15. 556 00:19:18,858 --> 00:19:20,910 It'll go down to $12 at scale next year. Okay. 557 00:19:20,910 --> 00:19:23,729 And you sell it for how much? And we sell it for $35. 558 00:19:23,729 --> 00:19:26,582 Okay. And then we add $5 for shipping, unless you... 559 00:19:26,582 --> 00:19:28,901 If I look at other nut-based milks... 560 00:19:28,901 --> 00:19:31,954 Yes. ...what would I see them priced for? 561 00:19:31,954 --> 00:19:34,990 So we're on, obviously, the premium end of it currently. 562 00:19:34,990 --> 00:19:36,976 Okay. And so what does it cost 563 00:19:36,976 --> 00:19:38,861 to acquire a customer out of the blue? 564 00:19:38,861 --> 00:19:40,029 Like, what's your CAC? 565 00:19:40,029 --> 00:19:41,647 It's about $58, our CAC right now. 566 00:19:41,647 --> 00:19:42,732 $58? Yes. 567 00:19:42,732 --> 00:19:44,066 So you don't make any money on that first order. 568 00:19:44,066 --> 00:19:47,770 Not on the first order. Our LTV is around $190. 569 00:19:47,770 --> 00:19:48,988 I like the taste. Ninja: Yes. 570 00:19:48,988 --> 00:19:51,691 But I find it to be quite a confusing proposition 571 00:19:51,691 --> 00:19:52,908 from a positioning perspective. 572 00:19:52,908 --> 00:19:54,927 Okay. You're low on protein. 573 00:19:54,927 --> 00:19:58,714 You're a milk. Your price point is higher than, say, 574 00:19:58,714 --> 00:20:01,016 if I was just getting sort of a normal milk 575 00:20:01,016 --> 00:20:02,852 and you said the word "functional." 576 00:20:02,852 --> 00:20:04,820 It's just very confusing to me. 577 00:20:04,820 --> 00:20:06,655 Fair. Who is the customer, and why? 578 00:20:06,655 --> 00:20:08,040 I could speak to this. All right? 579 00:20:08,040 --> 00:20:09,692 I have -- Like, one of my biggest issues is, like, 580 00:20:09,692 --> 00:20:10,960 I don't drink anymore. 581 00:20:10,960 --> 00:20:12,778 I've cut alcohol out for almost two years now. 582 00:20:12,778 --> 00:20:14,714 I have no vices other than sweets, 583 00:20:14,714 --> 00:20:16,115 and the best time to eat them is, of course, 584 00:20:16,115 --> 00:20:17,967 at night, when you've had dinner at 6:00 585 00:20:17,967 --> 00:20:19,902 and it's now, you know, 8:00, 9:00, 586 00:20:19,902 --> 00:20:21,237 and you're still hungry for a little something. 587 00:20:21,237 --> 00:20:23,823 I think it's... And I always feel guilt after a pint of ice cream. 588 00:20:23,823 --> 00:20:25,991 Look, it tastes amazing but I find it confusing 589 00:20:25,991 --> 00:20:29,061 'cause you're giving me a Nesquik-style value proposition. 590 00:20:29,061 --> 00:20:30,880 -Yeah. -But then you've packaged it 591 00:20:30,880 --> 00:20:32,848 as if it's like a performance product. 592 00:20:32,848 --> 00:20:35,868 The reality is, it can cross both of those things. 593 00:20:35,868 --> 00:20:37,570 So it solves the nostalgia. 594 00:20:37,570 --> 00:20:38,604 It gives you that sweet fix. 595 00:20:38,604 --> 00:20:40,055 But at the same time, 596 00:20:40,055 --> 00:20:42,007 it also helps solve the chronic dehydration issue 597 00:20:42,007 --> 00:20:43,509 for average, everyday people. Bartlett: Do you know what? 598 00:20:43,509 --> 00:20:44,193 Sometimes less is more. 599 00:20:44,193 --> 00:20:46,045 In terms of value proposition, less is more. 600 00:20:46,045 --> 00:20:48,781 But, also, what were your sales last year? 601 00:20:48,781 --> 00:20:51,817 We did 70K at the end of last year. 602 00:20:51,817 --> 00:20:53,702 What have you sold year to date? 603 00:20:53,702 --> 00:20:56,288 Year to date is another $65,070. 604 00:20:56,288 --> 00:21:00,042 You're at $60,000 and you gave us a $5 million valuation. 605 00:21:00,042 --> 00:21:02,778 Why did you come up with a $5 million valuation? Yeah. 606 00:21:02,778 --> 00:21:04,613 You must have raised some money, right? 607 00:21:04,613 --> 00:21:05,798 -You must have. -Yes. Yeah. 608 00:21:05,798 --> 00:21:06,949 O'Leary: Did you? We have raised $1.8 million. 609 00:21:06,949 --> 00:21:08,017 How much? How much? Bartlett: $1.8 million? 610 00:21:08,017 --> 00:21:10,035 -Wow. That's a lot. -$1.8 million? Already? 611 00:21:10,035 --> 00:21:11,937 Can you tell me your net profit year to date 612 00:21:11,937 --> 00:21:13,155 on that $65,000? 613 00:21:13,155 --> 00:21:15,791 I'm assuming you're losing quite a significant amount of money. 614 00:21:15,791 --> 00:21:17,209 Yes. Scott: And what valuation, I want to know, 615 00:21:17,209 --> 00:21:19,728 was the $1.8 million? Bartlett: What's your net? What was your net loss? 616 00:21:19,728 --> 00:21:21,797 Our last round, we did at $10 million. 617 00:21:21,797 --> 00:21:22,882 Jo, what was your net loss year to date? 618 00:21:22,882 --> 00:21:24,016 -Whew. -Wow. 619 00:21:24,016 --> 00:21:27,052 Year to date, we've lost the $300,000. 620 00:21:27,052 --> 00:21:29,989 We have 200K in the bank. We have 200K in inventory. 621 00:21:29,989 --> 00:21:31,991 I have a lot of experience in this space. 622 00:21:31,991 --> 00:21:33,909 It's such a tricky space. 623 00:21:33,909 --> 00:21:35,845 So our strategy was to be narrow as a needle. 624 00:21:35,845 --> 00:21:37,029 And I think that's critical 625 00:21:37,029 --> 00:21:38,664 when you're coming into a saturated market 626 00:21:38,664 --> 00:21:39,999 in terms of positioning, 627 00:21:39,999 --> 00:21:41,934 because businesses like this need retail. Mm-hmm. 628 00:21:41,934 --> 00:21:43,352 And the first thing the retailer is gonna try 629 00:21:43,352 --> 00:21:45,905 and figure out is, "Where do I put you in the aisle?" Mm-hmm. 630 00:21:45,905 --> 00:21:47,873 You're not gonna build a big RTD -- 631 00:21:47,873 --> 00:21:49,842 ready-to-drink -- business D2C. Of course. 632 00:21:49,842 --> 00:21:50,993 You're not going to. Yep. 633 00:21:50,993 --> 00:21:54,413 This business is a bloodbath. 634 00:21:55,781 --> 00:21:57,183 This will suck you dry, like Kevin O'Leary. 635 00:21:57,183 --> 00:21:59,034 Like, do you know what I mean? This is gonna be... 636 00:21:59,034 --> 00:22:00,820 I disagree, Kevin. Wow. 637 00:22:00,820 --> 00:22:02,054 [ Laughter ] 638 00:22:02,054 --> 00:22:05,808 In this case, less is more because the market is so, 639 00:22:05,808 --> 00:22:07,176 so, so competitive. 640 00:22:07,176 --> 00:22:09,645 I completely believe in you as a person. 641 00:22:09,645 --> 00:22:10,846 And, Tyler, you're an icon. 642 00:22:10,846 --> 00:22:12,248 So, like, it goes without saying. Thank you. 643 00:22:12,248 --> 00:22:14,783 But I struggle to believe in the product. 644 00:22:14,783 --> 00:22:16,018 I'm gonna have to say that I'm out, 645 00:22:16,018 --> 00:22:17,820 but I wish you the very, very best. Appreciate it. 646 00:22:17,820 --> 00:22:19,722 O'Leary: The numbers here tell the story. 647 00:22:19,722 --> 00:22:21,323 You are not worth $5 million. 648 00:22:21,323 --> 00:22:25,711 I would own 110% of this company right now for $250,000, 649 00:22:25,711 --> 00:22:26,862 which I don't want to do. 650 00:22:26,862 --> 00:22:28,214 I'm out. Thank you, Kevin. 651 00:22:28,214 --> 00:22:29,982 And that's me being nice. I can't believe... 652 00:22:29,982 --> 00:22:31,083 That was very nice. 653 00:22:31,083 --> 00:22:32,952 That anger management is doing wonders, Kevin. 654 00:22:32,952 --> 00:22:34,904 Oh, my gosh. 655 00:22:34,904 --> 00:22:36,088 Wonderful. 656 00:22:36,088 --> 00:22:38,123 Scott: Look, I'm confused a little, as well. Sure. 657 00:22:38,123 --> 00:22:40,910 Like, I don't know who I'm actually gonna 658 00:22:40,910 --> 00:22:42,862 even be giving this to. Sure. 659 00:22:42,862 --> 00:22:44,079 You've got something that tastes great, 660 00:22:44,079 --> 00:22:46,315 but maybe there's just a few changes 661 00:22:46,315 --> 00:22:49,034 that you can make to be able to take this from a good idea 662 00:22:49,034 --> 00:22:51,086 to an absolutely great one. 663 00:22:51,086 --> 00:22:53,873 But unfortunately, I'm out. 664 00:22:53,873 --> 00:22:56,642 All right. Thank you, Kendra. 665 00:22:56,642 --> 00:22:58,811 Two left. 666 00:22:58,811 --> 00:23:01,146 Greiner: Listen, guys, to me, 667 00:23:01,146 --> 00:23:04,083 my mind goes to a complete pivot, 668 00:23:04,083 --> 00:23:07,019 a complete change in what you're doing 669 00:23:07,019 --> 00:23:09,855 because it is confusing. 670 00:23:09,855 --> 00:23:12,091 You really have to redo all of this. 671 00:23:12,091 --> 00:23:14,860 Yep. Right? I wish you good luck, you guys. 672 00:23:14,860 --> 00:23:16,962 But at this point in time, I'm out. 673 00:23:16,962 --> 00:23:20,833 ♪♪ 674 00:23:20,833 --> 00:23:22,268 Lubetzky: I'm struggling a lot, guys, 675 00:23:22,268 --> 00:23:26,872 because I really don't know how to make this investable. 676 00:23:26,872 --> 00:23:28,290 That's what we're here, to be honest, 677 00:23:28,290 --> 00:23:30,192 is for a little bit of guidance and expertise, 678 00:23:30,192 --> 00:23:32,912 'cause we know we have a base of something, 679 00:23:32,912 --> 00:23:34,129 but we are new to this. 680 00:23:34,129 --> 00:23:36,832 To be clear, my team, that's what we do, right? 681 00:23:36,832 --> 00:23:37,900 Like, we did it at Kind. 682 00:23:37,900 --> 00:23:40,319 We took a company from $10,000 to $7 billion. 683 00:23:40,319 --> 00:23:44,690 We know how to do it with almost no cash, by the way. 684 00:23:44,690 --> 00:23:46,208 But to Kevin's point, 685 00:23:46,208 --> 00:23:48,177 the valuation that I would need to give you 686 00:23:48,177 --> 00:23:51,981 for that type of work, it's beyond Sharky. 687 00:23:51,981 --> 00:23:54,133 Like, I don't think it's gonna make sense. Sure. 688 00:23:54,133 --> 00:23:56,168 And so it would need to be, like, 689 00:23:56,168 --> 00:23:58,087 a half-million-dollar valuation 690 00:23:58,087 --> 00:24:00,239 because of the work that this is gonna take. 691 00:24:00,239 --> 00:24:02,124 I would need to take 50% of the company, 692 00:24:02,124 --> 00:24:04,126 and I don't want to do that. Sure. 693 00:24:04,126 --> 00:24:05,744 And so I think I'm out. 694 00:24:07,096 --> 00:24:09,114 All right. Well, thank you so much, you guys. Appreciate it. 695 00:24:09,114 --> 00:24:10,749 Thank you guys. All right. Thank you guys so much. 696 00:24:10,749 --> 00:24:13,986 Scott: Best of luck. We're gonna keep watching you guys. It was a pleasure to meet you guys. 697 00:24:13,986 --> 00:24:15,020 Thank you. Thank you. 698 00:24:15,020 --> 00:24:16,639 Bye. [ Sighs ] 699 00:24:16,639 --> 00:24:21,076 ♪♪ 700 00:24:21,076 --> 00:24:23,162 I mean, that's what we thought. We're early. Yes. 701 00:24:23,162 --> 00:24:24,330 We're gonna go for it anyways. 702 00:24:24,330 --> 00:24:27,433 You have to be nuts to really win big in this world. 703 00:24:27,433 --> 00:24:30,486 And so, yeah, it's not perfect. We're figuring it out. 704 00:24:30,486 --> 00:24:35,074 We thought they might be down to help a bit with that, 705 00:24:35,074 --> 00:24:36,859 but, you know, we got this. 706 00:24:36,859 --> 00:24:38,060 We got this. 707 00:24:38,060 --> 00:24:40,846 Steven, that was a tough one. You ripped her to pieces. 708 00:24:40,846 --> 00:24:42,031 Do you know what it was, yeah? 709 00:24:42,031 --> 00:24:43,916 I liked them so much... I did, too. 710 00:24:43,916 --> 00:24:46,151 ...that I was desperate to lend them 711 00:24:46,151 --> 00:24:48,137 some of my experience in this category. 712 00:24:48,137 --> 00:24:50,072 So when your product struggles, 713 00:24:50,072 --> 00:24:52,007 the temptation is, oh, we'll go after more markets. Yeah. 714 00:24:52,007 --> 00:24:53,275 We'll go after treats and hydration and protein. 715 00:24:53,275 --> 00:24:54,476 We're gonna have fiber. Yeah. 716 00:24:54,476 --> 00:24:57,229 What they need to do is the inverse of their instinct. 717 00:24:57,229 --> 00:24:59,048 So what they've tried to do is all 718 00:24:59,048 --> 00:25:00,749 and, therefore, none. 719 00:25:00,749 --> 00:25:01,767 Focus. 720 00:25:01,767 --> 00:25:03,836 ♪♪ 721 00:25:09,808 --> 00:25:12,011 [ Dramatic music plays ] 722 00:25:12,011 --> 00:25:13,562 Narrator: Next up are entrepreneurs trying 723 00:25:13,562 --> 00:25:17,866 to disrupt the hydration space by reimagining an old habit 724 00:25:17,866 --> 00:25:19,918 you don't need to quit. 725 00:25:19,918 --> 00:25:25,374 ♪♪ 726 00:25:25,374 --> 00:25:27,976 Hi, Sharks. I'm Sam Mitchell from San Diego. 727 00:25:27,976 --> 00:25:30,045 And I'm Dominic from West Palm Beach. 728 00:25:30,045 --> 00:25:33,182 And we're here seeking $150,000 for 5% 729 00:25:33,182 --> 00:25:36,085 of our company, ZALT. 730 00:25:36,085 --> 00:25:38,370 Sharks, the biggest consumer breakthroughs often come 731 00:25:38,370 --> 00:25:41,023 from changing how people use a product. 732 00:25:41,023 --> 00:25:43,225 Coffee moved from pots to pods, 733 00:25:43,225 --> 00:25:45,144 greens from powder to gummies. 734 00:25:45,144 --> 00:25:48,764 And now electrolytes are making their big move, too. 735 00:25:48,764 --> 00:25:49,465 This is ZALT, 736 00:25:49,465 --> 00:25:53,168 the first-ever electrolyte- plus-B-vitamin oral pouch. 737 00:25:53,168 --> 00:25:55,320 Pouches have long been associated with nicotine. 738 00:25:55,320 --> 00:25:57,139 Sure, the format is effective. 739 00:25:57,139 --> 00:25:58,907 But what if pouches delivered something 740 00:25:58,907 --> 00:26:00,192 that's actually good for you? 741 00:26:00,192 --> 00:26:01,527 ZALT is the answer, 742 00:26:01,527 --> 00:26:04,263 the category creator for electrolytes in pouch form. 743 00:26:04,263 --> 00:26:06,281 Just crack open a can, 744 00:26:06,281 --> 00:26:10,002 grab a pouch, and toss it in the upper decky, baby. 745 00:26:10,002 --> 00:26:11,270 Cheers. Cheers. 746 00:26:11,270 --> 00:26:13,222 Both: [ High-pitched voice ] Zee-oop! 747 00:26:13,222 --> 00:26:14,473 [ Normal voice ] Inside each pouch 748 00:26:14,473 --> 00:26:17,192 is 372 milligrams of active ingredients, 749 00:26:17,192 --> 00:26:20,329 like sea salt, potassium, B6, and B12. 750 00:26:20,329 --> 00:26:22,347 You can keep a ZALT pouch in for up to an hour, 751 00:26:22,347 --> 00:26:24,216 drink your water as normal, 752 00:26:24,216 --> 00:26:26,085 and know that every sip is going to be enhanced 753 00:26:26,085 --> 00:26:28,303 with electrolytes, vitamins, and minerals. 754 00:26:28,303 --> 00:26:30,172 It's flavorful, it's functional, 755 00:26:30,172 --> 00:26:32,241 it's clean, and it's just way more fun. 756 00:26:32,241 --> 00:26:34,426 Created for Gen Z and Millennial athletes, 757 00:26:34,426 --> 00:26:37,196 shift workers, and everyday people 758 00:26:37,196 --> 00:26:39,364 who want hydration support on the go. 759 00:26:39,364 --> 00:26:42,384 ZALT isn't just a new product -- It's a brand-new category. 760 00:26:42,384 --> 00:26:45,237 And that category is ours to define right now. 761 00:26:45,237 --> 00:26:49,007 So, Sharks, which one of you wants to pop a ZALT with us 762 00:26:49,007 --> 00:26:51,610 and own the future of hydration? 763 00:26:52,244 --> 00:26:53,612 It's like the tobacco? Tuck it up? 764 00:26:53,612 --> 00:26:56,415 Same thing as tobacco. We just removed all the harmful 765 00:26:56,415 --> 00:26:58,200 and added in electrolytes. Same thing as the nicotine. 766 00:26:58,200 --> 00:27:00,135 So you got to really suck on this a long time? 767 00:27:00,135 --> 00:27:02,154 No. So your saliva as natural 768 00:27:02,154 --> 00:27:03,255 will start to, like, kind of juice the pouch. 769 00:27:03,255 --> 00:27:05,207 Is this being absorbed by the gum, as well? 770 00:27:05,207 --> 00:27:08,093 The B vitamins are hyper-absorbed through the gums. 771 00:27:08,093 --> 00:27:10,112 I mean. It tastes kind of good, okay? 772 00:27:10,112 --> 00:27:11,413 Watermelon's our best seller. Yeah. 773 00:27:11,413 --> 00:27:13,499 So you want to lock it in between your lip and your gum. 774 00:27:13,499 --> 00:27:15,134 You wanna lock it in and let it just sit there. 775 00:27:15,134 --> 00:27:17,553 And then keep it there for 20 minutes to an hour. 776 00:27:17,553 --> 00:27:19,454 Drink water as normal. You don't like it? 777 00:27:19,454 --> 00:27:22,274 [ Laughing ] I'm not gonna do this. 778 00:27:22,274 --> 00:27:24,560 Are you selling these? Have you got sales? We are. Yes. 779 00:27:24,560 --> 00:27:26,245 Run me through your sales since inception. 780 00:27:26,245 --> 00:27:28,163 We launched January 12th of this year, 781 00:27:28,163 --> 00:27:29,448 and we've done $400,000 782 00:27:29,448 --> 00:27:31,183 since we've launched. Lubetzky: Wow. 783 00:27:31,183 --> 00:27:33,318 Are you profitable? 784 00:27:33,318 --> 00:27:36,321 So, actually, since year to date, we've lost $50,000. 785 00:27:36,321 --> 00:27:39,158 What's your gross margin on one of these tubs? Really? 786 00:27:39,158 --> 00:27:41,326 Uh, so landed to the customer is 55%. 787 00:27:41,326 --> 00:27:43,128 So we manufacture for $1.90. 788 00:27:43,128 --> 00:27:45,230 And we sell a single can for $9.99. Wow. 789 00:27:45,230 --> 00:27:46,415 That's a big margin. So 80% gross margin. 790 00:27:46,415 --> 00:27:49,168 Fantastic margin. How are you selling these? 791 00:27:49,168 --> 00:27:50,786 So we're online today, so D2C. 792 00:27:50,786 --> 00:27:52,571 So we have a website. Which channel is driving the sales? 793 00:27:52,571 --> 00:27:54,456 Meta. Meta right now is the heavy channel. 794 00:27:54,456 --> 00:27:56,208 Is that the majority of your marketing strategy? 795 00:27:56,208 --> 00:27:57,543 Yeah, right now. Meta. Google Ads. 796 00:27:57,543 --> 00:27:59,678 But we're working in creator and athlete partnerships. 797 00:27:59,678 --> 00:28:03,949 I wouldn't put this in my mouth and walk around with it. 798 00:28:03,949 --> 00:28:05,450 So who is your customer? 799 00:28:05,450 --> 00:28:07,486 Athletes, shift workers, 800 00:28:07,486 --> 00:28:10,272 baseball players, runners, swimmers, 801 00:28:10,272 --> 00:28:12,441 even people just walking or doing workouts 802 00:28:12,441 --> 00:28:14,443 or going in the sauna. 803 00:28:14,443 --> 00:28:18,630 The fact that nicotine pouches have become so popular 804 00:28:18,630 --> 00:28:21,166 in your age group... Oh, yeah. It's terrible. 805 00:28:21,166 --> 00:28:23,352 ...that now you're copying that form factor 806 00:28:23,352 --> 00:28:25,037 because it's cool... Mm-hmm. 807 00:28:25,037 --> 00:28:26,305 ...it depresses me to no end 808 00:28:26,305 --> 00:28:29,575 because I lived through so many people that died 809 00:28:29,575 --> 00:28:32,578 because of cigarette abuse, nicotine addiction, and stuff. Yep. 810 00:28:32,578 --> 00:28:36,498 We started off as a nicotine pouch replacement company, 811 00:28:36,498 --> 00:28:39,451 and we've helped a ton of people get off of nicotine. 812 00:28:39,451 --> 00:28:40,636 That said, after we launched, 813 00:28:40,636 --> 00:28:44,072 we really saw that this is also helping people 814 00:28:44,072 --> 00:28:44,773 enhance their workouts. 815 00:28:44,773 --> 00:28:47,426 It's helping with leg cramps, it's helping with headaches. 816 00:28:47,426 --> 00:28:50,329 It's, like, a staple in people's gym bag and their running bag. 817 00:28:50,329 --> 00:28:52,397 And this is just feedback we got from customers. 818 00:28:52,397 --> 00:28:54,333 So we took that feedback and we were like, 819 00:28:54,333 --> 00:28:56,285 "We're gonna be the next big hydration brand." 820 00:28:56,285 --> 00:28:58,353 Okay. My optionality as a customer is, I can do -- 821 00:28:58,353 --> 00:28:59,638 I run an electrolytes business, as well. 822 00:28:59,638 --> 00:29:02,124 I helped start a company called Cadence... Yeah. 823 00:29:02,124 --> 00:29:03,125 ...which is an electrolyte company 824 00:29:03,125 --> 00:29:04,209 here in the United States. 825 00:29:04,209 --> 00:29:05,460 I can drink the electrolytes in 30 seconds 826 00:29:05,460 --> 00:29:07,346 and it tastes really good and get my electrolytes. Sure. 827 00:29:07,346 --> 00:29:09,231 I can even take an electrolyte pill if I want to. 828 00:29:09,231 --> 00:29:11,967 Or I can -- I can, like... 829 00:29:11,967 --> 00:29:12,768 [ Grunts ] 830 00:29:12,768 --> 00:29:15,020 And it feels like -- I feel like I look like a rabbit 831 00:29:15,020 --> 00:29:16,488 or something. 832 00:29:16,488 --> 00:29:18,340 This is the third option. This is the worst option. 833 00:29:18,340 --> 00:29:20,275 -It's not an attractive look. -This is the worst option. 834 00:29:20,275 --> 00:29:22,644 How do we compare to, like, an electrolyte pouch 835 00:29:22,644 --> 00:29:24,446 that you pour in your water? Or a powder. 836 00:29:24,446 --> 00:29:26,265 And why would people do it, right? Yeah. 837 00:29:26,265 --> 00:29:27,449 Or a can. 838 00:29:27,449 --> 00:29:29,351 And I know you've got $2.5 million into Cadence, 839 00:29:29,351 --> 00:29:31,320 so this is a personal question. Yeah. 840 00:29:31,320 --> 00:29:33,538 So sachets that you pour into water -- 841 00:29:33,538 --> 00:29:35,607 Those are designed for elite athletes 842 00:29:35,607 --> 00:29:40,228 who are, like, doing insane workouts with tons of sweat. 843 00:29:40,228 --> 00:29:42,230 Like, people who are running marathons, 844 00:29:42,230 --> 00:29:44,316 people who are, like, training all day 845 00:29:44,316 --> 00:29:45,634 and then going on the field to perform. 846 00:29:45,634 --> 00:29:46,868 This is also not entirely accurate. 847 00:29:46,868 --> 00:29:48,570 Our products don't have 1,000 milligrams of sodium in them. 848 00:29:48,570 --> 00:29:50,639 You have a great product. I'm not dogging your product. 849 00:29:50,639 --> 00:29:52,641 No, I'm genuinely curious because I'm someone 850 00:29:52,641 --> 00:29:54,676 that takes electrolytes almost every day. Mm-hmm. 851 00:29:54,676 --> 00:29:57,346 And I'm wondering how this is a better form factor 852 00:29:57,346 --> 00:29:58,864 for getting electrolytes into my body 853 00:29:58,864 --> 00:30:01,366 when there's less in there and it makes me look like a rabbit. 854 00:30:01,366 --> 00:30:02,768 People like to have this in there. 855 00:30:02,768 --> 00:30:04,736 It's the oral stimulation, the oral fixation. 856 00:30:04,736 --> 00:30:07,356 You're saying basically it's just a substitution. 857 00:30:07,356 --> 00:30:08,707 People that like chew, 858 00:30:08,707 --> 00:30:10,325 people that want something in their mouth. 859 00:30:10,325 --> 00:30:11,710 -Mm-hmm. -Mm-hmm. 860 00:30:11,710 --> 00:30:14,529 I worry about this for kids -- these nicotine pouches. Yeah, it's horrible. 861 00:30:14,529 --> 00:30:17,282 It's a very hot topic among parents right now. 862 00:30:17,282 --> 00:30:18,717 Okay? I've got a middle schooler. 863 00:30:18,717 --> 00:30:20,769 Kids are trying to find them, get them. 864 00:30:20,769 --> 00:30:23,572 They like the taste because they're fruit-flavored. 865 00:30:23,572 --> 00:30:25,407 And they're marketed to them. Now, if I'm a parent 866 00:30:25,407 --> 00:30:27,776 and my kid has this, they replace it. 867 00:30:27,776 --> 00:30:30,762 "Oh, Mom, no, I have the electrolyte pouch in here." 868 00:30:30,762 --> 00:30:34,149 All of a sudden, they have a pouch that looks identical 869 00:30:34,149 --> 00:30:35,617 to a nicotine pouch. Sure. 870 00:30:35,617 --> 00:30:38,387 This scares the heck out of me as a parent, 871 00:30:38,387 --> 00:30:40,238 to be honest with you. It really does. 872 00:30:40,238 --> 00:30:41,373 Yeah, understandable. 873 00:30:41,373 --> 00:30:42,507 I don't think she's gonna make you an offer, lads. 874 00:30:42,507 --> 00:30:44,426 -Does that mean you're out? -So what's your offer? 875 00:30:44,426 --> 00:30:46,311 I'm out. I mean, I'm 100% out. 876 00:30:46,311 --> 00:30:47,612 Got it. That's okay. 877 00:30:47,612 --> 00:30:49,698 I really like you guys. I'm really sad... 878 00:30:49,698 --> 00:30:52,100 I know. ...but I agree with Kendra. 879 00:30:52,100 --> 00:30:52,601 I'm out. 880 00:30:52,601 --> 00:30:53,769 Can we take a pause real quick? 881 00:30:53,769 --> 00:30:55,604 I feel like we're getting really caught up in, 882 00:30:55,604 --> 00:30:57,556 like, this nicotine-adjacent framing, 883 00:30:57,556 --> 00:30:59,691 and we're losing out on the legitimacy of the product. 884 00:30:59,691 --> 00:31:01,610 -No, no, no. Not with me. -That's a fair comment. 885 00:31:01,610 --> 00:31:04,529 That's true. Almost every sector of professional sports, 886 00:31:04,529 --> 00:31:06,448 we have organic orders from. 887 00:31:06,448 --> 00:31:08,283 Okay, I've heard enough, I've heard enough. 888 00:31:08,283 --> 00:31:10,552 I'll make you an offer, okay? Wow. 889 00:31:10,552 --> 00:31:13,271 I'm very impressed in how honest 890 00:31:13,271 --> 00:31:14,639 and transparent you've been. 891 00:31:14,639 --> 00:31:17,376 I like you guys. Look, I'll tell you my thinking. 892 00:31:17,376 --> 00:31:19,311 It's a bit of a flyer. 893 00:31:19,311 --> 00:31:21,596 I'll give you the $150,000 for 15%. 894 00:31:21,596 --> 00:31:22,814 -Wow. -For 15%? 895 00:31:22,814 --> 00:31:24,800 O'Leary: Yeah. I'm surprised. That is a good offer. 896 00:31:24,800 --> 00:31:27,569 That's a great offer. I'd bite his hand off. 897 00:31:27,569 --> 00:31:29,971 Yes or no? What do you want to do? 898 00:31:31,373 --> 00:31:32,691 Let me tell you where I am. 899 00:31:32,691 --> 00:31:35,644 I just can't understand this use case. 900 00:31:35,644 --> 00:31:37,262 Sure. I just can't get it. 901 00:31:37,262 --> 00:31:38,463 And, also, I look like a rabbit. 902 00:31:38,463 --> 00:31:39,848 I'm gonna say that I'm out, 903 00:31:39,848 --> 00:31:41,600 even though I believe in you, because I don't -- 904 00:31:41,600 --> 00:31:42,834 I don't believe in this. 905 00:31:42,834 --> 00:31:44,486 -Thank you. That means a lot. -Appreciate it. 906 00:31:44,486 --> 00:31:45,787 Yeah. Thank you. Thank you. 907 00:31:45,787 --> 00:31:47,439 Greiner: Well, you have a great offer from Kevin. 908 00:31:47,439 --> 00:31:49,191 So what do you think? Yeah. 909 00:31:49,191 --> 00:31:51,226 [ Dramatic music plays ] 910 00:31:51,226 --> 00:31:53,545 [ Indistinct conversation ] 911 00:31:53,545 --> 00:31:55,730 So we love your offer. Yeah. 912 00:31:55,730 --> 00:32:01,753 Would you be willing to do the $150,000 for 10%? 913 00:32:01,753 --> 00:32:04,406 Meet me in the middle. 12.5%, it's done. 914 00:32:06,274 --> 00:32:06,792 Yeah? 915 00:32:06,792 --> 00:32:08,560 You got it. Kevin, you got a deal. 916 00:32:08,560 --> 00:32:10,262 Let's do it. All right, man. 917 00:32:10,262 --> 00:32:11,546 -Let's do it. -Well done. 918 00:32:11,546 --> 00:32:13,348 Greiner: Great job, Kevin. 919 00:32:13,348 --> 00:32:15,450 Thank you. 920 00:32:15,450 --> 00:32:16,468 Very nice. 921 00:32:16,468 --> 00:32:17,519 I appreciate all of you guys. 922 00:32:17,519 --> 00:32:18,653 Thank you for your time. Good luck, guys. 923 00:32:18,653 --> 00:32:20,455 Thank you. Good luck, you guys. Thank you. 924 00:32:20,455 --> 00:32:22,107 [ Both laugh ] 925 00:32:22,107 --> 00:32:23,425 Yeah! 926 00:32:23,425 --> 00:32:24,643 [ Indistinct conversation ] 927 00:32:24,643 --> 00:32:25,977 Mitchell: We're over-the-moon excited. 928 00:32:25,977 --> 00:32:28,647 I can't even understand or process what just happened. 929 00:32:28,647 --> 00:32:30,532 It feels amazing, though. 930 00:32:30,532 --> 00:32:32,567 It was so much buildup and so much hard work 931 00:32:32,567 --> 00:32:34,619 and, like, to get that deal... 932 00:32:34,619 --> 00:32:35,937 with Mr. Wonderful, of all people... 933 00:32:35,937 --> 00:32:37,873 Yeah. It was just the coolest thing. So exciting. 934 00:32:37,873 --> 00:32:39,841 I'm actually really excited about it. Yeah. 935 00:32:39,841 --> 00:32:42,410 I think he's gonna be, like, an amazing partner. 936 00:32:42,410 --> 00:32:44,012 Yeah. 937 00:32:51,319 --> 00:32:52,988 [ Dramatic music plays ] 938 00:32:52,988 --> 00:32:55,807 Narrator: Next up are brothers hoping to put the heat 939 00:32:55,807 --> 00:33:00,545 on the competition with a quick fix to a chilling problem. 940 00:33:00,545 --> 00:33:04,533 ♪♪ 941 00:33:04,533 --> 00:33:06,418 Stop. [ Grunts ] 942 00:33:06,418 --> 00:33:07,786 What's up, Sharks? 943 00:33:07,786 --> 00:33:09,554 I'm Bryan out of Kansas City. 944 00:33:09,554 --> 00:33:11,456 And I'm his big brother, Paul, out of St. Louis. 945 00:33:11,456 --> 00:33:15,627 We're asking $100,000 for 15% of our business. 946 00:33:15,627 --> 00:33:19,931 Can you believe every winter there are millions of people 947 00:33:19,931 --> 00:33:23,585 that dress like my embarrassing brother over here? 948 00:33:23,585 --> 00:33:25,670 Bro! I'm just trying to stay warm. 949 00:33:25,670 --> 00:33:28,473 How many layers are you even wearing? 950 00:33:28,473 --> 00:33:30,225 One, two... 951 00:33:30,225 --> 00:33:31,560 A lot. 952 00:33:31,560 --> 00:33:32,827 And he's still cold. 953 00:33:32,827 --> 00:33:34,880 At some point, you've got to ask yourself. 954 00:33:34,880 --> 00:33:36,831 There has got to be a better way. 955 00:33:36,831 --> 00:33:39,534 Well, brother, I've got you covered. 956 00:33:39,534 --> 00:33:41,870 Let us introduce you 957 00:33:41,870 --> 00:33:44,639 to The UnderWarmer. To The UnderWarmer. 958 00:33:44,639 --> 00:33:47,425 The UnderWarmer is a body warmer -- 959 00:33:47,425 --> 00:33:50,428 disposable, compression-fitted, 960 00:33:50,428 --> 00:33:51,746 and air-activated. 961 00:33:51,746 --> 00:33:53,882 Disposable. Our comfortable, lightweight, 962 00:33:53,882 --> 00:33:58,670 unisex design has eight large built-in heat packs... 963 00:33:58,670 --> 00:34:01,406 There's four in the front and four more in the back. 964 00:34:01,406 --> 00:34:03,875 ...and delivers 12 hours of heat 965 00:34:03,875 --> 00:34:05,627 where you need it the most. Wow. 966 00:34:05,627 --> 00:34:08,647 You simply remove it from this package, 967 00:34:08,647 --> 00:34:12,650 you put it on, and within minutes, you feel the heat. 968 00:34:12,650 --> 00:34:16,471 From tailgaters like us, to outdoorsmen, 969 00:34:16,471 --> 00:34:18,773 to soccer moms on the sidelines. 970 00:34:18,773 --> 00:34:20,759 The UnderWarmer is not fashion. 971 00:34:20,759 --> 00:34:24,563 This is an affordable, consumable heat solution. 972 00:34:24,563 --> 00:34:28,250 So who's ready to join us and turn the cold... 973 00:34:28,250 --> 00:34:29,467 Into gold?! 974 00:34:29,467 --> 00:34:30,534 -Ooh! -Yeah. 975 00:34:30,534 --> 00:34:32,504 Great pitch. Good job. Good job. 976 00:34:32,504 --> 00:34:34,706 Two words got me excited in your pitch -- 977 00:34:34,706 --> 00:34:36,725 "disposable" and "affordable," 978 00:34:36,725 --> 00:34:38,560 because disposable to me means you got 979 00:34:38,560 --> 00:34:39,844 to keep buying them, right? Paul: Right. 980 00:34:39,844 --> 00:34:41,929 Just on that first point, disposable means... 981 00:34:41,929 --> 00:34:43,715 Yes. ...that this isn't just gonna warm you. 982 00:34:43,715 --> 00:34:44,966 It's gonna warm the planet, 983 00:34:44,966 --> 00:34:46,967 because this goes in landfill every time you buy one. 984 00:34:46,967 --> 00:34:48,954 So every day, you take it off, you throw it in landfill. 985 00:34:48,954 --> 00:34:51,056 You can't wash it, you can't take the pads out. 986 00:34:51,056 --> 00:34:52,774 You can never use it again. That is a good point. 987 00:34:52,774 --> 00:34:53,942 Paul: I will speak to that. 988 00:34:53,942 --> 00:34:55,643 I just want to say the word "diapers." 989 00:34:55,643 --> 00:34:59,581 Every day, there's 50 to 75 million diapers 990 00:34:59,581 --> 00:35:00,582 that go in our landfill. 991 00:35:00,582 --> 00:35:01,700 Coffee pods, et cetera. 992 00:35:01,700 --> 00:35:04,619 We're a consumable disposable. 993 00:35:04,619 --> 00:35:05,954 Well, it doesn't make us feel good about it. 994 00:35:05,954 --> 00:35:08,640 But there is an alternative option. 995 00:35:08,640 --> 00:35:10,675 I would love an alternative. Maybe in the future, 996 00:35:10,675 --> 00:35:11,760 there's a better fabric for that. 997 00:35:11,760 --> 00:35:12,927 -It's already been invented. -Bamboo? 998 00:35:12,927 --> 00:35:14,095 O'Leary: Paul. Or you can wear an extra layer. 999 00:35:14,095 --> 00:35:15,814 You better take your jackets off so you don't pass out. 1000 00:35:15,814 --> 00:35:17,682 I would love that. Thank you guys. 1001 00:35:17,682 --> 00:35:18,817 Excuse me. Yeah. Greiner: Yeah. 1002 00:35:18,817 --> 00:35:20,418 How much do you sell it for? 1003 00:35:20,418 --> 00:35:21,970 We land them at $4.25... 1004 00:35:21,970 --> 00:35:24,823 Wow. ...wholesale them at $6.75, 1005 00:35:24,823 --> 00:35:30,462 and we retail them for $13.99 in retail and on Amazon. 1006 00:35:30,462 --> 00:35:31,129 Gotcha. That's not bad at all. 1007 00:35:31,129 --> 00:35:33,632 And that is reasonable. Okay. It's not a bad price. 1008 00:35:33,632 --> 00:35:34,716 I love it. Steven's putting it on. 1009 00:35:34,716 --> 00:35:36,034 Oh, let's go. This might be embarrassing. 1010 00:35:36,034 --> 00:35:38,720 It feels like a bra. No, it's not. This is exciting. 1011 00:35:38,720 --> 00:35:39,854 I mean, do I look... 1012 00:35:39,854 --> 00:35:41,856 No, it looks good. You look mahvelous! 1013 00:35:41,856 --> 00:35:43,792 How does it feel? Hot and tight. 1014 00:35:43,792 --> 00:35:44,859 Hot and tight. 1015 00:35:44,859 --> 00:35:46,611 Yes, but not "hot" as in looks-wise. 1016 00:35:46,611 --> 00:35:47,929 Why don't you tell us your sales? 1017 00:35:47,929 --> 00:35:49,698 How long have you been in business? 1018 00:35:49,698 --> 00:35:52,017 Started the business in 2017. 1019 00:35:52,017 --> 00:35:53,902 Okay. Since inception, we've done 1020 00:35:53,902 --> 00:35:55,086 about a little over $1.1 million. 1021 00:35:55,086 --> 00:35:57,105 The last three years is where most of that came. 1022 00:35:57,105 --> 00:35:59,658 And last year, we did $268,000 in revenue. 1023 00:35:59,658 --> 00:36:01,826 Why isn't this bigger? 1024 00:36:01,826 --> 00:36:03,895 Like, why -- I mean, those are -- 1025 00:36:03,895 --> 00:36:05,697 Listen, this is kind of anemic. 1026 00:36:05,697 --> 00:36:06,948 You know, it's like... Mm-hmm. 1027 00:36:06,948 --> 00:36:08,883 And are you full time? Have you both been -- 1028 00:36:08,883 --> 00:36:11,536 So tell us about you. What are your backgrounds? 1029 00:36:11,536 --> 00:36:12,987 Okay. I'll start. Yeah. 1030 00:36:12,987 --> 00:36:15,573 I've been self-employed as an artist, a painter, 1031 00:36:15,573 --> 00:36:17,108 for the last 25 years. 1032 00:36:17,108 --> 00:36:19,994 I have a graphic design background. Okay. 1033 00:36:19,994 --> 00:36:22,197 I've been doing sales for 25-plus years. 1034 00:36:22,197 --> 00:36:25,083 When we started this business, we had young families. 1035 00:36:25,083 --> 00:36:29,454 We chose purposely to strategically grow this business 1036 00:36:29,454 --> 00:36:30,121 without going into debt, 1037 00:36:30,121 --> 00:36:31,823 without putting our life savings into this. 1038 00:36:31,823 --> 00:36:33,108 So it's a side hustle, right? 1039 00:36:33,108 --> 00:36:35,110 'Cause you can't feed a family with this kind of income. 1040 00:36:35,110 --> 00:36:37,796 Absolutely. Absolutely a side hustle. It's a side hustle. 1041 00:36:37,796 --> 00:36:38,913 Bartlett: All right, guys. So you've got 1042 00:36:38,913 --> 00:36:41,850 the lithium battery vests, which cost about $150. 1043 00:36:41,850 --> 00:36:43,785 Paul: Yes. This costs how much to the customer? 1044 00:36:43,785 --> 00:36:45,637 $14. $13.99. $14. 1045 00:36:45,637 --> 00:36:46,905 So -- And this lasts once. 1046 00:36:46,905 --> 00:36:49,724 Those lithium vests last for years and years and years. 1047 00:36:49,724 --> 00:36:50,825 Scott: This is convenience. 1048 00:36:50,825 --> 00:36:53,011 So, like, for me, I'd put this in my car. 1049 00:36:53,011 --> 00:36:55,130 There are days I've gone to the soccer field with my boys 1050 00:36:55,130 --> 00:36:57,148 and I'm like, "Oh, my God, I'm freezing." 1051 00:36:57,148 --> 00:36:59,834 Kendra, would you wear it once and then throw it in the bin? No -- 1052 00:36:59,834 --> 00:37:01,653 I mean, I hate that part of it. 1053 00:37:01,653 --> 00:37:03,288 -So would you buy it? -Yes. 1054 00:37:03,288 --> 00:37:07,142 We are not suggesting that heated products are a bad thing. 1055 00:37:07,142 --> 00:37:10,762 They can be great for people that work outside every day. 1056 00:37:10,762 --> 00:37:12,080 Exactly. They need to do something. 1057 00:37:12,080 --> 00:37:13,615 This is that weekend warrior. Right. 1058 00:37:13,615 --> 00:37:14,799 They don't want to have to invest 1059 00:37:14,799 --> 00:37:16,718 and worry about keeping their product charged. 1060 00:37:16,718 --> 00:37:17,936 We fill a gap. O'Leary: Bryan, I believe you. 1061 00:37:17,936 --> 00:37:19,721 Let me take a stab at it. Okay, look... 1062 00:37:19,721 --> 00:37:21,956 I think there's nothing proprietary about it. 1063 00:37:21,956 --> 00:37:23,958 You know? And I think if it got really big, 1064 00:37:23,958 --> 00:37:25,810 you'd get knocked off in two seconds. 1065 00:37:25,810 --> 00:37:27,846 You know, that makes me sweat 1066 00:37:27,846 --> 00:37:30,031 'cause it's just so small. 1067 00:37:30,031 --> 00:37:32,817 Like, I mean, I like you guys, but, wow, 1068 00:37:32,817 --> 00:37:34,452 is this a nothing burger. 1069 00:37:34,452 --> 00:37:35,754 I'm out. 1070 00:37:35,754 --> 00:37:37,088 Bartlett: You know, I am -- 1071 00:37:37,088 --> 00:37:38,957 I probably would have been your ideal investor 1072 00:37:38,957 --> 00:37:41,126 just because I struggle so much with the cold. 1073 00:37:41,126 --> 00:37:43,845 I have a hereditary issue, which means that when I go outside, 1074 00:37:43,845 --> 00:37:45,046 if I go skiing or something like that, 1075 00:37:45,046 --> 00:37:47,048 my extremities all swell up. 1076 00:37:47,048 --> 00:37:49,100 And then when I look at it from an environmental standpoint, 1077 00:37:49,100 --> 00:37:50,885 actually my issue there is, I think 1078 00:37:50,885 --> 00:37:52,821 other customers won't purchase it 1079 00:37:52,821 --> 00:37:54,022 because I know there's optionality. 1080 00:37:54,022 --> 00:37:55,707 What I see in this business 1081 00:37:55,707 --> 00:37:56,991 when I think about the equation here 1082 00:37:56,991 --> 00:37:59,727 is more negatives than positives. 1083 00:37:59,727 --> 00:38:00,995 So I'm gonna say that I'm out. 1084 00:38:00,995 --> 00:38:02,997 Okay. Thank you. Lubetzky: Guys, listen, 1085 00:38:02,997 --> 00:38:05,099 I actually think this is a nice side hustle, 1086 00:38:05,099 --> 00:38:08,136 but the product does not excite me enough for me to say 1087 00:38:08,136 --> 00:38:11,689 I want to dedicate myself to help on this journey, 1088 00:38:11,689 --> 00:38:14,442 and solely for those reasons, I'm out. 1089 00:38:16,060 --> 00:38:18,062 Bryan: And I understand, Mr. Wonderful, you're out. 1090 00:38:18,062 --> 00:38:19,147 I just want to address the fact 1091 00:38:19,147 --> 00:38:22,534 that this is a poo-poo, pee-pee business. 1092 00:38:22,534 --> 00:38:23,034 [ Laughs ] 1093 00:38:23,034 --> 00:38:25,069 But... [ Laughter ] 1094 00:38:25,069 --> 00:38:27,088 Listen, we... I didn't say that. 1095 00:38:27,088 --> 00:38:29,040 I just said it was really small. 1096 00:38:29,040 --> 00:38:30,175 And it is. And we understand that. 1097 00:38:30,175 --> 00:38:32,076 I mean, poo-poo, pee-pee Insinuates 1098 00:38:32,076 --> 00:38:34,195 not only is it small, but it's [bleep] 1099 00:38:34,195 --> 00:38:37,115 I know it's not huge based on the size of the market, 1100 00:38:37,115 --> 00:38:38,333 but we've got things and we are positioned... 1101 00:38:38,333 --> 00:38:41,169 But it is what it is. And it could be a great hustle for you. 1102 00:38:41,169 --> 00:38:43,137 Kevin, we've got a repeat customer rate of 60%. 1103 00:38:43,137 --> 00:38:45,940 We've got a customer acquisition cost of $3. 1104 00:38:45,940 --> 00:38:48,126 Look, you guys are still talking to Kevin, 1105 00:38:48,126 --> 00:38:51,713 and I'm the only one kind of defending you... Understood. 1106 00:38:51,713 --> 00:38:52,947 ...in this very brutal Tank 1107 00:38:52,947 --> 00:38:54,265 that you're sitting in right now. We appreciate that. 1108 00:38:54,265 --> 00:38:57,952 What I like is that I can actually see various places 1109 00:38:57,952 --> 00:38:59,904 where I would buy this. 1110 00:38:59,904 --> 00:39:02,657 I grew up in Wisconsin. It's a very cold place. 1111 00:39:02,657 --> 00:39:03,975 I've been to a Packers game. 1112 00:39:03,975 --> 00:39:05,176 I don't know if you've been there, 1113 00:39:05,176 --> 00:39:07,212 but it is a very cold scenario. 1114 00:39:07,212 --> 00:39:09,280 If I could go down in that stadium 1115 00:39:09,280 --> 00:39:12,066 and they had this for sale, I would buy one. 1116 00:39:12,066 --> 00:39:14,686 And I bet every single person in that stadium 1117 00:39:14,686 --> 00:39:15,770 would be buying one. 1118 00:39:15,770 --> 00:39:16,988 People pay for comfort and warmth. 1119 00:39:16,988 --> 00:39:18,039 I think this is more of, like, 1120 00:39:18,039 --> 00:39:19,807 an emergency situation of, like... 1121 00:39:19,807 --> 00:39:21,976 Are you gonna make an offer? 1122 00:39:21,976 --> 00:39:23,945 [ Dramatic music plays ] 1123 00:39:23,945 --> 00:39:28,683 ♪♪ 1124 00:39:36,190 --> 00:39:38,092 Narrator: Three Sharks are out. 1125 00:39:38,092 --> 00:39:40,962 Paul and Bryan have two more chances for a deal 1126 00:39:40,962 --> 00:39:43,998 for their disposable heated vest, UnderWarmer. 1127 00:39:43,998 --> 00:39:45,900 Kendra, while you're thinking... Yes. 1128 00:39:45,900 --> 00:39:47,869 ...I'm gonna tell you guys what I think. Okay. 1129 00:39:47,869 --> 00:39:50,038 I love innovation, I love entrepreneurs. 1130 00:39:50,038 --> 00:39:52,073 I think you created a better mousetrap. 1131 00:39:52,073 --> 00:39:54,108 I mean, it's clever. You took something 1132 00:39:54,108 --> 00:39:55,860 that people put into shoes and into gloves 1133 00:39:55,860 --> 00:39:57,228 and you put it into a vest. 1134 00:39:57,228 --> 00:39:59,948 My concern is really, it's a niche market. 1135 00:39:59,948 --> 00:40:01,082 The landfill point -- 1136 00:40:01,082 --> 00:40:03,001 He has a point. 1137 00:40:03,001 --> 00:40:05,753 And I feel like that needs to be reworked. 1138 00:40:05,753 --> 00:40:07,155 This is very risky. Okay? 1139 00:40:07,155 --> 00:40:08,873 And there's a lot of things 1140 00:40:08,873 --> 00:40:10,258 I think we need to tweak to make this right. 1141 00:40:10,258 --> 00:40:12,794 I do think we can make this a little bit better 1142 00:40:12,794 --> 00:40:13,962 for the environment, also. 1143 00:40:13,962 --> 00:40:15,096 So there's gonna be some product tweaks 1144 00:40:15,096 --> 00:40:17,048 I think we need to make. 1145 00:40:17,048 --> 00:40:18,917 So the only thing that makes me feel a little bit better 1146 00:40:18,917 --> 00:40:20,852 is, I'm gonna pull a Mr. Wonderful on you. 1147 00:40:20,852 --> 00:40:22,804 ♪ I need a royalty ♪ 1148 00:40:22,804 --> 00:40:23,855 -Ooh. -Oh, boy. 1149 00:40:23,855 --> 00:40:25,323 Yes, I need a royalty. 1150 00:40:25,323 --> 00:40:27,942 So you've got... You know our margins. 1151 00:40:27,942 --> 00:40:29,060 But you've got room in here. 1152 00:40:29,060 --> 00:40:30,128 I mean, you're only selling this for 14 bucks. 1153 00:40:30,128 --> 00:40:31,145 Like, you could actually, I think, 1154 00:40:31,145 --> 00:40:32,397 raise the price a little bit. 1155 00:40:32,397 --> 00:40:35,266 What I will do is, I will give you your $100,000, 1156 00:40:35,266 --> 00:40:37,101 but I'm gonna need a little bit more equity 1157 00:40:37,101 --> 00:40:38,937 because it is so risky. 1158 00:40:38,937 --> 00:40:41,055 So I'm gonna bump that up to 25%. 1159 00:40:41,055 --> 00:40:42,307 Okay? Zingo. 1160 00:40:42,307 --> 00:40:45,009 And then I need a royalty to get my money back. 1161 00:40:45,009 --> 00:40:46,177 And I'm going to need 1162 00:40:46,177 --> 00:40:49,981 I'm gonna say $2 for every single one you sell. 1163 00:40:49,981 --> 00:40:51,699 Not unreasonable. 1164 00:40:52,283 --> 00:40:54,819 I don't see any way we can do a royalty. 1165 00:40:54,819 --> 00:40:55,987 I just don't. 1166 00:40:55,987 --> 00:40:59,874 What if we did 50% -- or 50 cents? I'm sorry. 1167 00:40:59,874 --> 00:41:01,109 So 50 cents... And I'm sorry. 1168 00:41:01,109 --> 00:41:04,579 What did you ask for? I asked for 25%. 1169 00:41:06,064 --> 00:41:07,949 Take it, guys. 1170 00:41:07,949 --> 00:41:10,335 We appreciate your interest and your offer. 1171 00:41:10,335 --> 00:41:13,354 With all due respect, can I just... 1172 00:41:13,354 --> 00:41:15,206 Understand if... No. You're losing me. 1173 00:41:15,206 --> 00:41:17,008 You're losing me. You're losing me. Bartlett: Oh, wow. 1174 00:41:17,008 --> 00:41:18,076 Okay. I just wanted to ask. 1175 00:41:18,076 --> 00:41:19,160 We're here. We've worked hard to get here. 1176 00:41:19,160 --> 00:41:20,912 I just wanted to ask. I get it. 1177 00:41:20,912 --> 00:41:22,797 20%? 1178 00:41:22,797 --> 00:41:24,882 [ Dramatic music plays ] 1179 00:41:24,882 --> 00:41:28,102 22%. 1180 00:41:28,102 --> 00:41:30,555 They don't feel good about this. 1181 00:41:32,957 --> 00:41:34,709 I'll do the 20%. 1182 00:41:34,709 --> 00:41:36,144 -Wow. -Oh! 1183 00:41:36,144 --> 00:41:37,979 I love it. I'm not gonna lose you. 1184 00:41:37,979 --> 00:41:39,013 I'm not. 1185 00:41:39,013 --> 00:41:40,131 We're gonna blow it up. 1186 00:41:40,131 --> 00:41:42,000 We're gonna blow this baby up. 1187 00:41:42,000 --> 00:41:44,102 -You got a deal. Yes! -Let's go! 1188 00:41:44,102 --> 00:41:45,136 Greiner: Good deal. 1189 00:41:45,136 --> 00:41:46,337 Can I get a warm hug? 1190 00:41:46,337 --> 00:41:51,009 Go, Kendra. Go, Kendra. Go, Paul. Go, Bryan. 1191 00:41:51,009 --> 00:41:52,026 And you all are gonna regret it. 1192 00:41:52,026 --> 00:41:53,861 You are gonna regret it. 1193 00:41:53,861 --> 00:41:55,279 -Congrats. -Thank you all. 1194 00:41:55,279 --> 00:41:57,398 Greiner: Bye. All right! 1195 00:41:57,398 --> 00:41:59,300 Paul: Kendra believed in our product. 1196 00:41:59,300 --> 00:42:02,220 Kendra believed in us. It was brutal. 1197 00:42:02,220 --> 00:42:05,056 Yeah. It was tough, though, because they shot holes in us. 1198 00:42:05,056 --> 00:42:07,008 Ah! This was tough. This was tough. Yeah. 1199 00:42:07,008 --> 00:42:08,159 Yeah. 1200 00:42:08,159 --> 00:42:09,193 They were not easy. 1201 00:42:09,193 --> 00:42:10,511 They were not easy. You did great. 1202 00:42:10,511 --> 00:42:12,597 By the way, it's still a poo-poo-pee-pee. It's not. It's not. 1203 00:42:12,597 --> 00:42:16,117 But you are going to make hundreds of dollars on this. 1204 00:42:16,117 --> 00:42:18,953 [ Laughter ] 1205 00:42:18,953 --> 00:42:23,624 ♪♪ 1206 00:42:26,944 --> 00:42:33,751 ♪♪ 1207 00:42:33,751 --> 00:42:40,174 ♪♪ 1208 00:42:40,174 --> 00:42:48,132 ♪♪ 1209 00:42:48,132 --> 00:42:56,574 ♪♪