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NARRATOR: Tonight...

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I am seeking
a $200,000 investment.

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00:00:17,482 --> 00:00:20,206
$60,000.
$250,000.

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Today we're asking for
a $1 million investment.

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Wow!

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..one of the biggest asks
in Shark Tank history.

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Whoa!
Whoa, whoa, whoa.

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While some entrepreneurs
are fighting the Sharks off...

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Ignore that offer.
I don't need to hear more.

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..have others bitten off
more than they can chew?

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Your $15 million
is basically monopoly money.

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It's not real.

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And some home truths
are offered out.

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I want 75% of the business.
Whoa!

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I will give you an F-word
for your business.

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The fact that
you're not willing to do that

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is a massive red flag for me.

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It's only the biggest decision
of your life, guys.

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So, how long are you guys
in Sydney for this time?

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We're here forever.
Oh.

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We moved here.
You moved?

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How do you not know that?
I didn't know that.

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I've applied
for Australian citizenship.

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Or residency, I guess.

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Oh, that's awesome.
Awesome.

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Have you heard "fair dinkum"
before?

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A what?
Fair dinkum.

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What does that mean?
Fair dinkum, mate.

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Do you ever say fair dinkum?
No.

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Fair dinkum,
what does it mean?

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It's not, really. It's not part
of my natural vocabulary.

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Fair dinkum.

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NARRATOR: First in the tank and
ready to stick it to the Sharks

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is Sydney construction manager
Annabel.

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I've brought in
a world-first product.

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I use it every single day,
I'm so passionate.

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I hope that there will be
a few expressions of interest.

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However, I'm not sure whether
I will come away from this
happy.

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Hey, Sharks. I'm Annabel Hay.

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I'm the founder and co-owner
of the AHAY Society,

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better known for our
world-first product, CLUTCH
Glue.

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I am seeking a $200,000
investment for 10% equity in
my business.

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Whoa.

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I am thrilled to introduce you
to this world-first innovation.

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Oh, sorry.

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Can I just fix this?

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Yep.

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Wardrobe malfunctions
can happen anywhere, any time.

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And we all know that
you can't rely on fashion tape.

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And one day I just asked
myself,

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wouldn't it be so much easier
if I could just glue myself
into this?

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Four years of R&D later,
and now I can.

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I present to you the ultimate
lifehack, CLUTCH Glue.

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And say goodbye to
wardrobe malfunctions for good.

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CLUTCH is a sweat-resistant
but water-soluble clothes
adhesive

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that is seriously strong

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and will not seep
through your clothes.

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CLUTCH is a global, patent
pending,

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hypoallergenic and vegan
formula that's made in
Australia

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and made of 100% recycled
and recyclable packaging.

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Let me show you a few
situations that CLUTCH is ripe
for.

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On plunging necklines.

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On shoe clasps that don't sit
on your feet properly.

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On your bike shorts that ride
up.

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I have that problem all the
time.[LAUGHS]

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Sharks, who's ready to bond
with your clothes like never
before?

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Can we see the product,
if you don't mind?

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Of course you can.

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NARRATOR: Annabel
is seeking $200,000

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for a 10% stake in her
game-changing fashion tape
alternative...

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Thank you.

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Thank you, Annabel.

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..a sweat-resistant,
water-soluble clothing glue
called CLUTCH.

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Annabel, this is a product
that I needed here,

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so I've been using the tape,

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and it's actually been giving
me a rash on my skin.

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Does this do that?

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It doesn't.
So, CLUTCH is hypoallergenic.

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It's made with no nasties,
no fragrance.

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And out of the 25,000 units
that we've sold in 2023,

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we actually had no reactions.

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Look, it stuck.
It worked.

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Wow.

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I don't understand, and I'm
not the fashion guy like Jane.

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But doesn't it hurt
when you take the...

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For a painless removal,

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we always suggest just
dampening the area with a
little bit of water,

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and that way it just
will totally lift off.

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What if you have hairy legs?

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If you have hairy legs,

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I suggest using water to
remove it and lift it off.

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But if you wanted a free wax,
then off you go.

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So, Annabel, you mentioned
that it's sweat resistant

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and water soluble.

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How is it both?

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Yes, so, CLUTCH has
an active ingredient in it

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that essentially absorbs
moisture

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up to a point where
then when it's fully saturated,

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it will come out.

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So if you're at a pool party
and somebody pushes you in the
pool,

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it will come off.

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The good part is, is if you
sweat heaps and heaps and
heaps and heaps,

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you just reapply it.

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It's handbag-size,

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I've even done
a sleep test with CLUTCH

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and it stayed all night
until the next morning

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when I decided to peel it off.

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What did you do
before you started CLUTCH?

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I'm a construction manager.

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Wow.
Wow.

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Are you still
a construction manager?

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I actually am, yes.

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Wow.

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I knew that
as a construction manager,

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you just need money
and delegation skills, so...

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Yes. I love it.
On point. Yeah.

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Wow. That's so true.
Yeah.

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I work 16 hours a day.

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I work a full-time job
in construction,

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and then I do CLUTCH full time.

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I sort of found it was actually
financially reckless

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to be drawing a salary from
this.

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Can we talk numbers?
If you don't mind.

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Of course.

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You've sold 25,000 units.
What's that equate to in
revenue?

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So, in our first year of
business,

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we did just shy
of $1 million in revenue.

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Wow.
Wow.

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Yeah. This year we are aiming
to make $3 million in revenue.

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And then '25,
we're hoping for about 10

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and then '26, we're hoping 30.

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We have secured major
partnerships with retailers

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including Priceline Australia,

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where we became their
third-most-successful product

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within a week of launch.
Wow.

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Next month,
we're launching into CVS,

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the largest pharmaceutical
chain in the USA.

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Wow.

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What's your profit margin?

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So, a tube of CLUTCH
costs me $3 to make.

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It retails for $29.

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Wow.

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Wow.

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Anabel, hi, I'm Jane.
Hi, Jane.

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Tell me about the retail stores
that you've been able to get
into.

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That's really impressive.
Very exciting.

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So, Priceline we launched
the 23rd of December, 2023.

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So, it was around Christmas
time.

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CVS we are about to launch
into 10,000 stores.

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How did you get into CVS?

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I guessed her email address.

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Same with Priceline.
Same with Woolworths.

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Do you know how hard it is
to get into CVS?

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It's brutally competitive.
It is brutal.

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Congratulations.
Thank you.

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Annabel, you can tell
you have the Sharks.

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The floor is yours now.

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What are you looking for in a
Shark?

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I want someone who can assist
with my efforts
internationally.

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I have the Australian market.
I have the US market.

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I really want to launch
into Asia and India.

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There is a huge opportunity
there for us.

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I need a lot more expertise
and connections

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to be able to leverage some
local knowledge

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in those international markets.

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You can't just keep guessing
emails forever, can you?

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I really can't.
Maybe she can.

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00:08:39,206 --> 00:08:41,586
Maybe she can.
Yeah. She's done pretty...

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It's got me this far.

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JANE: Annabel...

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..I want to offer you
all the money...

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..for 15% of the business.

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Let's just do it.

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Whoa, whoa, whoa, whoa, whoa,
whoa, whoa.

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I don't need to hear more.
No, no, no.

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I am genuinely
the most passionate person here

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00:09:05,413 --> 00:09:07,034
about you and your product.

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00:09:07,137 --> 00:09:08,344
I think we're pretty
passionate.

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00:09:08,448 --> 00:09:12,137
I think we're all
pretty excited by her.

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Jane, I don't think Annabel
is that silly

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00:09:15,172 --> 00:09:17,517
to take the first tidbit
that comes across.

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Annabel, you have an offer...

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00:09:20,103 --> 00:09:21,448
Ignore that offer.

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00:09:22,620 --> 00:09:26,103
You really do have a good
business. Like, be proud of
yourself.

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00:09:26,206 --> 00:09:27,724
The biggest pharmacy chain
in Australia,

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the owner is a friend of mine.

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00:09:29,655 --> 00:09:31,379
Plus, I've got a massive
presence

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00:09:31,482 --> 00:09:34,206
in Singapore, Hong Kong,
Thailand, Malaysia.

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00:09:35,896 --> 00:09:39,655
So, I can open doors for you
locally and internationally.

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00:09:44,137 --> 00:09:48,931
So, I'm gonna offer you
$200,000 for 10%.

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00:09:52,172 --> 00:09:54,655
You need someone hungry.

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00:09:54,758 --> 00:09:56,965
That's what makes wealth.
And I can bring that.

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00:09:57,068 --> 00:09:59,413
I made the first offer.
I, I, I got it straightaway.

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00:10:04,724 --> 00:10:07,068
So, basically
what you're asking for.

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00:10:09,413 --> 00:10:11,172
Annabel, I will also offer you

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00:10:11,275 --> 00:10:14,068
exactly what you're asking for
at 10%.

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00:10:17,620 --> 00:10:20,034
I have connections all through
Asia.

198
00:10:20,137 --> 00:10:21,517
Even if
I don't know someone directly,

199
00:10:21,620 --> 00:10:25,620
I know someone that will know
someone. We can get into
anywhere.

200
00:10:28,758 --> 00:10:31,241
If you want to go big,
you've got to go global.

201
00:10:31,344 --> 00:10:33,655
And there's nothing wrong with
Nick.

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00:10:33,758 --> 00:10:36,413
He is a big guy in Australia.

203
00:10:37,448 --> 00:10:39,586
Ooh...
And Jane is great.

204
00:10:39,689 --> 00:10:41,586
If I heard her correctly,

205
00:10:41,689 --> 00:10:46,620
she said she knows a guy who
knows a guy who knows a guy.

206
00:10:46,724 --> 00:10:52,586
I will give you the 200,000
for 10%, exactly what you came
in asking for.

207
00:10:52,689 --> 00:10:54,724
Thank you, Rob.

208
00:10:58,137 --> 00:11:01,724
I would love
to put my hat in the ring,

209
00:11:01,827 --> 00:11:06,275
but because of my personality,
I'm either all or nothing.

210
00:11:06,379 --> 00:11:08,689
And you're clearly very, very
passionate about this.

211
00:11:08,793 --> 00:11:11,103
And I just don't have that
passion.

212
00:11:11,206 --> 00:11:14,000
So for that reason, I'm out.

213
00:11:16,344 --> 00:11:17,724
Thank you.

214
00:11:17,827 --> 00:11:18,862
Annabel...

215
00:11:22,448 --> 00:11:24,344
..I see so much potential in
this.

216
00:11:24,448 --> 00:11:25,655
And you.

217
00:11:25,758 --> 00:11:28,241
So I'll come in at 200,000 for
10%.

218
00:11:30,344 --> 00:11:33,862
I'm also happy to partner
with another Shark as well.

219
00:11:33,965 --> 00:11:36,000
Who would you want to partner
with?

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00:11:48,103 --> 00:11:52,172
NARRATOR: Jane Lu, Nick Bell,
Robert Herjavec and Davie
Fogarty

221
00:11:52,275 --> 00:11:56,310
are vying for a slice of
clothing glue business CLUTCH.

222
00:11:56,413 --> 00:11:59,275
With four matching offers
on the table,

223
00:11:59,379 --> 00:12:02,931
entrepreneur Annabel
faces a big decision.

224
00:12:03,034 --> 00:12:06,068
Who would you want to partner
with?

225
00:12:06,172 --> 00:12:07,827
I'd partner with Robert.

226
00:12:11,137 --> 00:12:14,103
Just keep in mind, down that
end, you're just a number.

227
00:12:14,206 --> 00:12:18,586
He's absolutely right.
With me, you're a number.

228
00:12:18,689 --> 00:12:22,344
A very big number
that we're going to make.

229
00:12:22,448 --> 00:12:24,000
He's 100% right.

230
00:12:25,862 --> 00:12:28,620
Davie and Rob,
what would your equity be?

231
00:12:28,724 --> 00:12:32,793
We can do 400,000 for 10% each.

232
00:12:39,310 --> 00:12:41,655
400,000. 20%.

233
00:12:41,758 --> 00:12:43,620
Let's become a big number.

234
00:12:51,241 --> 00:12:53,517
Davie and Rob,

235
00:12:53,620 --> 00:12:55,689
I would love to partner with
you.

236
00:12:55,793 --> 00:12:57,896
Yeah.
Yeah.

237
00:12:58,000 --> 00:12:59,137
Oh, my God.

238
00:12:59,241 --> 00:13:01,827
NARRATOR: Annabel
has successfully secured a deal

239
00:13:01,931 --> 00:13:06,862
of double the money,
at $400,000 for 20% equity.

240
00:13:06,965 --> 00:13:08,310
We'll make so much money.

241
00:13:08,413 --> 00:13:10,620
I've been doing the show
for 21 years.

242
00:13:10,724 --> 00:13:13,724
I don't think we've ever
had somebody come in,

243
00:13:13,827 --> 00:13:18,103
get more money than they're
asking for for exactly the
value.

244
00:13:18,206 --> 00:13:19,689
Amazing job.

245
00:13:19,793 --> 00:13:22,551
Fair valuation, great product,
great entrepreneur.

246
00:13:22,655 --> 00:13:24,137
Thank you.
Well done.
Great job.

247
00:13:24,241 --> 00:13:25,931
Does this mean you're going
to get out of construction?

248
00:13:26,034 --> 00:13:27,517
Yes.
Yes.
Yes.

249
00:13:27,620 --> 00:13:30,172
Please resign tomorrow.

250
00:13:31,862 --> 00:13:33,586
Thank you. It was really lovely
to meet you all.

251
00:13:33,689 --> 00:13:35,241
Likewise. Take care.
Cheers.
Thank you.

252
00:13:35,344 --> 00:13:37,827
I did not expect
pretty much all five of them

253
00:13:37,931 --> 00:13:40,482
to be incredibly interested in
it.

254
00:13:40,586 --> 00:13:44,310
I think that this is going to
be such an exciting next step

255
00:13:44,413 --> 00:13:47,965
for CLUTCH in terms
of taking my business global.

256
00:13:48,068 --> 00:13:50,241
Best pitch we've ever seen.
That was a win.

257
00:13:50,344 --> 00:13:52,241
[WHISTLES]

258
00:13:52,344 --> 00:13:53,931
This show sucks. [LAUGHS]

259
00:13:59,793 --> 00:14:01,482
NARRATOR: Next in the tank

260
00:14:01,586 --> 00:14:04,482
are Perth-based engineers,
Paul and Joshua,

261
00:14:04,586 --> 00:14:09,413
who are hoping it's plain
sailing towards an investment.

262
00:14:09,517 --> 00:14:11,862
We've been working towards this
for a long time.

263
00:14:11,965 --> 00:14:14,206
It's a really exciting moment
for us.

264
00:14:14,310 --> 00:14:16,275
The hard work we've done
over the last couple of years

265
00:14:16,379 --> 00:14:20,172
has, you know, led to this
moment, and we're ready.

266
00:14:20,275 --> 00:14:22,172
Did you go boat shopping
on the weekend?

267
00:14:22,275 --> 00:14:24,793
I didn't, I stayed at home.

268
00:14:24,896 --> 00:14:26,413
Would you buy this?
There we go.

269
00:14:26,517 --> 00:14:28,068
I don't know what this is.

270
00:14:28,172 --> 00:14:29,344
It's very...
A tiny boat.

271
00:14:29,448 --> 00:14:30,931
It's like a jet foil.

272
00:14:43,689 --> 00:14:45,137
Hi, Sharks.

273
00:14:45,241 --> 00:14:48,206
My name is Paul Steinmann,
and I'm the CEO of ENAUTIC.

274
00:14:48,310 --> 00:14:51,551
And I'm Joshua Cribb,
co-founder and development
lead.

275
00:14:51,655 --> 00:14:55,551
We are a Perth electric
hydrofoil technology company.

276
00:14:55,655 --> 00:14:57,931
Today we're asking
for a $1 million investment.

277
00:14:58,034 --> 00:15:00,724
Whoa.
Ooh...

278
00:15:00,827 --> 00:15:02,379
For a 6% stake in our company.

279
00:15:02,482 --> 00:15:04,896
Wow.
Wow.

280
00:15:05,000 --> 00:15:08,206
Sharks, we'd like to introduce
the WaveFlyer.

281
00:15:15,413 --> 00:15:17,689
Oh, wow.
Look at that. It's incredible.

282
00:15:17,793 --> 00:15:19,517
Gliding on top of the water.
It's so good.

283
00:15:19,620 --> 00:15:22,931
So, the WaveFlyer
has a range of 100km.

284
00:15:23,034 --> 00:15:25,517
It has an endurance of 4.5
hours.

285
00:15:25,620 --> 00:15:28,482
And it can be fully recharged
in one hour.
Mm.

286
00:15:28,586 --> 00:15:31,103
It's a fully battery electric
craft.

287
00:15:31,206 --> 00:15:33,586
It's silent. It produces no
wake.

288
00:15:33,689 --> 00:15:35,344
It produces no emissions.

289
00:15:35,448 --> 00:15:36,620
It's simple to fly,

290
00:15:36,724 --> 00:15:40,448
and it's going to transform
the way we use the water.

291
00:15:40,551 --> 00:15:42,931
So, Sharks, who wants to join
us

292
00:15:43,034 --> 00:15:45,586
as we fly our electric boat
out of the Shark tank

293
00:15:45,689 --> 00:15:47,551
and on to
the waterways of the world?

294
00:15:47,655 --> 00:15:48,586
Excellent.
Cool.

295
00:15:48,689 --> 00:15:50,344
Thanks, guys. That was great.

296
00:15:50,448 --> 00:15:53,689
NARRATOR: The Western
Australian inventors want $1
million

297
00:15:53,793 --> 00:15:58,034
to launch their world's first
two-seater electric hydrofoil.

298
00:15:58,137 --> 00:16:03,413
The Sharks have the money. But
will they see enough value to
invest?

299
00:16:03,517 --> 00:16:06,793
When jet foils first came out,
I bought one of the first ones.

300
00:16:06,896 --> 00:16:08,517
Yeah.
It was super fun.

301
00:16:08,620 --> 00:16:10,344
That's why I bought it.

302
00:16:10,448 --> 00:16:11,965
I didn't buy it for transport.

303
00:16:12,068 --> 00:16:14,448
Am I going to buy this
because it's super fun?

304
00:16:14,551 --> 00:16:17,586
It's a form of transport
that's like a boat.
OK.

305
00:16:17,689 --> 00:16:21,000
It's a fun toy.
It's a bit like a jet ski.

306
00:16:21,103 --> 00:16:24,275
So, the use cases
that we see for this

307
00:16:24,379 --> 00:16:26,551
is if you have
a large canal property

308
00:16:26,655 --> 00:16:30,137
and you want to move up and
down without annoying people,

309
00:16:30,241 --> 00:16:32,137
no wake, no noise, no
emissions.

310
00:16:32,241 --> 00:16:34,896
This is a way to get up to the
shops, to go to the golf club,

311
00:16:35,000 --> 00:16:35,965
to go to your mate's place.

312
00:16:36,068 --> 00:16:38,000
It's a fun way to get about.

313
00:16:38,103 --> 00:16:40,689
Do you think most people
are going to want a foil boat?

314
00:16:40,793 --> 00:16:45,137
If they want to drive fast and
have range, they simply have
to.

315
00:16:45,241 --> 00:16:47,896
Can I flip it?In crazy mode,
yes, you can flip it.

316
00:16:48,000 --> 00:16:49,275
You can flip the whole thing.

317
00:16:49,379 --> 00:16:51,448
If you want to push crazy mode,
it comes up with a disclaimer

318
00:16:51,551 --> 00:16:53,586
"Crazy mode", that's awesome.
and says, do you want that?

319
00:16:53,689 --> 00:16:56,172
How do I get it back up
if I flip it?

320
00:16:56,275 --> 00:16:58,103
It won't actually flip over.
Oh, it won't.

321
00:16:58,206 --> 00:16:59,758
No, no, no, no,
you might fall out. No.

322
00:16:59,862 --> 00:17:01,068
That's cool.

323
00:17:01,172 --> 00:17:02,793
You kind of drive it like a
game.

324
00:17:02,896 --> 00:17:05,103
So you push forward, when
you're on a boat, you're in
like a boat mode,

325
00:17:05,206 --> 00:17:06,793
and quickly
you drop your foils down.

326
00:17:06,896 --> 00:17:09,137
So these actually retract
all the way into the hull,

327
00:17:09,241 --> 00:17:11,000
Oh, really.
making it beachable, trailable.

328
00:17:11,103 --> 00:17:12,551
Because, you know,
when you own a boat,

329
00:17:12,655 --> 00:17:14,620
you want it to do everything
you do currently but more.

330
00:17:14,724 --> 00:17:16,241
And that's our goal,
is to make technology

331
00:17:16,344 --> 00:17:18,517
that is better
than today's offering.

332
00:17:19,896 --> 00:17:22,827
Based primarily
on a single Instagram reel,

333
00:17:22,931 --> 00:17:26,793
we've received pre-orders
for over $15 million in sales.

334
00:17:26,896 --> 00:17:28,413
Whoa.
Whoa.
Whoa.

335
00:17:28,517 --> 00:17:31,206
Imagine what we could do
with a real marketing machine.

336
00:17:31,310 --> 00:17:32,827
Wow.

337
00:17:32,931 --> 00:17:35,724
We're in discussions at the
moment with globally leading
manufacturers

338
00:17:35,827 --> 00:17:39,758
for applications in the
recreational space, in the
commercial space,

339
00:17:39,862 --> 00:17:41,965
and in the defence space.

340
00:17:42,068 --> 00:17:43,517
How much is it?

341
00:17:43,620 --> 00:17:46,758
That boat at the moment
is $140,000 Australian.

342
00:17:46,862 --> 00:17:48,413
Wow.

343
00:17:48,517 --> 00:17:52,000
How much will it cost you, do
you think, to build a single
boat?

344
00:17:52,103 --> 00:17:54,241
About $75,000.

345
00:17:54,344 --> 00:18:00,000
So, you're making an OK margin,
not a great margin.

346
00:18:00,103 --> 00:18:03,689
You don't have any room
in there for distribution.

347
00:18:06,758 --> 00:18:09,482
So, are you telling me
that you haven't sold any yet?

348
00:18:09,586 --> 00:18:10,862
It's all pre-sales.

349
00:18:10,965 --> 00:18:12,793
They've placed
expressions of interest.

350
00:18:12,896 --> 00:18:16,758
Right now we're in
the closing conversation

351
00:18:16,862 --> 00:18:20,206
with 13 clients
with about 17 boat sales.

352
00:18:20,310 --> 00:18:22,206
So, they haven't actually
sent you the money.

353
00:18:22,310 --> 00:18:25,206
You've got 15 million
expression of interest.
Correct.

354
00:18:25,310 --> 00:18:26,896
Yeah, $100 pre-order.

355
00:18:27,000 --> 00:18:30,137
And then that's equated
to about 160 boats.

356
00:18:30,241 --> 00:18:32,517
Sorry. Was that $100 or $100?

357
00:18:32,620 --> 00:18:35,034
$100. For the pre-order.

358
00:18:37,827 --> 00:18:39,655
It's a little bit deceptive to
say

359
00:18:39,758 --> 00:18:42,448
that you've got $15 million
in pre-orders

360
00:18:42,551 --> 00:18:46,137
when you've only got $16,000
of deposits.

361
00:18:49,275 --> 00:18:51,310
Why didn't you take a 50%
deposit

362
00:18:51,413 --> 00:18:55,206
and use that money to start
construction of the boat?

363
00:18:55,310 --> 00:18:57,793
Because there's about $1
million worth of engineering

364
00:18:57,896 --> 00:18:59,551
that goes ahead of that. OK.

365
00:18:59,655 --> 00:19:03,172
So, you need the million
dollars to actually develop
out the tech.Yeah.

366
00:19:07,931 --> 00:19:10,103
So, guys, how do you survive?

367
00:19:10,206 --> 00:19:12,862
Because obviously you're not
making any money from this.

368
00:19:12,965 --> 00:19:15,827
What's your income?
Equity.
Equity. Yep.

369
00:19:15,931 --> 00:19:17,241
Equity in this?

370
00:19:17,344 --> 00:19:20,206
We're very lucky to have a
reasonably large group.

371
00:19:20,310 --> 00:19:23,137
We've got about 30 people in
total in our shareholding
group.

372
00:19:23,241 --> 00:19:26,206
How much do you guys own?
I own about 6% of it.

373
00:19:30,482 --> 00:19:32,413
I'm currently earning my
equity.

374
00:19:37,413 --> 00:19:41,689
I'm a little confused. How much
of the company did you give
away?

375
00:19:42,965 --> 00:19:46,137
Because I'm trying to
understand, Josh,

376
00:19:46,241 --> 00:19:50,827
how are you left with 6% and
Paul is working into equity?

377
00:19:50,931 --> 00:19:54,172
What happened
to the other 94% of equity?

378
00:19:54,275 --> 00:19:56,896
This company was spun out
of an existing company.

379
00:19:57,000 --> 00:20:00,620
So that other company owns what
percentage of this company?

380
00:20:00,724 --> 00:20:04,931
They currently own between 15%
to 20% of the company.

381
00:20:05,034 --> 00:20:09,206
One of the individuals that was
a founder that's not here today

382
00:20:09,310 --> 00:20:11,620
owns another, I guess, about
15%.

383
00:20:13,896 --> 00:20:18,448
You've given up a lot of the
company just to get to this
point.Yeah.

384
00:20:18,551 --> 00:20:21,827
Without having built something.
Yeah.

385
00:20:21,931 --> 00:20:25,517
NARRATOR: Paul and Joshua
are seeking $1 million

386
00:20:25,620 --> 00:20:29,655
for a 6% stake in their
innovative electric hydrofoil
business.

387
00:20:29,758 --> 00:20:33,896
But with 94% of their company
already tied up with investors,

388
00:20:34,000 --> 00:20:38,206
is there enough value left for
a Shark to invest $1 million?

389
00:20:39,689 --> 00:20:42,896
Guys, I think the product
is really cool, really fun.

390
00:20:43,000 --> 00:20:46,103
I just think it's probably
too risky for me at this stage.

391
00:20:46,206 --> 00:20:49,517
And so for that reason, I'm
out.Thanks, Jane.

392
00:20:49,620 --> 00:20:55,034
Josh and Paul, um, it looks
amazing.

393
00:20:55,137 --> 00:20:57,655
It's got, it looks,
aesthetically it looks great,
right?

394
00:20:57,758 --> 00:21:02,103
But I just don't know enough
about the technology.

395
00:21:02,206 --> 00:21:03,586
And I'll be honest with you,

396
00:21:03,689 --> 00:21:07,793
I think your structure
is difficult to deal with.

397
00:21:07,896 --> 00:21:10,034
Um, and for that reason, I'm
out.

398
00:21:14,275 --> 00:21:16,137
Josh, Paul,

399
00:21:16,241 --> 00:21:17,965
this is very cool.

400
00:21:18,068 --> 00:21:20,586
I'm not really a toy guy
myself.

401
00:21:20,689 --> 00:21:26,551
And your $15 million in orders
is basically monopoly money.

402
00:21:26,655 --> 00:21:28,172
It's not real.

403
00:21:28,275 --> 00:21:31,793
Guys, for that reason,
I'm out of this.

404
00:21:31,896 --> 00:21:33,758
Thanks, Nick.
Thanks.

405
00:21:38,689 --> 00:21:40,931
Josh, can we see the video
again?

406
00:21:41,034 --> 00:21:42,689
Absolutely.

407
00:21:42,793 --> 00:21:43,931
Oh, there we go.

408
00:21:47,517 --> 00:21:50,965
NARRATOR: With three Sharks
out, Davie Fogarty and Robert
Herjavec

409
00:21:51,068 --> 00:21:52,344
are yet to decide.

410
00:21:52,448 --> 00:21:56,172
Can the Perth inventors
flip the pitch around?

411
00:21:56,275 --> 00:21:58,655
Josh, Paul,

412
00:21:58,758 --> 00:22:00,896
I love this.

413
00:22:01,000 --> 00:22:02,482
It's so cool.

414
00:22:02,586 --> 00:22:05,034
I would definitely buy one.

415
00:22:06,620 --> 00:22:08,241
But I feel like the legal
paperwork

416
00:22:08,344 --> 00:22:10,517
is going to cost more than
the actual boat itself.

417
00:22:10,620 --> 00:22:14,000
It sounds so messy,

418
00:22:14,103 --> 00:22:17,103
and I just don't want to go in
there

419
00:22:17,206 --> 00:22:19,103
and spend so much time
with the lawyers

420
00:22:19,206 --> 00:22:21,172
and dealing with the problems
down the road.

421
00:22:21,275 --> 00:22:23,482
So for those reasons, I'm out.

422
00:22:23,586 --> 00:22:25,034
Thanks, Davie.

423
00:22:28,862 --> 00:22:34,000
I love toys, like, I just
changed up my tender on my big
boat

424
00:22:34,103 --> 00:22:35,586
to an electric tender

425
00:22:35,689 --> 00:22:39,103
because everybody's moving
towards electric technology.

426
00:22:39,206 --> 00:22:40,172
Look, I...

427
00:22:42,206 --> 00:22:45,379
You had me when you told me
there was a 'crazy mode',

428
00:22:45,482 --> 00:22:49,034
I could flip out of it.
Like, that was like... Yeah.

429
00:22:50,206 --> 00:22:54,068
You're asking for 1 million for
6%.

430
00:22:54,172 --> 00:22:56,000
Is that right?
Correct.

431
00:22:56,103 --> 00:22:58,896
That might be the biggest ask
we've ever seen on Shark Tank.

432
00:23:01,862 --> 00:23:02,862
Um...

433
00:23:10,965 --> 00:23:12,965
Hi, honey.
Hi, Luce.

434
00:23:13,068 --> 00:23:14,586
Guess what?

435
00:23:14,689 --> 00:23:17,172
Oh, my God, what?
A Shark Tank first.

436
00:23:17,275 --> 00:23:20,103
Rob and Davie have gone in
together

437
00:23:20,206 --> 00:23:24,344
and both invested 200 grand
each for 10% each.

438
00:23:24,448 --> 00:23:26,206
Oh, my God.

439
00:23:26,310 --> 00:23:28,310
Annabel,
you've absolutely killed it.

440
00:23:28,413 --> 00:23:30,413
This is so cool.
Thank you so much.

441
00:23:30,517 --> 00:23:31,862
Thank you, Lucy, for
everything.

442
00:23:31,965 --> 00:23:34,862
I can't wait to just keep
doing this with you. I love
you.

443
00:23:40,758 --> 00:23:42,827
NARRATOR: With four Sharks out,

444
00:23:42,931 --> 00:23:46,620
Paul and Joshua's only hope of
getting $1 million investment

445
00:23:46,724 --> 00:23:48,620
for their WaveFlyer invention

446
00:23:48,724 --> 00:23:53,310
sits with extreme sports
enthusiast Robert Herjavec.

447
00:23:53,413 --> 00:23:56,379
That might be the biggest ask
we've ever seen on Shark Tank,

448
00:23:56,482 --> 00:24:00,344
but for me to get my money
back,

449
00:24:00,448 --> 00:24:04,931
you would have to be spitting
out $200 million in profit.

450
00:24:07,103 --> 00:24:08,827
Look, I...

451
00:24:08,931 --> 00:24:11,724
I get new technology.

452
00:24:11,827 --> 00:24:15,275
I love to play

453
00:24:15,379 --> 00:24:18,793
and I love the ingenuity.

454
00:24:20,655 --> 00:24:24,551
If you need somebody to test it
out and push it to the limit,

455
00:24:24,655 --> 00:24:26,827
I'm your guy.
Yeah. Me too.

456
00:24:28,000 --> 00:24:30,965
As an investor,

457
00:24:31,068 --> 00:24:32,241
I'm out.

458
00:24:32,344 --> 00:24:33,241
Thank you.
No problem.

459
00:24:33,344 --> 00:24:34,724
Thank you.
Thank you.

460
00:24:34,827 --> 00:24:35,827
See you guys.

461
00:24:38,586 --> 00:24:40,448
I was very excited
about Rob's conversation.

462
00:24:40,551 --> 00:24:44,000
I thought that he was giving it
some really good thought.

463
00:24:44,103 --> 00:24:46,310
And, uh... But, yeah,
so I was disappointing.

464
00:24:46,413 --> 00:24:50,448
Yeah. If we could get Rob's
bum on a seat, I think we
could turn him.

465
00:24:51,793 --> 00:24:53,517
I reckon if you could have
demoed that product...

466
00:24:53,620 --> 00:24:55,448
Oh, yeah.

467
00:24:55,551 --> 00:24:57,206
It is very cool, though.

468
00:25:00,896 --> 00:25:02,827
NARRATOR: Next to face the
Sharks,

469
00:25:02,931 --> 00:25:06,172
are New South Wales doctors,
Miriam and Rob.

470
00:25:06,275 --> 00:25:10,344
They're on a mission to bring
their potentially lifesaving
product

471
00:25:10,448 --> 00:25:11,620
to the world.

472
00:25:11,724 --> 00:25:13,689
ROB: We're used to working
in high-stress environments,

473
00:25:13,793 --> 00:25:15,241
but this is just totally
different.

474
00:25:15,344 --> 00:25:17,000
We're nervous.
I'm freaking out.

475
00:25:17,103 --> 00:25:18,551
I'm hoping we do a good job

476
00:25:18,655 --> 00:25:22,724
because this product is going
to do amazing things for
Australia.

477
00:25:22,827 --> 00:25:25,310
Food for babies?
I'm assuming so.

478
00:25:25,413 --> 00:25:27,034
It's quite a good name, isn't
it?Yeah.

479
00:25:27,137 --> 00:25:29,206
Taste Bubs.
Taste Bubs is a great name.

480
00:25:35,724 --> 00:25:38,172
No matter what, this has been
an amazing journey.

481
00:25:38,275 --> 00:25:39,965
I'm really happy
to have done it with you.

482
00:25:40,068 --> 00:25:42,275
Likewise.
Oh, here we go.

483
00:25:56,241 --> 00:26:00,103
Hi, Sharks. My name is Dr
Mariam and I'm an Australian
GP.

484
00:26:00,206 --> 00:26:03,103
And my name is Dr Rob
and I'm a paediatrician

485
00:26:03,206 --> 00:26:04,655
and we are the co-founders

486
00:26:04,758 --> 00:26:08,896
of Australia's first allergen
introduction product, Taste
Bubs.

487
00:26:09,000 --> 00:26:12,068
We are here today
asking for $250,000

488
00:26:12,172 --> 00:26:15,827
in exchange for 40% equity
in our business, Taste Bubs.

489
00:26:15,931 --> 00:26:17,379
Over the last several decades,

490
00:26:17,482 --> 00:26:19,586
allergies have been on the rise
globally,

491
00:26:19,689 --> 00:26:21,586
no place more than Australia.

492
00:26:21,689 --> 00:26:23,413
The solution is simple

493
00:26:23,517 --> 00:26:26,482
and the outcome, life changing.

494
00:26:26,586 --> 00:26:28,689
Taste Bubs is a natural food
product

495
00:26:28,793 --> 00:26:33,448
designed to help parents face
the fear of food allergies
head on.

496
00:26:33,551 --> 00:26:36,344
We've taken seven of the most
common food allergens,

497
00:26:36,448 --> 00:26:40,275
broken them down into
individual sachets in the
right quantity

498
00:26:40,379 --> 00:26:41,620
and the right texture.

499
00:26:41,724 --> 00:26:43,206
We are doctors and parents,

500
00:26:43,310 --> 00:26:46,517
doctors that have managed
children with severe food
allergies,

501
00:26:46,620 --> 00:26:49,172
even anaphylaxis
that could have been prevented.

502
00:26:49,275 --> 00:26:50,931
But we're also parents.

503
00:26:51,034 --> 00:26:53,827
Parents that have had to
introduce the common food
allergens to our own kids.

504
00:26:53,931 --> 00:26:55,034
And it was tough.

505
00:26:55,137 --> 00:26:58,793
We know our consumer
because we ARE our consumer.

506
00:26:58,896 --> 00:27:02,551
This is the first product
in an entirely new category.

507
00:27:02,655 --> 00:27:06,310
So, we're in need of expertise
and we need the best.

508
00:27:06,413 --> 00:27:08,482
Thank you, Sharks.
We look forward to your offer.

509
00:27:08,586 --> 00:27:09,724
Great.

510
00:27:09,827 --> 00:27:11,827
We'll show you the product as
well, if you like.

511
00:27:13,241 --> 00:27:14,206
Thank you.

512
00:27:16,034 --> 00:27:17,241
Thank you.

513
00:27:18,586 --> 00:27:22,413
Dr Mariam, Dr Rob,
you said one sachet per day.

514
00:27:22,517 --> 00:27:25,620
For how long?
Is it a week, a month, a year?

515
00:27:25,724 --> 00:27:27,241
Each box contains 28 sachets,

516
00:27:27,344 --> 00:27:28,655
but we do them in a bundle

517
00:27:28,758 --> 00:27:30,586
so that parents have the
opportunity

518
00:27:30,689 --> 00:27:33,655
to expose their children to
these foods over four months.

519
00:27:33,758 --> 00:27:36,310
Can't they just give the baby
a peanut?

520
00:27:36,413 --> 00:27:38,689
Yes, of course
you can crush up a peanut,

521
00:27:38,793 --> 00:27:40,793
but it's that extra step

522
00:27:40,896 --> 00:27:43,172
that's a barrier
to parents doing these things.

523
00:27:43,275 --> 00:27:44,448
And a big part of the reason

524
00:27:44,551 --> 00:27:47,206
why food allergies in Australia
are so high

525
00:27:47,310 --> 00:27:50,206
is because parents put off
introducing these foods early.

526
00:27:50,310 --> 00:27:53,551
So, basically this creates
convenience for the consumer.

527
00:27:53,655 --> 00:27:54,862
Exactly. Exactly.

528
00:27:56,241 --> 00:27:57,379
What does the product cost?

529
00:27:57,482 --> 00:28:01,931
So, it costs about $12.40
to produce a box.

530
00:28:02,034 --> 00:28:04,551
And we sell it wholesale for
$23

531
00:28:04,655 --> 00:28:07,034
and it retails for $49.95.

532
00:28:07,137 --> 00:28:08,517
Do you have any sales today?

533
00:28:08,620 --> 00:28:12,586
So, we've sold 4,200 units
in the last year.

534
00:28:12,689 --> 00:28:14,310
What's that in dollars?

535
00:28:14,413 --> 00:28:16,482
So, $120,000 in revenue

536
00:28:16,586 --> 00:28:18,586
with a gross margin of 55

537
00:28:18,689 --> 00:28:21,413
and a net margin of 15%.

538
00:28:22,724 --> 00:28:25,000
Let's chat about the business,
guys.

539
00:28:28,310 --> 00:28:32,000
So, you're asking 250,000 for
40%.

540
00:28:32,103 --> 00:28:35,068
Why are you willing to give
away 40% so quickly?

541
00:28:35,172 --> 00:28:37,827
You know, this is our first
foray into business.

542
00:28:37,931 --> 00:28:40,172
We've had incredible organic
growth

543
00:28:40,275 --> 00:28:44,137
that spread really through word
of mouth from mums and dads.

544
00:28:44,241 --> 00:28:50,103
What we need is expertise.
And, you know, we see your
attributes.

545
00:28:51,655 --> 00:28:55,965
Do you worry that you're making
health claims with your
product?

546
00:28:56,068 --> 00:28:57,517
We definitely appreciate that.

547
00:28:57,620 --> 00:29:00,344
And that's something that
we've worked very delicately
on.

548
00:29:00,448 --> 00:29:03,827
At the end of the day, what
we're delivering is a food
product.

549
00:29:03,931 --> 00:29:06,620
This is not a medicine.
It's not an immunisation.

550
00:29:06,724 --> 00:29:08,413
It's not an immune therapy.

551
00:29:08,517 --> 00:29:11,758
This is a food product
that's been prepared in a way

552
00:29:11,862 --> 00:29:15,275
that's never been easier for
parents to give to their
children.

553
00:29:15,379 --> 00:29:18,379
Let me sit here for a moment
and think.

554
00:29:23,241 --> 00:29:25,724
So, what are your plans
in terms of work?

555
00:29:25,827 --> 00:29:27,620
Like, is this a side hustle?

556
00:29:27,724 --> 00:29:30,344
Because we are practising
doctors, we are parents,

557
00:29:30,448 --> 00:29:33,034
that will always
be important to our brand.

558
00:29:33,137 --> 00:29:35,620
So, on weekends and evenings
we work on Taste Bubs

559
00:29:35,724 --> 00:29:38,206
and the rest of the time
we're in our clinical work

560
00:29:38,310 --> 00:29:39,448
and we're looking for help.

561
00:29:39,551 --> 00:29:43,448
So, if we invest $250,000 into
you,

562
00:29:43,551 --> 00:29:45,931
is someone going to work full
time in the business?

563
00:29:46,034 --> 00:29:49,206
We're hoping to use that money
for operational support,

564
00:29:49,310 --> 00:29:53,000
so maybe hire someone
to take care of the operations.

565
00:29:55,137 --> 00:29:58,206
OK, I'll be completely honest
and direct here.

566
00:30:09,275 --> 00:30:14,931
NARRATOR: Doctors Miriam and
Rob are seeking $250,000 for a
40% share

567
00:30:15,034 --> 00:30:17,275
in their infant food allergen
kit.

568
00:30:17,379 --> 00:30:20,172
But with both still working
full time,

569
00:30:20,275 --> 00:30:22,827
can they prove their commitment
to the Sharks?

570
00:30:22,931 --> 00:30:25,103
So, if I invest $250,000 in
you,

571
00:30:25,206 --> 00:30:28,000
I'd want you working full time
on the business

572
00:30:28,103 --> 00:30:30,206
and not making this a side
hustle.

573
00:30:30,310 --> 00:30:32,172
And the fact that you're not
willing to do that

574
00:30:32,275 --> 00:30:34,344
is a massive red flag for me.

575
00:30:35,931 --> 00:30:37,793
I'm out.

576
00:30:37,896 --> 00:30:39,827
Thank you.
Thank you very much.
Thank you.

577
00:30:42,068 --> 00:30:43,103
As a mother of two,

578
00:30:43,206 --> 00:30:46,206
I totally understand the use
case of this product.

579
00:30:46,310 --> 00:30:48,344
But to Nick's point,

580
00:30:48,448 --> 00:30:50,586
we want someone who's obsessed
with the business

581
00:30:50,689 --> 00:30:52,965
and is going to give it 100%

582
00:30:53,068 --> 00:30:55,620
because I'm here to look for an
investment, not a job.

583
00:30:55,724 --> 00:30:57,379
So for that reason, I'm out.

584
00:30:57,482 --> 00:31:00,172
Thank you.
Thank you, Jane.

585
00:31:00,275 --> 00:31:01,689
Just to be clear, like,

586
00:31:01,793 --> 00:31:05,172
Rob and I are really, like,
passionate about this business.

587
00:31:05,275 --> 00:31:07,793
It's not, I wouldn't consider
this a side hustle,

588
00:31:07,896 --> 00:31:09,931
but I do think it's really
important

589
00:31:10,034 --> 00:31:12,517
for us to stay engaged
in the clinical space

590
00:31:12,620 --> 00:31:14,344
for that trust and that
reputation.

591
00:31:14,448 --> 00:31:17,000
Agreed.I think you have to stay
involved.

592
00:31:17,103 --> 00:31:18,586
Yeah.

593
00:31:18,689 --> 00:31:21,931
Guys, I think it's a great
idea.

594
00:31:22,034 --> 00:31:23,448
Here's the thing.

595
00:31:23,551 --> 00:31:26,103
You're losing me on the
valuation.

596
00:31:26,206 --> 00:31:28,689
Because if my numbers are
right,

597
00:31:28,793 --> 00:31:31,448
you're valuing the business at
600K?

598
00:31:31,551 --> 00:31:37,068
And you have made 18,000 net
profit

599
00:31:37,172 --> 00:31:39,793
without paying anyone a salary.

600
00:31:40,827 --> 00:31:41,827
So...

601
00:31:44,275 --> 00:31:47,551
I am really, really sorry,
but it's just not for me.

602
00:31:47,655 --> 00:31:48,689
I'm out.

603
00:31:48,793 --> 00:31:50,793
Thank you.
Thank you very much.

604
00:32:00,034 --> 00:32:01,724
I'll make you an offer.

605
00:32:03,137 --> 00:32:06,862
I look at your first year
as a proof of concept,

606
00:32:06,965 --> 00:32:08,758
but it's a pure start up.

607
00:32:08,862 --> 00:32:10,724
And what you need to do
with a start-up

608
00:32:10,827 --> 00:32:12,482
is you need to build a team.

609
00:32:13,827 --> 00:32:16,586
I'm willing to do it with you,

610
00:32:16,689 --> 00:32:19,379
but I think
it's going to be a lot of work.

611
00:32:19,482 --> 00:32:20,793
Here's my offer.

612
00:32:23,413 --> 00:32:25,758
I will give you the 250,000.

613
00:32:28,724 --> 00:32:31,379
But I want 75% of the business.

614
00:32:31,482 --> 00:32:32,448
Whoa, whoa, whoa.

615
00:32:40,241 --> 00:32:42,344
You guys are just so
incredible.

616
00:32:46,586 --> 00:32:48,586
I really want to work with you.

617
00:32:51,758 --> 00:32:53,551
I'll make you an offer.

618
00:32:55,862 --> 00:32:58,758
So, I'll offer you $250,000

619
00:32:58,862 --> 00:33:01,241
for the 40%
that you're willing to give up.

620
00:33:03,034 --> 00:33:07,241
But I'll also need a $5 royalty
every unit sold

621
00:33:07,344 --> 00:33:10,724
until my $250,000 is paid back.

622
00:33:10,827 --> 00:33:14,310
And then what happens?
And then it goes away.

623
00:33:14,413 --> 00:33:16,137
Because I just don't want
to dilute you.

624
00:33:16,241 --> 00:33:18,068
Otherwise it's going to be
annoying for me to call you up

625
00:33:18,172 --> 00:33:20,103
and say, "Let's go to work."

626
00:33:20,206 --> 00:33:23,137
Like, I want you to be
incentivised and win as well.

627
00:33:23,241 --> 00:33:25,896
Well, it's going to be annoying
because you're annoying.

628
00:33:26,000 --> 00:33:29,137
[LAUGHTER]

629
00:33:29,241 --> 00:33:31,241
How are you going to fix that?

630
00:33:34,448 --> 00:33:36,793
Perhaps I'm being too Sharky.

631
00:33:36,896 --> 00:33:38,793
Oh.

632
00:33:38,896 --> 00:33:41,448
It's not fair that I own 75%.

633
00:33:48,172 --> 00:33:49,862
But you know what would be
fair?

634
00:33:49,965 --> 00:33:52,172
If you guys owned one third.

635
00:33:52,275 --> 00:33:56,586
I will take my offer down to
66%.

636
00:34:00,034 --> 00:34:02,896
Can we chat very quickly?
Sure.

637
00:34:05,586 --> 00:34:07,172
What should we do?
I don't know.

638
00:34:10,689 --> 00:34:12,517
I think he really gets
the vision of it.

639
00:34:12,620 --> 00:34:14,965
I'm like 50/50 at the moment.

640
00:34:17,379 --> 00:34:19,655
OK, I'll trust you on this one.

641
00:34:26,206 --> 00:34:28,000
So, we've decided...

642
00:34:33,068 --> 00:34:35,379
..to go with Davie.
Awesome.

643
00:34:35,482 --> 00:34:37,000
Great choice.

644
00:34:37,103 --> 00:34:40,758
NARRATOR: Mariam and Rob have
sealed the deal with Davie
Fogarty.

645
00:34:40,862 --> 00:34:42,448
Great work.
Thank you.

646
00:34:42,551 --> 00:34:47,034
He's investing $250,000
for a 40% share of Taste Bubs.

647
00:34:48,172 --> 00:34:49,172
JANE: Good one, Davie.

648
00:34:49,275 --> 00:34:51,689
Is this what it feels like
losing?

649
00:34:51,793 --> 00:34:55,275
Serves you right
for being a greedy pig.
Dammit!

650
00:34:55,379 --> 00:34:57,068
I can't believe it.
I'm so excited.

651
00:34:57,172 --> 00:34:59,172
I'm, like, so happy right now.

652
00:34:59,275 --> 00:35:02,310
That was awesome.
Yay!

653
00:35:02,413 --> 00:35:04,034
And, Davie,
we've struck gold with him,

654
00:35:04,137 --> 00:35:05,482
so we're really, really happy.

655
00:35:06,758 --> 00:35:11,137
NARRATOR: Coming up, the
temperature in the tank heats
up.

656
00:35:11,241 --> 00:35:13,896
How did you get to the 300K
valuation?

657
00:35:14,000 --> 00:35:16,724
I googled and I followed a
formula and that's what I got.
So...

658
00:35:16,827 --> 00:35:18,758
I will give you an F-word
for your business.

659
00:35:32,275 --> 00:35:33,551
This looks very exciting.

660
00:35:33,655 --> 00:35:36,310
ROBERT: This is on brand for
you, Jane, I think.It is.

661
00:35:36,413 --> 00:35:39,172
As long as it's not, like,
non-alcoholic, like, wine.

662
00:35:39,275 --> 00:35:41,000
Then... Then I'm out.

663
00:35:55,793 --> 00:35:56,896
Hi, Sharks.

664
00:35:57,000 --> 00:35:59,413
My name is Katharina and I am
here

665
00:35:59,517 --> 00:36:03,551
to introduce you
to my obsession - wine pouches.

666
00:36:03,655 --> 00:36:07,620
I'm asking for $60,000
for a 20% share in my business.

667
00:36:07,724 --> 00:36:09,965
I own a company called
Wine Not the Brand.

668
00:36:10,068 --> 00:36:15,000
And we manufacture Australia's
only custom branded wine
pouches.

669
00:36:15,103 --> 00:36:19,206
Shipping heavy, expensive
bottles was just not working
for me.

670
00:36:19,310 --> 00:36:22,068
Like every Millennial,
I took an online course

671
00:36:22,172 --> 00:36:24,689
where the first product module
pointed out

672
00:36:24,793 --> 00:36:28,931
that a successful e-com
product should be lightweight,
easy to ship,

673
00:36:29,034 --> 00:36:31,931
and have a unique value
proposition.Good.

674
00:36:32,034 --> 00:36:35,965
I officially launched in 2022
after over a year of research,

675
00:36:36,068 --> 00:36:38,275
development and investing

676
00:36:38,379 --> 00:36:41,896
into a one-of a-kind
pouch-filling machine.

677
00:36:42,000 --> 00:36:45,551
Over the last two years,
we've sold around 10,000 units

678
00:36:45,655 --> 00:36:49,137
and over the last few months
I've been overwhelmed with
inquiry

679
00:36:49,241 --> 00:36:52,758
from winemakers, vineyards,
consultants, distributors,

680
00:36:52,862 --> 00:36:55,379
even spirits and cocktail
brands all over the world

681
00:36:55,482 --> 00:37:00,068
clamouring to transition to
flexible packaging, who all
need our help.

682
00:37:00,172 --> 00:37:02,241
My personal goal is going big,

683
00:37:02,344 --> 00:37:05,103
focusing on airlines, festivals
and stadiums,

684
00:37:05,206 --> 00:37:08,724
as well as continuing to build
our direct-to-consumer base.

685
00:37:08,827 --> 00:37:12,517
But I need help scaling to
capacity and quickly.

686
00:37:12,620 --> 00:37:17,931
So, Sharks, why not try
your first-ever wine pouch

687
00:37:18,034 --> 00:37:20,689
and be a part
of history in the making?

688
00:37:20,793 --> 00:37:24,413
Well done, well done.Yeah.
Good job, great job. Can we
try it?

689
00:37:24,517 --> 00:37:26,620
Yes.
Yes!

690
00:37:26,724 --> 00:37:30,206
NARRATOR: Katharina is
introducing Australia's first

691
00:37:30,310 --> 00:37:34,724
customisable wine pouches with
personalised branded packaging.

692
00:37:36,413 --> 00:37:38,241
I have a little surprise for
you.

693
00:37:38,344 --> 00:37:41,000
I've actually taken the time
to do a little bit of research,

694
00:37:41,103 --> 00:37:44,689
and I have created custom
branded pouches based on your
business,

695
00:37:44,793 --> 00:37:45,965
brand and personality.

696
00:37:46,068 --> 00:37:47,931
I'm so excited.
That's impressive.

697
00:37:48,034 --> 00:37:50,448
So, we do a red, a white and a
rose.

698
00:37:50,551 --> 00:37:51,689
Thank you.

699
00:37:51,793 --> 00:37:54,517
Oh, cute pink outfit. Well
dressed.

700
00:37:54,620 --> 00:37:57,206
I know you're going to live to
150.Oh, you've done your
research.

701
00:37:57,310 --> 00:38:00,275
So, this one is a water pouch.
I love you.

702
00:38:00,379 --> 00:38:02,172
This is great. Thank you.

703
00:38:03,620 --> 00:38:04,620
It's good.

704
00:38:05,689 --> 00:38:06,862
Mmm.

705
00:38:08,965 --> 00:38:12,172
Katharina, tell me about you.
How you started.

706
00:38:12,275 --> 00:38:16,551
Yeah. I was, well, I was
in direct sales for 12 years.

707
00:38:16,655 --> 00:38:18,965
What kind of direct sales?
I was doing network marketing.

708
00:38:19,068 --> 00:38:21,965
Oh, wow. That's tough.Selling
skincare, nutrition, beauty.

709
00:38:22,068 --> 00:38:24,517
Yeah.
You can see the sales skills.

710
00:38:24,620 --> 00:38:26,689
I did very well
with network marketing.

711
00:38:26,793 --> 00:38:29,620
And I used that money
to buy the machine,

712
00:38:29,724 --> 00:38:33,586
to buy the inventory to, you
know, go to the events, learn
the things.

713
00:38:33,689 --> 00:38:35,862
What do you do now?
Now this is my baby.

714
00:38:35,965 --> 00:38:37,724
This is what I really am
focusing on.

715
00:38:37,827 --> 00:38:40,103
Have you ever started a
business before?

716
00:38:40,206 --> 00:38:41,931
Before Wine Not?
Yeah.

717
00:38:42,034 --> 00:38:43,862
No.

718
00:38:43,965 --> 00:38:46,034
I'm just not clear
what your business is.

719
00:38:46,137 --> 00:38:48,241
Mm-hm.

720
00:38:48,344 --> 00:38:50,689
Are you in the wine business,

721
00:38:50,793 --> 00:38:54,172
or do you make pouches
for wine manufacturers,

722
00:38:54,275 --> 00:38:58,000
or are you a direct to market
branding company?

723
00:38:58,103 --> 00:38:59,758
Yes.

724
00:38:59,862 --> 00:39:03,862
So, I originally started as a
wine company and we made our
own wine,

725
00:39:03,965 --> 00:39:05,965
and then we pivoted to pouches
through COVID.

726
00:39:06,068 --> 00:39:09,689
Then from there I started
doing custom branding for
other people.

727
00:39:09,793 --> 00:39:12,551
Now I'm being approached
by wine makers, vineyards,

728
00:39:12,655 --> 00:39:16,068
consultants who own their own
wineries, own their own
vineyards

729
00:39:16,172 --> 00:39:18,275
that want us
to do co-packing for them.

730
00:39:18,379 --> 00:39:21,344
OK, so I call you up and say,
"Hey, Katharina,

731
00:39:21,448 --> 00:39:28,103
"Can you put my really cool
wine into plastic containers?"

732
00:39:28,206 --> 00:39:29,551
Yes.
That's why I would go to you.

733
00:39:29,655 --> 00:39:31,172
Yes.

734
00:39:31,275 --> 00:39:34,172
If I'm a wine manufacturer, I
could probably afford my own
machine.

735
00:39:34,275 --> 00:39:35,655
So, why would I come to you
to do it for me

736
00:39:35,758 --> 00:39:38,034
instead of buying my own
machine?

737
00:39:38,137 --> 00:39:42,413
Because even with bottling,

738
00:39:42,517 --> 00:39:45,724
wine manufacturers generally
don't own their own bottling
equipment.

739
00:39:45,827 --> 00:39:48,241
It's a service that's
outsourced.

740
00:39:48,344 --> 00:39:52,862
So, your advantage is you're a
manufacturer or is it branding?

741
00:39:52,965 --> 00:39:54,068
She started two years ago.

742
00:39:54,172 --> 00:39:55,379
I think she's still at the
stage

743
00:39:55,482 --> 00:39:57,896
where you are pulling on all
the levers to see what works

744
00:39:58,000 --> 00:39:59,517
and to understand the business.

745
00:39:59,620 --> 00:40:00,896
Well, maybe I'd understand it
better

746
00:40:01,000 --> 00:40:03,379
if you told me your sales
and where they came from.

747
00:40:03,482 --> 00:40:06,310
So, over the last two years,
we've done about $60,000 in
sales.

748
00:40:06,413 --> 00:40:07,827
Per month.

749
00:40:09,000 --> 00:40:09,896
No, annually.

750
00:40:10,000 --> 00:40:11,551
Oh, OK.
Yeah.

751
00:40:11,655 --> 00:40:14,758
And where did those sales come
from?Initially it was direct
to consumer.

752
00:40:14,862 --> 00:40:18,206
So, we were doing online,
just building that database.

753
00:40:18,310 --> 00:40:21,068
Then as I started to get
more commercial clients,

754
00:40:21,172 --> 00:40:24,000
I started focusing on that
because the order volume was
larger,

755
00:40:24,103 --> 00:40:25,862
simpler to focus on one person.

756
00:40:25,965 --> 00:40:27,862
What are your margins like?
Roughly.

757
00:40:27,965 --> 00:40:30,103
These ones cost
about $3 to manufacture.
OK.

758
00:40:30,206 --> 00:40:31,896
I sell them for about 11.

759
00:40:32,000 --> 00:40:34,379
These ones cost
about $3 to manufacture.

760
00:40:34,482 --> 00:40:37,551
I sell them for $7.50 retail.
It's very cool.

761
00:40:37,655 --> 00:40:41,517
Like, I could imagine for when
we have our conference,
Bitchcon,

762
00:40:41,620 --> 00:40:43,034
like, we could give everyone
one of these.

763
00:40:43,137 --> 00:40:46,275
So, why haven't you grown more
in the last three years?

764
00:40:50,034 --> 00:40:53,241
I haven't focused on one thing
long enough, pushed it.

765
00:40:53,344 --> 00:40:55,482
I haven't done any paid
marketing.

766
00:40:55,586 --> 00:40:58,000
So you haven't done any paid
marketing on social media?No.

767
00:40:58,103 --> 00:40:59,896
You haven't boosted a post?

768
00:41:00,000 --> 00:41:02,724
It's not my expertise.

769
00:41:06,448 --> 00:41:08,689
I'm still...

770
00:41:08,793 --> 00:41:10,275
You're...

771
00:41:10,379 --> 00:41:12,068
Gosh, if you weren't
as nice as you were,

772
00:41:12,172 --> 00:41:14,068
this would go
completely differently.

773
00:41:14,172 --> 00:41:17,000
I'm struggling to understand
what the business is.

774
00:41:18,931 --> 00:41:21,379
When you came out,
I was super excited.

775
00:41:21,482 --> 00:41:23,862
Seriously, I thought you were
going to come out and say,

776
00:41:23,965 --> 00:41:28,206
"I have an exclusive contract
with sports stadiums."

777
00:41:28,310 --> 00:41:30,655
I just signed a deal
with an airline.

778
00:41:30,758 --> 00:41:32,655
I can imagine these on an
airline

779
00:41:32,758 --> 00:41:37,344
where you get, like, a one use
or on a train or places like
that.

780
00:41:37,448 --> 00:41:38,965
But that's not it, is it?

781
00:41:40,758 --> 00:41:43,172
That is where I want to go.
But again, I don't...

782
00:41:43,275 --> 00:41:45,103
I think it would be foolish
of me to say I know it all.

783
00:41:45,206 --> 00:41:47,413
I don't, I don't, like, I
don't know what it looks like

784
00:41:47,517 --> 00:41:48,724
to build to that scale.

785
00:41:48,827 --> 00:41:50,965
I want to build to that scale.

786
00:41:52,620 --> 00:41:54,068
What's your plan of attack
for this business?

787
00:41:54,172 --> 00:41:57,551
Because as Robert mentioned
earlier, is it branding? Is it
wine?

788
00:41:57,655 --> 00:42:01,034
Is it packaging? Like, which
direction do you want to head
in?

789
00:42:01,137 --> 00:42:02,827
I think all of them could work.

790
00:42:02,931 --> 00:42:05,862
If I do go for airlines, I
don't know what that looks
like.

791
00:42:05,965 --> 00:42:08,379
I don't know if it's a
commercially smart idea or
not.

792
00:42:08,482 --> 00:42:10,965
Direct to consumer
I know will work 100%.

793
00:42:11,068 --> 00:42:13,517
I'm happy to throw myself
at that and make that work.

794
00:42:13,620 --> 00:42:16,758
But then co-packing
is such a unique opportunity

795
00:42:16,862 --> 00:42:19,758
because the industry is
pushing for flexible
packaging.

796
00:42:19,862 --> 00:42:22,241
No-one else is doing it,
so there's that,

797
00:42:22,344 --> 00:42:26,344
but I don't know
how to sequence them properly.

798
00:42:26,448 --> 00:42:29,551
NARRATOR: Katharina
is asking for $60,000

799
00:42:29,655 --> 00:42:33,448
for a 20% stake in Wine Not,
her branded wine pouch company.

800
00:42:33,551 --> 00:42:38,241
But the Sharks are confused
about what exactly the company
is.

801
00:42:38,344 --> 00:42:40,517
If you're everything to
everyone,

802
00:42:40,620 --> 00:42:43,275
you're nothing to anyone.
To no-one.

803
00:42:46,068 --> 00:42:47,689
Katharina,
let me ask you a question.

804
00:42:47,793 --> 00:42:52,068
Of those three components,
which one makes you the most
money?

805
00:42:52,172 --> 00:42:54,034
The business to business.

806
00:42:55,517 --> 00:42:57,965
And what are you
most passionate about?

807
00:42:59,344 --> 00:43:01,689
It's not about the passion.
It's about where the money is.

808
00:43:01,793 --> 00:43:04,206
Where do you think
you can make the most money?

809
00:43:04,310 --> 00:43:06,862
Direct to consumer.
OK.

810
00:43:06,965 --> 00:43:09,965
The margins are the highest,
direct to consumer.

811
00:43:10,068 --> 00:43:12,758
Katharina, have you invested
any money in yourself?
Yes.

812
00:43:12,862 --> 00:43:15,034
How much?
About $200,000.

813
00:43:15,137 --> 00:43:16,482
Wow. What?

814
00:43:16,586 --> 00:43:17,620
Wow.

815
00:43:28,482 --> 00:43:32,275
Katharina, I will give you
an F-word for your business.

816
00:43:35,103 --> 00:43:36,482
Focus.

817
00:43:38,551 --> 00:43:41,034
Pick one and really get behind
it.

818
00:43:41,137 --> 00:43:42,896
You are clearly a hard worker.

819
00:43:43,000 --> 00:43:45,034
Get the one that you think
you can get behind,

820
00:43:45,137 --> 00:43:46,931
the one that's going to give
you the most money

821
00:43:47,034 --> 00:43:48,137
and you will be successful.

822
00:43:48,241 --> 00:43:53,034
But until you do that,
I'm afraid that I can't invest.

823
00:43:53,137 --> 00:43:55,000
So for that reason, I'm out.

824
00:43:56,344 --> 00:43:57,586
Thank you.

825
00:44:01,034 --> 00:44:03,827
You are highly investable.

826
00:44:03,931 --> 00:44:06,275
You're driven. You believe in
it.

827
00:44:08,172 --> 00:44:09,793
But I just...

828
00:44:09,896 --> 00:44:16,689
I'm struggling to get you to
tell me what the path to
market is.

829
00:44:16,793 --> 00:44:20,068
And it's OK if you don't know,
because you're going to pivot.

830
00:44:20,172 --> 00:44:21,689
All great entrepreneurs pivot.

831
00:44:21,793 --> 00:44:24,344
But what I hear you saying is,

832
00:44:24,448 --> 00:44:26,620
"Well, we're going to try
a bunch of things.

833
00:44:26,724 --> 00:44:29,931
"Give me your money and we'll
see if this works and that
works."

834
00:44:30,034 --> 00:44:34,103
It's hard for me to believe
in the path.

835
00:44:35,931 --> 00:44:39,620
You're a highly investable
entrepreneur,

836
00:44:39,724 --> 00:44:44,241
but I'm not sure it's a highly
investable business.

837
00:44:44,344 --> 00:44:45,862
I'm out.

838
00:44:46,965 --> 00:44:47,965
Thank you.

839
00:44:49,551 --> 00:44:52,586
Katharina, I'm certain
you're going to be successful,

840
00:44:52,689 --> 00:44:56,034
but I don't think
it's going to be this product.

841
00:44:56,137 --> 00:44:59,034
I think that
if you're doing co-packing,

842
00:44:59,137 --> 00:45:02,448
the best customers that you
build a strong relationship

843
00:45:02,551 --> 00:45:06,655
are going to churn first
because then they can afford to
buy the machine.

844
00:45:06,758 --> 00:45:10,586
There's no unique, strong
enough value proposition

845
00:45:10,689 --> 00:45:14,275
to protect it with a direct to
consumer and business to
business.

846
00:45:14,379 --> 00:45:17,172
I wish it came in with
something else that I could get
behind,

847
00:45:17,275 --> 00:45:19,068
but unfortunately I'm out.

848
00:45:20,793 --> 00:45:23,862
This is not going how I
planned, folks.

849
00:45:23,965 --> 00:45:26,482
NARRATOR: Katharina
is seeking $60,000

850
00:45:26,586 --> 00:45:28,758
for 20% of her wine pouch
business,

851
00:45:28,862 --> 00:45:32,517
but so far her lack of focus
has lost three Sharks,

852
00:45:32,620 --> 00:45:36,517
leaving just Nick Bell and Jane
Lu.

853
00:45:36,620 --> 00:45:40,241
I really want to give you money
because I think you're amazing.

854
00:45:40,344 --> 00:45:42,551
You present well, you talk
well.

855
00:45:42,655 --> 00:45:44,827
I just don't understand
this business.

856
00:45:44,931 --> 00:45:49,827
I want to give you the $60,000,
but I don't know how I can.

857
00:45:49,931 --> 00:45:52,482
Like, give me a reason, OK?
Please.

858
00:45:52,586 --> 00:45:53,689
What if I just did this?

859
00:45:53,793 --> 00:45:55,586
What if I took all of them
off the table

860
00:45:55,689 --> 00:45:57,068
except for business to
business?

861
00:45:57,172 --> 00:46:00,000
I'm going to take them to
airlines, festivals, stadiums.

862
00:46:00,103 --> 00:46:02,206
Focus on that.

863
00:46:14,103 --> 00:46:16,275
I just cannot see
how this is going to work.

864
00:46:19,103 --> 00:46:21,620
So for that reason, I'm out.

865
00:46:21,724 --> 00:46:23,482
Thank you.

866
00:46:23,586 --> 00:46:26,137
The wine drinker.
Ooh, the wine lover.

867
00:46:26,241 --> 00:46:28,344
The connoisseur.

868
00:46:28,448 --> 00:46:31,241
How did you get
to the 300K valuation, then?

869
00:46:31,344 --> 00:46:32,655
Calculated the machine.

870
00:46:32,758 --> 00:46:35,068
70 grand stock that we've got

871
00:46:35,172 --> 00:46:39,758
about 20,000 worth of, um,
pouches in stock still to use.

872
00:46:39,862 --> 00:46:43,551
Then we had about 20,000 to
30,000 worth of orders coming
through.

873
00:46:43,655 --> 00:46:46,379
But the orders
would deplete the stock,

874
00:46:46,482 --> 00:46:49,344
so we couldn't just add to it.
Yeah.

875
00:46:49,448 --> 00:46:51,379
How do we get to 300K?

876
00:46:51,482 --> 00:46:54,137
Because again, like, Robert,
so excited.

877
00:46:54,241 --> 00:46:57,000
Yeah.
Wine business. You're great.

878
00:46:57,103 --> 00:46:58,275
Um, and then the valuation

879
00:46:58,379 --> 00:47:00,896
just seems a bit
disproportionate for the sales.

880
00:47:01,000 --> 00:47:02,344
OK. That's good feedback.

881
00:47:02,448 --> 00:47:05,586
I googled and I followed a
formula and that's what I got.
So...

882
00:47:07,206 --> 00:47:10,172
I just think this business
can't succeed

883
00:47:10,275 --> 00:47:14,586
unless you nail the focus
and nail the marketing.

884
00:47:17,827 --> 00:47:20,310
And that's why I think
I'm the right Shark for you.

885
00:47:20,413 --> 00:47:22,034
Ooh.

886
00:47:22,137 --> 00:47:23,448
So I will make you an offer.

887
00:47:23,551 --> 00:47:25,551
I'm going to offer you
all the money.

888
00:47:25,655 --> 00:47:27,586
But for 40% of the business.

889
00:47:29,000 --> 00:47:32,241
60,000 for 40%.

890
00:47:32,344 --> 00:47:33,344
Mmm.

891
00:47:37,103 --> 00:47:39,000
Would you do 30?

892
00:47:46,896 --> 00:47:49,241
I'll come down to 30
when I get my money back.

893
00:47:56,896 --> 00:47:58,931
I think that's fair.
Let's do it.

894
00:47:59,034 --> 00:48:00,413
Yay!

895
00:48:00,517 --> 00:48:02,068
NARRATOR: Katharina has done
it.

896
00:48:03,413 --> 00:48:04,931
We're gonna have fun.
We'll show these guys.

897
00:48:05,034 --> 00:48:07,620
She's partnering up with Jane
Lu.Yay!

898
00:48:07,724 --> 00:48:08,862
You made the right decision.

899
00:48:08,965 --> 00:48:11,827
For a $60,000 investment
in her business.

900
00:48:11,931 --> 00:48:13,344
Appreciate it. Enjoy your
wines.

901
00:48:13,448 --> 00:48:14,448
Thank you, thank you.

902
00:48:14,551 --> 00:48:15,551
Good luck.

903
00:48:30,827 --> 00:48:33,068
Captions by Red Bee Media