NARRATOR: The world's best business show is back.
And with more business comes more bite.
Introducing five new Sharks.
Recognised as the most influential woman
in Australian business and entrepreneurship,
she's a world leader in
artificial intelligence
and machine learning -
Dr Catriona Wallace.
What I'm looking for
when I step into the Tank,
they have something in mind that is making the world a better place.
NARRATOR: The king at the helm of
digital marketing company King Kong...
I basically started my business with $50.
I have been able to create 58 millionaires.
..the millionaire maker, Sabri Suby.
Really, digital marketing is everything.
I'm the internet daddy.
NARRATOR: He's the youngest Shark in the Tank,
with an ecommerce empire...
I don't get out of bed for 5%.
..Davie Fogarty.
DAVIE: Just five years ago,
I launched my ecommerce brands.
We've done over $500 million in sales.
So I'm gonna give you half a million dollars
for the entire business.
What?!
NARRATOR: Founder and CEO of online retail boutique Showpo,
global fashion force Jane Lu.
I started Showpo from my parents' garage.
Now that business makes over $100 million a year.
It's, like, get on TikTok. That's how you find a US audience.
NARRATOR: And he's the US Shark
now calling Australia home...
My wife thinks I came to Australia for her. I came here for you.
I'm looking to invest in great Australians.
Bravo!
..Robert Herjavec, who knows all about
the transformative power of success.
I was born as an immigrant in Croatia.
I had nothing.
I built a billion-dollar business.
You can change your life.
MAN: Australia loves a good underdog story, and we're gonna give you one.
NARRATOR: Armed with their own cash...
Investing is controlled risk.
..fortunes hang in the balance...
This is hard-earned cash of ours. Don't discredit the money.
Stop talking. That's the first rule of selling, yeah?
..and the biggest investment of all...
I'll give you a million dollars, but I want 30%.
Oh, my God.
..and deals are made, one dream at a time...
Thank you so much. You're welcome.
(SOBS) It's been a journey.
(SOBS) That was so amazing.
Yeah. (SOBS)
..as everyday Australians...
Alright, boys! Let's go!
Show me the money!
Oh, my God! Cha-ching!
..take the ride... You got four offers on the table.
Let me say it again. Four Sharks.
..that could change their lives forever.
Do we have a deal? We have a deal.
Yes!
Well, this is exciting.
Brand-new season.
Brand-new Sharks. Brand-new entrepreneurs.
Rob, you know that you will be 'Robbo' to all the Australians?
'Robbo'?
Robbo! I'm so excited.
I love how you say it.
Robbo. Veteran Shark.
OG. Yeah. Yeah.
First pitch. Right. Here we go.
NARRATOR: First up in the Tank and facing five brand-new Sharks
is 28-year-old Davey Rooney.
Imagine how nervous... I know. ..somebody is.
I'm just thinking of them in the back,
rehearsing their lines, getting that pitch right.
It's... Going over it and over it. Yeah.
There was a massive lack of sleep last night.
The stakes are massive.
I'm talking in front of
five, uh, inspirational professionals,
and I really want it to go well.
Davie's such an inspiration.
Like, I watch all his YouTube videos. I'm a massive fan of what he does.
Yeah. I guess you could call it a guy crush.
I would...yeah, I would love to make a deal with any of the Sharks,
but if I had to pick one, it would be Davie.
NARRATOR: It's time.
Davey calls the lift
and will be the very first entrepreneur to face the Sharks.
Hi. I'm Davey Rooney.
And I'm the founder of Boring Without You,
the only skincare brand dedicated to people with combination skin.
During COVID lockdown,
I would go for socially distanced walks in the park.
Following one of these walks, I went to Chemist Warehouse,
and I saw skincare brands for oily skin, skincare brands for dry skin
and even skincare brands for sensitive skin.
At the time, I was studying cosmetic science,
and one of the first things I learnt is if you have combination skin,
different parts of your face behave differently...
..one part oily, one part dry.
It makes choosing the right skincare,
applying make-up and treating blemishes very difficult.
There is no dedicated brand to this skin type.
Hm.
Until now.
Oh, cool.
Nice.
We launched nine months ago
with our hero product, For Face Sake,
a multi-mask with two formulas in one jar.
Use the T Zone whipped butter
to control excess oil and cut...
Ah!
Use the T Zone... (ALL LAUGH)
..to control excess oil
and clear congestion on your nose and forehead,
and use the super-soothing U Zone jelly to calm hormonal blemishes
and hydrate your cheeks and jaw.
Apply both formulas at the same time
and get a double date for your face
and a way to reduce blemishes and balance your skin.
I'm seeking $36,000 for a 20% stake
in Boring Without You.
Sharks, you don't need a million products, but the ones you use
should be made for your skin type.
Thank you. Could we see the product? Thank you so much.
I'm gonna hand it out to you now.
Nice. Wow. That's great.
Great branding. Yes.
Thank you. Great branding. Great aim.
Packaging looks awesome. How are you?
I'm good. Thank you, Davey. That was a great pitch.
Thank you so much. Yeah, thank you so much.
I'm so nervous. My hands are, like, shaking holding the box.
Oh, my God! You're doing a great job, mate.
It's so good to meet you guys in person.
Yeah! (LAUGHS)
Great pitch. Thank you.
And I want to welcome you to Shark Tank Australia,
where we make dreams come true.
Sounds amazing!
What is combination skin?
Combination skin is a combination of different skin types.
So you're oily in some parts of your face
and dry in other parts of your face.
A lot of traditional skincare takes a one-size-fits-all approach
and doesn't treat the different parts of the face separately.
This product is a divide-and-conquer approach
and treats the different parts of your face separately.
That's the pitch. OK.
And so, how's the customer response been so far?
Yeah. Tell us more.
So, we launched only nine months ago,
and we've grown the brand solely based on organic marketing.
We haven't done any paid advertising. Wow.
Um, and we've done 115,000 in revenue just in...
Congratulations. ..that nine months.
When I started the business, I launched a TikTok channel
and documented the behind-the-scene journey of starting that business.
And when we launched,
our TikTok was flooded with comments saying,
"Thank you for making something for combination skin."
People genuinely feel left out and forgotten about,
and now they don't need to be.
So, at the moment, there's no-one else that has
a product for combination skin like this?
There are products for combination skin.
Mm-hm.
Um, but there's no dedicated brand just for combination skin.
Love that.
Tell me your monthly sales each month for the last three months.
So, I can tell you quarter-on-quarter is...
..4,500, 11,500, 26,500, 55,000.
We've seen massive amounts of growth
not from when I talk about the brand on my TikTok channel
but when we get other people to talk about the brand.
Oh, interesting. Yeah. Hm.
And we've just built this amazing organic community of people who...
..believe in what we're doing and genuinely love the product.
You're doing amazing.
Power of social media.
Davey.
Do you know how to take a business with a good product
and scale that, from the business perspective,
not just the marketing perspective?
Um...I need help and I need guidance and mentorship,
and I genuinely have come here to make a deal with someone
to teach me and help me and guide me along that process.
And who's in your team?
Me. (ALL LAUGH)
One-man show.
Are you working full-time in the business? Yeah, full-time.
Yeah. Um, I'm Sabri.
First of all, incredible job today. Thank you.
Um, I think you've done a really good job in articulating the brand
and the problem that it solves in the market.
But you're asking for too little money.
Wow.
I'd like to offer you $56,000...
..for 30% of the business.
That would be $36,000 in cash
and $20,000 in
marketing support with my agency.
Thank you so much for the offer.
I wouldn't take that offer.
So, Davey,
this is a brutally competitive space.
But that being said, there is huge opportunity with it as well.
You're incredible, the fact that you're willing to do
everything from the get-go.
When I started The Oodie,
I did absolutely everything, from start to finish, because
I just knew that I needed to learn every single element so that
one day, I could hire people to do it,
but at least I knew what was happening.
I think I would like to make an offer.
It would need to be 36,000 for 30%, though.
Thank you so much for the offer
and for believing in the brand as well.
I believe in YOU, more than anything.
Thank you so much.
You've got an offer on the table, and there's nobody here...
No, Davey, I was giving... ..that knows ecommerce...
Yeah. ..I was... ..as...as me.
So...I believe in you. I was giving everyone else a chance.
I love your offer. I love your offer. Hi, Davey. Hi, hi, hi. Hi, hi.
I was giving everyone else a chance, but...
..so I absolutely love what you've done.
It's incredible.
It's fantastic that you've been able to organically grow this product
that people truly resonate with.
I would like to match Davie's offer,
but I'll tell you what I can do for you, is
I want to be part of this journey with you.
We can really create something big with this globally.
So...that's my offer to you.
Thank you so much.
Does anyone else have any offers? (LAUGHS)
I'd like to make you an offer.
I do like what Sabri said.
I'd like to use some of the money for inventory
and try some of the money for paid advertising right away.
So I'll give you 50,000 for 27%,
which is the exact same valuation you came in asking for.
And just to clarify,
the paid advertising investment from you, Robert, would...
..would be, um...
Actual cash.
Sabri has a great agency,
but I like to keep the options open.
Maybe we'll ask him to bid on our business.
(LAUGHS)
These businesses take millions of dollars
to get to scale.
For that reason...
..I'm out.
I completely disagree that they need that much cash.
I think you can be cash-flow-positive in six months.
It's not gonna take millions. I started The Oodie with $500.
We had crazy growth as well.
So...you're gonna be cash-flow-positive
considering you can make organic traffic work so well.
Davey, I've bootstrapped this business,
I was $60,000 in debt when I started Showpo, so...
..don't worry about the investment part, because...
..the whole point is you...you're going to make that money back.
We'll make the money. We'll get money.
It's always easy to say that when you have money.
No, you make the money. He's gonna sell this product.
We just need inventory. It's gonna sell.
It DOES sell.
(LAUGHS)
Jane is great at fashion. This is my space, ecommerce.
And I can guarantee you that I'll...I'll take it...
Fashion ecommerce business. ..to where it... (LAUGHS) ..to where it needs to go.
Alright.
If you really want to blow this thing up to a whole 'nother level,
you're gonna need a master
at the paid acquisition process.
Realistically, what's just gonna make this business big or not is
your ability to master paid advertising.
And that's something that I'm a master at.
What was yours?
27%. 27%.
But I'll do 20%.
(LAUGHS)
I'll do 50,000 for 20% if you say yes right now.
Yep. Done. I've... Oh. Ooh!
Good job. I'll give you a hug.
NARRATOR: As quick as a flash, the entrepreneur has snapped up
an irresistible offer from his favourite Shark, Davie Fogarty.
Good job.
NARRATOR: And the first deal in the Tank has been made.
Well done, Davey.
Great job. Thank you so much, guys.
Nice to meet you.
It was meant to be. Same name. Oh, that was...
The slip-up ended up getting him the deal.
Yeah, it did. Well done, Davie.
Thank you.
I'm still, like, tingling. I'm, like, tingling all over.
My palms are still sweaty.
Like, I'm so happy that Davie is gonna be my business partner.
Just goes to show you what you can build.
With a little bit of money, on social media today,
you can build a great business.
Running a business, you have so much self-doubt.
To stand up there and have Davie not only believe in the product
but believe in me and believe in the brand
was just...like, amazing.
You couldn't ask for anything better.
It's gonna be a global phenomenon.
NARRATOR: Coming up...
Let's make some money.
..more incredible entrepreneurs,
with knockout products...
Ah! (LAUGHS)
My man! Take my money.
..give it everything... Wow!
Let's go. ..they've got.
Whoo! Just breathe.
All five Sharks have made an offer.
NARRATOR: Next into the Tank is Queenslander Poppy Hepburn,
with a business inspired by the movies.
She's already experiencing success,
with one of the most famous families in the world as big fans.
We worked with the Kardashians. Um, they love our product.
Um, so we're super-excited to see what the Sharks think.
Hi, Sharks. My name's Poppy.
I'm a 34-year-old mum of two from Redland Bay, in Brisbane,
and I'm the founder of Pixxie.
Today, I am seeking 500,000 for 30% of my business.
Wow.
I am a massive movie buff.
My mum also loved movies,
and together that's what we did.
In 2014, while living and working in London,
I got a call no-one wants to receive.
It was my mum.
She had been diagnosed with Stage 4 breast and bone cancer,
So I packed up my life in London and I moved back to Australia
to be close to her.
Over the next few years, we would spend a lot of time in hospital,
so we watched movies on her laptop.
Huddled together one night on her bed, she said to me,
"Wouldn't it be amazing if we could have a movie night in the ward
"and everyone could enjoy magical memories?"
And so Pixxie was born.
Pixxie portable projector is a lightweight family home mini-cinema
combining the latest technology
to bring you a powerful battery-operated
180-degree cinematic experience.
Pixxie has received global attention.
We worked with the Kardashians last year.
Wow.
And we've just finished a collaboration with Disney
for the new Peter Pan & Wendy film.
Would you like to see Pixxie in action?
Yes. Yes, please.
Oh. Ooh!
Wow. It's very clear.
It has low-light technology.
so you can use Pixxie during the afternoon light,
but, obviously, you know, at night, you get maximum colour definition.
And is there an in-built speaker on that?
There is.
Poppy, how did your mom's treatment turn out?
I'm just curious. She passed away in 2016.
Oh, I'm sorry to hear that. Sorry to hear that. Thank you.
So, Poppy, talk us through
the time line of when you started the business
and some of these collaborations that you've made.
So we've done over a million in revenue.
Whoa!
That's great.
Over what period of time? Uh, two and a half years.
How much do they cost? What do they cost? We retail for 749.
That seems like a lot.
Can we see the product?
Yeah, of course.
Thank you. Thank you.
Wow! Great packaging.
It's so cool.
Thank you. It's very cute.
It's quite solid, the packaging. Oh, my gosh.
So super-retro, right? Yes.
Yeah. And that's...that is really solid.
Yeah, you can feel the quality of it.
NARRATOR: Poppy is hoping her portable projector
will entice the Sharks to invest $500,000
for 30% equity in her business.
Hey, Poppy.
I love the whole boho look that you've got going on here.
That would be me watching something on the side of a kombivan.
When these first portable projectors came out,
gosh, maybe 10 years ago...
..I got super-excited and would use them once or twice
and then didn't get around to using them again.
What feedback have you got from customers about how they
integrate this into being a...
..a standard piece of technology that they use all the time?
Yeah, very good question.
What we've seen is a trend towards families that camp
and spend a lot of time outdoors and that van life.
They've got communities and camp sites and caravan parks
that are using Pixxie.
We've also seen businesses and a lot of day cares purchasing them
in bulk, to use, obviously, rather than have the TVs on the wheels,
when they want to show content for educational purposes.
How are you finding your customers?
Our main spend has been on influence marketing,
and that's how we've managed to grow our business.
That does surprise me
that you're spending your efforts with influencers,
which is a lot more expensive.
We've found that people need to see it quite a number of times.
Influence marketing is really important
that they continually see the product,
and we found with the ads that they didn't convert in the same way.
Uh, I'm going to pick up on Jane's question
about...you mentioned collaborations with Kardashians.
Can you, um, elaborate on that?
We were very lucky that they approached us, um, to work with them.
We were in their gift guide - this is Khloe and Kourtney -
and following on from that, Disney in the US
reached out to me to work with them.
Wow. Wow.
Wow! That's great.
Did you design it?
So I've worked with the manufacturer on this product,
so it's not our design.
We just have exclusivity in Australia and New Zealand.
Do they have patents on it based in China?
Correct. The manufacturer owns the rights to the hardware.
But then the supplier is still owning the design.
Do you think that's a problem? Yeah, of course I do.
That's one of...you know, that's why I need some help
to really gain control of the IP.
Mmm.
It's a beautiful product.
But you don't own the product.
I don't want to be in the distribution business.
There's too much risk.
I'm out. Thank you.
The thing that I'm concerned with
is that I've seen, you know, lots of ads from people
that probably are selling inferior products,
and not only until I picked up the product and felt it with my hand
and felt the weight of it
did it kind of click for me the difference between those products
and what it is that you're standing here today,
but you don't have that opportunity online.
I'm out.
Thank you.
Poppy.
Beautiful product.
My challenge, however,
is that I think it's a highly competitive space.
And so for me...
..at this stage...
..I'm out.
Thank you.
Poppy, you are a very investable person.
The issue for me at this point is
the product isn't in my wheelhouse.
I don't think it's unique enough for me to help you blow up.
Uh, for those reasons, I'm out.
Thank you.
I think what you need
is to spend more on digital marketing,
and I think that's how you can scale the business.
So, for now, as a business investment, I am out.
Thank you. Thank you. Thank you.
Thanks, Poppy. See you later.
It wasn't our day today.
There is a pathway for Pixxie for profitability.
We are not just a distributor.
Is it a mistake for them not to partner with Pixxie?
Yeah. Watch this space.
NARRATOR: Still to come...
Think I WILL make you an offer.
Ooh! $50,000.
I'll give you the 500,000...
For 25%.
Jeez!
Savages.
All five Sharks have made an offer.
That's Sharky. Wow! That's Sharky.
NARRATOR: For Perth inventor Kris Tressider,
getting here has been a long haul, in more ways than one.
I've put a lot of blood, sweat and tears into this project
for over 14 years, and it's been a long journey.
This is kind of a make-or-break moment.
Hi. My name's Kris Tressider.
I'm from Perth, WA,
and I'm the owner and inventor of the Punching Pro.
I'm here to ask you Sharks today
for a $200,000 investment for a 20% equity share.
So the Punching Pro
is a robotic sparring device.
I've been working on the project for about 14 years.
Wow.
So, would you like to see the robot in action?
Yes! Hell, yeah. Yeah.
Did you say "Hell, yeah"?
Yeah! Hell, yeah!
I am Destroyer. Whoa!
Oh, Jesus. Oh, that's so... (LAUGHS)
(ROBOT LAUGHS)
That is terrifying!
Can I try it? You can try it.
Absolutely you can try it. (LAUGHS)
OK. I'll just come up and stand near you.
Alrighty. Thank you very much, Kris!
Put it on the hardest setting. ROBOT: I am Destroyer.
OK. That's good.
Let him hit... (LAUGHS)
ROBOT: Not bad for a pathetic human. (LAUGHS)
It's talking to you, Robert.
It's kind of fun. You were doing so well.
Thank you, Kris. (SHARKS LAUGH)
ROBOT: I am Destroyer.
Kris, I have a background in...in AI,
and...and as a technologist, I'm interested to hear about
the technology that has gone into
you making the robot.
So, um, basically, I'm using Python...
Yep. ..to...to control the robot at the moment.
Python is just a...a...a...
..a coding program.
So are you a software engineer? No.
You've just learnt Python to do this?
Yeah. That's right. Yeah, wow.
Yeah, yeah. I just sort of... That's great. Impressive.
So it's built on Python. What else have you done with it?
I've kept the inside, which is what I will patent,
very secretive.
Right.
How much money has it taken you
to get the Destroyer to where it is now?
Over 14 years, probably...
..about $20,000.
With all due respect,
after 14 years...
Yeah.
..I would have figured it would look a little more...
..finished.
Why is it at the stage it's at?
You see, I...I make so many changes
that I can't build a whole new robot every time.
NARRATOR: With so much money and time invested already,
this could be Kris's last chance to get his business fighting fit.
Kris, if I gave you $200,000,
what would you do with it?
Because I would want to get my money back in less than 14 years.
(LAUGHS) Yeah. Of course.
The first thing I would do would be get a patent.
A robot isn't necessarily patentable,
but the internal device definitely is.
There's so much potential for where this could go, but...
..it's so early-stage, even though it's been 14 years,
of where the business is, with such a big journey ahead,
I'm just not sure that's...
..a journey that I'm ready to embark on with you.
So I am out.
Thank you.
I just don't have enough confidence sitting here today that there would
be someone that would actually be able to operate the business
to the level that it would need.
And I don't have any more time left to kind of
step in and run a business like this.
I'm out.
Kris.
I do see a commercial application for it.
It's a tough one. (LAUGHS)
Unfortunately, just for where it is at, I am out.
I understand. Thank you.
Well, Kris, it sounds like you're taking some punches here today.
Yeah.
But I think it is a little early,
in light of 14 years.
Yeah.
And, Kris, I'm already old.
I think time is telling you
maybe it's time to put it in the basement
and knock it out.
I'm out.
Thank you.
(SIGHS)
It's your space? Yep.
Sure is.
I feel that...
..you would need considerable investment,
much more than $200,000, really to get this to market
in a really aesthetically pleasing way.
What are you gonna do? (SIGHS)
I love robots, and I spend my time
talking about the rise of robots and...and AI, so...
..you're on the right track.
Unfortunately, it's too early-stage for me.
I'm out.
Thank you. I understand.
NARRATOR: Inventor Kris has failed to knock the Sharks out
with his punching robot
and leaves the Tank with nothing.
Fresh out of the gate and waiting for HIS chance to face the Sharks
is Victorian entrepreneur Thien.
With so much at stake,
the incredible potential of the next few minutes
is taking physical effect.
My hands are so clammy. (LAUGHS)
And it's a cold sweat now, so... (LAUGHS)
I'm nervous because I know this is an incredible opportunity,
possibly once in a lifetime.
And I think it could possibly change my life.
Hi. My name's Thien.
I'm a podiatrist on a mission to stop pain from the feet up.
I'm here seeking $50,000 in exchange for 10% of my company.
Sharks, we need to change the way we think about our feet.
Foot pain is so widespread
that it affects between 60% to 80% of people worldwide.
And there are three main reasons.
Number one - footwear is designed for fashion first.
Function often gets the back seat or even the boot.
The second reason is that we're living very repetitive lifestyles.
We stand for too long, we sit for too long,
and then we binge-exercise in between.
And the last factor is the most important factor.
Think about surfaces - tiles, floorboards, concrete.
These surfaces are very harsh on human organic tissue,
but if you punch this surface right now, you will break your hand.
But lucky for feet...
..I created STRYDA Soles.
Cork is incredibly effective at absorbing impact.
Once you get them on your feet, you won't want to take them off.
Thanks for listening, and, um, I'd be very happy to take your questions
and show you the product.
Thanks, Thien.
Hi, Jane. So my mum has, like, so many foot problems.
She's always going to my shoe rack.
She's, like, "That's bad. That's bad. That's bad."
'Cause I'm that fashion-over-function person.
So is this something that you would...
..you could put in a shoe to improve its function?
Absolutely.
You can pull out the existing insole and you can put my insole in.
NARRATOR: Podiatrist Thien Trinh has put his best foot forward
with a strong pitch to the Sharks.
These are the insoles here.
NARRATOR: He's seeking $50,000
for 10% of his cork insole business, STRYDA.
That feels very good quality.
Can I do some foot modelling... Please.
Yeah. ..before we continue?
So I assess people's walk, 'cause walking is a skill,
and no-one thinks of it as a walk.
Whoa. OK.
This is very comfortable.
Oh. Click, click, click, click, click.
Whoo! (SHARKS LAUGH)
Can you feel the difference? Yeah.
It's...it's good, though? It's really comfortable.
It's kind of instant support.
So are you saying that there is no other insole company
that is selling a full-blown cork insole?
I'm telling you that, yep.
I've definitely seen cork.
Oh, you have?
I've seen them too, with, like, a layer of synthetic material holding it all together.
Yep. There is no other insole on the market like mine.
Because mine is over 92% cork.
There's a few things in there that binds that cork together.
It's a trade secret.
I think the main unique proposition that I can see is this big lump.
That's a game changer. Yeah.
What is that? Ex...explain that.
So that metatarsal dome...
The what? The metatarsal dome.
Say that three times in a row.
Metatarsal dome, metatarsal dome, metatarsal dome.
Nice! My man. (LAUGHS)
Wow! Take my money! (SHARKS LAUGH)
So...your feet need more than just support.
They need to be guided in terms of the muscle function.
The metatarsal dome realigns everything.
You push it against the foot and the toes kind of...
..take up their natural state.
So these insoles don't just support you,
they guide and engage the foot muscles to...to do their thing.
I do have TGA approval.
NARRATOR: The TGA is the Therapeutic Goods Administration,
which is the government authority for regulating products used in health and medicine.
Thien, do you have sales?
I do. OK.
OK. I do. Um... Alright. Here we go.
Let's hear 'em.
They're not as, like... not astronomical,
'cause that's where I need you guys, right?
Last year, they were $20,000.
And a bit of a hush came over the Shark Tank.
And how much does it cost you to make?
$7.40. 42 cents. Oh.
And we sell 'em for $79.95 a pair. That's great.
The margins are very attractive.
Thien, there is a disconnect for me between...
..your sales and you.
I truly believe you.
You make me want to do business with you.
Why isn't it translating into bigger sales?
We wanted to truly test how our product performed in the market.
It's done. It's ready.
All the, uh, flaws or challenges have been seen to and overcome.
I think with you behind it, you are going to make it big.
So I want to be a part of it with you,
but I AM gonna have to take a significant part of the business
to represent how much work it's going to take,
'cause we're gonna have to work together
on getting it to as big as it... could be.
I'm gonna offer you 50,000.
But I want...
..45% of the business.
Whoa!
That's a lot, mate.
Sharky.
NARRATOR: Podiatrist Thien has come into the Tank
looking for a $50,000 investment
for a 10% stake in his cork insole business.
I'm gonna offer you 50,000.
But I want...
..45% of the business.
Whoa!
That's a lot, mate.
Thank you for your offer.
So...
..the real challenge, I think,
is actually being able to market a business,
find customers and scale it.
I love that you're the subject matter expert in this
and that this product is TGA-approved, so...
..I'm going to match Davie's offer.
Thank you so much for your offer, Jane.
So 50,000 for 45%? Yep.
Savages.
Thien, tell us about your background.
I was born in Vietnam.
And my family and I left, we had to flee.
And we fled by boat. Wow.
And you're out at sea and there's pirates
and there's all these sorts of challenges.
And... Wow.
..yeah, we went through absolute hell to get here.
In fact, my brother, he was in prison eight times by the time he was the age of eight
in trying to get away and get to a country...
Wow.
..that allows me to stand in front of you
and make this opportunity a real thing to change the world.
My father was a serial entrepreneur. He was very successful in Vietnam.
Came here, started again,
worked in factories, got us through uni.
I shared a bed with my brother till I was 18.
All these interesting things have gotten me here today,
and it's giving me...given me my tenacity to make this thing happen.
It's an amazing story. Wow.
I got to tell you, man.
I come from a little village in...
..the mountains of what used to be Yugoslavia.
The reason we left,
my dad was thrown in jail 22 times.
(SNIFFS)
(CLEARS THROAT)
But the thing...
..I always remember...
..is...
..he never complained.
(SNIFFS)
You know...
..when people made fun of us because we're immigrants...
(SNIFFS) ..and we had nothing,
he never complained.
And I always remember, he said to me,
"All you're owed in life
"is an opportunity."
And, fortunately, I have the means...
..to pass that on and give you that opportunity.
I will give you the 50,000...
..also for 45%, because I know how much work it is.
Thank you so much, Robert. Like, it's...
And...I would love to do it on my own,
but I'd love to do it with Jane, I'd love to do it with Davie,
because I think we all see something in you...
..that could be great.
That's my offer.
Thank you so much.
NARRATOR: With the Sharks running high on emotion,
will Sabri Suby think with his head or his heart?
When I saw this product, it's just not a business that got me excited.
And then you walked through those doors
and set the room on fire with your personality and your pitch.
The challenge is of making this business a success...
..like Jane touched on,
is gonna be purely in your ability to be able to market this,
and that's where I think that I can help you.
I'm gonna offer you all of the money.
But I would need 30% of the business
and a $2 royalty.
Whoa! Oh, you thought THEY were Sharky?
I'm not taking as much equity.
Thien. I am a scientist.
I know you really are a scientist in your field.
I actually see your... and feel your vision.
This is your field, your expertise.
Challenge for me is that
I'm a high-tech entrepreneur,
and I would want to eventually stick some AI into...into this thing.
So...
..for that reason...
..I am...
..out...
..of my mind
for coming in and offering you $50,000
for 25% of your business.
Wow.
Thank you so much for your offer.
Thien.
Let's make some money. Let's do it.
This is the first time all five Sharks have made an offer.
Wow. Yeah.
Mm-hm.
Can I respectfully just counter your offer?
Mm-hm.
Would you consider 30% by getting
an x amount of dollars per insole sold?
Well, give us a number.
Use mine as a measuring stick.
Two bucks. $2.
Thien, I'm gonna make it easy.
I do actually believe these four Sharks, uh,
could add more value than I...I can...
Yep. ..again, until you embed AI into your cork.
Uh, so I'm out.
I can just plug you in to my whole system.
No, but... We're in Melbourne.
You can come into the office. We're investing $50,000.
We'll grow the business and then we're gonna...we'll hire Sabri.
No, we will! He's great.
Oh, my God! You're sounding Sharky. She sells nightgowns, buddy.
No, becau... We're not selling women's underwear.
We're selling insoles.
Thien, Thien, Thien.
I'll do it at 40%.
10% each.
Four Sharks. How you guys feel about that?
I love Sabri, if you want Sabri. I love Sabri.
Yeah. Four Sharks.
(SIGHS)
This is so intense.
So, Thien, four Sharks
for $50,000,
get $2 royalty.
Until that $50,000 is paid back, we'll each get 10% of the business.
Do we have a deal?
Um...
That's a lot, eh?
What I've learned
is it's better to...own
one piece of a watermelon
than an entire grape.
Oh, God.
Just breathe.
It's a deal.
(SHARKS CHEER)
NARRATOR: An incredible outcome for Thien,
whose cork insole business has secured a $50,000 investment
from four of the Sharks.
What a roller-coaster that was!
Whoo! (LAUGHS)
NARRATOR: An incredible victory.
(LAUGHS)
Who would have thought... I was...
..that would happen from a foot insole?
Davie, are they using your body for the models?
It's too little.
(SHARKS LAUGH)
Oh, I was talking about the abs.
NARRATOR: With a fresh new take on underwear,
29-year-old Patrick Psotka is next into the Tank.
I'm bringing comfort Down Under to men Down Under with VANTA.
(EXHALES)
Let's go!
Hello, Sharks.
My name is Patrick, and I'm the founder of VANTA.
(SHARKS LAUGH) Whoo!
Whoo! Let's go.
Now, what makes our underwear so unique and special
is what we call kanga pouch technology.
Kanga pouch separates your nuts...
(LAUGHS)
..from your legs.
This increases airflow, decreases temperature and eliminates chafing,
and it keeps your joeys...
..front and centre.
We have over 8,000 5-star reviews. (WHISTLES)
I'd like to bring out three models
that I think you guys might recognise.
(SHARKS LAUGH) Whoo!
Here we are.
I've got a bit of a tan.
Here you are, Rob. Oh!
Oh! That is so inaccurate.
And look at this one. Yes!
Ooh! Like a Greek god. Whoo!
Let me bring up a couple of pairs of underwear so you can... Yeah, please.
..see the, uh...
..the quality and comfort.
Thank you.
Oh, wow. They feel great.
So they're very light.
The bamboo series is our underwear that is
our soft, silky natural fabric that's designed for sort of everyday wear.
They're beautiful fabric.
And not having...
..balls myself...
I call them the joeys.
(LAUGHS) Great.
If I had joeys, I would...
You take the walnuts, the joeys. Yeah. The joeys.
They go in the pouch.
You can look at it as almost like a performance enhancer.
(LAUGHS) There you go.
Hey. Like a push-up bra.
And where's the rest of you going?
It's a 3-bedroom apartment. Uh, so... (SHARKS LAUGH)
The...the whole family goes in the pouch.
I think we get it.
So I'm asking today
for $500,000 for a 5% stake in the company.
Wow.
(EXHALES)
$10 million valuation?
Yes.
You're gonna wow us with how many you've sold so far.
Well...so I started the business four years ago.
This year, we're on track to do $8 million in turnover.
Wow. Wow.
And that's just in the Australia and New Zealand market alone.
You've got to be kidding.
That's incredible!
NARRATOR: Huge numbers from Patrick,
but Davie Fogarty needs some clarity.
Walk us...walk us through the previous years of revenue as well.
So, last year, we did 2.5 million.
So you went from 2.5 to 8 million?
Well, this year, we're on track to do 8 million. Yeah.
And I think that if we follow our current growth trajectory,
in the next four to six years,
we could be doing 80 million plus in revenue.
Whoo! (WHISTLES)
What would I be paying if I was buying these?
Our pair of underwear sells for $33 a pair.
What's your cost per...?
Our cost for the product, to get the product in the country, is, uh, $7.
If we can go back for a sec, you did 2.5 million last year.
Yes.
What was your profit, if you had a profit, on that?
Can you walk us through?
Yeah. So we're sitting at about 15% margins on that.
So you made about 300,000?
Yes. In net profit?
And I...and I... Before tax?
Be...before tax, yes. OK.
That number could have been higher.
But we are right now spending 40% of our revenue on advertising.
You spent 800,000 last year, roughly...
Roughly. ..900,000, on advertising.
You're projecting a massive increase to 8 million. Yes.
Is the ad spend growing at the same linear rate?
Yes. Yes.
So you'll have to spend $3.5 million this year to generate 8?
Yes.
Which is a lot. (LAUGHS)
Do you have a patent on the product?
We don't have a patent on the product.
But what I would say is, did you have a patent on The Oodie?
No, I don't think it's necessary, but, trust me, it'll help.
It definitely... It'll help. ..it definitely would help.
But, uh, yeah, currently, we... we don't have a patent on it.
But Davie was also...you were in quite a different position.
You were first to market.
First to market is important.
I'll be transparent.
There have been companies that have
tried to, you know, replicate the kanga pouch.
And, um...
..you know, it...it's...
..it...
..I've had customers that have bought from this company and said,
"Yeah, it's alright, but it's not what yours is with the brand."
But you're saying
there's an underwear company
that makes a kanga-like pouch...
Yes. ..on the market already?
Yes.
NARRATOR: He's asking for a half-a-million-dollar investment,
but with a direct competitor in the industry,
has Patrick's pitch started to unravel?
Sabri Suby is ready to show his hand.
You're not first to market.
So for that reason, I'm out.
Thank you, Sabri.
Patrick, I am...
..fascinated.
I didn't think I could listen to this much discussion about...
(LAUGHS) ..a joey pouch.
I didn't think I could do a pitch in my underwear for... (LAUGHS)
..for as long as we have been going.
But I...I have enjoyed the conversation with the Sharks
who know a lot more about this product and taking it to market,
uh, than I do,
but I'm out.
Thank you. Patrick.
I think my main issue with it is your valuation.
And then there's
the competitor in the space.
You know, investing is all about risk and reward,
and I just don't see that...
..alignment between that risk and the reward.
Unfortunately, for that reason, I'm out.
That's alright.
NARRATOR: With all other Sharks out,
will Jane Lu or Robert Herjavec be willing to part
with half a million dollars
for just a 5% share?
Patrick.
I can see what a big problem chafing is for the common man,
because my husband complains all the time about it.
You've created a solution for that problem.
So I...
..think I WILL make you an offer.
Ooh! Ooh! Ooh!
I'll give you
the 500,000 you're asking for.
But I want 20% equity.
(LAUGHS) Wow. Hoo!
But...
..when I get my investment back, I'll come down to 10%.
I'll process that. Process it.
Let's see if anything else comes up.
Patrick. I think Davie's right.
It's overvalued, respectfully.
But I can fix that.
I can help you
steer away from the potholes
in order to get down that road faster.
I will give you the 500,000 for 15%.
That's how I fix the valuation.
Patrick.
So you've got two offers on the table.
What are you gonna do?
We have a huge range of gifts to spoil Dad.
Patrick. You've got two offers on the table.
First offer is from Jane.
That is for 500,000 for 20% of the business.
Horrible.
But then the ask drops down to just 10%
once she gets recouped that $500,000.
Then you have the second offer, from Robert,
which is for the full 500K,
but he wants 15% of the business.
What are you gonna do?
(SIGHS)
My question would be to Robert.
What would you be able to bring to the business
that would help me sort of continue my growth trajectory
in the Australian market?
Hang on a sec, Patrick.
I don't need another job interview. Right.
Let's not let this one get away.
(SIGHS)
Patrick.
I've been down this road before.
I...I feel like for my time to be of value,
I...I'm...I'm gonna stay firm with my offer.
I've been there, Patrick.
I can help you.
So 15% would bring the valuation down to...
..eight...
Three and a half million-ish.
I think that...
..we're still very early on in...in the sort of growth of our business.
Like, obviously, the first couple of years,
it takes a while to get sort of... find that product market fit,
find that...that...that tone that works with selling to the customer,
and then as you get that momentum,
that's where you sort of get that exponential growth,
where I think we are sort of
at the start of what will be an exponential growth curve.
If you're asking me to take a bet on YOU,
you need to take a bet on ME.
I'm not comfortable giving away 15% of my business.
So I'm going to have to, uh...
..I'm gonna have to say no.
What are you gonna say to Jane?
You got one more offer on the table.
Unfortunately, um, like I said, I...
..I believe in...in the... the potential of this business.
Surely you knew coming in here
that you're...you're gonna have to negotiate, right?
Yeah.
Part of...part of the issue is... is, um...you know,
what I need to do moving forward in order to grow this business
is to have someone come on who has done exactly what I want to do,
worked in ecommerce before...
I think...I think we're out. I think we...let's move it along.
Yep.
Alright.
Thank you, Sharks. Wish you all the best.
Thank you. Thank you. Good luck, Patrick.
Go grab my, uh...grab my pants.
We're not gonna make you go out in the street.
NARRATOR: After an awkward exchange, Patrick has declined two offers
and leaves the Tank...
..with nothing.
The offer just wasn't high enough,
and I wasn't willing to...to bring down the value of the company.
You know, in... in two or three years' time,
they'll see that the...the evaluation that I gave was a fair evaluation,
and I'm gonna go out and prove to 'em that they made a mistake.
Robert, that...that was madness that he didn't go with you.
No. Oh, my God. You have the most retail businesses on Shark Tank.
Uh... I...
But listen.
I wish he would have taken my offer, but...
..how much do you admire somebody that believes so much in their...
I mean, I didn't even want to have a comeback,
'cause I admire and respect that so much.
Yeah. Yeah. I think he was great.
Should have still taken my offer.
Captions by Red Bee Media