Most entrepreneurs are ecstatic with one deal on Shark Tank. It is unprecedented when all five Sharks take bites. Inventor Phil Dumas gave a professional presentation for his product, UniKey, which is a mobile phone wireless key entry to any locked door.
The technology is in the lock and mobile device application. The product can send and receive wireless keys from one device to another on a one time basis. If a friend comes to town, or the maid needs to get inside, this product allows you to send them a key to access your house. The access is deleted from the system after one use unless you specify the duration to last longer.
Phil walked into the room asking $500,000 for 33% equity in UniKey Tech. He stated that the money would be used for non-provisional patent protection, engineering and development for round one of the company.
Here are the deals in the order they were offered:
Kevin O’Leary was the first to give his input and offered $100,000 for 10% of the company if other Sharks would put up the other $400,000.
Robert Herjavec was next and offered $1,000,000 for 75% of the company being contingent that Black & Decker was on board.
Barbara Corcoran then offered $250,000 as an additional onto Kevin O’Leary’s deal if Mark Cuban would put up the other $250,000 to make it the total $500,000.
Daymond John stated he has had some exit wounds from other technology companies yet offered $500,000 for a 40% stake in the company.
The last Shark in the tank was Mark Cuban who cut Barbara out of Kevin’s deal. He asked Kevin to partner up with him and offered $400,000 of the $500,000 for 45% of the company.
Phil stated, “I came in wanting to do a deal with you Mark.” He countered with a 5% decrease in equity then offered them seats on the Board of Directors. This gives the Sharks the ability to control the balance of power causing Barbara to say, “That is a fair guy.”
Once the deal was agreed upon Kevin walked up to Phil and told him, “Do not negotiate with Black & Decker unless I am there.”
Shark Tank can take any start-up or small company to the big leagues. In one meeting, Phil got two Sharks ready to align forces with him. If you or anyone you know needs help getting their invention off the ground, please contact us at New Product Consulting.
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