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VOICEOVER: Tonight...

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00:00:02,840 --> 00:00:05,240
Alright, boys! Let's go!

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..memorable entrances...

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00:00:06,680 --> 00:00:08,360
Here we go, ladies.
Hello, boys.

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Does anyone want to check
out the vehicle?

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Who wants to see a camera?

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..lead to shock exits.

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I'm out.
I'm out.

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And one entrepreneur...

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I'm a little bit nervous
about my numbers.

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It does take
14 separate factories to make.

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..faces the wrath of the Sharks.

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OK, hmm, here we go.

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Time kills deals.

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Are you profitable?

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Valuing your business
at $1.5 million...

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Why are you here?
Who will survive the Shark Tank?

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First to face the sharks
is Sebastian Langton, who hopes

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to make people's lifestyle
dreams a reality.

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I flipped everything from boats
to motorbikes to cars.

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You know, this is really
what I love to do.

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We build dreams for a living
and we love every moment of it.

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Hi, Sharks.

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My name is Seb Langton
and I'm the founder of Vanable,

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one of Australia's leading
custom van conversion companies.

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Van life is rapidly growing
and quickly becoming accepted

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as a new way of life.

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Since launching the business
in 2021, we've experienced

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a booming industry
accelerated by Covid,

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but sustained
by the cost of living crisis

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and the shift towards
remote workplaces, which is why

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we've been able to achieve
more than 2.7 million in sales...

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Nice.

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Good job.

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..in the first two years
of business organically,

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why we've had to expand
multiple times

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to keep up with the demand

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for our exceptional builds,

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and why we're projected to do

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more than four million
in revenue next year.

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Wow.

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I'm here today seeking 300,000

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for a 5% stake in my business.

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Wow.
Wow.

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(WHISTLES)
You dream it, we build it.

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Exquisite,

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completely custom built,
fully compliant vehicles,

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as unique as the owner's tastes.

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Thanks for listening.

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And before we get into questions,
does anyone want to check out

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the vehicle and see what we do best?

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DAVIE: Yes. Am I going to fit
in the bed?

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You will.

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I'm in!

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He's in?

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Am I too long?
Let me in.

57
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Oh, I'm too long.
Let me in!

58
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I'm not sure I fit.
Oh, no, I do.

59
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I'm going to cook for you guys.
What would you like?

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This is comfy as.

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So you have hot and cold
running water.

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You've got a shower out the back,
you've got your fridge,

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you've got a pull-out
induction cooker here.

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It feels like there's quite
a lot of space in here.

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Even the roof is done.

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VOICEOVER: With the Sharks impressed
by the huge offerings

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in the compact size of Seb's van,

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Sabri Suby is interested to learn
more about the man behind the van.

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Hi, Seb.
What led you to start this?

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I was a yacht captain. I got...
ROBERT: You were a yacht captain?
Yeah, yeah.

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You're speaking Robert's language!
Yeah! (LAUGHS)

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I had a 186-foot Amels.

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Yeah, very nice.

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The thing I love about boats is,
no matter how big your boat is,

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there's a space for this,
there's a space for that.

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It reminds me of a high-end yacht.

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Are we talking about yachts or vans?
Oh, sorry, sorry.

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Well, actually, it's funny
because my experience on yachts

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of all different sizes is what
led me to be able to design

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such efficient interiors.

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Mm.

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Because all boats have to make use
of the interior extremely well.
Yeah.

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Walk me through the process.

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So I buy a van, I bring it to you.

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What's the next step?

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So we take the vehicle's size
from the manufacturer.

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We apply our costing to that,
and our quotes are very simple.

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We charge per cubic metre.

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How much is it per cubic metre?

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£5,000 a cubic metre
for our standard designs.

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$6,000 a cubic metre for anything
completely bespoke.

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What's that? Is that bespoke?

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That is a standard design.

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That's standard?

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Wow.
That's standard?
What does the bespoke look like?

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Marble.
(LAUGHTER)

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00:04:38,160 --> 00:04:41,280
So, by bespoke, you mean
you can change a few things?

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You can change
absolutely everything.
It's whatever you want, basically.

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We actually build
a lot of the componentry

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outside of the van because
it's quicker and it's faster,

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and then we install it into the van
so we can actually build a vehicle

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even though we don't have
the vehicle.

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So you build all the components,
van shows up,
you just ram it in there.

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That's correct.

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How much does
a fit-up cost, typically?

106
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So something like this would be
around $60,000 plus your extras.

107
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60,000. Is that a lot?
60,000 for the fit-out?

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That's correct.

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Seb, if I could buy
a tiny house for about that.

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It is a tiny house.
It's a tiny house on wheels.

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I mean, we have people
going off to do this forever.

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Why stay still?

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It's like having a boat
in a harbour - it makes no sense.

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So, Seb, what's
your bottleneck right now?

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At the moment?
Yeah.

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One of the major challenges
we have is stock

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and procurement of stock

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and keeping that flow
of stock coming in.

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The other challenge that we have
is we want to expand further.

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We want to turn up the dial.

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We've got a facility that can
accommodate more builds.

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But, you know, it's a case
of ramping up that advertising,

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going nuts.

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Are you profitable?

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Uh, we broke even
in our first year.

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We've made small amount
of profit this year.

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Where we become profitable
is with scale

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and that's what I'm focused on.

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You're selling the vans for 60.
So where's all that profit going?

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Well, I mean, we have
to run the business.

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So is it majority the facility rent?
Or what are those other costs?

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Facility rent is
a significant portion of our costs.

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I mean, we pay, I think it's about
$280,000 a year for our facility.

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How many vans can you
do a month in terms

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of revenue in this facility?

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We will be able to do
over 140 vans a year.

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What's that monthly revenue?

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I mean, in year five, we
get up to ten mill revenues.

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So, you know, it's going
to be almost $1 million a month.

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$1 million.

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Wow.

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VOICEOVER: With a large cost attached
to the vans and their manufacture,

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has Seb sold
the van life dream enough

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to get a $300,000 investment for
5% equity in the Vanable business?

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Seb, I'm going to just jump in here.

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I think this is an amazing business
you've built.

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And the vans look incredible.

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When I'm thinking about people
having a lifestyle experience

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or a travel experience, I'm actually
kind of a little bit more interested

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in putting people into
a virtual reality headset

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and having them visit the places

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that perhaps your people
in the van would go to,

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but in a virtual environment.

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The business at this stage
is not for me.

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So I'm out.

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Thank you.

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Hey, Seb.
Hey.

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I love what you've done.

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I think for me, it's...

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If this is a business where
you are renting this out,

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I feel like that's probably
something more that I can help with.

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But as the business stands today...

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..for this investment, I'm out.

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Thank you.

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00:07:50,920 --> 00:07:54,560
Will Seb and Robert's
shared love of yachts

166
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convert to an investment in van life?

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I just don't understand
the van life.

168
00:08:02,680 --> 00:08:03,880
(LAUGHTER)

169
00:08:03,880 --> 00:08:07,920
Like, honestly, when I was
coming up and I had no money

170
00:08:07,920 --> 00:08:11,160
and I was Davie's age,
I was so poor that when I went

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00:08:11,160 --> 00:08:15,680
to my first trade show,
I had to sleep in hallways.

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And I said to myself, "If I ever
make any money in life, I will stay

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"at fancy hotels and fly
in a really nice way."

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And sail on nice boats.

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Yeah!

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Yes.

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So I appreciate the quality.
Mm.

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I'm out.
No worries. Thank you.

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00:08:34,880 --> 00:08:38,640
With Robert Herjavec feeling
less than enthusiastic

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00:08:38,640 --> 00:08:43,920
about the concept of van life,
will Davie Fogarty make Seb an offer

181
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he can't refuse?

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00:08:45,680 --> 00:08:48,440
Seb, you've got
the operations down pat.

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00:08:48,440 --> 00:08:50,800
You're going to keep scaling that.

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00:08:50,800 --> 00:08:53,920
I understand
the international markets,

185
00:08:53,920 --> 00:08:55,800
but most of all,
I understand social media,

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00:08:55,800 --> 00:08:58,360
and that, I think, is going
to be the next step.

187
00:09:00,840 --> 00:09:03,320
I do think this is going
to be a big business.

188
00:09:03,320 --> 00:09:04,680
Yeah.

189
00:09:08,440 --> 00:09:12,280
So let me help you and your team
blow up your social media.

190
00:09:12,280 --> 00:09:14,280
And I'm going to make you an offer.

191
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My offer is I'll give you
the $300,000 as a loan,

192
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but I want 20% of the business.

193
00:09:30,720 --> 00:09:32,480
OK.

194
00:09:32,480 --> 00:09:33,680
I'll consider it.

195
00:09:34,960 --> 00:09:38,160
With one offer on the table,
will Sabri Suby jump

196
00:09:38,160 --> 00:09:42,760
at the opportunity to invest
in the van life dream too?

197
00:09:42,760 --> 00:09:46,960
Seb, once I went in
and sat in there, I was...
I was blown away.

198
00:09:46,960 --> 00:09:50,280
Yeah.
I know that I can help you blow up.

199
00:09:50,280 --> 00:09:53,320
I've worked with lots of
fit-out companies and have,

200
00:09:53,320 --> 00:09:56,160
you know, with commercial
fit-outs, and helped them.

201
00:09:56,160 --> 00:09:58,440
I work with Australia's
number one home builder.

202
00:09:58,440 --> 00:09:59,640
I know this market.

203
00:09:59,640 --> 00:10:01,000
I know what I can do
for your business.

204
00:10:06,000 --> 00:10:11,760
So my offer would be,
for all of the money,

205
00:10:11,760 --> 00:10:16,960
I would want a 5% royalty
of top line revenue...

206
00:10:18,560 --> 00:10:20,720
..20% of the business.

207
00:10:20,720 --> 00:10:24,000
However, once you repay
back my investment,

208
00:10:24,000 --> 00:10:26,080
that equity asked
will go down to 15%.

209
00:10:28,760 --> 00:10:30,040
OK.

210
00:10:36,600 --> 00:10:40,760
Although I really appreciate
the offers and the opportunity
for you guys to hear me out,

211
00:10:40,760 --> 00:10:43,760
at this stage, I'm pretty fixed
on the valuation.

212
00:10:43,760 --> 00:10:48,000
I know what my business is worth
and I'm going to have to say no.

213
00:10:48,000 --> 00:10:49,280
I would...

214
00:10:49,280 --> 00:10:50,920
So you're not going to even counter?

215
00:10:50,920 --> 00:10:54,200
I think, a $300,000 investment

216
00:10:54,200 --> 00:10:57,040
for a 5% stake in the business
is very fair.

217
00:10:57,040 --> 00:10:59,080
I don't get out of bed for 5%.

218
00:11:02,000 --> 00:11:04,560
Then it would have to be more money.

219
00:11:18,640 --> 00:11:24,280
VOICEOVER: Sebastian Langton is
seeking $300,000 for 5% equity

220
00:11:24,280 --> 00:11:27,000
in his van conversion business.

221
00:11:27,000 --> 00:11:29,200
I don't get out of bed for 5%.

222
00:11:31,800 --> 00:11:34,240
Then it would have to be more money.

223
00:11:34,240 --> 00:11:37,640
With offers from Davie Fogarty
and Sabri Suby,

224
00:11:37,640 --> 00:11:41,280
will Seb and the Sharks
come to an agreement?

225
00:11:41,280 --> 00:11:43,520
I mean, it's the Shark Tank.

226
00:11:43,520 --> 00:11:46,960
Surely you didn't think
you would get a deal

227
00:11:46,960 --> 00:11:49,240
at your exact value?

228
00:11:49,240 --> 00:11:51,960
I want to stick as close
as I can to that valuation.

229
00:11:51,960 --> 00:11:54,280
Considering the revenues
that we're going to be seeing

230
00:11:54,280 --> 00:11:55,720
in the next few years,

231
00:11:55,720 --> 00:11:57,600
$6 million seems
a very fair valuation.

232
00:11:57,600 --> 00:11:59,120
That's still your future revenue.

233
00:11:59,120 --> 00:12:03,160
It's over six times your
next year's forecasted profits,

234
00:12:03,160 --> 00:12:05,080
which seems absurd.

235
00:12:05,080 --> 00:12:08,120
We're going to do $4 million plus
next year.

236
00:12:08,120 --> 00:12:10,640
We're going to do seven
the year after that.

237
00:12:10,640 --> 00:12:12,640
We're going to do 10
the year after that.

238
00:12:12,640 --> 00:12:14,120
Seb...

239
00:12:14,120 --> 00:12:15,480
Yeah.

240
00:12:18,120 --> 00:12:20,360
I'm out. Thanks.

241
00:12:20,360 --> 00:12:22,120
OK. No worries.

242
00:12:22,120 --> 00:12:23,600
I'm out.

243
00:12:28,520 --> 00:12:30,760
Thank you. Cheers, guys.
CATRIONA: Thanks, Seb.

244
00:12:30,760 --> 00:12:31,880
Bye.

245
00:12:33,280 --> 00:12:36,720
VOICEOVER: After refusing to budge
on his business valuation,

246
00:12:36,720 --> 00:12:40,960
Seb leaves the Tank short
of his dream investment.

247
00:12:40,960 --> 00:12:43,080
It was a little brutal in the Tank.

248
00:12:43,080 --> 00:12:45,840
I mean, they've got a reputation
for being Sharks.

249
00:12:45,840 --> 00:12:48,520
I guess I can be a little stubborn,

250
00:12:48,520 --> 00:12:50,800
but it wasn't
really worth countering.

251
00:12:50,800 --> 00:12:53,840
You know, when you're
that far apart in a negotiation,

252
00:12:53,840 --> 00:12:55,560
you're never going to come
to a deal.

253
00:12:59,680 --> 00:13:04,760
Madison Stefanis from Melbourne
is next to face the Sharks.

254
00:13:04,760 --> 00:13:08,000
She's hoping to grab
their attention with a modern spin

255
00:13:08,000 --> 00:13:10,160
on an old classic.

256
00:13:10,160 --> 00:13:12,760
I'm 23 years old and I started
the business just over

257
00:13:12,760 --> 00:13:14,720
a year and a half ago.

258
00:13:14,720 --> 00:13:17,360
I'm a little bit nervous
about my numbers.

259
00:13:17,360 --> 00:13:21,840
There's been a lot of, you know,
curveballs and things to overcome,

260
00:13:21,840 --> 00:13:23,840
but that's what
makes it interesting.

261
00:13:37,200 --> 00:13:38,360
Hi, Sharks.

262
00:13:38,360 --> 00:13:40,520
I'm Madi, and I'm
the 23-year-old founder

263
00:13:40,520 --> 00:13:43,440
of reusable film camera company
35mm Co.

264
00:13:44,440 --> 00:13:48,040
I'm from Melbourne and I'm seeking
a $300,000 investment for 10% equity

265
00:13:48,040 --> 00:13:49,680
in the company.

266
00:13:49,680 --> 00:13:51,520
Depending on your age,
this one might feel

267
00:13:51,520 --> 00:13:53,560
a little bit nostalgic.

268
00:13:53,560 --> 00:13:55,040
Ha-ha.

269
00:13:55,040 --> 00:13:58,080
When I was 19 I listed
a vintage film camera for sale

270
00:13:58,080 --> 00:14:00,240
in a Facebook group for $50.

271
00:14:00,240 --> 00:14:03,240
Much to my surprise, people
started bidding in the comments

272
00:14:03,240 --> 00:14:05,880
and the camera sold for $250.

273
00:14:05,880 --> 00:14:08,480
So naturally I decided to start
buying and selling

274
00:14:08,480 --> 00:14:10,440
vintage film cameras
during the pandemic

275
00:14:10,440 --> 00:14:12,000
while I was studying at university.

276
00:14:12,000 --> 00:14:14,000
I invested all of my savings,

277
00:14:14,000 --> 00:14:17,240
$50,000, into developing
a film camera of my own.

278
00:14:17,240 --> 00:14:19,000
So in August of 2021, I launched

279
00:14:19,000 --> 00:14:22,080
The Reloader reusable film camera
to market.

280
00:14:22,080 --> 00:14:25,120
Today we've sold over 40,000 units
and we're stocked

281
00:14:25,120 --> 00:14:28,160
in major Australian retailers
The Iconic and Universal Store.

282
00:14:28,160 --> 00:14:29,720
Well done.
Mm.

283
00:14:29,720 --> 00:14:31,640
Wow.

284
00:14:31,640 --> 00:14:33,000
We're currently in conversation

285
00:14:33,000 --> 00:14:35,160
with some of the biggest brick
and mortar retailers in America,

286
00:14:35,160 --> 00:14:36,840
and I need your help to ensure

287
00:14:36,840 --> 00:14:39,240
that we can meet the expectations
of these retail giants,

288
00:14:39,240 --> 00:14:41,600
whilst also building a strong
direct-to-consumer strategy

289
00:14:41,600 --> 00:14:43,600
in a new market.

290
00:14:43,600 --> 00:14:45,920
So, Sharks,
who wants to see a camera?

291
00:14:45,920 --> 00:14:47,080
I do!
SHARKS: Yes.

292
00:14:47,080 --> 00:14:48,920
Great pitch, Madi. That was great.

293
00:14:48,920 --> 00:14:51,800
Thank you. Catriona
Thanks, Madi..

294
00:14:53,680 --> 00:14:55,760
Does anyone remember how to load
a film camera?

295
00:14:55,760 --> 00:14:57,040
Ah!

296
00:14:57,040 --> 00:14:59,960
Yeah, yeah, yeah, I do.
(LAUGHTER)

297
00:15:01,320 --> 00:15:02,640
How do you open it up?

298
00:15:04,040 --> 00:15:05,560
OK. Group selfie.
Go for it.

299
00:15:05,560 --> 00:15:07,360
I'm coming. Oh!

300
00:15:07,360 --> 00:15:09,720
(CAMERA CLICKS)
Yay!
Yay!

301
00:15:09,720 --> 00:15:11,280
Wow. OK.

302
00:15:12,640 --> 00:15:14,360
So, Madi, that was a great pitch.

303
00:15:14,360 --> 00:15:17,800
Can you run us through,
like, how it differs

304
00:15:17,800 --> 00:15:20,040
from other film cameras
out there at the moment?

305
00:15:20,040 --> 00:15:24,480
They're just very straightforward
and easy to use, so it fills a gap

306
00:15:24,480 --> 00:15:28,200
in the market left by disposable
film cameras - one time use.

307
00:15:28,200 --> 00:15:29,400
So the reload is reusable.

308
00:15:29,400 --> 00:15:32,240
For your Gen-Z consumer, you know,
you're 18 to 24s

309
00:15:32,240 --> 00:15:34,280
who like snapping
photos on a night out,

310
00:15:34,280 --> 00:15:36,640
it's nice to get those memories
back and pop them on Instagram.

311
00:15:36,640 --> 00:15:39,440
But it's an actual film.
So how does that work?

312
00:15:39,440 --> 00:15:42,680
So you go to a film processing lab,
hand over the roll of film,

313
00:15:42,680 --> 00:15:45,600
and then you can get the photos back
as either physical prints,

314
00:15:45,600 --> 00:15:47,040
which we've got as examples,

315
00:15:47,040 --> 00:15:49,080
or digital scans
which are emailed to you.

316
00:15:49,080 --> 00:15:51,560
Do they exist anymore,
those film processing plants?

317
00:15:51,560 --> 00:15:52,680
They do.

318
00:15:52,680 --> 00:15:55,000
So there are labs everywhere now
and so many labs do,

319
00:15:55,000 --> 00:15:57,200
you know,
one-hour turnaround time?

320
00:15:57,200 --> 00:15:59,120
Yeah, what's the price
of the individual unit?

321
00:15:59,120 --> 00:16:00,360
So $99 per camera.

322
00:16:00,360 --> 00:16:03,200
And lifetime revenue,
we've done 3.6 million.

323
00:16:03,200 --> 00:16:05,000
ALL: Whoa!

324
00:16:05,000 --> 00:16:06,960
3.6 million?

325
00:16:06,960 --> 00:16:08,520
(WHISTLES)

326
00:16:08,520 --> 00:16:10,240
Over what period of time?

327
00:16:10,240 --> 00:16:12,200
Just over a year and a half.
Good for you.
Wow.

328
00:16:12,200 --> 00:16:13,640
What were your sales last year?

329
00:16:13,640 --> 00:16:15,760
Last year we did 1.89 million.

330
00:16:15,760 --> 00:16:17,360
Did you make any money on that?

331
00:16:17,360 --> 00:16:20,560
So we sit at a 10% net profit.

332
00:16:20,560 --> 00:16:22,200
What do you spend per month on ads

333
00:16:22,200 --> 00:16:24,400
and what kind of return
on ad spend do you get

334
00:16:24,400 --> 00:16:26,000
in the Australian market?

335
00:16:26,000 --> 00:16:30,960
So we spend around 20 grand a month
and across Meta, Pinterest

336
00:16:30,960 --> 00:16:33,800
and Google we have
a blended ROAS of around nine.

337
00:16:33,800 --> 00:16:35,640
Wow.

338
00:16:35,640 --> 00:16:38,240
Ah.
Mm.

339
00:16:39,280 --> 00:16:42,520
You sell it for 99 direct
to consumer.

340
00:16:42,520 --> 00:16:44,600
What does it cost you to make
and what do you sell it

341
00:16:44,600 --> 00:16:45,800
to wholesale for?

342
00:16:45,800 --> 00:16:48,960
So, landed, it costs $20 and
we sell to wholesale for 42.

343
00:16:50,520 --> 00:16:53,560
Madi, you're obviously
doing great with sales.

344
00:16:56,160 --> 00:16:58,640
Why are you here?
Uh...

345
00:16:58,640 --> 00:17:00,760
Why do you need this money?

346
00:17:03,720 --> 00:17:08,040
We are chatting
to some big retailers in the US

347
00:17:08,040 --> 00:17:10,800
and I think that they're quite large
wholesale accounts

348
00:17:10,800 --> 00:17:12,400
and I really want to make sure

349
00:17:12,400 --> 00:17:15,040
that we can accommodate
their purchase orders.

350
00:17:15,040 --> 00:17:18,000
And what's the ownership, Madi?
Are you...
100%.

351
00:17:18,000 --> 00:17:19,400
100% you?
Yeah.

352
00:17:19,400 --> 00:17:21,480
That's amazing.
Wow, I am so impressed.

353
00:17:21,480 --> 00:17:24,000
You yourself have been able
to do these sales.

354
00:17:24,000 --> 00:17:26,480
At 23. Extraordinary. Extraordinary.
Yeah.

355
00:17:26,480 --> 00:17:29,360
Wow.
Thank you.

356
00:17:29,360 --> 00:17:32,280
Yeah, look, let me...let me
jump in on this.

357
00:17:32,280 --> 00:17:34,520
Why have you only got 10% margins?

358
00:17:35,880 --> 00:17:37,240
So...

359
00:17:41,840 --> 00:17:43,760
Oh, that's a hard question.

360
00:17:56,600 --> 00:17:59,760
VOICEOVER: Madison has captured
the Sharks' attention

361
00:17:59,760 --> 00:18:01,200
with a strong pitch

362
00:18:01,200 --> 00:18:05,640
for her retro camera company,
35mm Co.

363
00:18:05,640 --> 00:18:07,880
Why have you only got 10% margins?

364
00:18:09,520 --> 00:18:10,680
So...

365
00:18:10,680 --> 00:18:13,120
Can she reel them in?

366
00:18:15,000 --> 00:18:16,920
Oh, that's a hard question.

367
00:18:20,120 --> 00:18:24,400
So I launched the business in August
of 2021, and I expected our stock

368
00:18:24,400 --> 00:18:26,600
to last us till Christmas -
it sold out in two weeks.

369
00:18:26,600 --> 00:18:30,280
So I spent everything
we had on inventory and it only

370
00:18:30,280 --> 00:18:32,200
just lasted us through Christmas.

371
00:18:32,200 --> 00:18:35,680
So I probably over-forecasted
for Christmas 2022.

372
00:18:35,680 --> 00:18:38,760
We ended up with a little bit
too much stock left over

373
00:18:38,760 --> 00:18:40,720
and that's kind of where it went.

374
00:18:44,960 --> 00:18:49,200
And so with the product
at the moment, is there anybody else

375
00:18:49,200 --> 00:18:52,280
selling anything that's comparable
to this product online?

376
00:18:52,280 --> 00:18:56,120
Kodak - they sell a version
that is...

377
00:18:56,120 --> 00:18:58,640
It's not quite Gen-Z ready.

378
00:18:58,640 --> 00:19:01,240
So there's no other
Gen-Z brands or...

379
00:19:01,240 --> 00:19:05,200
We've had a couple of copycats,
but they don't really stick around.

380
00:19:05,200 --> 00:19:07,680
They kind of always fizzle out.
Mm-hm.

381
00:19:07,680 --> 00:19:10,360
You remind me of me
when I'm 23 years old,

382
00:19:10,360 --> 00:19:12,760
but you actually
have your shit together.

383
00:19:12,760 --> 00:19:17,680
Like, Yeah, you are
so much more put together

384
00:19:17,680 --> 00:19:19,240
and have a clearer strategy.

385
00:19:19,240 --> 00:19:22,040
You don't need to know everything.

386
00:19:22,040 --> 00:19:26,040
Where I get really stuck
with it is I think you need

387
00:19:26,040 --> 00:19:30,800
employees, people that are
more senior with you in finance.

388
00:19:30,800 --> 00:19:32,960
You know, you had a little trouble
with the answering

389
00:19:32,960 --> 00:19:34,160
the finance question.

390
00:19:34,160 --> 00:19:36,840
Inventory - you had
a mistake with inventory.

391
00:19:36,840 --> 00:19:40,320
And I think when you come
to investors next, you might be able

392
00:19:40,320 --> 00:19:44,600
to clearly communicate
that product trajectory

393
00:19:44,600 --> 00:19:47,120
and where you're going to take
the brand a little bit better.

394
00:19:47,120 --> 00:19:50,320
You're absolutely killing it,
and I really do commend you on that.

395
00:19:56,920 --> 00:19:59,000
But for now, unfortunately, I'm out.

396
00:19:59,000 --> 00:20:00,400
Thank you, Davie.

397
00:20:02,080 --> 00:20:05,520
Well, I am just blown away
by you, Madi.

398
00:20:05,520 --> 00:20:08,800
You are one of the stars
to follow, that's for sure.

399
00:20:08,800 --> 00:20:12,280
But I don't think
you need investment.

400
00:20:12,280 --> 00:20:14,440
I think you could continue
to bootstrap this.

401
00:20:14,440 --> 00:20:17,840
And other than I adore you, I'm out.

402
00:20:19,240 --> 00:20:21,240
Thank you, Catriona.

403
00:20:21,240 --> 00:20:23,280
Robert?

404
00:20:23,280 --> 00:20:24,520
Um...

405
00:20:26,880 --> 00:20:30,560
I do agree with
what Cat and Davie said.

406
00:20:30,560 --> 00:20:36,600
You really need a business around
you more so than you need the money.

407
00:20:36,600 --> 00:20:38,120
But I think that's where
I can help you.

408
00:20:38,120 --> 00:20:42,880
It took me 15 years bootstrapping,

409
00:20:42,880 --> 00:20:47,880
which means with my own money,
to build a $200 million business.

410
00:20:47,880 --> 00:20:49,320
I then sold a piece of it

411
00:20:49,320 --> 00:20:52,880
and the next two years
got to $1 billion.

412
00:20:52,880 --> 00:20:54,560
Wow.

413
00:20:54,560 --> 00:20:58,560
I can think of 20 reasons
why this isn't going to work.

414
00:21:00,680 --> 00:21:02,760
But I can think of one
really good reason

415
00:21:02,760 --> 00:21:04,680
why I think it's going to work.

416
00:21:04,680 --> 00:21:06,200
And it's you.

417
00:21:06,200 --> 00:21:09,960
What some of my fellow Sharks
are missing is you're really not

418
00:21:09,960 --> 00:21:11,640
in the product business.

419
00:21:11,640 --> 00:21:13,240
You're in the brand business.

420
00:21:13,240 --> 00:21:17,240
I don't think people are just buying
this because it's a camera.

421
00:21:17,240 --> 00:21:19,360
I think they're buying it
because you've created

422
00:21:19,360 --> 00:21:21,560
an experience around it.

423
00:21:21,560 --> 00:21:24,440
And I love those kind of businesses.

424
00:21:24,440 --> 00:21:28,600
I think where I can help you
is with guidance on the mistakes

425
00:21:28,600 --> 00:21:30,040
not to make.

426
00:21:30,040 --> 00:21:31,520
Yeah.

427
00:21:31,520 --> 00:21:33,800
A lot of the retailers
you want to get into,

428
00:21:33,800 --> 00:21:35,560
I can help you get into.

429
00:21:38,680 --> 00:21:41,960
I'll give you the 300,000 for..

430
00:21:43,440 --> 00:21:44,800
..15%.

431
00:21:44,800 --> 00:21:46,960
OK.

432
00:21:46,960 --> 00:21:48,000
Before you decide,

433
00:21:48,000 --> 00:21:52,400
I have a lot of experience taking
an Australian brand into the US.

434
00:21:52,400 --> 00:21:55,600
More than 50% of our sales
at Showpo is in the US.

435
00:21:55,600 --> 00:21:57,480
So I've done this before.

436
00:21:57,480 --> 00:22:02,720
I can give you $300,000
at the 10% that you're asking for.

437
00:22:02,720 --> 00:22:04,360
OK.

438
00:22:06,360 --> 00:22:10,080
I'm really struggling on this one
because what you have achieved

439
00:22:10,080 --> 00:22:13,160
at such a young age
is just incredible.

440
00:22:13,160 --> 00:22:18,880
Right, but on the other end, looking
at this from a Shark's point of view,

441
00:22:18,880 --> 00:22:22,960
the type of offer that
I would need to make you in order

442
00:22:22,960 --> 00:22:27,440
for this to make sense for me
would be doing you a disservice.

443
00:22:27,440 --> 00:22:29,200
It would be 300,000

444
00:22:29,200 --> 00:22:31,400
for 30% of the business.

445
00:22:31,400 --> 00:22:32,640
Wow.

446
00:22:32,640 --> 00:22:34,000
OK.

447
00:22:34,000 --> 00:22:36,680
That's Sharky.
Yeah.

448
00:22:39,920 --> 00:22:41,560
How about this?

449
00:22:41,560 --> 00:22:46,240
Jane and I will give you 300,000,
but we want a little more equity.

450
00:22:48,400 --> 00:22:51,600
We'll do it for 20%,
straight equity.

451
00:22:53,720 --> 00:22:55,800
Would you meet in the middle
and do 15?

452
00:22:57,880 --> 00:22:59,360
18.

453
00:22:59,360 --> 00:23:01,080
Jane, you understand my customer.

454
00:23:01,080 --> 00:23:02,760
You get it.
Mm-hm.

455
00:23:02,760 --> 00:23:05,920
And, Robert, you have
tremendous connections in the US.

456
00:23:05,920 --> 00:23:07,880
Can we meet at 17.5?

457
00:23:14,040 --> 00:23:15,640
Let's do it!
Done!

458
00:23:15,640 --> 00:23:18,200
(CHEERING)

459
00:23:18,200 --> 00:23:19,920
DAVIE: Great decision.
Thank you so much!

460
00:23:19,920 --> 00:23:22,880
Thank you.
Congratulations.
Oh, my gosh, it's great!

461
00:23:22,880 --> 00:23:24,880
Amazing job.
Yay!
Thank you so much.

462
00:23:24,880 --> 00:23:26,040
High five.

463
00:23:26,040 --> 00:23:27,880
VOICEOVER: High fives all round.

464
00:23:27,880 --> 00:23:30,400
Incredible. Well done.
DAVIE: Go get 'em.

465
00:23:30,400 --> 00:23:34,360
The 23-year-old entrepreneur has two
Sharks by her side

466
00:23:34,360 --> 00:23:39,000
and walks away with $300,000

467
00:23:39,000 --> 00:23:44,280
in return for a 17.5% share
of her business.

468
00:23:44,280 --> 00:23:46,880
When you were her age, what would
you have done to have somebody

469
00:23:46,880 --> 00:23:47,960
with experience to guide you?

470
00:23:47,960 --> 00:23:50,200
Oh!
To save you from all the bad hires.

471
00:23:50,200 --> 00:23:52,800
All the apps
that don't actually work.

472
00:23:52,800 --> 00:23:54,440
Oh, my God, I...

473
00:23:57,320 --> 00:23:58,680
What next?

474
00:23:58,680 --> 00:24:03,400
Hopefully I get to work with
Robert and Jane closely and grow

475
00:24:03,400 --> 00:24:06,120
this business and roll it out
across the US and hopefully

476
00:24:06,120 --> 00:24:07,760
even more new markets.

477
00:24:09,200 --> 00:24:11,000
I think it'll be really,
really amazing.

478
00:24:11,000 --> 00:24:13,640
Jane, I'm very excited
about that one.
I'm so excited!

479
00:24:13,640 --> 00:24:16,480
Argh!

480
00:24:16,480 --> 00:24:17,600
Coming up...

481
00:24:17,600 --> 00:24:20,160
Oh!
DAVIE: Here we go, ladies.

482
00:24:20,160 --> 00:24:24,440
..a man with a nifty solution
to never losing your earbuds.

483
00:24:24,440 --> 00:24:26,240
Hands-free guaranteed.

484
00:24:26,240 --> 00:24:28,000
That's amazing.

485
00:24:28,000 --> 00:24:30,000
And then later...
Hit us.

486
00:24:30,000 --> 00:24:32,320
..an all-American dream team

487
00:24:32,320 --> 00:24:34,640
bring in a beachy deal.

488
00:24:34,640 --> 00:24:37,840
Hoo-ee!
Oh, we we've had a gross sales
of 400,000.

489
00:24:37,840 --> 00:24:39,640
Wow.
Whoa.

490
00:24:39,640 --> 00:24:41,800
In 30 days?
Yes.

491
00:24:50,800 --> 00:24:55,200
Next up is budding entrepreneur
Nevada Smith from Queensland,

492
00:24:55,200 --> 00:24:59,840
who's hoping to gain more than
just money from the Tank.

493
00:24:59,840 --> 00:25:03,680
I'm exceptionally nervous,
but I'm here to give it a go.

494
00:25:05,680 --> 00:25:09,320
I'm definitely creative
and I have an innovating streak.

495
00:25:09,320 --> 00:25:12,400
Where I lack is numbers
and business.

496
00:25:16,480 --> 00:25:18,920
"Never lose. NevaBuds."

497
00:25:18,920 --> 00:25:22,160
OK, I bought a pair of ear pods
the other day,

498
00:25:22,160 --> 00:25:24,440
and within 24 hours
I'd lost one of them.

499
00:25:24,440 --> 00:25:26,840
It's a genuine problem.
I've just bought three pairs of them.

500
00:25:26,840 --> 00:25:27,840
I keep losing them.

501
00:25:27,840 --> 00:25:32,200
Do you know how much revenue
that AirPods does for Apple a year?

502
00:25:32,200 --> 00:25:33,800
1.5 billion.

503
00:25:33,800 --> 00:25:34,920
10 billion.

504
00:25:34,920 --> 00:25:36,120
BOTH: No!

505
00:25:48,760 --> 00:25:50,920
(COUGHS) Sorry. I'm a bit nervous.

506
00:25:52,560 --> 00:25:54,640
G'day, Sharks.

507
00:25:54,640 --> 00:25:58,640
My name is Nevada
and my passion is earbuds.

508
00:25:58,640 --> 00:26:02,920
When you join the names together,
you get the NevaBuds.

509
00:26:02,920 --> 00:26:06,920
I'm proposing 40% equity
of my business

510
00:26:06,920 --> 00:26:09,200
for $28,000.

511
00:26:09,200 --> 00:26:12,280
In return, you're going to assist me

512
00:26:12,280 --> 00:26:13,960
in the advertising and the marketing

513
00:26:13,960 --> 00:26:18,640
and the mass production
of the first 5,000 earphones.

514
00:26:18,640 --> 00:26:22,080
Keep in mind, Sharks,
I'm not after your money.

515
00:26:23,560 --> 00:26:25,280
I'm here to make you money.

516
00:26:25,280 --> 00:26:26,680
(CHUCKLES)

517
00:26:26,680 --> 00:26:29,840
Because you never lose
the NevaBuds.

518
00:26:29,840 --> 00:26:32,480
Alright, boys. Let's go!

519
00:26:33,840 --> 00:26:35,120
DAVIE: Here we go, ladies.

520
00:26:35,120 --> 00:26:37,040
Oh! Hello, boys.

521
00:26:37,040 --> 00:26:39,160
Is that Davie and Sabri?
Oh, no, they're up here.

522
00:26:41,640 --> 00:26:43,840
Never lose the NevaBuds.

523
00:26:43,840 --> 00:26:45,680
Hands-free guaranteed.

524
00:26:45,680 --> 00:26:49,360
Long flights overseas,
the NevaBuds makes it a breeze!

525
00:26:49,360 --> 00:26:51,640
When you finish using the buds,

526
00:26:51,640 --> 00:26:53,560
you simply clip it and wear it.

527
00:26:53,560 --> 00:26:54,760
It's as easy as that.

528
00:26:54,760 --> 00:26:58,400
Never lose NevaBuds.

529
00:26:58,400 --> 00:27:01,120
Why two models with no shirts?

530
00:27:01,120 --> 00:27:04,920
Well, I wanted you guys to see
the full aspect of the earphones

531
00:27:04,920 --> 00:27:08,840
without any shirts on,
so you can see it against the skin.

532
00:27:08,840 --> 00:27:10,360
And I thought, "Hey, why not?"

533
00:27:10,360 --> 00:27:14,720
For visual effect, we get these
two handsome young men in here
to give it a go.

534
00:27:14,720 --> 00:27:16,840
No complaints from me at this stage.

535
00:27:16,840 --> 00:27:18,520
Mate, you did awesome.
Thank you very much.

536
00:27:18,520 --> 00:27:19,880
Thanks, mate. You have a good one.

537
00:27:19,880 --> 00:27:21,480
Thanks, bro.

538
00:27:21,480 --> 00:27:24,760
I've got a set for you that I'd like
to give you now as a gift.

539
00:27:24,760 --> 00:27:27,000
Sure.
Let's have a look.

540
00:27:28,320 --> 00:27:29,800
Thank you.

541
00:27:29,800 --> 00:27:31,800
Beautiful packaging.
Thank you.

542
00:27:31,800 --> 00:27:33,000
Thanks very much.

543
00:27:33,000 --> 00:27:35,880
With my packaging, you just open it
on the side. It's a magnet.

544
00:27:35,880 --> 00:27:38,240
Of course.
CATRIONA: Oh, nice.

545
00:27:38,240 --> 00:27:41,000
I was so tired
with old-fashioned earphones.

546
00:27:41,000 --> 00:27:44,200
If you lose one of these,
it costs you a lot of these.

547
00:27:46,680 --> 00:27:48,760
So they're headphones
that have a magnetic thing

548
00:27:48,760 --> 00:27:50,480
to clip around so you can wear it?

549
00:27:50,480 --> 00:27:51,600
Absolutely.

550
00:27:51,600 --> 00:27:54,600
I think it's... I mean,
if you have the ones that clip

551
00:27:54,600 --> 00:27:57,920
and the ones that don't clip, aren't
the ones that clip better?

552
00:27:57,920 --> 00:28:00,720
I spend a lot of time
with earphones in

553
00:28:00,720 --> 00:28:03,520
and I've had all of them,
and I really like this.

554
00:28:03,520 --> 00:28:05,560
Tell us about your sales.

555
00:28:05,560 --> 00:28:07,760
OK, So my sales
are pretty modest. So...

556
00:28:07,760 --> 00:28:08,880
Hit us.

557
00:28:08,880 --> 00:28:11,560
I've sold 680 earphones.

558
00:28:11,560 --> 00:28:14,160
680,000.
No, I wish.
Oh.

559
00:28:14,160 --> 00:28:16,680
What does that translate
in terms of gross sales?

560
00:28:16,680 --> 00:28:18,800
OK, so $100 an earphone.

561
00:28:18,800 --> 00:28:20,640
So I've made $68,000.

562
00:28:20,640 --> 00:28:22,320
Over what period of time?

563
00:28:22,320 --> 00:28:24,000
OK. (CHUCKLES) Here we go.

564
00:28:26,040 --> 00:28:27,960
From 2019 to the current date.

565
00:28:31,080 --> 00:28:33,280
I work two jobs, so I only sell

566
00:28:33,280 --> 00:28:35,400
on any given Sunday
at a local market

567
00:28:35,400 --> 00:28:37,120
on the Gold Coast.

568
00:28:37,120 --> 00:28:40,360
I'm not good with business
and I'm not good with online sales,

569
00:28:40,360 --> 00:28:42,320
say, via Facebook.

570
00:28:44,840 --> 00:28:47,400
Nevada, it takes a lot of time to go

571
00:28:47,400 --> 00:28:50,640
to a market to set up
and to sell and to be on.

572
00:28:50,640 --> 00:28:52,560
That's so much effort.

573
00:28:52,560 --> 00:28:55,920
The thing about advertising
on Facebook is that you can invest

574
00:28:55,920 --> 00:28:57,480
a very small amount of money

575
00:28:57,480 --> 00:29:00,040
and also the information
on how to do that

576
00:29:00,040 --> 00:29:01,400
is free on the internet,

577
00:29:01,400 --> 00:29:03,560
that you can hop on YouTube
and learn how to do it, so...

578
00:29:03,560 --> 00:29:06,680
I have most certainly done this.
Yeah.

579
00:29:06,680 --> 00:29:09,120
I have 130,000 followers
on Facebook.

580
00:29:09,120 --> 00:29:11,080
Oh, 130,000.
Yes.

581
00:29:11,080 --> 00:29:13,160
Wow.
So I most certainly am trying.

582
00:29:13,160 --> 00:29:14,640
Yeah.
It's not that I'm not trying.

583
00:29:14,640 --> 00:29:16,880
How have you gotten those followers?

584
00:29:16,880 --> 00:29:22,240
I did a competition at the very
beginning when I did my prototype.

585
00:29:22,240 --> 00:29:23,520
Yeah.
Yeah.

586
00:29:23,520 --> 00:29:26,760
And I went from 100 followers
to about 10,000.

587
00:29:26,760 --> 00:29:28,120
And it went viral.
Yeah.

588
00:29:28,120 --> 00:29:29,480
And it just kept growing.

589
00:29:29,480 --> 00:29:31,320
And now I'm sitting at 130,000.

590
00:29:31,320 --> 00:29:32,600
That's amazing.

591
00:29:32,600 --> 00:29:34,400
That's good.

592
00:29:34,400 --> 00:29:35,960
Like, how much sales
have you done online?

593
00:29:35,960 --> 00:29:40,800
I've only done approximately
50 sales over the last three or
four years.

594
00:29:40,800 --> 00:29:42,800
So the page
is not converting into sales.

595
00:29:42,800 --> 00:29:44,960
No, it's not.
Hmm.

596
00:29:46,160 --> 00:29:48,120
Hence one of the reasons
why I'm here.

597
00:29:48,120 --> 00:29:51,760
I don't have any
computer understanding, especially

598
00:29:51,760 --> 00:29:53,320
with advertising and marketing.

599
00:29:54,920 --> 00:29:56,920
Yeah, I do lack that
and I admit that.

600
00:29:56,920 --> 00:29:59,680
No, we appreciate your honesty.

601
00:29:59,680 --> 00:30:01,840
OK. What about retail?

602
00:30:01,840 --> 00:30:03,080
I would absolutely love that.

603
00:30:03,080 --> 00:30:07,120
However, keep in mind, I do earn
28 bucks an hour at my work.

604
00:30:07,120 --> 00:30:10,640
Even if JB Hi-Fi asks
for a massive stock,

605
00:30:10,640 --> 00:30:12,600
I don't have that type of money.

606
00:30:12,600 --> 00:30:15,360
And imagine me putting that
into their stores

607
00:30:15,360 --> 00:30:19,080
without the advertising behind it
so people know what to go and get.

608
00:30:19,080 --> 00:30:20,960
But you don't know -
it's all theoretic.

609
00:30:20,960 --> 00:30:23,040
Why not get the order,
get a small order?

610
00:30:23,040 --> 00:30:25,200
You're a very, very clever guy.

611
00:30:25,200 --> 00:30:26,840
This is clever.

612
00:30:26,840 --> 00:30:28,880
I don't know if
it's commercially viable,

613
00:30:28,880 --> 00:30:30,680
but it's clever.

614
00:30:30,680 --> 00:30:34,000
Instead of give up or go,
"I can't do it,"

615
00:30:34,000 --> 00:30:38,000
I've hit an area that I can handle,
which is the local markets.

616
00:30:38,000 --> 00:30:40,680
And when you are selling face
to face to those people,

617
00:30:40,680 --> 00:30:43,360
like, your sales are more
than I would have thought,

618
00:30:43,360 --> 00:30:44,520
to give you credit.

619
00:30:44,520 --> 00:30:46,680
So when you're doing your pitch,
you're at the market,

620
00:30:46,680 --> 00:30:49,080
you've got a buyer in front of you,
why are they buying this?

621
00:30:49,080 --> 00:30:52,240
The feedback I get is,
"Fantastic idea.

622
00:30:52,240 --> 00:30:55,480
"I'm so tired of losing and
carrying my earphones. I love it."

623
00:30:55,480 --> 00:30:58,120
I don't think so. I think it's you.

624
00:30:59,480 --> 00:31:01,200
Oh, thank you.

625
00:31:01,200 --> 00:31:03,360
No, seriously, you're great.

626
00:31:03,360 --> 00:31:05,240
You're very, very engaging.

627
00:31:05,240 --> 00:31:06,640
Mm.

628
00:31:06,640 --> 00:31:08,720
What do you do to make a living?

629
00:31:08,720 --> 00:31:13,320
So I've been working two jobs,
and one job as a car park attendant.

630
00:31:13,320 --> 00:31:16,640
And the other job, I work at a local
Gold Coast hospital as a wardsman.

631
00:31:16,640 --> 00:31:18,080
What's a Wardsman?

632
00:31:18,080 --> 00:31:19,840
A wardsman is pretty much a gofer.

633
00:31:19,840 --> 00:31:22,600
Go and do this and go and do that
for the nurses, and anything

634
00:31:22,600 --> 00:31:24,440
that may be needed
within the hospital.

635
00:31:24,440 --> 00:31:25,760
Yeah.

636
00:31:25,760 --> 00:31:27,400
What does the product cost?

637
00:31:27,400 --> 00:31:29,640
$25 per unit.

638
00:31:29,640 --> 00:31:31,520
What do you sell it for?

639
00:31:31,520 --> 00:31:33,320
I sell them for $100.
How much are AirPods?

640
00:31:33,320 --> 00:31:35,720
How much are AirPods?
350.

641
00:31:35,720 --> 00:31:38,440
350, 400.
Whoa!

642
00:31:38,440 --> 00:31:41,280
Nevada, how much have you invested
in this business to date?

643
00:31:42,400 --> 00:31:43,960
$100,000.

644
00:31:43,960 --> 00:31:45,440
Wow.

645
00:31:45,440 --> 00:31:46,560
Well done.

646
00:31:46,560 --> 00:31:50,560
That's why I do two jobs.
No, well done for that.
I can see how much it means to you.

647
00:31:50,560 --> 00:31:53,640
And that's a lot of work
to put into that, so well done, mate.

648
00:31:53,640 --> 00:31:54,800
Thank you.

649
00:31:54,800 --> 00:31:56,520
You have the patent?
Yes, absolutely.
OK.

650
00:31:56,520 --> 00:31:58,160
And pending it anywhere else
in the world.

651
00:31:58,160 --> 00:32:01,160
No. It's an Australian patent.

652
00:32:01,160 --> 00:32:02,600
And how much went to R&D

653
00:32:02,600 --> 00:32:05,800
and how much went to actually
getting that patent?

654
00:32:05,800 --> 00:32:09,880
$50,000 to manufacture
the earphones.

655
00:32:09,880 --> 00:32:11,960
$26,000 for the patent.

656
00:32:11,960 --> 00:32:13,880
Australian patent.

657
00:32:13,880 --> 00:32:17,760
And the rest was odds and ends
for the logistics of the business.

658
00:32:17,760 --> 00:32:20,040
Nevada,

659
00:32:20,040 --> 00:32:25,440
at this point, as much as I like you
and I admire the honesty,

660
00:32:25,440 --> 00:32:27,440
it's not for me, I'm out.

661
00:32:27,440 --> 00:32:29,320
I wish you the best.
Thank you, sir.

662
00:32:29,320 --> 00:32:32,400
Nevada, I think you've fallen
into a common trap

663
00:32:32,400 --> 00:32:35,040
and you put limitations on yourself.

664
00:32:35,040 --> 00:32:39,160
You've told yourself
you can't market on Facebook.

665
00:32:39,160 --> 00:32:41,800
But unfortunately you haven't gone
and done that work,

666
00:32:41,800 --> 00:32:43,560
so I can't invest in the product.

667
00:32:43,560 --> 00:32:44,680
I'm out.

668
00:32:44,680 --> 00:32:47,200
I appreciate your time.
Thank you, sir.

669
00:32:50,320 --> 00:32:54,960
Nevada, I can see that fire that
you will run through brick walls

670
00:32:54,960 --> 00:32:56,720
to get to the outcome.

671
00:32:58,240 --> 00:33:02,400
But this isn't a business that I see
as being commercially viable.

672
00:33:03,680 --> 00:33:05,240
So for that reason, I'm out.

673
00:33:05,240 --> 00:33:07,120
Thank you for your time.
I appreciate it.

674
00:33:10,080 --> 00:33:12,560
Nevada, I think you're
pretty clever to have come up

675
00:33:12,560 --> 00:33:14,480
with something different.

676
00:33:14,480 --> 00:33:15,960
The packaging looks great.

677
00:33:17,800 --> 00:33:21,240
But the lack of online sales
does worry me.

678
00:33:22,520 --> 00:33:24,480
I'm sorry, but I'm out.

679
00:33:24,480 --> 00:33:26,920
That's alright.
I appreciate your time.

680
00:33:31,120 --> 00:33:32,520
Hmm.

681
00:33:32,520 --> 00:33:33,800
Hey, Nevada.

682
00:33:33,800 --> 00:33:35,480
I actually think
the product is good.

683
00:33:35,480 --> 00:33:38,160
It solves a problem that
I have losing earbuds all the time.

684
00:33:38,160 --> 00:33:39,480
I think it's pretty cool.

685
00:33:39,480 --> 00:33:43,520
I'm very impressed with you
and your determination.

686
00:33:44,600 --> 00:33:45,880
Uh.

687
00:33:45,880 --> 00:33:48,200
I don't want your money.
I want to make you money.

688
00:33:49,920 --> 00:33:52,080
But...

689
00:33:52,080 --> 00:33:53,920
..I'm a tech entrepreneur.

690
00:33:53,920 --> 00:33:55,640
I do AI in the metaverse,

691
00:33:55,640 --> 00:33:58,360
so this is not really
in my wheelhouse.

692
00:34:06,440 --> 00:34:08,960
But I am going to make you an offer.

693
00:34:08,960 --> 00:34:12,280
$28,000 for 49% of your business.

694
00:34:12,280 --> 00:34:13,440
Wow.

695
00:34:21,080 --> 00:34:22,760
(TEARFULLY) I say, yes, alright.

696
00:34:22,760 --> 00:34:24,640
You'll do it?
Yeah!

697
00:34:24,640 --> 00:34:26,560
JANE: Oh, my God! Whoo!

698
00:34:26,560 --> 00:34:27,560
Thanks.

699
00:34:27,560 --> 00:34:28,560
You alright, mate?

700
00:34:28,560 --> 00:34:32,080
Bless you. I'm so grateful!

701
00:34:32,080 --> 00:34:33,600
I'm going to make you
a lot of money.

702
00:34:33,600 --> 00:34:34,800
Man, I know it.

703
00:34:34,800 --> 00:34:37,320
Because you never lose
the NevaBuds. Whoo!

704
00:34:37,320 --> 00:34:39,920
ROBERT: Whoo!
Well done.

705
00:34:39,920 --> 00:34:43,680
VOICEOVER: Nevada has sealed
a $28,000 investment...

706
00:34:43,680 --> 00:34:45,080
Thank you.

707
00:34:45,080 --> 00:34:50,440
..in exchange for just under
half of his entire business.

708
00:34:50,440 --> 00:34:52,360
(TEARFULLY) Tears of joy.

709
00:34:52,360 --> 00:34:54,240
I'm really grateful.

710
00:34:54,240 --> 00:34:57,240
I'm sorry. It's been a journey.

711
00:35:02,960 --> 00:35:06,520
Who will secure
life changing-investment

712
00:35:06,520 --> 00:35:10,120
with full episodes of
Shark Tank Australia on 10 Play?

713
00:35:21,440 --> 00:35:22,680
American imports

714
00:35:22,680 --> 00:35:24,400
Regan and Nathan Merka

715
00:35:24,400 --> 00:35:27,120
are next to dive into the Tank.

716
00:35:28,640 --> 00:35:32,960
The husband and wife team are hoping
to transform beach trips for parents

717
00:35:32,960 --> 00:35:35,080
and kids everywhere.

718
00:35:35,080 --> 00:35:38,040
I was tired of struggling to get
all of my stuff down to the beach

719
00:35:38,040 --> 00:35:39,760
with my two kids.

720
00:35:39,760 --> 00:35:41,960
Let's go.

721
00:35:41,960 --> 00:35:44,440
So we wanted to make
an all-terrain vehicle

722
00:35:44,440 --> 00:35:46,440
that we could pretty much go
anywhere with our kids

723
00:35:46,440 --> 00:35:48,240
and have an easier and
more fun day out.

724
00:36:00,360 --> 00:36:03,360
Hi, Sharks. I'm Regan.
And I'm Nathan.

725
00:36:03,360 --> 00:36:06,280
And I'm the mom creator
of the Burleigh Wagon.

726
00:36:06,280 --> 00:36:09,680
We're here today seeking
a $450,000 investment

727
00:36:09,680 --> 00:36:11,080
in exchange for 10% of our company.

728
00:36:11,080 --> 00:36:12,760
Wow.

729
00:36:12,760 --> 00:36:15,480
When we moved here seven years ago
from America, we ended up

730
00:36:15,480 --> 00:36:18,400
in a beautiful spot called
Burleigh on the Gold Coast.

731
00:36:18,400 --> 00:36:21,400
We loved the beaches, the parks,
the outdoor lifestyle that

732
00:36:21,400 --> 00:36:23,040
the coast had to offer.

733
00:36:23,040 --> 00:36:26,520
Leaving the house with two kids
under two was quite overwhelming.

734
00:36:26,520 --> 00:36:28,080
(CHUCKLES)

735
00:36:28,080 --> 00:36:30,200
Our daughter is on
the autism spectrum

736
00:36:30,200 --> 00:36:31,680
and we genuinely struggled

737
00:36:31,680 --> 00:36:34,720
to leave the house on longer outings
and keep her content.

738
00:36:34,720 --> 00:36:36,640
We searched for an alternative
on the market

739
00:36:36,640 --> 00:36:38,600
and we couldn't find anything.

740
00:36:38,600 --> 00:36:42,920
So we wanted to create something
that helped us as parents

741
00:36:42,920 --> 00:36:44,480
and was a bit more fun as well.

742
00:36:44,480 --> 00:36:48,400
So we started by adding
a built in esky.

743
00:36:48,400 --> 00:36:51,400
Because every parent knows
that snacks and cold drinks

744
00:36:51,400 --> 00:36:53,280
are the keys to all success
when leaving the house

745
00:36:53,280 --> 00:36:55,040
with young kids.

746
00:36:55,040 --> 00:36:57,760
When we moved here, there
weren't a lot of safe options

747
00:36:57,760 --> 00:36:59,080
for children to ride in.

748
00:36:59,080 --> 00:37:02,840
So our wagon also
has safety belts as well

749
00:37:02,840 --> 00:37:05,400
and complies with
the ACCC safety standards.

750
00:37:07,240 --> 00:37:09,000
We also added a Bluetooth speaker.

751
00:37:09,000 --> 00:37:13,160
With two charging ports so you can
plug in all your mobile devices.

752
00:37:13,160 --> 00:37:16,040
We can even plug in our USB fans

753
00:37:16,040 --> 00:37:20,840
so you can angle the fan
and chill out in your wagon.

754
00:37:20,840 --> 00:37:22,160
Wow.

755
00:37:22,160 --> 00:37:23,520
Oh, that's so cool.

756
00:37:23,520 --> 00:37:26,960
We also added side storage racks
for your bigger gear.

757
00:37:26,960 --> 00:37:29,320
You name it, you can haul it
in the wagon.

758
00:37:30,600 --> 00:37:34,080
VOICEOVER: Can Regan and Nathan
wheel the Sharks in

759
00:37:34,080 --> 00:37:40,080
for a $450,000 investment
for 10% equity of their business?

760
00:37:41,160 --> 00:37:42,960
Great pitch, guys. I'm Davie.

761
00:37:42,960 --> 00:37:44,160
Hi, Davie. Thank you.
Thank you.

762
00:37:44,160 --> 00:37:46,760
So, basically, you've created
the most souped up,

763
00:37:46,760 --> 00:37:50,480
pimped out beach wagon,
is that right?

764
00:37:50,480 --> 00:37:51,480
Yes.

765
00:37:51,480 --> 00:37:54,000
So I was pushing an empty pram
a lot of the time

766
00:37:54,000 --> 00:37:56,200
with bags hanging off the back.

767
00:37:56,200 --> 00:37:58,520
Our eldest is on
the autism spectrum,

768
00:37:58,520 --> 00:38:01,960
so she would get out,
run in one direction,

769
00:38:01,960 --> 00:38:04,080
our other child was
in the other direction.

770
00:38:04,080 --> 00:38:06,280
And I just... It was pretty chaotic.

771
00:38:06,280 --> 00:38:09,760
Right.
So we wanted to make something that
they actually liked to ride in.

772
00:38:09,760 --> 00:38:12,040
It is awesome.

773
00:38:12,040 --> 00:38:13,440
Thank you.
Thank you so much.

774
00:38:13,440 --> 00:38:16,400
It is the best wagon
I have ever seen.

775
00:38:16,400 --> 00:38:19,360
I have five-year-old twins...
Aww.

776
00:38:19,360 --> 00:38:21,800
..and I have every wagon
you can imagine.

777
00:38:21,800 --> 00:38:25,040
Here in Australia, wagons
are kind of a different thing

778
00:38:25,040 --> 00:38:26,360
that hasn't been around.

779
00:38:26,360 --> 00:38:28,760
You mean in Australia people
don't use wagons?

780
00:38:28,760 --> 00:38:30,880
We moved here in 2000...
No, there's zero.

781
00:38:30,880 --> 00:38:33,600
I must have 20 wagons in California.

782
00:38:33,600 --> 00:38:35,760
So it has been hard
to kind of educate

783
00:38:35,760 --> 00:38:38,520
as to why this will make
a massive difference.

784
00:38:39,960 --> 00:38:44,400
VOICEOVER: With fellow
North American import Robert Herjavec
on the bandwagon,

785
00:38:44,400 --> 00:38:48,960
he wants to find out more about
Regan and Nathan's financials.

786
00:38:48,960 --> 00:38:50,680
How much is it?

787
00:38:50,680 --> 00:38:53,600
It retails for 499 in Australia.
Ooh!

788
00:38:55,880 --> 00:38:58,240
How much does it cost you to make?

789
00:38:58,240 --> 00:39:00,800
Our manufacturing cost is 225.

790
00:39:00,800 --> 00:39:03,840
Nathan, that's a pretty high cost.
Yeah.

791
00:39:03,840 --> 00:39:07,720
It does take 14 separate factories
to make a Burleigh Wagon
and its accessories.

792
00:39:07,720 --> 00:39:09,800
Wow.
Whoa.

793
00:39:09,800 --> 00:39:12,120
That is a recipe for something
breaking down

794
00:39:12,120 --> 00:39:15,000
in that supply chain
somewhere along the way.

795
00:39:16,680 --> 00:39:19,200
I'm going to assume
you sell it retail.

796
00:39:19,200 --> 00:39:21,120
Just direct to consumer
at the moment.
Yes.

797
00:39:21,120 --> 00:39:22,880
How much does it cost to ship?

798
00:39:22,880 --> 00:39:27,040
Shipping is...
It's a big box size.

799
00:39:29,840 --> 00:39:32,600
If it leaves Australia,
it's about $1,000.

800
00:39:32,600 --> 00:39:34,880
$1,000?

801
00:39:46,120 --> 00:39:48,800
I'm going to assume
you sell it retail.

802
00:39:48,800 --> 00:39:50,760
How much is the cost to ship?

803
00:39:50,760 --> 00:39:53,560
If it leaves Australia,
it's about $1,000.

804
00:39:53,560 --> 00:39:55,640
$1,000?

805
00:39:57,000 --> 00:39:58,840
Let's talk about
within Australia, guys.

806
00:39:58,840 --> 00:40:02,000
Within Australia,
we offer free shipping.

807
00:40:02,000 --> 00:40:04,080
How much does it cost you?

808
00:40:04,080 --> 00:40:06,000
My average is about 60 to 65.

809
00:40:06,000 --> 00:40:07,040
Whoa.

810
00:40:07,040 --> 00:40:09,440
VOICEOVER:
With a high shipping cost attached

811
00:40:09,440 --> 00:40:11,280
to their direct-to-consumer wagon,

812
00:40:11,280 --> 00:40:14,880
e-commerce giant Davie Fogarty
is interested

813
00:40:14,880 --> 00:40:18,920
to see if Regan and Nathan's
modest margin can be increased.

814
00:40:18,920 --> 00:40:21,640
So you're making about $110 a unit?

815
00:40:21,640 --> 00:40:23,080
Correct.

816
00:40:24,920 --> 00:40:28,240
What do you think you'll be able to
get the cost of the product down to?

817
00:40:28,240 --> 00:40:30,280
The most expensive component
is the main body.

818
00:40:30,280 --> 00:40:35,760
Right now, just the
main body alone, USD is $50.

819
00:40:35,760 --> 00:40:38,760
We're working with
our factory right now.
They can get that in half.

820
00:40:38,760 --> 00:40:39,840
OK.

821
00:40:39,840 --> 00:40:42,720
So can we can we talk about similar
products like this in the market?

822
00:40:42,720 --> 00:40:44,800
Oh, for sure. For sure.

823
00:40:44,800 --> 00:40:47,240
There are cheaper versions.

824
00:40:47,240 --> 00:40:50,600
So one of the points of difference
of ours is, in 2019,

825
00:40:50,600 --> 00:40:52,880
the ACCC changed the regulations
in Australia.

826
00:40:52,880 --> 00:40:56,400
They said anything that transports
children in an upright position

827
00:40:56,400 --> 00:40:58,640
must meet the safety standards
of a stroller.

828
00:41:00,160 --> 00:41:03,280
So a lot of people still do use
the Kmart one or the folding ones.

829
00:41:03,280 --> 00:41:06,760
But on the box of all
of those, it'll say,
"Not intended for children."

830
00:41:06,760 --> 00:41:09,480
NOT intended for children?

831
00:41:09,480 --> 00:41:11,960
When we were designing ours,
Regan wanted something

832
00:41:11,960 --> 00:41:16,240
that could transport the children
safely and carry all the gear.

833
00:41:16,240 --> 00:41:18,520
There weren't any
that had safety belts.

834
00:41:18,520 --> 00:41:22,080
And especially for
our two kids in particular.

835
00:41:22,080 --> 00:41:25,240
I can see how great
the product is, but...

836
00:41:25,240 --> 00:41:28,200
..you're asking a $450,000
for 10% of the business.

837
00:41:28,200 --> 00:41:31,320
So that makes it
a $4.5 million valuation.

838
00:41:31,320 --> 00:41:33,080
That's a big number.

839
00:41:33,080 --> 00:41:35,720
So I'd love to hear about your sales.

840
00:41:35,720 --> 00:41:37,800
So, lifetime sales, 2.8 million.

841
00:41:37,800 --> 00:41:39,320
Oh, great.

842
00:41:40,560 --> 00:41:43,720
30 days ago we did launch
in the US market

843
00:41:43,720 --> 00:41:46,520
and we've had gross sales
of 400,000.

844
00:41:46,520 --> 00:41:48,480
Wow.
Whoa.

845
00:41:49,520 --> 00:41:51,840
In 30 days?
Yes.
Really excited.

846
00:41:51,840 --> 00:41:53,800
What's the pricepoint in the US?

847
00:41:53,800 --> 00:41:55,320
750 AUD.

848
00:41:55,320 --> 00:41:56,760
Nice.

849
00:41:56,760 --> 00:41:58,680
The margins in the US market
are much better.

850
00:41:58,680 --> 00:42:01,480
And so what do you guys plan
to do with the investment

851
00:42:01,480 --> 00:42:02,800
if you got it today?

852
00:42:02,800 --> 00:42:04,640
So it's to get ahead in stock.

853
00:42:04,640 --> 00:42:10,200
It's a huge Christmas/summer gift
and we always run out.

854
00:42:10,200 --> 00:42:12,360
VOICEOVER: Designed
with safety in mind

855
00:42:12,360 --> 00:42:14,680
and meeting Australian
safety standards,

856
00:42:14,680 --> 00:42:18,800
the sales of the Burleigh Wagon
have blown the Sharks

857
00:42:18,800 --> 00:42:20,240
out of the water.

858
00:42:20,240 --> 00:42:25,240
Have Regan and Nathan done enough
to secure themselves a deal?

859
00:42:25,240 --> 00:42:27,720
I've got three children. I get it.

860
00:42:27,720 --> 00:42:30,560
So I will be a customer.

861
00:42:30,560 --> 00:42:33,480
But my skill set
doesn't lie in streamlining

862
00:42:33,480 --> 00:42:35,280
that whole manufacturing process.

863
00:42:37,400 --> 00:42:39,720
So for that reason, I'm out.

864
00:42:39,720 --> 00:42:41,240
Thank you.
Thank you.

865
00:42:41,240 --> 00:42:43,200
JANE: Regan... (SIGHS)

866
00:42:44,880 --> 00:42:48,360
..honestly, I've been sitting
Here being like, "Oh, it's so great."

867
00:42:48,360 --> 00:42:50,080
It's so great.
But what is... It's just...

868
00:42:51,640 --> 00:42:54,720
There's just so many
operational challenges

869
00:42:54,720 --> 00:42:58,760
that this business needs
to overcome to be able to scale.

870
00:43:00,520 --> 00:43:02,800
I'm really sorry, but I'm out.

871
00:43:02,800 --> 00:43:05,040
That's OK. Thank you so much.

872
00:43:06,360 --> 00:43:09,560
I am a tech entrepreneur
and this is not really my area

873
00:43:09,560 --> 00:43:13,840
of expertise, but commend you
for everything that you've done.

874
00:43:13,840 --> 00:43:15,280
But unfortunately...

875
00:43:19,600 --> 00:43:21,760
..I'm out.
Thank you so much.

876
00:43:21,760 --> 00:43:22,800
Thank you.

877
00:43:22,800 --> 00:43:25,040
With three Sharks out,

878
00:43:25,040 --> 00:43:28,480
will self-proclaimed wagon lover
Robert Herjavec

879
00:43:28,480 --> 00:43:30,400
support Regan and Nathan

880
00:43:30,400 --> 00:43:33,240
to bring this American staple
Down Under?

881
00:43:33,240 --> 00:43:35,800
Regan, I... Um...

882
00:43:38,240 --> 00:43:41,640
I'm a highly creative guy,
but I'm struggling.

883
00:43:41,640 --> 00:43:46,720
How would I make a deal
without taking ALL your equity?

884
00:43:46,720 --> 00:43:49,880
I will definitely be a customer.

885
00:43:49,880 --> 00:43:52,200
As an investor, I'm out.

886
00:43:52,200 --> 00:43:54,240
Thank you. Thank you, Robert.
Thank you.

887
00:43:54,240 --> 00:43:55,840
And then there was one.
Oh!

888
00:43:55,840 --> 00:43:57,040
(GROANS)

889
00:43:59,920 --> 00:44:01,200
So...

890
00:44:02,320 --> 00:44:05,360
..you have kind of cornered us
with the $450,000.

891
00:44:05,360 --> 00:44:07,880
That's a substantial amount
of money.

892
00:44:07,880 --> 00:44:10,440
But I do believe in your growth,

893
00:44:10,440 --> 00:44:13,360
and I do believe that I can
help you in all of the areas

894
00:44:13,360 --> 00:44:14,960
that you've just talked about.

895
00:44:16,200 --> 00:44:18,280
So...

896
00:44:18,280 --> 00:44:20,040
..I'm going to have
to make an offer.

897
00:44:20,040 --> 00:44:21,160
Oh.

898
00:44:21,160 --> 00:44:23,480
Whoo!

899
00:44:23,480 --> 00:44:27,000
I'll give you the $450,000...

900
00:44:28,600 --> 00:44:29,960
..for 30%.

901
00:44:31,560 --> 00:44:35,080
But I also just want
a $4 royalty per unit...

902
00:44:36,480 --> 00:44:37,880
..until the money is paid back.

903
00:44:40,160 --> 00:44:42,280
Can we take a second to chat?
Would that be OK?

904
00:44:42,280 --> 00:44:43,760
Sure.
Of course.
Yeah.

905
00:44:43,760 --> 00:44:45,440
Thank you.

906
00:44:45,440 --> 00:44:47,040
He... He would be amazing.

907
00:44:47,040 --> 00:44:50,040
He's the Shark that I think
would be able to expand things.

908
00:44:50,040 --> 00:44:52,120
I do want to leave here
with a deal with him.

909
00:44:52,120 --> 00:44:55,200
It's just at that valuation
that would take us down to...

910
00:44:55,200 --> 00:44:56,440
..I think it's under two million.

911
00:44:56,440 --> 00:44:58,600
So it's a low valuation.

912
00:44:58,600 --> 00:45:02,760
Nathan And Regan, time kills deals.

913
00:45:02,760 --> 00:45:05,280
So if a deal's been made, do it
in the shortest amount of time.

914
00:45:06,840 --> 00:45:09,040
Sorry, guys. Sorry. (LAUGHS)

915
00:45:10,040 --> 00:45:12,840
What if he says no?
Yeah.

916
00:45:12,840 --> 00:45:15,120
Then we walk.

917
00:45:15,120 --> 00:45:16,320
We would have to.

918
00:45:19,520 --> 00:45:21,440
OK.

919
00:45:21,440 --> 00:45:23,880
Davie, thank you so much
for your offer.

920
00:45:23,880 --> 00:45:26,560
But We would like
to counter you at 25.

921
00:45:31,120 --> 00:45:33,720
What about the royalty rate?
For the long term game.
Yeah.

922
00:45:33,720 --> 00:45:36,240
If we have to pay a royalty to
get your money back, that's fine.
100%.

923
00:45:38,680 --> 00:45:40,680
If you come to a $10 royalty...

924
00:45:43,120 --> 00:45:44,680
I'll do the 25%.

925
00:45:44,680 --> 00:45:46,920
Until the 450,000 is paid back?

926
00:45:46,920 --> 00:45:48,400
Correct.

927
00:45:49,520 --> 00:45:51,440
At the end of the day,
this is Regan's decision to make.

928
00:46:03,920 --> 00:46:05,040
You have a deal.

929
00:46:05,040 --> 00:46:07,000
(CHEERING AND APPLAUSE)

930
00:46:07,000 --> 00:46:08,960
Great.

931
00:46:08,960 --> 00:46:11,600
I can't wait to work with you.
Same.
Thank you so much.

932
00:46:11,600 --> 00:46:13,120
Seriously.
We've got a lot to do, though.

933
00:46:13,120 --> 00:46:14,800
We do.
We have a lot of work to do.

934
00:46:14,800 --> 00:46:17,120
But I think...
I'll clear my calendar next week,
we'll get started.

935
00:46:17,120 --> 00:46:18,120
OK, alright.

936
00:46:18,120 --> 00:46:20,040
VOICEOVER: Regan and Nathan
have done it.

937
00:46:20,040 --> 00:46:22,600
We'll fly around.
We'll catch up.
We'll have a wine in Adelaide.

938
00:46:22,600 --> 00:46:23,960
Great pitch.
I'll see you guys later.

939
00:46:23,960 --> 00:46:25,000
Thank you so much.
Cheers.

940
00:46:25,000 --> 00:46:28,440
They've managed to reel in
the youngest of the Sharks

941
00:46:28,440 --> 00:46:31,200
and land themselves a deal

942
00:46:31,200 --> 00:46:36,600
of $450,000 for 25% equity.

943
00:46:36,600 --> 00:46:37,920
Oh!
We did good.

944
00:46:37,920 --> 00:46:39,040
Yeah.
Yeah.

945
00:46:39,040 --> 00:46:40,040
That was tough!

946
00:46:40,040 --> 00:46:42,040
It was very stressful.

947
00:46:42,040 --> 00:46:44,160
But at the end of it,
we're super excited.

948
00:46:44,160 --> 00:46:45,880
Davie's the perfect partner for us.

949
00:46:45,880 --> 00:46:48,680
It was important to us to bring
a product like this on the market.

950
00:46:48,680 --> 00:46:51,240
It helped our family tremendously,
especially with our little daughter.

951
00:46:51,240 --> 00:46:52,640
So...

952
00:46:54,080 --> 00:46:56,560
Yeah, it's definitely
worth celebrating.

953
00:46:56,560 --> 00:46:58,560
Captions by Red Bee Media