Shark Tank, now in its fifth season on ABC, has entrepreneurs pitch their business ideas to successful business people. On Friday, Christopher Johnson walked into Shark Tank asking for $300,000 for 15% equity in his Rapid Ramen Inc. company. He’ll need to convince Mark Cuban, Lori Grenier, Kevin O’Leary, Barbara Corcoran, and Robert Herjavec that the company is worthy of a Shark.
Johnson’s company developed and sells the Rapid Ramen Cooker, which is a microwavable tray that is supposed to make the noodles taste just as good as they do on the stove. The product is already selling like hot cakes in Wal-Mart.
With three Sharks out, Robert and Kevin made an offer that sparked Mark Cuban to come back in. Mark Cuban made an offer was a $150,000 loan and a purchase of 20 percent of the company for $150,000.
In the end, Johnson counter-offered Cuban 15 percent of the company for the same $150,000, and Cuban took it. Every company that acquires a Shark is set to be successful. If you or anyone you know has an invention idea and needs help, please contact us at New Product Consulting.