VOICEOVER: Tonight...
Oh! Guys, distract him! Oh!
..it's all fun and games...
Oh! It's rigged!
..until the sharks get hungry.
$350,000 for 45%.
What?
But as the tables turn...
You are a shark!
..who will fight for the chance...
What would I need to do to convince you right now?
..to secure a deal of a lifetime?
First into the tank,
Perth innovator and the youngest entrepreneur to face the sharks,
13-year-old Lucas Lane
and his mum, Brianna.
I first started the business when I was 12 years old
and that's how I came up with the whole idea.
I'm good. Alright.
Just making something accessible for guys like me -
it's just kind of rad.
It certainly is.
OK. OK.
Hi. I'm Lucas.
I'm 13, from Perth, Western Australia
and this is my company, Glossy Boys.
Glossy Boys is a three-in-one gel nail polish pen,
meaning that there's no need for a top or base coat,
you just paint straight on and dry.
It's in a pen for precision painting,
'cause that's the easiest way to paint your nails.
This is my mum. She helps me all the time with it and...
Your mum. Yeah, we're co-founders.
Aww! Does she have a name?
Brianna. (LAUGHS) My name is Brianna.
When I was 12 years old, I really wanted to paint my nails.
But buying nail polish as a guy can kind of suck.
Just going into that big, pink pharmacy,
I didn't feel welcome - I felt judged the whole time.
I didn't want anyone else to go through that.
That's why I started Glossy Boys.
In just the nine months of trading,
we've done $67,000 in sales
with a gross profit margin of 64%.
Wow.
And we're tapping into the $110 million market.
I'm offering 5% for $25,000
and your help and support.
So, Sharks, are you ready to un-boring your hands?
Thanks for listening.
If I understand correctly, the product is nail polish
but what you've done is also solve a pretty phenomenal problem
that everybody has with nail polish,
which is needing a bottom coat, the colour and then a top coat
and so is it more durable than your average nail polish?
Yeah. I like to go out on the skateboard.
I thrash around the skate park
and these nails generally last around two to three weeks.
Wow. That's great. Yeah.
It's way more durable than your average nail polish.
Lucas, can we try it? Hell, yeah!
Alright. Let's get some of the product.
So, this is, uh, the starter kit that we get.
Oh, thank you.
Yeah. Thank you.
What colour are you giving him? We've gone purple.
Purple Haze. Purple Haze.
Robert's gone the white. Oh, Jane!
Yes? Whoa, well done!
Lucas, what do you think of Robert's nails?
I don't think I did a very good job, Lucas.
It's...it's interesting.
(LAUGHTER)
DR CATRIONA: Lucas and Brianna, thank you for the demonstration.
Talk us through, then - what do you sell it for
and what does it cost you to make?
Yep, so, we sell the everything kit for $49.95
and with the pens, the pens are $12.95
and those cost about $3.00 to produce
and we gain about $8.00 gross profit from that.
Hey, Lucas, amazing pitch. Product looks really great.
I just want to understand how you've sold the...$67,000, was it?
We went viral with Christian Hull, who is an Australian LGBTQ comedian.
He actually just purchased our product
and then he did a TikTok and an Instagram.
We've been all over TV, all over the radio.
(WHISTLES)
And now landed here in Sydney with the Sharks
and it's been absolutely amazing.
Lucas, when I was 13,
I was at the markets, busking with a harmonica
to bring some income into the family,
so the fact that you're standing up here today
is remarkable.
You mentioned in the pitch
that the market for men's nail polish is $110 million -
is that globally or is that just here in Australia?
Believe it or not, that's just here in Australia.
Wow.
So what happens when sales triples?
What are you gonna do in terms of school?
I used to go to school -
I'm actually doing an online school right now
and an entrepreneurial school.
Wow.
Somehow, I've balanced a lot with school and work.
It's hard being a young entrepreneur.
What made you want to be an entrepreneur at an early age?
Thing is, there's always been stuff that I've wanted
but no-one else offered.
Wow. You know, I always tell people...
"How do I start a business?"
I always say, find a problem, solve the problem,
start a business.
Yep.
Hey, Lucas, what's the big vision?
Ooh. That... Pretty big.
One of the reasons why we're here is to consolidate our manufacturing,
so we need to get face-to-face with our manufacturers in China.
We want to go international, we want to meet more people
and we want to be the boys' nail polish of OPI, basically.
The margins in this category
are massive.
Like, typically 90% plus.
I'm a little bit torn - half of me says great idea.
You're focusing on a smaller market to dominate
and then maybe you'll expand.
The other half of me says it's such a great application -
why narrow it to only boys, with this marketing?
But there's no need to -
so, 70% of our customers are female.
70% are female? Wow.
Women absolutely want this product, no question.
Can we market it to women?
We already are.
Great answer.
Look, incredibly impressive, both of you.
If you get market share,
the very large companies will come along
and want to crush you.
And usually it doesn't scare me
but I need to know something about the industry.
I'm not the right Shark for this.
I wish you all the best. I'm out.
Thanks. SABRI: Let me jump in.
So, I think that in order to have a Shark that's invested,
our time is incredibly valuable,
more than our money,
and the mentorship that you're gonna need
to really be able to scale this up -
to Robert's point, basically, I think that's still too early.
It's still too early as a concept, so for that reason, I'm out.
Thank you.
So, Lucas, I think you are so impressive.
I can...I can't believe you're 13.
So...
..I would like to make you an offer.
$25,000 at 10%.
OK.
(EXHALES)
When you're so young and so charismatic and ambitious,
I think you're, as I said, an absolute killer
and I would love to support you.
I'm gonna offer you $50,000 for 20%,
because I want to be really incentivised
to get out of bed in the morning
and I'm happy to partner with any other Shark here as well.
Wow.
I'm much more interested in you as a social entrepreneur,
'cause that's what I think you are
and so I am going to make you an offer.
I will give you $25,000 for the 5% of the business.
Uh...what do you... what do you think?
VOICEOVER: Three Sharks have made very different offers.
It's decision time for Lucas and his mum.
Jane and Davie, 15%.
We're incredibly humbled for all of your offers.
So, our offer is to have Davie and Jane,
$50,000 for 15%
and Catriona coming on board, $25,000 for 5%.
So you want Cat to pay more for her equity?
Wow.
You are a shark!
VOICEOVER: 13-year-old Lucas and mum Brianna
have had three separate offers from the Sharks
and have decided to bravely counter them.
They want to accept Davie and Jane's $50,000
for 15% of their Glossy Boys business
and Catriona's offer of $25,000
for just 5%.
How will their bold proposition go down?
DAVIE: I'm happy with it. Alright. Fair enough. Fair enough.
I'll put my money where my mouth is.
I'll do it. Do we have a deal?
We have a deal. We have a deal!
Oh, my god!
You're brilliant!
Oh, well done. DAVIE: Good job.
We need to have wine.
That was...that was a moment.
DAVIE: Keep killin' it. Did not see that coming.
That was so good!
VOICEOVER: Lucas has secured a remarkable deal with the Sharks.
What a result for the 13-year-old entrepreneur.
Oh, my god! We just made a deal!
We did a deal!
So, we used 25K as bait and we hooked three Sharks.
Next up, another entrepreneur from the west.
If you're into Space Invaders, Pac-Man or Pong,
then this pitch from Perth could be right up your alley.
G'day, Sharks.
My name's David Greene, from The Nostalgia Box,
the retro video-game console museum
where you get to learn and play all the retro gaming history.
I'm seeking $200,000
for 20% of the business.
Our museum, based in Perth,
is a magical place.
People can come through our museum and see over 100 different consoles
but we're a living museum -
people can actually come and play many of these consoles
with the original games that go with it.
Ultimately, Sharks, you all have money.
I love money - I'm hoping you're all gonna give me lots of money.
(LAUGHTER)
But that's not the only reason why I'm here.
What I'm hoping is one or more of you Sharks will come together,
get excited and help bring The Nostalgia Box to the next level.
Brought along a couple of consoles but the main one is this one here.
It's your standard Pong game, where you use the paddles, go up and down,
everything like that
but we have a segment called Beat the Boss,
where any member of the public
can come and challenge me to a simple game of Pong
and all they've gotta do is beat me to 5 points
and if they do that, they get a loot box
filled with chocolate, candy and all kinds of goodies.
So, Sharks, I would like to invite you guys to come up,
test your mettle against mine.
You go first. Jane is a world champion.
I'll work out where your weakness points are.
That's right. Alright.
So, all you've gotta do is move the paddles up and down like that.
It's first to 5 points.
The interesting thing about the Pong system...
Ooh! Hey!
Yeah, you're better to stop pitching and get into the game over here.
Now, that would be so embarrassing on national TV, wouldn't it?
Oh, my good. Sabri, you suck!
Oh! Hey...
Oh, my... 4?! At least he's not gonna be 0 to 5.
That would just be embarrassing. That's true.
Wait... Guys, distract him!
Go, Jane. Ask him about the valuation.
What's with the valuation? Oh!
You've gotta get 1 point. Don't let me beat you.
Oh! Oh!
It's rigged! I'm going home.
Can she still have the loot box?
You should never beat the person that you're trying to impress.
It gives you an incentive to come back and beat me later, right?
VOICEOVER: David is asking for $200,000
in return for 20% of his business.
So, please, any questions you would like to ask me?
It was a great pitch, David. Thank you.
It seems like a really interesting concept.
Run us through the business element - so, you...
People can come in... Yeah.
People actually come and they pay an entry fee -
it's $18.70 for adults,
$13.20 for kids
and that's an all-day ticket, so people can literally come in,
play some video games, maybe go for lunch and come back
and lots of people do.
We also hire the venue out for birthday parties, functions,
all kinds of events.
Literally last week,
we had a burlesque show come down and do a gig.
Whoo! Yeah, it was a lot of fun.
Spicing it up! Oh, yeah! Absolutely.
So, David, how capital-intensive is it to set up?
So, I bought the original business back at the end of 2019.
It was the original owner's personal collection,
so we built from there initially.
What did you pay for the business?
$120,000 at the time.
What was the revenue when you bought the business
and what's the revenue today?
Around about $130,000 when I was start...
before we bought the business.
A year? A year.
And what did you do last year?
We did over $193,000 in turnover.
We made an $18,000 profit.
VOICEOVER: David's games were big way before the internet
and online marketing
and even before some of our Sharks were born.
Will they be able to relate to it?
I have an online fashion retail business with a global reach
but this is an in-person, experiential business
that is in a different industry, in a different state -
it's just too much of a leap for me.
It's probably not something that I would invest in.
I am out but thank you.
Thank you very much.
David, I love the product -
I used to go down to the milk bar with my brother,
with our pocket money
and play these games for hours.
You're selling memories
and time has showed that there is, kind of,
no price that people would put on that thing that they won't pay.
The thing that, you know, I'm struggling with
is that this just isn't a business that I would be able to jump on in
and add a lot of value to -
I'm looking for businesses that I can scale.
I'm out.
OK. Thank you very much.
I...I don't know how to value your business
and I just don't know enough about the local market.
For that reason, I'm out. Thank you very much.
And then there were two!
So, David, hey. I'm Cat.
So, I would never play this.
I play Lightsaber,
which is a full 3D virtual reality game, which I love,
so all the gaming I do is in the metaverse,
so for the reasons that I'm interested in virtual games...
..I'm out.
Thank you so much anyway.
DAVIE: I think... (STAGE WHISPER) Say yes!
(LAUGHTER)
Look, I love experiences and I love that business model as well.
I think that it's incredibly scaleable through franchises.
The problem is, I just...I don't know what the place looks like.
I don't think that you've ever been to a place like this, right?
No. No. Yeah.
I think, if you're gonna demo a space
and it's critical to your pitch,
you should show it.
Maybe a video walk-through. Or a picture, even.
What would I need to do to convince you right now
that this would be a great investment?
I mean, obviously, I could show you pictures
and you could say, "Yes, that's amazing."
'Cause I feel like you're on the fence.
This guy's a great salesman! (LAUGHTER)
I feel like you want to invest but I feel the hesitancy,
so what is it that...
I want to invest because of you and the business model of experiences
but unfortunately,
I just don't think that you're gonna be able to get me over the line
in the short time that we have today.
I'm sorry, David. I'm out. OK.
Well, thank you very much, everyone, for your time
and, uh, maybe I'll see you in Perth sometime.
It was a really great pitch. Thank you, David.
I think you did really well. Alright. Thank you, guys.
JANE: Thank you, David. (SIGHS)
VOICEOVER: Next up...
SHARKS: Aww! Come on, come here!
A brand-new solution for doggy pollution.
Oh, the poop goes in there! Wow.
And later...
Ooh, I love it.
..the Sharks are stunned...
Oh, wow. Wow. I'm ready!
..as cutting-edge technology enters the tank.
Half a million dollars for the entire business.
What?!
Next into the tank is Sydney-based Sebastian Waddell,
with a product that aims to make life a little easier
for pet owners across the world.
Fydoo. Oh, I love the name.
Good boy.
Hey! Aww!
A dog! Yay!
Hello! Aww!
Come on! (LAUGHTER)
Hi, Sharks.
My name's Sebastian Waddell and I'm the founder of Fydoo.
I'm seeking $250,000 for a 20% share of my business.
Sharks, we all know someone who owns a dog,
or we're lucky enough to own a dog of our own,
like me here with Hugo.
However, it does have some challenges,
especially when it comes to their toileting.
I've invented Fydoo,
a fully automatic, self-cleaning toilet for dogs.
What?
And it has changed the way that we look after our furry little friends.
So, how Fydoo works is, connect it to a waste drain,
connect it to a water source,
drop in the sanitiser discs, that are specially formulated,
and the grass rotates with the waste into the cleaning chamber...
Oh, the poop goes in there!
Yeah, where the high-pressure water jets dissolve the sanitiser,
applying it to the grass,
then the high-pressure jet rinses the toilet.
Wow.
Um, people are quite time-poor these days,
especially with more and more people living in apartments, townhouses
or homes without backyards.
Sharks, let's work together and let Fydoo clean up after their dogs,
so they don't have to.
Sounds expensive.
It has been expensive for me.
How much is the unit?
It's retailing for $1,299.
Then what does it cost you to make?
$225.
Incredible margin.
DAVIE: So, where are you at with the business?
Like, where... Have you got sales?
VOICEOVER: Sebastian's business has the Sharks intrigued.
Dog-lover Davie Fogarty already owns pet-related brands,
so will he show interest in this dog-friendly innovation?
Uh, this is actually V2 version of the Fydoo dog toilet.
Um, the V1 version, we went to pre-sale.
Generated, um, nearly $200,000 worth of pre-revenue sales.
Wow. There were about 100 units sold.
Um, and unfortunately, when we were pushing go-time,
uh, to go to manufacturing,
uh, we weren't quite ready,
so I had to refund the customer money.
(HUGO WHINES)
Do you need help with Hugo?
Yeah, I think I might, um...
..let him go to the toilet.
Oh, you gotta go at the elevator. Come on.
See you, Hugo! Bye, Hugo.
See you, Hugo. Good job, buddy.
Awww!
Sorry, guys. Oh, man!
Come. Good boy.
So, Sebastian,
what are your sales?
So, we've only not long finished this product,
so I haven't gone to pre-sale...
You haven't sold this yet?
Not yet. Not the V2.
When you were selling version 1...
..how did you collect cash up-front?
Was it a crowd-funding?
No, it was, um, pre-payment.
So you got people to pay you up-front with the order?
Yep, I did.
Wow.
And has V2 arrived yet?
Is it in Australia? Uh, no.
So, V2 will go to production once I seek funding.
The really obvious question for me...
..why not just call those 100 people and sell it to them
and say, "Guys, I'm ready!"?
Yeah.
You know, I didn't want to feel like I'm doing the wrong thing to people.
I just want to have the product and then I can just sell it.
Seb, it sounds to me that you might have been a bit scarred
by what happened before - is that right?
Yeah. Look, there has been times where I've wanted to give up.
You know, um, it's played on my mental health,
it's impacted relationships,
it's...it's really been a difficult path
and I've just persevered because, you know, I believe in my product.
I've spent over $350,000 myself...
SHARKS: Wow.
..so I'm all in.
I've secured patents and IPs, trademarks,
design registrations across the globe,
covering 52 points of protection
and now I'm here.
Sebastian, you know, business is a contact sport.
Yeah.
If you're gonna be successful,
you're gonna get bloodied and you're gonna get bruised along the way.
Yeah.
I don't know if this is a retail product or not.
It doesn't feel right for me. I'm out.
OK. Thank you.
Hey, Sebastian. I think this product can really be revolutionary.
But having never owned a pet in my life,
probably not the right business for me to invest in,
so for that reason, I'm out.
Thank you.
Sebastian, I'm a high-tech entrepreneur.
I build AI, I build robots
and...I don't think I'm the best Shark for you.
I'm out.
Thank you.
I'm still um-ing and ah-ing. We can wait for you.
This one's a difficult one...
..because I truly believe
that you have something that has huge mass-market appeal.
The challenge that I have is that...
as you stand in front of us today,
you don't have a product that you can sell.
OK.
So for that reason, I'm out.
Thank you. Thank you.
Then there was one.
Your story's really touching.
I think it's pretty clear
that you've been through a hard path the past three years -
you know, you've brought that story up - and that's OK.
Like, we've all failed. I've got a very similar story.
A lot of people don't know, like, I almost lost all of my businesses,
I couldn't get out of bed,
I was having panic attacks every single day...
Yeah.
..and it takes a toll.
So I'm gonna give you two offers.
Whoa.
And these two offers will...
it'll allow you to choose your destiny.
The first one
is $250,000...
for 45%,
because you really need business help.
OK? You really do need business help and you need manufacturing help.
Yep.
The other offer
is half a million dollars
for the entire business.
What?!
Ooh, I love it.
Oh!
VOICEOVER: Sebastian entered the Tank seeking a $250,000 investment
for a 20% share of his business.
He finds himself in an unusual position,
with not one but two offers from Davie Fogarty.
DAVIE: The first one is $250,000
for 45%.
The other offer
is half a million dollars
for the entire business.
What?!
Ooh, I love it. Oh!
On the...
buying it out...
..straight away, that's a no for me.
I love it. That's what I wanted to hear.
Perfect answer.
The value that you could bring is... invaluable.
I've sold tens of millions of dollars of pet products myself.
I understand this market.
Do you think you could do it for...
30%?
It's too...it's too low,
because you haven't got a product to market yet
and that means that it's gonna be a lot of work for me
and therefore, I understand the value that I bring,
so 30% is a no.
OK.
I can do 40%.
For $250,000? For $250,000.
And that's the best that you can do? That's the best I can do.
Done. Yes!
We're gonna make so many of these things!
Thanks, Davie. Awesome. I can't wait to help you.
I really appreciate it. Thank you. It's a great product.
We'll chat soon. Thank you.
Well done. Thank you.
Great job.
It's an incredible win for Sebastian.
He's secured himself a $250,000 investment in Fydoo
from Davie Fogarty.
Uh, Davie loved the product
and he was the one that I wanted.
Kind of hasn't sunk in yet.
Next up to face the Sharks are 27-year-old designer Ryan Tilley
and Paralympian Bryce Allman,
who are looking for an investment
to help revolutionise the wheelchair market.
You got this. We got this. Let's go.
Here we go.
G'day, Sharks.
We're Ryan and Bryce
and we're building the slickest wheelchairs on the planet.
We're here today looking for $350,000 5% equity in our company.
Oh, wow.
My life changed in an instant.
When I was younger and not so smart...
..a day at the beach
and a bad decision to dive into a breaking wave...
..resulted in me hitting a sandbar,
breaking my neck...
..and leaving me quadriplegic.
And from that day on, I had to adapt to a life in a wheelchair
and, uh, was unable to continue an engineering apprenticeship
and I actually took up pursuit of wheelchair rugby
and had a 10-year career representing Australia
and was lucky enough to go to three Paralympics.
Wow.
What we're doing with our Rove brand
is changing the way chairs are perceived
and hopefully creating a chair that becomes an extension of the user.
So, as a result,
we built the world's first 3D-printed titanium wheelchair.
One of our biggest advocates and supporter
has got a few words to say.
Go, Sharks! It's Dylan Alcott here. Oh, wow.
Sitting in my Rove wheelchair.
I've been in this wheelchair for about seven months
and it is the best wheelchair that I've ever had.
I like the product so much, I've actually invested into Rove as well.
I believe in the team.
I believe in Bryce, I believe in Ryan and it's a disability-led company.
We really appreciate the opportunity to pitch to you today
and hopefully we can all start working together soon.
That's awesome. You could... Well, I'm gonna clap him in.
You could not have got a better spokesperson.
So, Ryan and Bryce, I'm Cat.
Thank you for a really great pitch.
Talk to us about what a wheelchair sells for.
A typical Rove wheelchair will sell for around $16,000.
How much did it cost you to make?
Costs us about $6,500 to make it.
We've been trading now, commercially,
for just over 12 months
and we're approaching now half a million dollars in sales.
Yeah, probably the best thing about our chair
is it's designed by people with a disability
for people with a disability.
50% of our staff are active chair users.
By the way,
I'm a big car guy.
You know, um, titanium is like porn to me.
Like, you know, all my cars,
I'm like, "Can I get more titanium on this thing?"
These things are beautiful.
So, this is the technology that we're using.
So, inside the parts is, like, a lattice structure.
VOICEOVER: To make these titanium parts using 3D printing
is incredible, cutting-edge technology.
That's what allows us to reduce the mass and keep it super-strong.
Are they carbon fibre also? Yes.
You can feel the frame weight. DAVIE: That's incredible.
Oh, my... Oh, man!
Pass it around. This is unbelievable!
Look at it! This is the actual frame you're on?
BRYCE: Yeah.
Obviously, you've gotta add the fittings and fixtures and the wheels.
So, you've got your carbon fibre
and then all of these are 3D-printed titanium parts
and that gives you the frame.
And so these are significantly lighter, are they,
than existing wheelchairs that are on the market?
Yep. Yep.
And stronger? And stronger.
Whoo!
How do you two know each other?
I actually developed a wheelchair product
that allowed wheelchairs to go on the beach,
as part of my university project.
Wow.
I started selling it. Bryce was one of the agents.
We met and I pitched to him back in 2020,
like, "Do you want to do a lightweight Australian chair?"
And he was all in.
What about the National Disability Insurance Scheme?
If I...have a disability
and I'm registered with NDIS and I want to buy a wheelchair...
Definitely. So how does that work?
NDIS covers everyone with a disability under 65 in Australia
but for example, if you've had a traffic accident,
then you would probably be covered by, like, um, TACs.
What percentage of the cost of a wheelchair,
or up to what dollar amount...
100%. 100%.
Regardless of how much I spend? Yep.
If I buy your wheelchair... Within reason.
It's gotta be deemed by the NDIS
to be reasonable and necessary
and so they have to go through a series of steps,
including involving a therapist.
VOICEOVER: Ryan and Bryce have provided all the answers
to the Sharks' questions
but Robert Herjavec has concerns about the product's path to market.
Here's the challenge - it's so complicated,
because not only do you have to sell to the retailers -
you have to get approved by the co-payees
or the insurance companies,
so you're...you have to sell to multiple people,
just to get the product in the retailer
to be approved.
Sure.
All I'm seeing is risk.
Why not sell the technology
instead of being in the wheelchair business?
We have had several of the larger multinational companies
that are in North America and in Europe
already interested in our system.
That might be a path.
There's just so much potential. Right.
Like, the wheelchair market is, like,
still very traditionally, like, medical, sterile -
it's ripe for some disruption,
as far as making it cool and consumer-led.
$350,000, 5%, um...
My life changed in an instant.
What are you gonna do, Robert?
VOICEOVER: Rove co-founders Ryan and Bryce
are planning to disrupt the disability market
with their 3D-printed wheelchair.
Robert Herjavec has commended their innovation
but will he invest the $350,000
the pair is looking to secure?
Uh, I...
really think you have an incredible business and mission,
uh, but there's so many people you have to sell this to.
Guys, I...
I'm not the right Shark, right now.
I'm out. RYAN: Thank you.
Look, it's so impressive, what you've done.
I think I'm learning more from you
than what I can probably help you with.
For that reason, I'm out
but I hope you get a deal from someone else.
Thank you. I appreciate it. Thanks, Jane.
VOICEOVER: With two Sharks out,
Davie Fogarty's keen to know more about Rove's slick look.
DAVIE: Now, I've gotta ask - the branding's so beautiful.
Beautiful. Who was in charge of that?
That was me. That's incredible.
Did you use an agency for it, or...
Um, my background's in industrial design and mechanical engineering,
so I've been responsible
for the development and everything of the product.
The logo, the colour... Logo and everything.
What a dream team! This is great.
It's a tough one, guys,
because you've got such a great product
and you've...you're such great founders as well.
My concern is, I feel like this is a really important mission for you.
I'm certain you guys are going to be successful but...
just not with me, so for those reasons, I'm out.
Thanks, Davie. Thanks, guys.
BRYCE: Cheers.
CAT: Ryan and Bryce,
look, I'm in AI and the metaverse,
so this stage of the business is a little early,
'cause you're not using any AI
but I do just recommend,
just take Dylan and just flog him everywhere, right?
He's your greatest brand and sales ambassador,
uh, but unfortunately...
..I'm out.
Thank you. Thanks, Catriona.
VOICEOVER: So any investment opportunity lies with Sabri Suby.
Will he see something in Rove the other Sharks haven't?
I am so impressed with you guys
and the product is phenomenal.
Where you sit right now,
how do you do a direct-to-consumer play with this product?
Seeing your comments around, you know,
the percentage of chairs that are covered by the NDIS
I see that is gonna be the main purchaser
and the main path to actually sell this thing.
Regrettably, I'm gonna have to be out.
Oh, I appreciate your honesty. I wish you all the best.
Thanks, Sabri. Thank you.
DAVIE: Thanks, guys. Good luck with it.
Good luck.
VOICEOVER: A disappointing end to a promising pitch.
Ryan and Bryce leave the Tank empty-handed.
Damn.
I had it all mapped out and I was like...
Same.
I think it's gonna take 5 to 10 years to get your money back.
Would you agree? Longer.
Yeah, it's a challenge.
Yeah, we had great reception from all five Sharks
but yeah, a little disappointed that none of them took the bait.
After you.
Not getting an investment today
is not gonna stop what we're doing, you know?
We love what we do and we're keen to expand
and excited to see what the future holds.
WOMAN: We're feeling a little nervous about being on Shark Tank.
VOICEOVER: The final entrepreneurs to face the Sharks
are mother-and-daughter duo Tara Croker and Mel Davy.
We organically created a product
over many years of playing plant-ladies together.
Yiradhu marang, Sharks.
I'm Tara and this is Mel.
We're a mother-and-daughter team
and we're the founders of Yaala Sparkling.
We're here today seeking $125,000 for a 10% stake in our company.
Wow.
Yaala Sparkling is an Indigenous-owned business
that creates premium and healthy drinks,
sourced from Indigenous wild harvesters and local farmers.
I'm a proud Wiradjuri woman and in my language,
'yaala' means 'the present moment'.
Ah!
MEL: Our drinks are sugar-free and completely natural.
Yaala Sparkling recipes have been 12 months in development
and over 80,000 years in the making.
Yeah, nice.
We've just self-launched our website
and we've already sold over 700 bottles in just a few weeks.
Nice.
Sharks, this is more than just a drink.
This is a journey through the flavours of our land
and we'd love you to join us.
Well, can we try some first?
Yes, absolutely.
Looks amazing.
Jane, there you go. What flavour should I try?
So, this one's lemon myrtle and native blossom
and then the pink one is Davidson plum and waratah.
Thank you so much. Cheers.
Maybe green to go with the dress. Thanks, Tara.
Beautiful. SABRI: Pink, to match my eyes.
Yeah! Thank you.
Cheers, Jane. Cheers, Robbo.
Oh, that's good!
What does a bottle cost?
So, the bottle costs $5.50.
Oh, it tastes so good!
Costs us to make, $1.70.
What do you sell to distribution for?
Per bottle is $3.20.
It's good. It's not too sweet at all. It's nice and subtle.
And very dry and nice on the palate.
So, what makes it sweet?
Uh, it's naturally sweet - with that lemon myrtle, you may taste...
You haven't used, like, a stevia or a xylitol in this, right?
So that's why it doesn't have
that really shallow, like, spike of sweetness.
Correct, yeah. So nothing artificial. It's all natural.
It tastes great. Very nice.
Thank you. We're so glad to hear that.
The sweetness is actually... it comes from the leaf.
Like, it's got that citrus flavour
that you're used to with a lemon or a lime
but it's different - it's softer and sweeter from a native plant.
You get the florally taste from the blossoms in both of them.
There's drinks that are, like...
there's, like, a tea that's not too sweet -
that's quite popular
and there's nothing like this in Australia.
I'd love to hear about how you guys started.
So, Mum and I have always been really passionate about plants
and we just kind of organically, through playing around with plants
and wanting to share those flavours,
and we just kind of made loads of drinks, just similar to this,
at home,
'cause you can put a lot of the ingredients
just straight into hot water and it'll become a delicious tea.
There's definitely nothing like that out there in the market,
which is, um, yeah, kind of mind-blowing,
considering we're in Australia and it's Australian plants, right?
I'm Cat, by the way.
I do a fair amount of plant medicine
and since that, have not been able to drink alcohol
and now look for something that I can drink that's not kombucha,
'cause that's the only other one that's not, like, a super-sweet one.
So I think this is... pretty impressive.
Thank you. Thank you.
Hey, Tara and Mel.
I'd like to hear a little bit about you guys.
Can you give us a little bit of the backstory?
My background is, um, product development
in IT and fashion accessories
I still currently work full-time for Google in marketing and...
Oh, you work for Google? Yeah.
I'm the biggest security partner for Google in the world.
Ah, wow. That's already a partnership there!
(LAUGHTER)
So, I've been in marketing for the last 10 years
and yeah, I'm really passionate
about everything related to marketing.
So, with your marketing background,
how have you marketed this business so far?
Yeah, good question.
We...I've been focusing more
on doing the manufacturing and production.
Um...
so, um, we haven't really done, um, any marketing yet.
Really?
So, how do we know that this is going to sell, without sales data?
VOICEOVER: Don't miss a single pitch or project -
watch full episodes of Shark Tank Australia
on 10Play.
How have you marketed this business so far?
Um...
..we haven't really done any marketing yet.
VOICEOVER: Sparkling drinks founders Tara and Mel
are being grilled by the Sharks
over their marketing.
So, we've just set up our Instagram page
and also LinkedIn page,
um...
and then...
So, what is the go-to-market strategy for this?
We really want to position this
as that premium, um, healthy alternative to alcohol,
a special-occasion drink.
Launching to market, we're really looking at aligning our brand
to higher-end hotels or higher-end restaurants, cafes,
so that we can establish our brand in that position.
And who's gonna do that work?
Do you have a team?
It's just us in the business - Mum's full-time in the business.
I assume, at a certain point, Tara,
you're gonna transition into the business.
That would be the idea, yeah. Definitely the dream.
What would you do with the $125,000?
What we need at the moment is product.
Been holding back a little bit
in terms of, um, a sales date for the product being available,
because we need the production there to be able to service that.
My concern is...
..the hustle part -
someone's gotta go out there, calling the cafes, get it out there.
I think that's...missing for me.
Who's gonna do that?
Only for that reason, I'm out.
Thank you, Robert. Thank you.
I'm very impressed and delighted
that we're seeing Indigenous-run and owned business
with Indigenous product, with Indigenous story coming to market
and I'm very interested in investing in this business.
But what I'm gonna look for
is probably a partner with one of the Sharks -
and there are three sitting with me
who are actually very, very good at taking product to market.
Hmm.
If you spend $100,000 on stock,
I'd want to know if you're going to hustle
and find these cafes and stores to sell it to.
And with you working full-time, I think that's part of it as well.
What's the plan there?
For as long as we need to, we'll be out there, knocking on doors.
And we will make this work, 'cause this is our dream.
Yeah. There's...
I'm struggling to see the D to C play.
Without a doubt, the path that you're going down,
I believe that is 100% the play for you
but I just can't add a lot of value in that.
So for those reasons, I'm out.
Thanks, Sabri. Thanks, Sabri.
Every week, I'm seeing these brands just go out of business,
trying to raise more money,
so the profit-per-bottle just doesn't work for that space,
so for that reason, I'm out.
Thanks, Davie.
At a $1.25 million valuation...
..I just don't have the certainty of the business.
I believe Indigenous businesses should be run by Indigenous people
and I would want an arrangement
whereby that investment could be paid back
and you earn the equity back.
And what value would you work that out at?
I think the valuation is...too high.
So, let's start with $125,000 between the two of us...
30%.
Yes. Whew!
But we'll...
..we can come down with royalties.
So after all this talk about it being kumbaya,
you guys are savages!
But there's no...
We've sold 700 bottles! DAVIE: Royalties AND 30%!
That's a sharky offer.
Once we make our investment back,
we'll come down to...
15% between the two of us.
So 7.5% each.
JANE: Yeah. Wow.
I think 30% is a little too high -
would you consider dropping down to...
20?
I'll do it. I'll do it.
Let's do it!
DAVIE: You got a deal!
VOICEOVER: They've done it!
Tara and Mel have secured $125,000
for a 20% share of Yaala
with not one but two Sharks.
You've got good partners.
VOICEOVER: And they could not be happier with their all-girl team.
Oh, my god! Oh!
We're so excited to have them on board with us.
Working with Cat and Jane is just a dream come true.
Yeah.
Captions by Red Bee Media