1 00:00:12,840 --> 00:00:15,840 NARRATOR: The world's best business show is back. 2 00:00:20,560 --> 00:00:24,080 And with more business comes more bite. 3 00:00:24,080 --> 00:00:29,160 Introducing five new Sharks. 4 00:00:29,160 --> 00:00:32,200 Recognised as the most influential woman 5 00:00:32,200 --> 00:00:33,880 in Australian business and entrepreneurship, 6 00:00:33,880 --> 00:00:36,360 she's a world leader in 7 00:00:36,360 --> 00:00:37,360 artificial intelligence 8 00:00:37,360 --> 00:00:38,720 and machine learning - 9 00:00:38,720 --> 00:00:40,200 Dr Catriona Wallace. 10 00:00:40,200 --> 00:00:41,200 What I'm looking for 11 00:00:41,200 --> 00:00:42,520 when I step into the Tank, 12 00:00:42,520 --> 00:00:47,040 they have something in mind that is making the world a better place. 13 00:00:47,040 --> 00:00:48,720 NARRATOR: The king at the helm of 14 00:00:48,720 --> 00:00:51,600 digital marketing company King Kong... 15 00:00:51,600 --> 00:00:53,920 I basically started my business with $50. 16 00:00:53,920 --> 00:00:57,680 I have been able to create 58 millionaires. 17 00:00:57,680 --> 00:01:00,120 ..the millionaire maker, Sabri Suby. 18 00:01:00,120 --> 00:01:02,120 Really, digital marketing is everything. 19 00:01:02,120 --> 00:01:03,160 I'm the internet daddy. 20 00:01:03,160 --> 00:01:05,600 NARRATOR: He's the youngest Shark in the Tank, 21 00:01:05,600 --> 00:01:07,280 with an ecommerce empire... 22 00:01:07,280 --> 00:01:09,480 I don't get out of bed for 5%. 23 00:01:09,480 --> 00:01:10,480 ..Davie Fogarty. 24 00:01:10,480 --> 00:01:11,840 DAVIE: Just five years ago, 25 00:01:11,840 --> 00:01:13,600 I launched my ecommerce brands. 26 00:01:13,600 --> 00:01:16,040 We've done over $500 million in sales. 27 00:01:16,040 --> 00:01:18,480 So I'm gonna give you half a million dollars 28 00:01:18,480 --> 00:01:20,040 for the entire business. 29 00:01:20,040 --> 00:01:21,440 What?! 30 00:01:21,440 --> 00:01:25,240 NARRATOR: Founder and CEO of online retail boutique Showpo, 31 00:01:25,240 --> 00:01:28,480 global fashion force Jane Lu. 32 00:01:28,480 --> 00:01:30,680 I started Showpo from my parents' garage. 33 00:01:30,680 --> 00:01:33,920 Now that business makes over $100 million a year. 34 00:01:33,920 --> 00:01:37,320 It's, like, get on TikTok. That's how you find a US audience. 35 00:01:37,320 --> 00:01:39,040 NARRATOR: And he's the US Shark 36 00:01:39,040 --> 00:01:40,720 now calling Australia home... 37 00:01:40,720 --> 00:01:44,640 My wife thinks I came to Australia for her. I came here for you. 38 00:01:44,640 --> 00:01:47,920 I'm looking to invest in great Australians. 39 00:01:47,920 --> 00:01:49,120 Bravo! 40 00:01:49,120 --> 00:01:50,560 ..Robert Herjavec, who knows all about 41 00:01:50,560 --> 00:01:53,680 the transformative power of success. 42 00:01:53,680 --> 00:01:57,000 I was born as an immigrant in Croatia. 43 00:01:57,000 --> 00:01:58,080 I had nothing. 44 00:01:58,080 --> 00:02:00,840 I built a billion-dollar business. 45 00:02:00,840 --> 00:02:03,640 You can change your life. 46 00:02:05,120 --> 00:02:08,440 MAN: Australia loves a good underdog story, and we're gonna give you one. 47 00:02:08,440 --> 00:02:10,640 NARRATOR: Armed with their own cash... 48 00:02:10,640 --> 00:02:13,480 Investing is controlled risk. 49 00:02:13,480 --> 00:02:15,400 ..fortunes hang in the balance... 50 00:02:15,400 --> 00:02:20,160 This is hard-earned cash of ours. Don't discredit the money. 51 00:02:20,160 --> 00:02:23,400 Stop talking. That's the first rule of selling, yeah? 52 00:02:23,400 --> 00:02:26,200 ..and the biggest investment of all... 53 00:02:26,200 --> 00:02:29,720 I'll give you a million dollars, but I want 30%. 54 00:02:29,720 --> 00:02:31,040 Oh, my God. 55 00:02:31,040 --> 00:02:34,120 ..and deals are made, one dream at a time... 56 00:02:34,120 --> 00:02:36,560 Thank you so much. You're welcome. 57 00:02:36,560 --> 00:02:38,360 (SOBS) It's been a journey. 58 00:02:38,360 --> 00:02:39,800 (SOBS) That was so amazing. 59 00:02:39,800 --> 00:02:41,360 Yeah. (SOBS) 60 00:02:41,360 --> 00:02:43,440 ..as everyday Australians... 61 00:02:43,440 --> 00:02:45,320 Alright, boys! Let's go! 62 00:02:45,320 --> 00:02:46,680 Show me the money! 63 00:02:46,680 --> 00:02:48,240 Oh, my God! Cha-ching! 64 00:02:48,240 --> 00:02:50,880 ..take the ride... You got four offers on the table. 65 00:02:50,880 --> 00:02:52,320 Let me say it again. Four Sharks. 66 00:02:52,320 --> 00:02:54,760 ..that could change their lives forever. 67 00:02:54,760 --> 00:02:56,480 Do we have a deal? We have a deal. 68 00:02:56,480 --> 00:02:58,200 Yes! 69 00:03:27,200 --> 00:03:29,120 Well, this is exciting. 70 00:03:29,120 --> 00:03:30,160 Brand-new season. 71 00:03:30,160 --> 00:03:33,320 Brand-new Sharks. Brand-new entrepreneurs. 72 00:03:33,320 --> 00:03:36,080 Rob, you know that you will be 'Robbo' to all the Australians? 73 00:03:36,080 --> 00:03:37,640 'Robbo'? 74 00:03:37,640 --> 00:03:39,080 Robbo! I'm so excited. 75 00:03:39,080 --> 00:03:40,560 I love how you say it. 76 00:03:40,560 --> 00:03:42,520 Robbo. Veteran Shark. 77 00:03:42,520 --> 00:03:43,920 OG. Yeah. Yeah. 78 00:03:43,920 --> 00:03:46,320 First pitch. Right. Here we go. 79 00:03:46,320 --> 00:03:49,600 NARRATOR: First up in the Tank and facing five brand-new Sharks 80 00:03:49,600 --> 00:03:53,160 is 28-year-old Davey Rooney. 81 00:03:53,160 --> 00:03:54,960 Imagine how nervous... I know. ..somebody is. 82 00:03:54,960 --> 00:03:57,360 I'm just thinking of them in the back, 83 00:03:57,360 --> 00:04:00,000 rehearsing their lines, getting that pitch right. 84 00:04:00,000 --> 00:04:02,400 It's... Going over it and over it. Yeah. 85 00:04:02,400 --> 00:04:04,640 There was a massive lack of sleep last night. 86 00:04:04,640 --> 00:04:06,560 The stakes are massive. 87 00:04:06,560 --> 00:04:09,120 I'm talking in front of 88 00:04:09,120 --> 00:04:12,480 five, uh, inspirational professionals, 89 00:04:12,480 --> 00:04:14,520 and I really want it to go well. 90 00:04:14,520 --> 00:04:15,520 Davie's such an inspiration. 91 00:04:15,520 --> 00:04:18,720 Like, I watch all his YouTube videos. I'm a massive fan of what he does. 92 00:04:18,720 --> 00:04:21,240 Yeah. I guess you could call it a guy crush. 93 00:04:22,320 --> 00:04:25,480 I would...yeah, I would love to make a deal with any of the Sharks, 94 00:04:25,480 --> 00:04:27,720 but if I had to pick one, it would be Davie. 95 00:04:30,400 --> 00:04:31,680 NARRATOR: It's time. 96 00:04:31,680 --> 00:04:33,040 Davey calls the lift 97 00:04:33,040 --> 00:04:38,360 and will be the very first entrepreneur to face the Sharks. 98 00:04:52,080 --> 00:04:54,440 Hi. I'm Davey Rooney. 99 00:04:54,440 --> 00:04:56,800 And I'm the founder of Boring Without You, 100 00:04:56,800 --> 00:05:01,480 the only skincare brand dedicated to people with combination skin. 101 00:05:01,480 --> 00:05:02,680 During COVID lockdown, 102 00:05:02,680 --> 00:05:06,280 I would go for socially distanced walks in the park. 103 00:05:06,280 --> 00:05:09,280 Following one of these walks, I went to Chemist Warehouse, 104 00:05:09,280 --> 00:05:12,720 and I saw skincare brands for oily skin, skincare brands for dry skin 105 00:05:12,720 --> 00:05:16,880 and even skincare brands for sensitive skin. 106 00:05:16,880 --> 00:05:19,320 At the time, I was studying cosmetic science, 107 00:05:19,320 --> 00:05:22,640 and one of the first things I learnt is if you have combination skin, 108 00:05:22,640 --> 00:05:25,280 different parts of your face behave differently... 109 00:05:26,400 --> 00:05:29,200 ..one part oily, one part dry. 110 00:05:29,200 --> 00:05:30,480 It makes choosing the right skincare, 111 00:05:30,480 --> 00:05:35,440 applying make-up and treating blemishes very difficult. 112 00:05:35,440 --> 00:05:38,440 There is no dedicated brand to this skin type. 113 00:05:38,440 --> 00:05:40,240 Hm. 114 00:05:40,240 --> 00:05:41,960 Until now. 115 00:05:41,960 --> 00:05:43,240 Oh, cool. 116 00:05:43,240 --> 00:05:45,000 Nice. 117 00:05:45,000 --> 00:05:46,520 We launched nine months ago 118 00:05:46,520 --> 00:05:49,000 with our hero product, For Face Sake, 119 00:05:49,000 --> 00:05:51,720 a multi-mask with two formulas in one jar. 120 00:05:51,720 --> 00:05:54,400 Use the T Zone whipped butter 121 00:05:54,400 --> 00:05:57,080 to control excess oil and cut... 122 00:05:57,080 --> 00:05:58,240 Ah! 123 00:05:58,240 --> 00:06:00,360 Use the T Zone... (ALL LAUGH) 124 00:06:00,360 --> 00:06:02,440 ..to control excess oil 125 00:06:02,440 --> 00:06:06,120 and clear congestion on your nose and forehead, 126 00:06:06,120 --> 00:06:10,200 and use the super-soothing U Zone jelly to calm hormonal blemishes 127 00:06:10,200 --> 00:06:12,560 and hydrate your cheeks and jaw. 128 00:06:12,560 --> 00:06:15,160 Apply both formulas at the same time 129 00:06:15,160 --> 00:06:17,720 and get a double date for your face 130 00:06:17,720 --> 00:06:21,240 and a way to reduce blemishes and balance your skin. 131 00:06:21,240 --> 00:06:24,560 I'm seeking $36,000 for a 20% stake 132 00:06:24,560 --> 00:06:26,320 in Boring Without You. 133 00:06:27,440 --> 00:06:31,720 Sharks, you don't need a million products, but the ones you use 134 00:06:31,720 --> 00:06:34,080 should be made for your skin type. 135 00:06:34,080 --> 00:06:36,880 Thank you. Could we see the product? Thank you so much. 136 00:06:36,880 --> 00:06:37,920 I'm gonna hand it out to you now. 137 00:06:37,920 --> 00:06:40,840 Nice. Wow. That's great. 138 00:06:40,840 --> 00:06:42,200 Great branding. Yes. 139 00:06:42,200 --> 00:06:43,880 Thank you. Great branding. Great aim. 140 00:06:43,880 --> 00:06:45,920 Packaging looks awesome. How are you? 141 00:06:45,920 --> 00:06:47,920 I'm good. Thank you, Davey. That was a great pitch. 142 00:06:47,920 --> 00:06:50,720 Thank you so much. Yeah, thank you so much. 143 00:06:50,720 --> 00:06:52,760 I'm so nervous. My hands are, like, shaking holding the box. 144 00:06:52,760 --> 00:06:55,440 Oh, my God! You're doing a great job, mate. 145 00:06:56,440 --> 00:06:58,960 It's so good to meet you guys in person. 146 00:06:58,960 --> 00:07:00,320 Yeah! (LAUGHS) 147 00:07:01,440 --> 00:07:02,720 Great pitch. Thank you. 148 00:07:02,720 --> 00:07:05,960 And I want to welcome you to Shark Tank Australia, 149 00:07:05,960 --> 00:07:08,160 where we make dreams come true. 150 00:07:08,160 --> 00:07:09,280 Sounds amazing! 151 00:07:09,280 --> 00:07:11,880 What is combination skin? 152 00:07:11,880 --> 00:07:15,360 Combination skin is a combination of different skin types. 153 00:07:15,360 --> 00:07:17,240 So you're oily in some parts of your face 154 00:07:17,240 --> 00:07:18,960 and dry in other parts of your face. 155 00:07:18,960 --> 00:07:22,600 A lot of traditional skincare takes a one-size-fits-all approach 156 00:07:22,600 --> 00:07:25,360 and doesn't treat the different parts of the face separately. 157 00:07:25,360 --> 00:07:27,600 This product is a divide-and-conquer approach 158 00:07:27,600 --> 00:07:31,600 and treats the different parts of your face separately. 159 00:07:31,600 --> 00:07:34,280 That's the pitch. OK. 160 00:07:34,280 --> 00:07:36,000 And so, how's the customer response been so far? 161 00:07:36,000 --> 00:07:37,720 Yeah. Tell us more. 162 00:07:37,720 --> 00:07:39,880 So, we launched only nine months ago, 163 00:07:39,880 --> 00:07:42,200 and we've grown the brand solely based on organic marketing. 164 00:07:42,200 --> 00:07:44,440 We haven't done any paid advertising. Wow. 165 00:07:44,440 --> 00:07:48,000 Um, and we've done 115,000 in revenue just in... 166 00:07:48,000 --> 00:07:49,320 Congratulations. ..that nine months. 167 00:07:49,320 --> 00:07:51,360 When I started the business, I launched a TikTok channel 168 00:07:51,360 --> 00:07:55,760 and documented the behind-the-scene journey of starting that business. 169 00:07:55,760 --> 00:07:57,120 And when we launched, 170 00:07:57,120 --> 00:07:59,480 our TikTok was flooded with comments saying, 171 00:07:59,480 --> 00:08:02,240 "Thank you for making something for combination skin." 172 00:08:02,240 --> 00:08:04,800 People genuinely feel left out and forgotten about, 173 00:08:04,800 --> 00:08:06,920 and now they don't need to be. 174 00:08:06,920 --> 00:08:09,280 So, at the moment, there's no-one else that has 175 00:08:09,280 --> 00:08:12,440 a product for combination skin like this? 176 00:08:12,440 --> 00:08:14,440 There are products for combination skin. 177 00:08:14,440 --> 00:08:15,440 Mm-hm. 178 00:08:15,440 --> 00:08:18,320 Um, but there's no dedicated brand just for combination skin. 179 00:08:18,320 --> 00:08:19,480 Love that. 180 00:08:19,480 --> 00:08:24,520 Tell me your monthly sales each month for the last three months. 181 00:08:24,520 --> 00:08:26,720 So, I can tell you quarter-on-quarter is... 182 00:08:26,720 --> 00:08:31,880 ..4,500, 11,500, 26,500, 55,000. 183 00:08:31,880 --> 00:08:33,800 We've seen massive amounts of growth 184 00:08:33,800 --> 00:08:37,040 not from when I talk about the brand on my TikTok channel 185 00:08:37,040 --> 00:08:38,960 but when we get other people to talk about the brand. 186 00:08:38,960 --> 00:08:40,560 Oh, interesting. Yeah. Hm. 187 00:08:40,560 --> 00:08:44,960 And we've just built this amazing organic community of people who... 188 00:08:44,960 --> 00:08:47,920 ..believe in what we're doing and genuinely love the product. 189 00:08:47,920 --> 00:08:49,280 You're doing amazing. 190 00:08:49,280 --> 00:08:51,120 Power of social media. 191 00:08:51,120 --> 00:08:52,560 Davey. 192 00:08:52,560 --> 00:08:56,160 Do you know how to take a business with a good product 193 00:08:56,160 --> 00:08:58,800 and scale that, from the business perspective, 194 00:08:58,800 --> 00:09:00,680 not just the marketing perspective? 195 00:09:00,680 --> 00:09:04,880 Um...I need help and I need guidance and mentorship, 196 00:09:04,880 --> 00:09:08,400 and I genuinely have come here to make a deal with someone 197 00:09:08,400 --> 00:09:11,080 to teach me and help me and guide me along that process. 198 00:09:11,080 --> 00:09:13,120 And who's in your team? 199 00:09:13,120 --> 00:09:14,240 Me. (ALL LAUGH) 200 00:09:14,240 --> 00:09:15,280 One-man show. 201 00:09:15,280 --> 00:09:17,600 Are you working full-time in the business? Yeah, full-time. 202 00:09:17,600 --> 00:09:20,400 Yeah. Um, I'm Sabri. 203 00:09:20,400 --> 00:09:22,680 First of all, incredible job today. Thank you. 204 00:09:22,680 --> 00:09:25,400 Um, I think you've done a really good job in articulating the brand 205 00:09:25,400 --> 00:09:28,320 and the problem that it solves in the market. 206 00:09:28,320 --> 00:09:30,760 But you're asking for too little money. 207 00:09:30,760 --> 00:09:32,440 Wow. 208 00:09:32,440 --> 00:09:34,880 I'd like to offer you $56,000... 209 00:09:36,480 --> 00:09:38,920 ..for 30% of the business. 210 00:09:41,080 --> 00:09:43,480 That would be $36,000 in cash 211 00:09:43,480 --> 00:09:45,600 and $20,000 in 212 00:09:45,600 --> 00:09:47,720 marketing support with my agency. 213 00:09:47,720 --> 00:09:49,120 Thank you so much for the offer. 214 00:09:49,120 --> 00:09:50,240 I wouldn't take that offer. 215 00:09:52,680 --> 00:09:54,240 So, Davey, 216 00:09:54,240 --> 00:09:56,200 this is a brutally competitive space. 217 00:09:56,200 --> 00:09:59,840 But that being said, there is huge opportunity with it as well. 218 00:09:59,840 --> 00:10:01,840 You're incredible, the fact that you're willing to do 219 00:10:01,840 --> 00:10:04,160 everything from the get-go. 220 00:10:04,160 --> 00:10:05,280 When I started The Oodie, 221 00:10:05,280 --> 00:10:09,560 I did absolutely everything, from start to finish, because 222 00:10:09,560 --> 00:10:13,080 I just knew that I needed to learn every single element so that 223 00:10:13,080 --> 00:10:14,280 one day, I could hire people to do it, 224 00:10:14,280 --> 00:10:17,080 but at least I knew what was happening. 225 00:10:17,080 --> 00:10:18,920 I think I would like to make an offer. 226 00:10:20,440 --> 00:10:23,520 It would need to be 36,000 for 30%, though. 227 00:10:23,520 --> 00:10:25,480 Thank you so much for the offer 228 00:10:25,480 --> 00:10:27,360 and for believing in the brand as well. 229 00:10:27,360 --> 00:10:28,680 I believe in YOU, more than anything. 230 00:10:28,680 --> 00:10:30,240 Thank you so much. 231 00:10:30,240 --> 00:10:32,320 You've got an offer on the table, and there's nobody here... 232 00:10:32,320 --> 00:10:34,360 No, Davey, I was giving... ..that knows ecommerce... 233 00:10:34,360 --> 00:10:35,400 Yeah. ..I was... ..as...as me. 234 00:10:35,400 --> 00:10:37,360 So...I believe in you. I was giving everyone else a chance. 235 00:10:37,360 --> 00:10:40,480 I love your offer. I love your offer. Hi, Davey. Hi, hi, hi. Hi, hi. 236 00:10:40,480 --> 00:10:42,840 I was giving everyone else a chance, but... 237 00:10:42,840 --> 00:10:45,400 ..so I absolutely love what you've done. 238 00:10:45,400 --> 00:10:46,800 It's incredible. 239 00:10:46,800 --> 00:10:50,760 It's fantastic that you've been able to organically grow this product 240 00:10:50,760 --> 00:10:52,200 that people truly resonate with. 241 00:10:52,200 --> 00:10:54,160 I would like to match Davie's offer, 242 00:10:54,160 --> 00:10:57,280 but I'll tell you what I can do for you, is 243 00:10:57,280 --> 00:10:59,880 I want to be part of this journey with you. 244 00:10:59,880 --> 00:11:02,760 We can really create something big with this globally. 245 00:11:02,760 --> 00:11:03,960 So...that's my offer to you. 246 00:11:03,960 --> 00:11:06,160 Thank you so much. 247 00:11:06,160 --> 00:11:08,400 Does anyone else have any offers? (LAUGHS) 248 00:11:09,400 --> 00:11:11,480 I'd like to make you an offer. 249 00:11:17,440 --> 00:11:18,680 I do like what Sabri said. 250 00:11:18,680 --> 00:11:22,040 I'd like to use some of the money for inventory 251 00:11:22,040 --> 00:11:25,280 and try some of the money for paid advertising right away. 252 00:11:25,280 --> 00:11:29,960 So I'll give you 50,000 for 27%, 253 00:11:29,960 --> 00:11:34,800 which is the exact same valuation you came in asking for. 254 00:11:34,800 --> 00:11:36,080 And just to clarify, 255 00:11:36,080 --> 00:11:39,280 the paid advertising investment from you, Robert, would... 256 00:11:39,280 --> 00:11:40,520 ..would be, um... 257 00:11:40,520 --> 00:11:41,760 Actual cash. 258 00:11:41,760 --> 00:11:43,400 Sabri has a great agency, 259 00:11:43,400 --> 00:11:45,280 but I like to keep the options open. 260 00:11:45,280 --> 00:11:47,800 Maybe we'll ask him to bid on our business. 261 00:11:47,800 --> 00:11:49,400 (LAUGHS) 262 00:11:53,400 --> 00:11:57,280 These businesses take millions of dollars 263 00:11:57,280 --> 00:11:59,360 to get to scale. 264 00:12:03,280 --> 00:12:04,560 For that reason... 265 00:12:05,960 --> 00:12:07,920 ..I'm out. 266 00:12:09,640 --> 00:12:13,160 I completely disagree that they need that much cash. 267 00:12:13,160 --> 00:12:15,240 I think you can be cash-flow-positive in six months. 268 00:12:15,240 --> 00:12:17,680 It's not gonna take millions. I started The Oodie with $500. 269 00:12:17,680 --> 00:12:19,160 We had crazy growth as well. 270 00:12:19,160 --> 00:12:21,240 So...you're gonna be cash-flow-positive 271 00:12:21,240 --> 00:12:25,680 considering you can make organic traffic work so well. 272 00:12:25,680 --> 00:12:27,960 Davey, I've bootstrapped this business, 273 00:12:27,960 --> 00:12:31,920 I was $60,000 in debt when I started Showpo, so... 274 00:12:31,920 --> 00:12:34,160 ..don't worry about the investment part, because... 275 00:12:34,160 --> 00:12:36,480 ..the whole point is you...you're going to make that money back. 276 00:12:36,480 --> 00:12:38,240 We'll make the money. We'll get money. 277 00:12:38,240 --> 00:12:39,880 It's always easy to say that when you have money. 278 00:12:39,880 --> 00:12:42,000 No, you make the money. He's gonna sell this product. 279 00:12:42,000 --> 00:12:44,720 We just need inventory. It's gonna sell. 280 00:12:44,720 --> 00:12:45,880 It DOES sell. 281 00:12:45,880 --> 00:12:47,120 (LAUGHS) 282 00:12:47,120 --> 00:12:51,480 Jane is great at fashion. This is my space, ecommerce. 283 00:12:51,480 --> 00:12:54,000 And I can guarantee you that I'll...I'll take it... 284 00:12:54,000 --> 00:12:56,800 Fashion ecommerce business. ..to where it... (LAUGHS) ..to where it needs to go. 285 00:12:56,800 --> 00:12:58,720 Alright. 286 00:12:58,720 --> 00:13:01,200 If you really want to blow this thing up to a whole 'nother level, 287 00:13:01,200 --> 00:13:03,000 you're gonna need a master 288 00:13:03,000 --> 00:13:04,600 at the paid acquisition process. 289 00:13:04,600 --> 00:13:07,720 Realistically, what's just gonna make this business big or not is 290 00:13:07,720 --> 00:13:10,520 your ability to master paid advertising. 291 00:13:10,520 --> 00:13:12,080 And that's something that I'm a master at. 292 00:13:12,080 --> 00:13:14,200 What was yours? 293 00:13:14,200 --> 00:13:16,240 27%. 27%. 294 00:13:16,240 --> 00:13:17,240 But I'll do 20%. 295 00:13:17,240 --> 00:13:19,640 (LAUGHS) 296 00:13:22,240 --> 00:13:25,120 I'll do 50,000 for 20% if you say yes right now. 297 00:13:25,120 --> 00:13:27,040 Yep. Done. I've... Oh. Ooh! 298 00:13:29,600 --> 00:13:30,600 Good job. I'll give you a hug. 299 00:13:30,600 --> 00:13:33,000 NARRATOR: As quick as a flash, the entrepreneur has snapped up 300 00:13:33,000 --> 00:13:37,360 an irresistible offer from his favourite Shark, Davie Fogarty. 301 00:13:37,360 --> 00:13:38,400 Good job. 302 00:13:38,400 --> 00:13:42,800 NARRATOR: And the first deal in the Tank has been made. 303 00:13:42,800 --> 00:13:44,160 Well done, Davey. 304 00:13:44,160 --> 00:13:45,440 Great job. Thank you so much, guys. 305 00:13:45,440 --> 00:13:47,000 Nice to meet you. 306 00:13:47,000 --> 00:13:49,320 It was meant to be. Same name. Oh, that was... 307 00:13:49,320 --> 00:13:50,920 The slip-up ended up getting him the deal. 308 00:13:50,920 --> 00:13:53,360 Yeah, it did. Well done, Davie. 309 00:13:53,360 --> 00:13:54,680 Thank you. 310 00:13:54,680 --> 00:13:57,320 I'm still, like, tingling. I'm, like, tingling all over. 311 00:13:57,320 --> 00:13:58,840 My palms are still sweaty. 312 00:13:58,840 --> 00:14:03,160 Like, I'm so happy that Davie is gonna be my business partner. 313 00:14:03,160 --> 00:14:04,840 Just goes to show you what you can build. 314 00:14:04,840 --> 00:14:06,600 With a little bit of money, on social media today, 315 00:14:06,600 --> 00:14:08,360 you can build a great business. 316 00:14:08,360 --> 00:14:11,200 Running a business, you have so much self-doubt. 317 00:14:11,200 --> 00:14:14,000 To stand up there and have Davie not only believe in the product 318 00:14:14,000 --> 00:14:16,000 but believe in me and believe in the brand 319 00:14:16,000 --> 00:14:18,120 was just...like, amazing. 320 00:14:18,120 --> 00:14:20,280 You couldn't ask for anything better. 321 00:14:20,280 --> 00:14:21,840 It's gonna be a global phenomenon. 322 00:14:23,640 --> 00:14:25,520 NARRATOR: Coming up... 323 00:14:25,520 --> 00:14:26,600 Let's make some money. 324 00:14:26,600 --> 00:14:29,440 ..more incredible entrepreneurs, 325 00:14:29,440 --> 00:14:31,080 with knockout products... 326 00:14:31,080 --> 00:14:34,120 Ah! (LAUGHS) 327 00:14:34,120 --> 00:14:35,520 My man! Take my money. 328 00:14:35,520 --> 00:14:37,320 ..give it everything... Wow! 329 00:14:37,320 --> 00:14:38,440 Let's go. ..they've got. 330 00:14:38,440 --> 00:14:40,160 Whoo! Just breathe. 331 00:14:40,160 --> 00:14:41,680 All five Sharks have made an offer. 332 00:14:52,160 --> 00:14:55,600 NARRATOR: Next into the Tank is Queenslander Poppy Hepburn, 333 00:14:55,600 --> 00:14:57,920 with a business inspired by the movies. 334 00:14:57,920 --> 00:14:59,920 She's already experiencing success, 335 00:14:59,920 --> 00:15:05,760 with one of the most famous families in the world as big fans. 336 00:15:05,760 --> 00:15:09,640 We worked with the Kardashians. Um, they love our product. 337 00:15:09,640 --> 00:15:12,360 Um, so we're super-excited to see what the Sharks think. 338 00:15:19,120 --> 00:15:20,560 Hi, Sharks. My name's Poppy. 339 00:15:20,560 --> 00:15:23,640 I'm a 34-year-old mum of two from Redland Bay, in Brisbane, 340 00:15:23,640 --> 00:15:25,120 and I'm the founder of Pixxie. 341 00:15:25,120 --> 00:15:29,640 Today, I am seeking 500,000 for 30% of my business. 342 00:15:29,640 --> 00:15:31,280 Wow. 343 00:15:31,280 --> 00:15:33,200 I am a massive movie buff. 344 00:15:33,200 --> 00:15:34,760 My mum also loved movies, 345 00:15:34,760 --> 00:15:37,520 and together that's what we did. 346 00:15:37,520 --> 00:15:40,480 In 2014, while living and working in London, 347 00:15:40,480 --> 00:15:42,120 I got a call no-one wants to receive. 348 00:15:42,120 --> 00:15:43,400 It was my mum. 349 00:15:43,400 --> 00:15:46,800 She had been diagnosed with Stage 4 breast and bone cancer, 350 00:15:46,800 --> 00:15:49,720 So I packed up my life in London and I moved back to Australia 351 00:15:49,720 --> 00:15:51,680 to be close to her. 352 00:15:51,680 --> 00:15:55,280 Over the next few years, we would spend a lot of time in hospital, 353 00:15:55,280 --> 00:15:57,400 so we watched movies on her laptop. 354 00:15:57,400 --> 00:15:59,760 Huddled together one night on her bed, she said to me, 355 00:15:59,760 --> 00:16:02,560 "Wouldn't it be amazing if we could have a movie night in the ward 356 00:16:02,560 --> 00:16:05,400 "and everyone could enjoy magical memories?" 357 00:16:05,400 --> 00:16:08,200 And so Pixxie was born. 358 00:16:08,200 --> 00:16:11,720 Pixxie portable projector is a lightweight family home mini-cinema 359 00:16:11,720 --> 00:16:12,840 combining the latest technology 360 00:16:12,840 --> 00:16:14,680 to bring you a powerful battery-operated 361 00:16:14,680 --> 00:16:17,120 180-degree cinematic experience. 362 00:16:17,120 --> 00:16:19,960 Pixxie has received global attention. 363 00:16:19,960 --> 00:16:22,280 We worked with the Kardashians last year. 364 00:16:22,280 --> 00:16:23,280 Wow. 365 00:16:23,280 --> 00:16:25,440 And we've just finished a collaboration with Disney 366 00:16:25,440 --> 00:16:27,920 for the new Peter Pan & Wendy film. 367 00:16:27,920 --> 00:16:30,200 Would you like to see Pixxie in action? 368 00:16:30,200 --> 00:16:32,480 Yes. Yes, please. 369 00:16:33,960 --> 00:16:36,200 Oh. Ooh! 370 00:16:36,200 --> 00:16:37,600 Wow. It's very clear. 371 00:16:37,600 --> 00:16:39,240 It has low-light technology. 372 00:16:39,240 --> 00:16:44,040 so you can use Pixxie during the afternoon light, 373 00:16:44,040 --> 00:16:47,160 but, obviously, you know, at night, you get maximum colour definition. 374 00:16:47,160 --> 00:16:48,760 And is there an in-built speaker on that? 375 00:16:48,760 --> 00:16:49,760 There is. 376 00:16:49,760 --> 00:16:52,160 Poppy, how did your mom's treatment turn out? 377 00:16:52,160 --> 00:16:54,320 I'm just curious. She passed away in 2016. 378 00:16:54,320 --> 00:16:57,200 Oh, I'm sorry to hear that. Sorry to hear that. Thank you. 379 00:16:59,280 --> 00:17:01,560 So, Poppy, talk us through 380 00:17:01,560 --> 00:17:03,920 the time line of when you started the business 381 00:17:03,920 --> 00:17:06,080 and some of these collaborations that you've made. 382 00:17:06,080 --> 00:17:09,000 So we've done over a million in revenue. 383 00:17:09,000 --> 00:17:10,320 Whoa! 384 00:17:10,320 --> 00:17:11,320 That's great. 385 00:17:11,320 --> 00:17:14,240 Over what period of time? Uh, two and a half years. 386 00:17:14,240 --> 00:17:17,320 How much do they cost? What do they cost? We retail for 749. 387 00:17:20,240 --> 00:17:21,960 That seems like a lot. 388 00:17:23,760 --> 00:17:24,760 Can we see the product? 389 00:17:24,760 --> 00:17:26,520 Yeah, of course. 390 00:17:28,800 --> 00:17:30,640 Thank you. Thank you. 391 00:17:34,760 --> 00:17:37,280 Wow! Great packaging. 392 00:17:37,280 --> 00:17:38,480 It's so cool. 393 00:17:38,480 --> 00:17:40,880 Thank you. It's very cute. 394 00:17:40,880 --> 00:17:43,840 It's quite solid, the packaging. Oh, my gosh. 395 00:17:43,840 --> 00:17:45,080 So super-retro, right? Yes. 396 00:17:45,080 --> 00:17:47,160 Yeah. And that's...that is really solid. 397 00:17:47,160 --> 00:17:49,440 Yeah, you can feel the quality of it. 398 00:17:49,440 --> 00:17:51,480 NARRATOR: Poppy is hoping her portable projector 399 00:17:51,480 --> 00:17:56,560 will entice the Sharks to invest $500,000 400 00:17:56,560 --> 00:17:58,640 for 30% equity in her business. 401 00:17:58,640 --> 00:18:00,240 Hey, Poppy. 402 00:18:00,240 --> 00:18:03,400 I love the whole boho look that you've got going on here. 403 00:18:03,400 --> 00:18:05,800 That would be me watching something on the side of a kombivan. 404 00:18:05,800 --> 00:18:10,120 When these first portable projectors came out, 405 00:18:10,120 --> 00:18:12,520 gosh, maybe 10 years ago... 406 00:18:14,040 --> 00:18:18,400 ..I got super-excited and would use them once or twice 407 00:18:18,400 --> 00:18:21,560 and then didn't get around to using them again. 408 00:18:21,560 --> 00:18:25,080 What feedback have you got from customers about how they 409 00:18:25,080 --> 00:18:26,560 integrate this into being a... 410 00:18:26,560 --> 00:18:29,720 ..a standard piece of technology that they use all the time? 411 00:18:29,720 --> 00:18:31,240 Yeah, very good question. 412 00:18:31,240 --> 00:18:33,560 What we've seen is a trend towards families that camp 413 00:18:33,560 --> 00:18:36,400 and spend a lot of time outdoors and that van life. 414 00:18:36,400 --> 00:18:38,800 They've got communities and camp sites and caravan parks 415 00:18:38,800 --> 00:18:41,720 that are using Pixxie. 416 00:18:41,720 --> 00:18:45,480 We've also seen businesses and a lot of day cares purchasing them 417 00:18:45,480 --> 00:18:49,400 in bulk, to use, obviously, rather than have the TVs on the wheels, 418 00:18:49,400 --> 00:18:51,760 when they want to show content for educational purposes. 419 00:18:51,760 --> 00:18:52,960 How are you finding your customers? 420 00:18:52,960 --> 00:18:55,000 Our main spend has been on influence marketing, 421 00:18:55,000 --> 00:18:57,480 and that's how we've managed to grow our business. 422 00:18:57,480 --> 00:18:58,720 That does surprise me 423 00:18:58,720 --> 00:19:02,040 that you're spending your efforts with influencers, 424 00:19:02,040 --> 00:19:04,360 which is a lot more expensive. 425 00:19:04,360 --> 00:19:07,560 We've found that people need to see it quite a number of times. 426 00:19:07,560 --> 00:19:09,520 Influence marketing is really important 427 00:19:09,520 --> 00:19:10,880 that they continually see the product, 428 00:19:10,880 --> 00:19:14,840 and we found with the ads that they didn't convert in the same way. 429 00:19:14,840 --> 00:19:17,160 Uh, I'm going to pick up on Jane's question 430 00:19:17,160 --> 00:19:21,560 about...you mentioned collaborations with Kardashians. 431 00:19:21,560 --> 00:19:23,080 Can you, um, elaborate on that? 432 00:19:23,080 --> 00:19:26,200 We were very lucky that they approached us, um, to work with them. 433 00:19:26,200 --> 00:19:28,360 We were in their gift guide - this is Khloe and Kourtney - 434 00:19:28,360 --> 00:19:31,320 and following on from that, Disney in the US 435 00:19:31,320 --> 00:19:33,520 reached out to me to work with them. 436 00:19:33,520 --> 00:19:35,000 Wow. Wow. 437 00:19:35,000 --> 00:19:36,440 Wow! That's great. 438 00:19:36,440 --> 00:19:38,400 Did you design it? 439 00:19:38,400 --> 00:19:41,760 So I've worked with the manufacturer on this product, 440 00:19:41,760 --> 00:19:43,360 so it's not our design. 441 00:19:43,360 --> 00:19:45,320 We just have exclusivity in Australia and New Zealand. 442 00:19:48,920 --> 00:19:51,800 Do they have patents on it based in China? 443 00:19:51,800 --> 00:19:55,920 Correct. The manufacturer owns the rights to the hardware. 444 00:19:55,920 --> 00:19:58,840 But then the supplier is still owning the design. 445 00:19:58,840 --> 00:20:00,600 Do you think that's a problem? Yeah, of course I do. 446 00:20:00,600 --> 00:20:03,560 That's one of...you know, that's why I need some help 447 00:20:03,560 --> 00:20:04,760 to really gain control of the IP. 448 00:20:04,760 --> 00:20:05,760 Mmm. 449 00:20:07,240 --> 00:20:08,640 It's a beautiful product. 450 00:20:08,640 --> 00:20:10,800 But you don't own the product. 451 00:20:14,480 --> 00:20:16,120 I don't want to be in the distribution business. 452 00:20:16,120 --> 00:20:18,720 There's too much risk. 453 00:20:18,720 --> 00:20:20,840 I'm out. Thank you. 454 00:20:20,840 --> 00:20:23,600 The thing that I'm concerned with 455 00:20:23,600 --> 00:20:27,360 is that I've seen, you know, lots of ads from people 456 00:20:27,360 --> 00:20:29,960 that probably are selling inferior products, 457 00:20:29,960 --> 00:20:33,760 and not only until I picked up the product and felt it with my hand 458 00:20:33,760 --> 00:20:35,280 and felt the weight of it 459 00:20:35,280 --> 00:20:37,840 did it kind of click for me the difference between those products 460 00:20:37,840 --> 00:20:40,400 and what it is that you're standing here today, 461 00:20:40,400 --> 00:20:43,360 but you don't have that opportunity online. 462 00:20:47,800 --> 00:20:49,280 I'm out. 463 00:20:49,280 --> 00:20:50,360 Thank you. 464 00:20:50,360 --> 00:20:51,920 Poppy. 465 00:20:51,920 --> 00:20:53,400 Beautiful product. 466 00:20:53,400 --> 00:20:54,640 My challenge, however, 467 00:20:54,640 --> 00:20:58,280 is that I think it's a highly competitive space. 468 00:20:58,280 --> 00:21:01,120 And so for me... 469 00:21:01,120 --> 00:21:03,280 ..at this stage... 470 00:21:03,280 --> 00:21:05,320 ..I'm out. 471 00:21:05,320 --> 00:21:06,720 Thank you. 472 00:21:06,720 --> 00:21:10,000 Poppy, you are a very investable person. 473 00:21:10,000 --> 00:21:12,440 The issue for me at this point is 474 00:21:12,440 --> 00:21:13,640 the product isn't in my wheelhouse. 475 00:21:13,640 --> 00:21:16,760 I don't think it's unique enough for me to help you blow up. 476 00:21:16,760 --> 00:21:19,000 Uh, for those reasons, I'm out. 477 00:21:19,000 --> 00:21:20,000 Thank you. 478 00:21:21,400 --> 00:21:22,920 I think what you need 479 00:21:22,920 --> 00:21:26,560 is to spend more on digital marketing, 480 00:21:26,560 --> 00:21:28,280 and I think that's how you can scale the business. 481 00:21:28,280 --> 00:21:32,960 So, for now, as a business investment, I am out. 482 00:21:32,960 --> 00:21:35,080 Thank you. Thank you. Thank you. 483 00:21:35,080 --> 00:21:37,240 Thanks, Poppy. See you later. 484 00:21:37,240 --> 00:21:39,760 It wasn't our day today. 485 00:21:41,360 --> 00:21:44,240 There is a pathway for Pixxie for profitability. 486 00:21:44,240 --> 00:21:45,960 We are not just a distributor. 487 00:21:45,960 --> 00:21:49,440 Is it a mistake for them not to partner with Pixxie? 488 00:21:49,440 --> 00:21:50,520 Yeah. Watch this space. 489 00:21:52,000 --> 00:21:53,040 NARRATOR: Still to come... 490 00:21:53,040 --> 00:21:54,640 Think I WILL make you an offer. 491 00:21:54,640 --> 00:21:56,480 Ooh! $50,000. 492 00:21:56,480 --> 00:21:59,880 I'll give you the 500,000... 493 00:21:59,880 --> 00:22:01,720 For 25%. 494 00:22:01,720 --> 00:22:02,880 Jeez! 495 00:22:02,880 --> 00:22:04,320 Savages. 496 00:22:04,320 --> 00:22:06,120 All five Sharks have made an offer. 497 00:22:08,640 --> 00:22:10,880 That's Sharky. Wow! That's Sharky. 498 00:22:19,440 --> 00:22:22,000 NARRATOR: For Perth inventor Kris Tressider, 499 00:22:22,000 --> 00:22:26,720 getting here has been a long haul, in more ways than one. 500 00:22:26,720 --> 00:22:29,800 I've put a lot of blood, sweat and tears into this project 501 00:22:29,800 --> 00:22:32,920 for over 14 years, and it's been a long journey. 502 00:22:32,920 --> 00:22:35,400 This is kind of a make-or-break moment. 503 00:22:49,080 --> 00:22:51,560 Hi. My name's Kris Tressider. 504 00:22:51,560 --> 00:22:52,840 I'm from Perth, WA, 505 00:22:52,840 --> 00:22:56,080 and I'm the owner and inventor of the Punching Pro. 506 00:22:59,000 --> 00:23:01,400 I'm here to ask you Sharks today 507 00:23:01,400 --> 00:23:06,160 for a $200,000 investment for a 20% equity share. 508 00:23:07,680 --> 00:23:09,680 So the Punching Pro 509 00:23:09,680 --> 00:23:11,480 is a robotic sparring device. 510 00:23:11,480 --> 00:23:14,680 I've been working on the project for about 14 years. 511 00:23:14,680 --> 00:23:16,000 Wow. 512 00:23:17,160 --> 00:23:19,040 So, would you like to see the robot in action? 513 00:23:19,040 --> 00:23:21,200 Yes! Hell, yeah. Yeah. 514 00:23:21,200 --> 00:23:22,480 Did you say "Hell, yeah"? 515 00:23:22,480 --> 00:23:23,560 Yeah! Hell, yeah! 516 00:23:23,560 --> 00:23:26,040 Hell, yeah! I am Destroyer. Whoa! 517 00:23:26,040 --> 00:23:28,960 Oh, Jesus. Oh, that's so... (LAUGHS) 518 00:23:28,960 --> 00:23:30,120 (ROBOT LAUGHS) 519 00:23:30,120 --> 00:23:32,840 That is terrifying! 520 00:23:32,840 --> 00:23:34,480 Can I try it? You can try it. 521 00:23:34,480 --> 00:23:36,080 Absolutely you can try it. (LAUGHS) 522 00:23:36,080 --> 00:23:37,640 OK. I'll just come up and stand near you. 523 00:23:37,640 --> 00:23:40,640 Alrighty. Thank you very much, Kris! 524 00:23:40,640 --> 00:23:43,360 Put it on the hardest setting. ROBOT: I am Destroyer. 525 00:23:43,360 --> 00:23:45,440 OK. That's good. 526 00:23:45,440 --> 00:23:47,320 Let him hit... (LAUGHS) 527 00:23:47,320 --> 00:23:51,120 ROBOT: Not bad for a pathetic human. (LAUGHS) 528 00:23:51,120 --> 00:23:52,240 It's talking to you, Robert. 529 00:23:52,240 --> 00:23:54,160 It's kind of fun. You were doing so well. 530 00:23:54,160 --> 00:23:56,240 Thank you, Kris. (SHARKS LAUGH) 531 00:23:56,240 --> 00:23:59,520 ROBOT: I am Destroyer. 532 00:23:59,520 --> 00:24:03,760 Kris, I have a background in...in AI, 533 00:24:03,760 --> 00:24:07,200 and...and as a technologist, I'm interested to hear about 534 00:24:07,200 --> 00:24:11,240 the technology that has gone into 535 00:24:11,240 --> 00:24:12,440 you making the robot. 536 00:24:12,440 --> 00:24:15,600 So, um, basically, I'm using Python... 537 00:24:15,600 --> 00:24:17,720 Yep. ..to...to control the robot at the moment. 538 00:24:17,720 --> 00:24:19,280 Python is just a...a...a... 539 00:24:19,280 --> 00:24:21,200 ..a coding program. 540 00:24:21,200 --> 00:24:22,760 So are you a software engineer? No. 541 00:24:22,760 --> 00:24:24,600 You've just learnt Python to do this? 542 00:24:24,600 --> 00:24:25,680 Yeah. That's right. Yeah, wow. 543 00:24:25,680 --> 00:24:28,120 Yeah, yeah. I just sort of... That's great. Impressive. 544 00:24:28,120 --> 00:24:30,640 So it's built on Python. What else have you done with it? 545 00:24:30,640 --> 00:24:34,080 I've kept the inside, which is what I will patent, 546 00:24:34,080 --> 00:24:35,080 very secretive. 547 00:24:35,080 --> 00:24:36,320 Right. 548 00:24:36,320 --> 00:24:39,040 How much money has it taken you 549 00:24:39,040 --> 00:24:41,520 to get the Destroyer to where it is now? 550 00:24:41,520 --> 00:24:43,920 Over 14 years, probably... 551 00:24:43,920 --> 00:24:46,680 ..about $20,000. 552 00:24:46,680 --> 00:24:49,480 With all due respect, 553 00:24:49,480 --> 00:24:51,280 after 14 years... 554 00:24:51,280 --> 00:24:52,720 Yeah. 555 00:24:52,720 --> 00:24:56,360 ..I would have figured it would look a little more... 556 00:24:56,360 --> 00:24:58,320 ..finished. 557 00:24:58,320 --> 00:25:01,400 Why is it at the stage it's at? 558 00:25:01,400 --> 00:25:03,400 You see, I...I make so many changes 559 00:25:03,400 --> 00:25:06,360 that I can't build a whole new robot every time. 560 00:25:07,520 --> 00:25:10,880 NARRATOR: With so much money and time invested already, 561 00:25:10,880 --> 00:25:15,960 this could be Kris's last chance to get his business fighting fit. 562 00:25:15,960 --> 00:25:19,520 Kris, if I gave you $200,000, 563 00:25:19,520 --> 00:25:21,280 what would you do with it? 564 00:25:21,280 --> 00:25:25,680 Because I would want to get my money back in less than 14 years. 565 00:25:25,680 --> 00:25:27,040 (LAUGHS) Yeah. Of course. 566 00:25:27,040 --> 00:25:28,840 The first thing I would do would be get a patent. 567 00:25:28,840 --> 00:25:31,880 A robot isn't necessarily patentable, 568 00:25:31,880 --> 00:25:34,120 but the internal device definitely is. 569 00:25:34,120 --> 00:25:38,680 There's so much potential for where this could go, but... 570 00:25:38,680 --> 00:25:42,560 ..it's so early-stage, even though it's been 14 years, 571 00:25:42,560 --> 00:25:45,320 of where the business is, with such a big journey ahead, 572 00:25:45,320 --> 00:25:47,280 I'm just not sure that's... 573 00:25:47,280 --> 00:25:51,160 ..a journey that I'm ready to embark on with you. 574 00:25:51,160 --> 00:25:52,840 So I am out. 575 00:25:52,840 --> 00:25:54,200 Thank you. 576 00:25:54,200 --> 00:25:57,840 I just don't have enough confidence sitting here today that there would 577 00:25:57,840 --> 00:26:00,160 be someone that would actually be able to operate the business 578 00:26:00,160 --> 00:26:01,200 to the level that it would need. 579 00:26:01,200 --> 00:26:03,760 And I don't have any more time left to kind of 580 00:26:03,760 --> 00:26:06,080 step in and run a business like this. 581 00:26:06,080 --> 00:26:07,120 I'm out. 582 00:26:08,400 --> 00:26:10,080 Kris. 583 00:26:10,080 --> 00:26:13,560 I do see a commercial application for it. 584 00:26:15,760 --> 00:26:17,400 It's a tough one. (LAUGHS) 585 00:26:18,400 --> 00:26:21,520 Unfortunately, just for where it is at, I am out. 586 00:26:21,520 --> 00:26:24,000 I understand. Thank you. 587 00:26:24,000 --> 00:26:27,360 Well, Kris, it sounds like you're taking some punches here today. 588 00:26:27,360 --> 00:26:28,680 Yeah. 589 00:26:28,680 --> 00:26:31,720 But I think it is a little early, 590 00:26:31,720 --> 00:26:33,520 in light of 14 years. 591 00:26:33,520 --> 00:26:34,520 Yeah. 592 00:26:34,520 --> 00:26:37,080 And, Kris, I'm already old. 593 00:26:37,080 --> 00:26:39,080 I think time is telling you 594 00:26:39,080 --> 00:26:41,600 maybe it's time to put it in the basement 595 00:26:41,600 --> 00:26:43,840 and knock it out. 596 00:26:43,840 --> 00:26:45,280 I'm out. 597 00:26:45,280 --> 00:26:47,120 Thank you. 598 00:26:47,120 --> 00:26:48,640 (SIGHS) 599 00:26:48,640 --> 00:26:49,920 It's your space? Yep. 600 00:26:49,920 --> 00:26:51,400 Sure is. 601 00:26:51,400 --> 00:26:53,680 I feel that... 602 00:26:53,680 --> 00:26:56,960 ..you would need considerable investment, 603 00:26:56,960 --> 00:27:00,160 much more than $200,000, really to get this to market 604 00:27:00,160 --> 00:27:02,840 in a really aesthetically pleasing way. 605 00:27:02,840 --> 00:27:06,400 What are you gonna do? (SIGHS) 606 00:27:06,400 --> 00:27:10,200 I love robots, and I spend my time 607 00:27:10,200 --> 00:27:13,200 talking about the rise of robots and...and AI, so... 608 00:27:13,200 --> 00:27:14,480 ..you're on the right track. 609 00:27:14,480 --> 00:27:19,040 Unfortunately, it's too early-stage for me. 610 00:27:19,040 --> 00:27:20,040 I'm out. 611 00:27:20,040 --> 00:27:21,680 Thank you. I understand. 612 00:27:23,360 --> 00:27:25,760 NARRATOR: Inventor Kris has failed to knock the Sharks out 613 00:27:25,760 --> 00:27:27,360 with his punching robot 614 00:27:27,360 --> 00:27:30,640 and leaves the Tank with nothing. 615 00:27:34,960 --> 00:27:39,080 Fresh out of the gate and waiting for HIS chance to face the Sharks 616 00:27:39,080 --> 00:27:42,440 is Victorian entrepreneur Thien. 617 00:27:42,440 --> 00:27:43,840 With so much at stake, 618 00:27:43,840 --> 00:27:46,640 the incredible potential of the next few minutes 619 00:27:46,640 --> 00:27:50,280 is taking physical effect. 620 00:27:50,280 --> 00:27:52,480 My hands are so clammy. (LAUGHS) 621 00:27:52,480 --> 00:27:54,920 And it's a cold sweat now, so... (LAUGHS) 622 00:27:54,920 --> 00:27:57,000 I'm nervous because I know this is an incredible opportunity, 623 00:27:57,000 --> 00:27:59,280 possibly once in a lifetime. 624 00:27:59,280 --> 00:28:01,680 And I think it could possibly change my life. 625 00:28:19,520 --> 00:28:21,720 Hi. My name's Thien. 626 00:28:21,720 --> 00:28:24,800 I'm a podiatrist on a mission to stop pain from the feet up. 627 00:28:24,800 --> 00:28:29,320 I'm here seeking $50,000 in exchange for 10% of my company. 628 00:28:29,320 --> 00:28:32,880 Sharks, we need to change the way we think about our feet. 629 00:28:32,880 --> 00:28:34,360 Foot pain is so widespread 630 00:28:34,360 --> 00:28:37,760 that it affects between 60% to 80% of people worldwide. 631 00:28:37,760 --> 00:28:39,920 And there are three main reasons. 632 00:28:39,920 --> 00:28:44,120 Number one - footwear is designed for fashion first. 633 00:28:44,120 --> 00:28:46,960 Function often gets the back seat or even the boot. 634 00:28:46,960 --> 00:28:49,400 The second reason is that we're living very repetitive lifestyles. 635 00:28:49,400 --> 00:28:50,960 We stand for too long, we sit for too long, 636 00:28:50,960 --> 00:28:53,560 and then we binge-exercise in between. 637 00:28:53,560 --> 00:28:56,440 And the last factor is the most important factor. 638 00:28:56,440 --> 00:29:00,800 Think about surfaces - tiles, floorboards, concrete. 639 00:29:00,800 --> 00:29:04,080 These surfaces are very harsh on human organic tissue, 640 00:29:04,080 --> 00:29:07,000 but if you punch this surface right now, you will break your hand. 641 00:29:08,360 --> 00:29:09,600 But lucky for feet... 642 00:29:11,840 --> 00:29:13,680 ..I created STRYDA Soles. 643 00:29:13,680 --> 00:29:17,440 Cork is incredibly effective at absorbing impact. 644 00:29:17,440 --> 00:29:20,800 Once you get them on your feet, you won't want to take them off. 645 00:29:20,800 --> 00:29:24,240 Thanks for listening, and, um, I'd be very happy to take your questions 646 00:29:24,240 --> 00:29:25,440 and show you the product. 647 00:29:25,440 --> 00:29:26,960 Thanks, Thien. 648 00:29:26,960 --> 00:29:30,080 Hi, Jane. So my mum has, like, so many foot problems. 649 00:29:30,080 --> 00:29:31,280 She's always going to my shoe rack. 650 00:29:31,280 --> 00:29:33,640 She's, like, "That's bad. That's bad. That's bad." 651 00:29:33,640 --> 00:29:35,840 'Cause I'm that fashion-over-function person. 652 00:29:35,840 --> 00:29:37,280 So is this something that you would... 653 00:29:37,280 --> 00:29:40,720 ..you could put in a shoe to improve its function? 654 00:29:40,720 --> 00:29:42,000 Absolutely. 655 00:29:42,000 --> 00:29:46,080 You can pull out the existing insole and you can put my insole in. 656 00:29:46,080 --> 00:29:49,520 NARRATOR: Podiatrist Thien Trinh has put his best foot forward 657 00:29:49,520 --> 00:29:52,120 with a strong pitch to the Sharks. 658 00:29:52,120 --> 00:29:53,120 These are the insoles here. 659 00:29:53,120 --> 00:29:55,520 NARRATOR: He's seeking $50,000 660 00:29:55,520 --> 00:29:59,480 for 10% of his cork insole business, STRYDA. 661 00:29:59,480 --> 00:30:01,720 That feels very good quality. 662 00:30:01,720 --> 00:30:03,120 Can I do some foot modelling... Please. 663 00:30:03,120 --> 00:30:04,520 Yeah. ..before we continue? 664 00:30:04,520 --> 00:30:06,280 So I assess people's walk, 'cause walking is a skill, 665 00:30:06,280 --> 00:30:07,480 and no-one thinks of it as a walk. 666 00:30:07,480 --> 00:30:09,000 Whoa. OK. 667 00:30:09,000 --> 00:30:10,000 This is very comfortable. 668 00:30:10,000 --> 00:30:13,320 Oh. Click, click, click, click, click. 669 00:30:13,320 --> 00:30:14,840 Whoo! (SHARKS LAUGH) 670 00:30:14,840 --> 00:30:16,040 Can you feel the difference? Yeah. 671 00:30:16,040 --> 00:30:17,840 It's...it's good, though? It's really comfortable. 672 00:30:17,840 --> 00:30:19,400 It's kind of instant support. 673 00:30:19,400 --> 00:30:23,040 So are you saying that there is no other insole company 674 00:30:23,040 --> 00:30:26,320 that is selling a full-blown cork insole? 675 00:30:26,320 --> 00:30:28,200 I'm telling you that, yep. 676 00:30:28,200 --> 00:30:29,360 I've definitely seen cork. 677 00:30:29,360 --> 00:30:30,520 Oh, you have? 678 00:30:33,680 --> 00:30:37,360 I've seen them too, with, like, a layer of synthetic material holding it all together. 679 00:30:37,360 --> 00:30:39,200 Yep. There is no other insole on the market like mine. 680 00:30:39,200 --> 00:30:42,480 Because mine is over 92% cork. 681 00:30:42,480 --> 00:30:45,520 There's a few things in there that binds that cork together. 682 00:30:45,520 --> 00:30:46,840 It's a trade secret. 683 00:30:46,840 --> 00:30:52,080 I think the main unique proposition that I can see is this big lump. 684 00:30:52,080 --> 00:30:54,080 That's a game changer. Yeah. 685 00:30:54,080 --> 00:30:55,880 What is that? Ex...explain that. 686 00:30:55,880 --> 00:30:57,080 So that metatarsal dome... 687 00:30:57,080 --> 00:30:59,240 The what? The metatarsal dome. 688 00:30:59,240 --> 00:31:00,680 Say that three times in a row. 689 00:31:00,680 --> 00:31:02,600 Metatarsal dome, metatarsal dome, metatarsal dome. 690 00:31:02,600 --> 00:31:04,920 Nice! My man. (LAUGHS) 691 00:31:04,920 --> 00:31:08,000 Wow! Take my money! (SHARKS LAUGH) 692 00:31:08,000 --> 00:31:10,520 So...your feet need more than just support. 693 00:31:10,520 --> 00:31:13,520 They need to be guided in terms of the muscle function. 694 00:31:13,520 --> 00:31:16,160 The metatarsal dome realigns everything. 695 00:31:16,160 --> 00:31:19,040 You push it against the foot and the toes kind of... 696 00:31:19,040 --> 00:31:21,480 ..take up their natural state. 697 00:31:21,480 --> 00:31:24,200 So these insoles don't just support you, 698 00:31:24,200 --> 00:31:26,920 they guide and engage the foot muscles to...to do their thing. 699 00:31:26,920 --> 00:31:29,320 I do have TGA approval. 700 00:31:29,320 --> 00:31:32,600 NARRATOR: The TGA is the Therapeutic Goods Administration, 701 00:31:32,600 --> 00:31:36,600 which is the government authority for regulating products used in health and medicine. 702 00:31:36,600 --> 00:31:39,240 Thien, do you have sales? 703 00:31:39,240 --> 00:31:41,120 I do. OK. 704 00:31:41,120 --> 00:31:42,880 OK. I do. Um... Alright. Here we go. 705 00:31:42,880 --> 00:31:44,600 Let's hear 'em. 706 00:31:44,600 --> 00:31:46,520 They're not as, like... not astronomical, 707 00:31:46,520 --> 00:31:49,160 'cause that's where I need you guys, right? 708 00:31:49,160 --> 00:31:51,680 Last year, they were $20,000. 709 00:31:55,720 --> 00:31:58,720 And a bit of a hush came over the Shark Tank. 710 00:31:58,720 --> 00:32:00,360 And how much does it cost you to make? 711 00:32:00,360 --> 00:32:02,280 $7.40. 42 cents. Oh. 712 00:32:02,280 --> 00:32:05,000 And we sell 'em for $79.95 a pair. That's great. 713 00:32:05,000 --> 00:32:06,200 The margins are very attractive. 714 00:32:06,200 --> 00:32:10,400 Thien, there is a disconnect for me between... 715 00:32:10,400 --> 00:32:13,280 ..your sales and you. 716 00:32:13,280 --> 00:32:15,040 I truly believe you. 717 00:32:15,040 --> 00:32:17,040 You make me want to do business with you. 718 00:32:17,040 --> 00:32:20,880 Why isn't it translating into bigger sales? 719 00:32:20,880 --> 00:32:24,320 We wanted to truly test how our product performed in the market. 720 00:32:24,320 --> 00:32:25,360 It's done. It's ready. 721 00:32:25,360 --> 00:32:30,680 All the, uh, flaws or challenges have been seen to and overcome. 722 00:32:30,680 --> 00:32:34,440 I think with you behind it, you are going to make it big. 723 00:32:34,440 --> 00:32:37,520 So I want to be a part of it with you, 724 00:32:37,520 --> 00:32:39,920 but I AM gonna have to take a significant part of the business 725 00:32:39,920 --> 00:32:42,520 to represent how much work it's going to take, 726 00:32:42,520 --> 00:32:44,480 'cause we're gonna have to work together 727 00:32:44,480 --> 00:32:47,240 on getting it to as big as it... could be. 728 00:32:47,240 --> 00:32:49,960 I'm gonna offer you 50,000. 729 00:32:50,960 --> 00:32:52,760 But I want... 730 00:32:52,760 --> 00:32:54,040 ..45% of the business. 731 00:32:54,040 --> 00:32:55,880 Whoa! 732 00:32:59,120 --> 00:33:00,880 That's a lot, mate. 733 00:33:00,880 --> 00:33:02,440 Sharky. 734 00:33:11,920 --> 00:33:13,600 NARRATOR: Podiatrist Thien has come into the Tank 735 00:33:13,600 --> 00:33:15,920 looking for a $50,000 investment 736 00:33:15,920 --> 00:33:20,040 for a 10% stake in his cork insole business. 737 00:33:21,280 --> 00:33:23,560 I'm gonna offer you 50,000. 738 00:33:24,640 --> 00:33:26,800 But I want... 739 00:33:26,800 --> 00:33:28,240 ..45% of the business. 740 00:33:28,240 --> 00:33:29,480 Whoa! 741 00:33:29,480 --> 00:33:31,600 That's a lot, mate. 742 00:33:31,600 --> 00:33:33,280 Thank you for your offer. 743 00:33:33,280 --> 00:33:35,680 So... 744 00:33:35,680 --> 00:33:37,200 ..the real challenge, I think, 745 00:33:37,200 --> 00:33:39,920 is actually being able to market a business, 746 00:33:39,920 --> 00:33:42,080 find customers and scale it. 747 00:33:42,080 --> 00:33:45,000 I love that you're the subject matter expert in this 748 00:33:45,000 --> 00:33:49,280 and that this product is TGA-approved, so... 749 00:33:49,280 --> 00:33:50,760 ..I'm going to match Davie's offer. 750 00:33:52,720 --> 00:33:54,520 Thank you so much for your offer, Jane. 751 00:33:54,520 --> 00:33:57,120 So 50,000 for 45%? Yep. 752 00:33:57,120 --> 00:33:59,240 Savages. 753 00:34:02,800 --> 00:34:04,800 Thien, tell us about your background. 754 00:34:04,800 --> 00:34:06,080 I was born in Vietnam. 755 00:34:06,080 --> 00:34:08,840 And my family and I left, we had to flee. 756 00:34:08,840 --> 00:34:10,720 And we fled by boat. Wow. 757 00:34:10,720 --> 00:34:12,360 And you're out at sea and there's pirates 758 00:34:12,360 --> 00:34:14,160 and there's all these sorts of challenges. 759 00:34:14,160 --> 00:34:15,160 And... Wow. 760 00:34:15,160 --> 00:34:17,880 ..yeah, we went through absolute hell to get here. 761 00:34:17,880 --> 00:34:20,920 In fact, my brother, he was in prison eight times by the time he was the age of eight 762 00:34:20,920 --> 00:34:23,680 in trying to get away and get to a country... 763 00:34:23,680 --> 00:34:24,760 Wow. 764 00:34:24,760 --> 00:34:26,360 ..that allows me to stand in front of you 765 00:34:26,360 --> 00:34:29,480 and make this opportunity a real thing to change the world. 766 00:34:32,000 --> 00:34:35,240 My father was a serial entrepreneur. He was very successful in Vietnam. 767 00:34:35,240 --> 00:34:37,240 Came here, started again, 768 00:34:37,240 --> 00:34:39,920 worked in factories, got us through uni. 769 00:34:39,920 --> 00:34:41,320 I shared a bed with my brother till I was 18. 770 00:34:41,320 --> 00:34:43,600 All these interesting things have gotten me here today, 771 00:34:43,600 --> 00:34:47,600 and it's giving me...given me my tenacity to make this thing happen. 772 00:34:47,600 --> 00:34:50,240 It's an amazing story. Wow. 773 00:34:51,240 --> 00:34:52,600 I got to tell you, man. 774 00:34:53,760 --> 00:34:55,440 I come from a little village in... 775 00:34:55,440 --> 00:34:58,800 ..the mountains of what used to be Yugoslavia. 776 00:34:58,800 --> 00:35:01,200 The reason we left, 777 00:35:01,200 --> 00:35:04,720 my dad was thrown in jail 22 times. 778 00:35:16,400 --> 00:35:17,600 (SNIFFS) 779 00:35:24,880 --> 00:35:26,040 (CLEARS THROAT) 780 00:35:28,280 --> 00:35:29,720 But the thing... 781 00:35:32,800 --> 00:35:34,880 ..I always remember... 782 00:35:34,880 --> 00:35:36,480 ..is... 783 00:35:36,480 --> 00:35:38,880 ..he never complained. 784 00:35:40,600 --> 00:35:42,040 (SNIFFS) 785 00:35:42,040 --> 00:35:43,400 You know... 786 00:35:43,400 --> 00:35:46,760 ..when people made fun of us because we're immigrants... 787 00:35:46,760 --> 00:35:48,840 (SNIFFS) ..and we had nothing, 788 00:35:48,840 --> 00:35:51,080 he never complained. 789 00:35:51,080 --> 00:35:55,240 And I always remember, he said to me, 790 00:35:55,240 --> 00:35:58,040 "All you're owed in life 791 00:35:58,040 --> 00:36:00,760 "is an opportunity." 792 00:36:00,760 --> 00:36:04,240 And, fortunately, I have the means... 793 00:36:06,760 --> 00:36:10,200 ..to pass that on and give you that opportunity. 794 00:36:10,200 --> 00:36:13,720 I will give you the 50,000... 795 00:36:13,720 --> 00:36:18,760 ..also for 45%, because I know how much work it is. 796 00:36:18,760 --> 00:36:20,720 Thank you so much, Robert. Like, it's... 797 00:36:20,720 --> 00:36:24,560 And...I would love to do it on my own, 798 00:36:24,560 --> 00:36:28,320 but I'd love to do it with Jane, I'd love to do it with Davie, 799 00:36:28,320 --> 00:36:31,680 because I think we all see something in you... 800 00:36:33,880 --> 00:36:35,960 ..that could be great. 801 00:36:35,960 --> 00:36:37,600 That's my offer. 802 00:36:37,600 --> 00:36:39,320 Thank you so much. 803 00:36:39,320 --> 00:36:42,480 NARRATOR: With the Sharks running high on emotion, 804 00:36:42,480 --> 00:36:47,120 will Sabri Suby think with his head or his heart? 805 00:36:47,120 --> 00:36:51,600 When I saw this product, it's just not a business that got me excited. 806 00:36:51,600 --> 00:36:55,840 And then you walked through those doors 807 00:36:55,840 --> 00:36:58,920 and set the room on fire with your personality and your pitch. 808 00:36:58,920 --> 00:37:02,920 The challenge is of making this business a success... 809 00:37:04,080 --> 00:37:05,800 ..like Jane touched on, 810 00:37:05,800 --> 00:37:09,400 is gonna be purely in your ability to be able to market this, 811 00:37:09,400 --> 00:37:12,560 and that's where I think that I can help you. 812 00:37:12,560 --> 00:37:15,640 I'm gonna offer you all of the money. 813 00:37:15,640 --> 00:37:18,880 But I would need 30% of the business 814 00:37:18,880 --> 00:37:21,360 and a $2 royalty. 815 00:37:21,360 --> 00:37:24,280 Whoa! Oh, you thought THEY were Sharky? 816 00:37:25,400 --> 00:37:27,480 I'm not taking as much equity. 817 00:37:32,200 --> 00:37:35,120 Thien. I am a scientist. 818 00:37:35,120 --> 00:37:37,760 I know you really are a scientist in your field. 819 00:37:37,760 --> 00:37:40,800 I actually see your... and feel your vision. 820 00:37:40,800 --> 00:37:43,960 This is your field, your expertise. 821 00:37:43,960 --> 00:37:46,320 Challenge for me is that 822 00:37:46,320 --> 00:37:48,480 I'm a high-tech entrepreneur, 823 00:37:48,480 --> 00:37:53,960 and I would want to eventually stick some AI into...into this thing. 824 00:37:53,960 --> 00:37:54,960 So... 825 00:37:54,960 --> 00:37:57,840 ..for that reason... 826 00:37:59,160 --> 00:38:01,960 ..I am... 827 00:38:01,960 --> 00:38:03,720 ..out... 828 00:38:05,360 --> 00:38:06,360 ..of my mind 829 00:38:06,360 --> 00:38:09,440 for coming in and offering you $50,000 830 00:38:09,440 --> 00:38:12,360 for 25% of your business. 831 00:38:13,680 --> 00:38:14,960 Wow. 832 00:38:14,960 --> 00:38:16,520 Thank you so much for your offer. 833 00:38:17,600 --> 00:38:19,280 Thien. 834 00:38:19,280 --> 00:38:20,840 Let's make some money. Let's do it. 835 00:38:20,840 --> 00:38:24,040 This is the first time all five Sharks have made an offer. 836 00:38:24,040 --> 00:38:26,240 Wow. Yeah. 837 00:38:26,240 --> 00:38:27,520 Mm-hm. 838 00:38:29,280 --> 00:38:32,640 Can I respectfully just counter your offer? 839 00:38:32,640 --> 00:38:33,640 Mm-hm. 840 00:38:33,640 --> 00:38:37,000 Would you consider 30% by getting 841 00:38:37,000 --> 00:38:39,560 an x amount of dollars per insole sold? 842 00:38:39,560 --> 00:38:42,240 Well, give us a number. 843 00:38:44,360 --> 00:38:46,120 Use mine as a measuring stick. 844 00:38:46,120 --> 00:38:47,640 Two bucks. $2. 845 00:38:48,640 --> 00:38:50,400 Thien, I'm gonna make it easy. 846 00:38:50,400 --> 00:38:52,360 I do actually believe these four Sharks, uh, 847 00:38:52,360 --> 00:38:54,520 could add more value than I...I can... 848 00:38:54,520 --> 00:38:57,280 Yep. ..again, until you embed AI into your cork. 849 00:38:57,280 --> 00:38:59,160 Uh, so I'm out. 850 00:39:00,560 --> 00:39:03,400 I can just plug you in to my whole system. 851 00:39:03,400 --> 00:39:04,800 No, but... We're in Melbourne. 852 00:39:04,800 --> 00:39:06,800 You can come into the office. We're investing $50,000. 853 00:39:06,800 --> 00:39:09,760 We'll grow the business and then we're gonna...we'll hire Sabri. 854 00:39:09,760 --> 00:39:11,680 No, we will! He's great. 855 00:39:11,680 --> 00:39:15,720 Oh, my God! You're sounding Sharky. She sells nightgowns, buddy. 856 00:39:15,720 --> 00:39:18,720 No, becau... We're not selling women's underwear. 857 00:39:18,720 --> 00:39:20,480 We're selling insoles. 858 00:39:20,480 --> 00:39:21,600 Thien, Thien, Thien. 859 00:39:21,600 --> 00:39:24,200 I'll do it at 40%. 860 00:39:24,200 --> 00:39:26,080 10% each. 861 00:39:26,080 --> 00:39:28,240 Four Sharks. How you guys feel about that? 862 00:39:28,240 --> 00:39:30,160 I love Sabri, if you want Sabri. I love Sabri. 863 00:39:30,160 --> 00:39:32,520 Yeah. Four Sharks. 864 00:39:32,520 --> 00:39:34,160 (SIGHS) 865 00:39:34,160 --> 00:39:35,920 This is so intense. 866 00:39:35,920 --> 00:39:37,920 So, Thien, four Sharks 867 00:39:37,920 --> 00:39:40,280 for $50,000, 868 00:39:40,280 --> 00:39:42,320 get $2 royalty. 869 00:39:42,320 --> 00:39:46,480 Until that $50,000 is paid back, we'll each get 10% of the business. 870 00:39:46,480 --> 00:39:47,920 Do we have a deal? 871 00:39:47,920 --> 00:39:49,720 Um... 872 00:39:49,720 --> 00:39:51,640 That's a lot, eh? 873 00:39:52,840 --> 00:39:53,480 What I've learned 874 00:39:53,480 --> 00:39:57,360 is it's better to...own 875 00:39:57,360 --> 00:39:59,160 one piece of a watermelon 876 00:39:59,160 --> 00:40:01,320 than an entire grape. 877 00:40:02,840 --> 00:40:04,560 Oh, God. 878 00:40:04,560 --> 00:40:06,040 Just breathe. 879 00:40:12,120 --> 00:40:13,280 It's a deal. 880 00:40:13,280 --> 00:40:14,960 (SHARKS CHEER) 881 00:40:14,960 --> 00:40:17,640 NARRATOR: An incredible outcome for Thien, 882 00:40:17,640 --> 00:40:21,920 whose cork insole business has secured a $50,000 investment 883 00:40:21,920 --> 00:40:25,120 from four of the Sharks. 884 00:40:25,120 --> 00:40:26,960 What a roller-coaster that was! 885 00:40:26,960 --> 00:40:30,040 Whoo! (LAUGHS) 886 00:40:30,040 --> 00:40:32,840 NARRATOR: An incredible victory. 887 00:40:34,760 --> 00:40:36,720 (LAUGHS) 888 00:40:38,560 --> 00:40:39,720 Who would have thought... I was... 889 00:40:39,720 --> 00:40:42,960 ..that would happen from a foot insole? 890 00:40:49,920 --> 00:40:52,920 Davie, are they using your body for the models? 891 00:40:52,920 --> 00:40:55,200 It's too little. 892 00:40:55,200 --> 00:40:56,560 (SHARKS LAUGH) 893 00:40:56,560 --> 00:40:58,240 Oh, I was talking about the abs. 894 00:40:59,920 --> 00:41:02,520 NARRATOR: With a fresh new take on underwear, 895 00:41:02,520 --> 00:41:05,520 29-year-old Patrick Psotka is next into the Tank. 896 00:41:05,520 --> 00:41:09,640 I'm bringing comfort Down Under to men Down Under with VANTA. 897 00:41:09,640 --> 00:41:10,400 (EXHALES) 898 00:41:10,400 --> 00:41:12,360 Let's go! 899 00:41:23,040 --> 00:41:24,000 Hello, Sharks. 900 00:41:24,000 --> 00:41:26,760 My name is Patrick, and I'm the founder of VANTA. 901 00:41:26,760 --> 00:41:29,840 (SHARKS LAUGH) Whoo! 902 00:41:29,840 --> 00:41:32,680 Whoo! Whoo! Let's go. 903 00:41:32,680 --> 00:41:35,560 Now, what makes our underwear so unique and special 904 00:41:35,560 --> 00:41:37,640 is what we call kanga pouch technology. 905 00:41:37,640 --> 00:41:40,280 Kanga pouch separates your nuts... 906 00:41:40,280 --> 00:41:42,400 (LAUGHS) 907 00:41:42,400 --> 00:41:43,400 ..from your legs. 908 00:41:43,400 --> 00:41:49,320 This increases airflow, decreases temperature and eliminates chafing, 909 00:41:49,320 --> 00:41:51,640 and it keeps your joeys... 910 00:41:53,000 --> 00:41:54,440 ..front and centre. 911 00:41:55,640 --> 00:41:59,600 We have over 8,000 5-star reviews. (WHISTLES) 912 00:41:59,600 --> 00:42:01,960 I'd like to bring out three models 913 00:42:01,960 --> 00:42:03,920 that I think you guys might recognise. 914 00:42:06,320 --> 00:42:07,800 (SHARKS LAUGH) Whoo! 915 00:42:09,480 --> 00:42:10,480 Here we are. 916 00:42:13,080 --> 00:42:14,720 I've got a bit of a tan. 917 00:42:14,720 --> 00:42:16,160 Here you are, Rob. Oh! 918 00:42:16,160 --> 00:42:18,240 Oh! That is so inaccurate. 919 00:42:18,240 --> 00:42:20,600 And look at this one. Yes! 920 00:42:21,720 --> 00:42:23,240 Ooh! Like a Greek god. Whoo! 921 00:42:23,240 --> 00:42:27,120 Let me bring up a couple of pairs of underwear so you can... Yeah, please. 922 00:42:27,120 --> 00:42:28,240 ..see the, uh... 923 00:42:28,240 --> 00:42:29,240 ..the quality and comfort. 924 00:42:29,240 --> 00:42:30,400 Thank you. 925 00:42:30,400 --> 00:42:33,200 Thank you. Oh, wow. They feel great. 926 00:42:33,200 --> 00:42:35,360 So they're very light. 927 00:42:35,360 --> 00:42:38,400 The bamboo series is our underwear that is 928 00:42:38,400 --> 00:42:42,880 our soft, silky natural fabric that's designed for sort of everyday wear. 929 00:42:42,880 --> 00:42:44,760 They're beautiful fabric. 930 00:42:44,760 --> 00:42:47,080 And not having... 931 00:42:47,080 --> 00:42:48,720 ..balls myself... 932 00:42:48,720 --> 00:42:51,120 I call them the joeys. 933 00:42:51,120 --> 00:42:53,400 (LAUGHS) Great. 934 00:42:53,400 --> 00:42:55,920 If I had joeys, I would... 935 00:42:55,920 --> 00:42:59,000 You take the walnuts, the joeys. Yeah. The joeys. 936 00:42:59,000 --> 00:43:00,480 They go in the pouch. 937 00:43:01,760 --> 00:43:03,920 You can look at it as almost like a performance enhancer. 938 00:43:03,920 --> 00:43:06,040 (LAUGHS) There you go. 939 00:43:06,040 --> 00:43:08,040 Hey. Like a push-up bra. 940 00:43:08,040 --> 00:43:09,920 And where's the rest of you going? 941 00:43:09,920 --> 00:43:13,520 It's a 3-bedroom apartment. Uh, so... (SHARKS LAUGH) 942 00:43:13,520 --> 00:43:16,200 The...the whole family goes in the pouch. 943 00:43:16,200 --> 00:43:17,320 I think we get it. 944 00:43:17,320 --> 00:43:18,760 So I'm asking today 945 00:43:18,760 --> 00:43:22,560 for $500,000 for a 5% stake in the company. 946 00:43:22,560 --> 00:43:24,480 Wow. 947 00:43:24,480 --> 00:43:25,480 (EXHALES) 948 00:43:25,480 --> 00:43:27,360 $10 million valuation? 949 00:43:27,360 --> 00:43:28,840 Yes. 950 00:43:28,840 --> 00:43:31,200 You're gonna wow us with how many you've sold so far. 951 00:43:31,200 --> 00:43:34,160 Well...so I started the business four years ago. 952 00:43:34,160 --> 00:43:37,640 This year, we're on track to do $8 million in turnover. 953 00:43:37,640 --> 00:43:38,680 Wow. Wow. 954 00:43:38,680 --> 00:43:42,400 And that's just in the Australia and New Zealand market alone. 955 00:43:42,400 --> 00:43:44,040 You've got to be kidding. 956 00:43:44,040 --> 00:43:45,720 That's incredible! 957 00:43:46,800 --> 00:43:48,080 NARRATOR: Huge numbers from Patrick, 958 00:43:48,080 --> 00:43:51,080 but Davie Fogarty needs some clarity. 959 00:43:51,080 --> 00:43:55,480 Walk us...walk us through the previous years of revenue as well. 960 00:43:55,480 --> 00:43:57,920 So, last year, we did 2.5 million. 961 00:43:58,920 --> 00:44:00,200 So you went from 2.5 to 8 million? 962 00:44:00,200 --> 00:44:02,360 Well, this year, we're on track to do 8 million. Yeah. 963 00:44:02,360 --> 00:44:07,040 And I think that if we follow our current growth trajectory, 964 00:44:07,040 --> 00:44:08,040 in the next four to six years, 965 00:44:08,040 --> 00:44:10,200 we could be doing 80 million plus in revenue. 966 00:44:10,200 --> 00:44:13,200 Whoo! (WHISTLES) 967 00:44:13,200 --> 00:44:16,240 What would I be paying if I was buying these? 968 00:44:16,240 --> 00:44:19,920 Our pair of underwear sells for $33 a pair. 969 00:44:19,920 --> 00:44:21,400 What's your cost per...? 970 00:44:21,400 --> 00:44:26,400 Our cost for the product, to get the product in the country, is, uh, $7. 971 00:44:26,400 --> 00:44:28,720 If we can go back for a sec, you did 2.5 million last year. 972 00:44:28,720 --> 00:44:29,960 Yes. 973 00:44:29,960 --> 00:44:33,040 What was your profit, if you had a profit, on that? 974 00:44:33,040 --> 00:44:34,560 Can you walk us through? 975 00:44:34,560 --> 00:44:38,520 Yeah. So we're sitting at about 15% margins on that. 976 00:44:38,520 --> 00:44:39,840 So you made about 300,000? 977 00:44:39,840 --> 00:44:41,320 Yes. In net profit? 978 00:44:41,320 --> 00:44:43,440 And I...and I... Before tax? 979 00:44:43,440 --> 00:44:44,960 Be...before tax, yes. OK. 980 00:44:44,960 --> 00:44:46,920 That number could have been higher. 981 00:44:46,920 --> 00:44:51,280 But we are right now spending 40% of our revenue on advertising. 982 00:44:52,360 --> 00:44:55,040 You spent 800,000 last year, roughly... 983 00:44:55,040 --> 00:44:58,320 Roughly. ..900,000, on advertising. 984 00:44:58,320 --> 00:45:01,120 You're projecting a massive increase to 8 million. Yes. 985 00:45:01,120 --> 00:45:04,520 Is the ad spend growing at the same linear rate? 986 00:45:04,520 --> 00:45:05,800 Yes. Yes. 987 00:45:05,800 --> 00:45:10,120 So you'll have to spend $3.5 million this year to generate 8? 988 00:45:10,120 --> 00:45:11,480 Yes. 989 00:45:11,480 --> 00:45:13,200 Which is a lot. (LAUGHS) 990 00:45:14,640 --> 00:45:15,840 Do you have a patent on the product? 991 00:45:15,840 --> 00:45:17,200 We don't have a patent on the product. 992 00:45:17,200 --> 00:45:20,040 But what I would say is, did you have a patent on The Oodie? 993 00:45:20,040 --> 00:45:22,000 No, I don't think it's necessary, but, trust me, it'll help. 994 00:45:22,000 --> 00:45:23,920 It definitely... It'll help. ..it definitely would help. 995 00:45:23,920 --> 00:45:27,080 But, uh, yeah, currently, we... we don't have a patent on it. 996 00:45:27,080 --> 00:45:29,640 But Davie was also...you were in quite a different position. 997 00:45:29,640 --> 00:45:30,720 You were first to market. 998 00:45:30,720 --> 00:45:32,560 First to market is important. 999 00:45:35,600 --> 00:45:37,000 I'll be transparent. 1000 00:45:37,000 --> 00:45:39,640 There have been companies that have 1001 00:45:39,640 --> 00:45:42,240 tried to, you know, replicate the kanga pouch. 1002 00:45:42,240 --> 00:45:44,360 And, um... 1003 00:45:44,360 --> 00:45:46,480 ..you know, it...it's... 1004 00:45:46,480 --> 00:45:47,760 ..it... 1005 00:45:47,760 --> 00:45:51,480 ..I've had customers that have bought from this company and said, 1006 00:45:51,480 --> 00:45:54,520 "Yeah, it's alright, but it's not what yours is with the brand." 1007 00:45:54,520 --> 00:45:56,280 But you're saying 1008 00:45:56,280 --> 00:45:58,480 there's an underwear company 1009 00:45:58,480 --> 00:46:00,600 that makes a kanga-like pouch... 1010 00:46:00,600 --> 00:46:02,280 Yes. ..on the market already? 1011 00:46:02,280 --> 00:46:03,440 Yes. 1012 00:46:06,320 --> 00:46:11,040 NARRATOR: He's asking for a half-a-million-dollar investment, 1013 00:46:11,040 --> 00:46:13,480 but with a direct competitor in the industry, 1014 00:46:13,480 --> 00:46:17,080 has Patrick's pitch started to unravel? 1015 00:46:17,080 --> 00:46:19,880 Sabri Suby is ready to show his hand. 1016 00:46:19,880 --> 00:46:22,200 You're not first to market. 1017 00:46:22,200 --> 00:46:23,320 So for that reason, I'm out. 1018 00:46:23,320 --> 00:46:25,920 Thank you, Sabri. 1019 00:46:25,920 --> 00:46:27,040 Patrick, I am... 1020 00:46:27,040 --> 00:46:28,040 ..fascinated. 1021 00:46:28,040 --> 00:46:31,320 I didn't think I could listen to this much discussion about... 1022 00:46:31,320 --> 00:46:32,720 (LAUGHS) ..a joey pouch. 1023 00:46:32,720 --> 00:46:35,680 I didn't think I could do a pitch in my underwear for... (LAUGHS) 1024 00:46:35,680 --> 00:46:36,920 ..for as long as we have been going. 1025 00:46:36,920 --> 00:46:39,000 But I...I have enjoyed the conversation with the Sharks 1026 00:46:39,000 --> 00:46:42,800 who know a lot more about this product and taking it to market, 1027 00:46:42,800 --> 00:46:44,160 uh, than I do, 1028 00:46:44,160 --> 00:46:45,560 but I'm out. 1029 00:46:45,560 --> 00:46:47,760 Thank you. Patrick. 1030 00:46:47,760 --> 00:46:53,000 I think my main issue with it is your valuation. 1031 00:46:53,000 --> 00:46:54,360 And then there's 1032 00:46:54,360 --> 00:46:55,720 the competitor in the space. 1033 00:46:55,720 --> 00:46:58,920 You know, investing is all about risk and reward, 1034 00:46:58,920 --> 00:47:02,400 and I just don't see that... 1035 00:47:02,400 --> 00:47:05,160 ..alignment between that risk and the reward. 1036 00:47:06,400 --> 00:47:08,160 Unfortunately, for that reason, I'm out. 1037 00:47:10,080 --> 00:47:11,360 That's alright. 1038 00:47:11,360 --> 00:47:13,280 NARRATOR: With all other Sharks out, 1039 00:47:13,280 --> 00:47:16,600 will Jane Lu or Robert Herjavec be willing to part 1040 00:47:16,600 --> 00:47:18,680 with half a million dollars 1041 00:47:18,680 --> 00:47:21,080 for just a 5% share? 1042 00:47:21,080 --> 00:47:22,880 Patrick. 1043 00:47:22,880 --> 00:47:28,440 I can see what a big problem chafing is for the common man, 1044 00:47:28,440 --> 00:47:30,640 because my husband complains all the time about it. 1045 00:47:30,640 --> 00:47:33,560 You've created a solution for that problem. 1046 00:47:33,560 --> 00:47:35,480 So I... 1047 00:47:35,480 --> 00:47:37,440 ..think I WILL make you an offer. 1048 00:47:37,440 --> 00:47:39,200 Ooh! Ooh! Ooh! 1049 00:47:39,200 --> 00:47:40,640 I'll give you 1050 00:47:40,640 --> 00:47:42,840 the 500,000 you're asking for. 1051 00:47:42,840 --> 00:47:45,880 But I want 20% equity. 1052 00:47:46,960 --> 00:47:48,480 (LAUGHS) Wow. Hoo! 1053 00:47:48,480 --> 00:47:50,320 But... 1054 00:47:50,320 --> 00:47:53,000 ..when I get my investment back, I'll come down to 10%. 1055 00:47:55,600 --> 00:47:57,080 I'll process that. Process it. 1056 00:47:57,080 --> 00:47:58,400 Let's see if anything else comes up. 1057 00:47:58,400 --> 00:48:00,800 Patrick. I think Davie's right. 1058 00:48:00,800 --> 00:48:03,440 It's overvalued, respectfully. 1059 00:48:03,440 --> 00:48:05,200 But I can fix that. 1060 00:48:06,320 --> 00:48:08,240 I can help you 1061 00:48:08,240 --> 00:48:11,520 steer away from the potholes 1062 00:48:11,520 --> 00:48:14,880 in order to get down that road faster. 1063 00:48:14,880 --> 00:48:18,600 I will give you the 500,000 for 15%. 1064 00:48:18,600 --> 00:48:21,000 That's how I fix the valuation. 1065 00:48:22,040 --> 00:48:24,120 Patrick. 1066 00:48:24,120 --> 00:48:26,200 So you've got two offers on the table. 1067 00:48:30,360 --> 00:48:31,960 What are you gonna do? 1068 00:48:41,970 --> 00:48:42,360 We have a huge range of gifts to spoil Dad. 1069 00:48:43,480 --> 00:48:47,360 Patrick. You've got two offers on the table. 1070 00:48:48,360 --> 00:48:50,040 First offer is from Jane. 1071 00:48:50,040 --> 00:48:53,720 That is for 500,000 for 20% of the business. 1072 00:48:53,720 --> 00:48:54,880 Horrible. 1073 00:48:54,880 --> 00:48:57,400 But then the ask drops down to just 10% 1074 00:48:57,400 --> 00:49:00,720 once she gets recouped that $500,000. 1075 00:49:00,720 --> 00:49:02,640 Then you have the second offer, from Robert, 1076 00:49:02,640 --> 00:49:04,680 which is for the full 500K, 1077 00:49:04,680 --> 00:49:08,000 but he wants 15% of the business. 1078 00:49:08,000 --> 00:49:09,760 What are you gonna do? 1079 00:49:11,200 --> 00:49:12,840 (SIGHS) 1080 00:49:12,840 --> 00:49:15,200 My question would be to Robert. 1081 00:49:16,400 --> 00:49:19,480 What would you be able to bring to the business 1082 00:49:19,480 --> 00:49:22,320 that would help me sort of continue my growth trajectory 1083 00:49:22,320 --> 00:49:24,320 in the Australian market? 1084 00:49:26,160 --> 00:49:28,160 Hang on a sec, Patrick. 1085 00:49:31,960 --> 00:49:34,560 I don't need another job interview. Right. 1086 00:49:34,560 --> 00:49:36,560 Let's not let this one get away. 1087 00:49:38,080 --> 00:49:39,080 (SIGHS) 1088 00:49:39,080 --> 00:49:40,280 Patrick. 1089 00:49:40,280 --> 00:49:41,440 I've been down this road before. 1090 00:49:41,440 --> 00:49:45,480 I...I feel like for my time to be of value, 1091 00:49:45,480 --> 00:49:48,840 I...I'm...I'm gonna stay firm with my offer. 1092 00:49:48,840 --> 00:49:50,720 I've been there, Patrick. 1093 00:49:50,720 --> 00:49:51,880 I can help you. 1094 00:49:55,160 --> 00:49:59,640 So 15% would bring the valuation down to... 1095 00:49:59,640 --> 00:50:00,760 ..eight... 1096 00:50:00,760 --> 00:50:02,760 Three and a half million-ish. 1097 00:50:12,440 --> 00:50:13,440 I think that... 1098 00:50:13,440 --> 00:50:17,960 ..we're still very early on in...in the sort of growth of our business. 1099 00:50:17,960 --> 00:50:19,800 Like, obviously, the first couple of years, 1100 00:50:19,800 --> 00:50:22,800 it takes a while to get sort of... find that product market fit, 1101 00:50:22,800 --> 00:50:27,600 find that...that...that tone that works with selling to the customer, 1102 00:50:27,600 --> 00:50:29,280 and then as you get that momentum, 1103 00:50:29,280 --> 00:50:31,720 that's where you sort of get that exponential growth, 1104 00:50:31,720 --> 00:50:33,800 where I think we are sort of 1105 00:50:33,800 --> 00:50:37,680 at the start of what will be an exponential growth curve. 1106 00:50:37,680 --> 00:50:40,120 If you're asking me to take a bet on YOU, 1107 00:50:40,120 --> 00:50:42,920 you need to take a bet on ME. 1108 00:50:48,040 --> 00:50:52,720 I'm not comfortable giving away 15% of my business. 1109 00:50:52,720 --> 00:50:54,480 So I'm going to have to, uh... 1110 00:50:54,480 --> 00:50:56,480 ..I'm gonna have to say no. 1111 00:50:58,080 --> 00:50:59,560 What are you gonna say to Jane? 1112 00:50:59,560 --> 00:51:03,160 You got one more offer on the table. 1113 00:51:03,160 --> 00:51:05,400 Unfortunately, um, like I said, I... 1114 00:51:05,400 --> 00:51:09,800 ..I believe in...in the... the potential of this business. 1115 00:51:09,800 --> 00:51:10,800 Surely you knew coming in here 1116 00:51:10,800 --> 00:51:12,640 that you're...you're gonna have to negotiate, right? 1117 00:51:12,640 --> 00:51:13,840 Yeah. 1118 00:51:13,840 --> 00:51:17,240 Part of...part of the issue is... is, um...you know, 1119 00:51:17,240 --> 00:51:20,080 what I need to do moving forward in order to grow this business 1120 00:51:20,080 --> 00:51:25,840 is to have someone come on who has done exactly what I want to do, 1121 00:51:25,840 --> 00:51:27,400 worked in ecommerce before... 1122 00:51:27,400 --> 00:51:30,840 I think...I think we're out. I think we...let's move it along. 1123 00:51:30,840 --> 00:51:31,880 Yep. 1124 00:51:35,000 --> 00:51:36,200 Alright. 1125 00:51:36,200 --> 00:51:38,000 Thank you, Sharks. Wish you all the best. 1126 00:51:38,000 --> 00:51:39,520 Thank you. Thank you. Good luck, Patrick. 1127 00:51:39,520 --> 00:51:41,760 Go grab my, uh...grab my pants. 1128 00:51:41,760 --> 00:51:43,760 We're not gonna make you go out in the street. 1129 00:51:43,760 --> 00:51:48,680 NARRATOR: After an awkward exchange, Patrick has declined two offers 1130 00:51:48,680 --> 00:51:50,880 and leaves the Tank... 1131 00:51:50,880 --> 00:51:52,480 ..with nothing. 1132 00:51:56,440 --> 00:51:59,000 The offer just wasn't high enough, 1133 00:51:59,000 --> 00:52:03,800 and I wasn't willing to...to bring down the value of the company. 1134 00:52:03,800 --> 00:52:05,520 You know, in... in two or three years' time, 1135 00:52:05,520 --> 00:52:11,160 they'll see that the...the evaluation that I gave was a fair evaluation, 1136 00:52:11,160 --> 00:52:16,480 and I'm gonna go out and prove to 'em that they made a mistake. 1137 00:52:16,480 --> 00:52:19,320 Robert, that...that was madness that he didn't go with you. 1138 00:52:19,320 --> 00:52:22,480 No. Oh, my God. You have the most retail businesses on Shark Tank. 1139 00:52:22,480 --> 00:52:24,280 Uh... I... 1140 00:52:24,280 --> 00:52:25,280 But listen. 1141 00:52:25,280 --> 00:52:27,640 I wish he would have taken my offer, but... 1142 00:52:27,640 --> 00:52:30,680 ..how much do you admire somebody that believes so much in their... 1143 00:52:30,680 --> 00:52:32,160 I mean, I didn't even want to have a comeback, 1144 00:52:32,160 --> 00:52:35,400 'cause I admire and respect that so much. 1145 00:52:35,400 --> 00:52:37,120 Yeah. Yeah. I think he was great. 1146 00:52:37,120 --> 00:52:38,520 Should have still taken my offer. 1147 00:52:38,520 --> 00:52:40,240 Captions by Red Bee Media