13x01 - Episode 1

[bunniefuu]

Narrator: In an unprecedented
year of challenge and loss,

the American spirit continued
to survive and even thrive.

There's no reason why you can't
be a $100 million company.

I only have two words.
Let's go!

"Shark t*nk" remained
a steadfast champion

for small business,
for the startups...

After we aired on "Shark t*nk,"
we grew to over 500 women.

Narrator:
the mom and pops...

King: I wanted to start
something that would be able

to give back to my hometown.

The dreamers...

John: I love seeing
your progress,

and I can't wait to see you in
person when this whole thing is over.

And the innovators.

[ Crowd cheering ]

Come on, come on!

Apgar: When you have a
big dream, seize that moment

because dreams
really do come true,

and that's something
worth fighting for.

Pan: For those of you who are
wanting to follow your dream,

I encourage you
to never give up.

Cuban: This pandemic,

everybody's had to
change in every way.

Wherever there's
change, there's opportunity.

We will come out of this,

and there will be entrepreneurs
that take this moment

and will change the world.

-[ Screaming ] -[ Laughs ]

I'd like to be part
of the journey.

If you're gonna dream,
let's dream big, baby.

Narrator: And this season...

American ingenuity
is alive and well.

Whoa! And we're
once again celebrating

the nation's best entrepreneurs.

I didn't quit my job to
just start this business.

I quit my job because
I had a calling.

It's gonna revolutionize
the entire world.

This is a once-in-a-lifetime
opportunity,

to make an impact on the
health of billions of people.

I did a million
dollars in sales.

-You're 19 years
old? -Oh, my God!

Yeah!

So, I'd like to
make you an offer.

Narrator: And
tonight, Emma Grede,

founder and C. E. O. of smash
hit apparel brand Good American

and founding partner of
SKIMS, joins the t*nk.

You could be anything
you want to be.

You can set this world on fire.

Narrator: The new
season starts now.

Samuel: I don't have time
to take the traditional path.

This is a true vision. We
want to change the world.

-Whoa! -Oh!

Narrator: And we rebuild...

Going bankrupt, I've seen the
lowest lows of entrepreneurship.

Recover... Woman:
We're on a rocket ship

going straight for
the moon, baby.

Narrator: and
fight for the future.

I can't leave this
carpet without a deal.

It's my purpose on Earth.

I know how to
make this thing huge.

I'm afraid you
might hold me back.

-It's worthless! -Kevin!

You are alone for a
reason. He's an animal.

I'm the only Shark
that tells the truth!

Narrator: "Shark t*nk"
is back, better than ever.

-Wow. -I'm powerful.

-[ Laughs ] -I'm strong.

-[ Grunts ] -I'm courageous.

Sharks, let's go.

I love all this "Kumbaya" stuff,

but I can't figure out if
I can make any money.

♪

-Welcome, Emma. -Oh, thank you!

-Whoo! -Whoo!

That's the last time we're
gonna be nice to you.

I know. I can feel it.

It's about to turn. [
Imitates crunching ]

♪

Narrator: First in the t*nk

is an apparel company
with inclusivity in mind.

♪

Hello, Sharks. My
name is Philomina Kane,

and I am from the
boogie-down Bronx, New York,

and I am here seeking $200,000
in exchange for 10% equity

in my company, KINApparel.

Sharks, by a raise of hands,
how many of you own a hoodie?

♪

-Lots. -Okay.

Now, how many of you
own a hair-care product?

♪

Alright. I am here to tell you
that you can have both in one

with KINApparel.

Ah. Oh, yeah.

Kane: At KINApparel, we
are revolutionizing hair care,

with fashion and inclusion,

with our satin-lined...

hoodies. [ Chuckles ]

You see, Sharks, traditional
hoodies are made with cotton,

a material that absorbs
the moisture in your hair,

leaving it dry, frizzy,
and prone to breakage.

Consider the girl
with big, beautiful curls

who can't find a hood
big enough to fit her hair,

or the guy with locks

trying to stop lint balls
from forming on his hair.

[ Chuckles ] At KINApparel,

we line our hoods with
the finest quality satin,

a soft and smooth material

that, by nature, helps retain
moisture and reduce friction.

That, coupled with our
large hoods to fit all hair sizes,

means more protection...

no frizz, and
all-around comfort.

So, Sharks, who's
ready to Keep It Naturally

with KINApparel?

Greiner: Good job.
Kane: Thank you.

Great enthusiasm.
Sharks, you have

our most popular
hoodies right there.

Those are our thick hoodies.

Greiner: Ooh. And you also have

our innovative reversible
satin pillowcases.

So, Philomina, what made you

think of putting
satin into a hoodie?

In 2013, I got a full ride
to Princeton University.

Wow. And that's where
I did my undergrad.

Good for you. And
I was very stressed.

Like, it was really hard on me.

My hair was falling out.

Oh. Yeah. My
hair was falling out

because I was stressed.

And also, I come from
a family of hair stylists.

So when I was home in the Bronx,

they would always
take care of my hair.

So, when I went
over to Princeton,

it cost like $100 to
get my hair done.

[ Laughs ] I didn't
have that money!

So I was like, "You know
what? Let me chop it off."

So -- I did the same thing.

Oh, you did?

[ Laughter ]

Here I was, with, like,
my hair growing back.

I needed to protect it.

And I found myself always
putting, like, a scarf on

before putting the hoodie on.

One day, I was like,
"You know what?

I'm gonna make
satin-lined hoodies."

When you were at Princeton,
what were you studying?

Yeah, it's crazy, 'cause my
degree is in ecological biology.

-Oh, really? -Oh, wow.

[ Laughs ] Naturally.

Kane: With a certificate
in global health.

So, I actually did get into

the Columbia Mailman
School of Public Health.

Good for you. But I
ended up not going.

Can you tell me, like, where
are you manufacturing these,

and how much do they sell for?

So, we are
manufacturing in China.

The ones that you have right
now are our thick hoodies.

Those cost $13.75 to make

and $16.75 landed,

and we sell it for $80.

Wow. That's a great margin.

Kane: I'm a YouTuber.

I have almost 200,000
subscribers on YouTube.

-Good for you. -Wow.

Thank you. And on
YouTube, I do hair.

I basically help Black women
embrace their natural hair,

and it was mainly because

I wanted to document
my own journey.

♪

Okay.

♪

But it became bigger than that,

because people were coming
and saying, "You're inspiring me.

You're motivating me
to take care of my hair."

[ Voice breaking ] I'm sorry.

Tell us, why are you sad?

[ Sobs ] Okay.

I'm sorry. I'm crying because

it wasn't the original plan,

and I got a lot of flak
from it, from my family.

So, you know, I have
immigrant parents.

We're from Ghana, West Africa,

and I was raised by my
grandmother in Ghana.

And at a young age, I've
always loved helping people.

I wanted to do that
with global health.

But when I chopped
off all of my hair

and began my hair care
journey, I was just so passionate

about making hair care
more inclusive for others.

But the thing is, like, my mom
looks at my accomplishes now,

and she's like, "Wow. I'm
so glad that you actually --"

So you've made peace with them.

Yeah. She's happy.

She's so happy. Greiner:
Which I'm guessing

means you have good sales.

Mr. Wonderful, I
know you like sales.

I do. I was wondering

if you were gonna tell us
about them. Tell us. Tell us.

Alright. So, like I said,

I started this company
last year with $500,

$500 that I only
put into marketing,

and we made $246,000.

-Wow. -Wow. Okay.

Good for you.
Kane: And this year,

we are at $355,000.

-Wow. -Really?

What's your customer
acquisition cost?

It's zero.

-Zero? -[ Laughs ]

So, you're doing over
$350,000 of sales this year so far

with zero acquisition
cost? Yeah, because I'm --

You're not spending
any money on digital?

Well, she's got 200,000 followers. That's
the community. I don't spend money because --

It's not even the
YouTube channel.

We're always constantly going
viral on Instagram and TikTok.

Like, are you selling
out of these hoodies?

Yes, and that's my
biggest problem,

and that's also why I'm here.

Like, I want to make the deal

so that I can buy more and
stop being on pre-order. So --

Oh, you're on pre-order
at the moment?

Yeah. The thing with pre-order

is that it takes
four to six weeks.

So, you're making customers
wait four to six weeks?

Yes. When we sell out, I have
to put the products on pre-order,

or else when you come to
the site, you can't buy anything,

so then I'm not making money.

How much money do you
have in the bank right now?

I have $150,000.

And how much do
you have in inventory?

Ooh. [ Chuckles ]

In inventory?

In inventory,

I got like $500 or less.

Look, I'm very impressed
with what you've done.

There's no question about it.

But when I invest
in an entrepreneur,

I want to use my following --


on different platforms --

to help reduce their
customer acquisition cost.

The only product category that
I've ever had a problem with --

I've been successful
in everything

except hair care products,
and I can't understand why.

It just doesn't make
sense to me. [ Laughs ]

So, I'm out.

Thank you, Mr. Wonderful.

You know, you are
a poetry in motion,

a chaotic poetry in motion.

Ooh. Is that bad?

Uh, not so good when
it comes to business.

♪

Narrator: One Shark is out.

Philomina has four
chances left to make a deal

for her hair-care-focused
apparel company, KIN.

You are a poetry in motion,

a chaotic poetry in motion,

in your presentation
of your facts

as well as I even
think in your thinking,

which doesn't mean to
say you aren't brilliant.

I think you're
brilliant. No doubt.

You are what I see often in
business -- a super creative.

The downside to super creatives

is they have an idea a minute,

and then they act on it,

and I don't think you
need a Shark partner,

because you'd be
too much to handle.

I'd spend all day long
controlling you, okay?

[ Laughs ]

You need a working
partner, truly,

and you need someone
who's exactly opposite,

someone who knows numbers,

someone who loves to
live off to-do lists, okay?

I have to say, I'm
going to go out, sadly,

but I think you have
enormous potential.

Okay. Thank you.

Cuban: Yeah. Philomina,
I agree with Barbara.

I always partnered with
people who are a**l,

and I gave up big
chunks of my business

because I'm a ready,
fire, aim person,

and you seem to be a
ready, fire, aim person as well.

Mm. Yes. True.

And you need
somebody who is, like,

"No, you got to stay
within the baseline."

No, Mark, that can change.
I'm here for, "It's a change."

No, you can't, and it's not --
I'm not asking you to change.

I don't want you to change.

You're amazing the way you are.

But recognize one
of the greatest skills

an entrepreneur can have
is knowing what they can't do,

and you need somebody
there full time that lives it

as much as you do,
and that can't be me.

So, for those reasons, I'm out.

Okay, thank you.

You're welcome.

O'Leary: You still
have two Sharks left.

You do have two sharks
left. Greiner: Yes, you do.

But I think the
valuation is an issue,

and I think you've
got a lot of kinks to try

and figure out
with this business.

So, I'm here to
make a deal, so...

Listen, I'm here to
make a deal, too.

I think what's
really interesting

and just understanding
the landscape of it

more at the moment... Yeah.

In retail, it's
that all retailers

are looking for Black
female founders,

and so I actually
think that this product

speaking to the
audience that it does,

looking as diverse and
inclusive as it really is,

has a huge window
of opportunity.

I think that Lori and I

would be amazing Sharks for you,

with all of Lori's
background in manufacturing,

with what I do with both
Good American and SKIMS,

like, really understanding
the apparel landscape.

So, I'd like to
make you an offer.

Okay.

And it is us together.


for the $200,000

that you're asking for.

♪

Would y'all do 20%?

No. No.

You know, it's a fair offer,
and let me tell you why --

you don't know what
you don't know right now.

Right? You're just
at the beginning.

You're actually gonna
need a lot of help.

You're spending no
money in marketing,

and all of those
things are gonna come.

We can accelerate
this business...

[ Snaps fingers ]

And that's your last?

Y'all can't even do 25%?

Here's the thing -- you're
giving away something,

absolutely, but think
about what you get in return.

You know, I always
say I make millionaires.

That's what I do.

And with a partner like
Emma, hey, come on.

♪

[ Sniffles ]

Why are you emotional? Tell me.

♪

I'm crying because I'm so happy.

These are happy tears
because I'm just like, "Wow.

Y'all want to make
a deal with me."

♪

Lori and Emma...

welcome to the KIN folk.

Whoo-hoo! Yay!

[ Applause ]

Tears of joy.

Aww.

Congratulations,
Philomina. Well done.

Grede: Whoo-hoo!

[ Singsong voice ]
First deal in the t*nk!

OMG. Satin.

[ Laughs ]

We made it to "Shark t*nk,"

and we made a deal
with Lori and Emma?

[ Laughs ]

This is to tell you to
follow your dreams.

Follow your passion.

If you have a
passion, go for it.

Don't let anybody stop you.

♪

I was born in East
London in England.

I was raised by a single
mum with very little means,

one of four girls.

My mum went out to
work every single day,

so I played a really big
role in raising my sisters.

I watched my mum
work incredibly hard,

and she really taught me
that I could do anything,

so long as you are willing
to work really hard for it.

I always had a huge
passion for fashion,

and I would save
every little penny

so that I could buy
fashion magazines.

Going to the London College of
Fashion was a huge break for me.

It was the first time I'd
been able to be in the big city

and surround myself with
people that were really like-minded.

After college, I landed a job

in a fashion-show
production company.

All of the designers were
doing these incredible shows,

but everybody needed
sponsorship money.

And that's exactly how my
first business, ITB, was born,

a fashion entertainment
marketing agency.

After a decade, I'd
grown ITB to the point

where I was lucky
enough to have my first exit.

One of the proudest
moments in my life.

After 10 years of working
in the fashion business,

I really understood that
the large majority of women

were left out of the
fashion conversation

because of their size.

In 2016, I founded Good American

with my business
partner, Khloé Kardashian.

We are the first fully
inclusive apparel brand

that's really made
for all women's bodies.

On our first day of business,
we sold $1 million worth of denim,

making it the biggest
denim launch of all time.

My role is C. E.
O. and co-founder,

and I'm a very
operational C. E. O.

I'm in the weeds.

I work across every
area of the business.

In 2019, I became the
founding partner of SKIMS,

which is Kim Kardashian West's
shapewear and underwear brand.

It's one of the greatest things
about being an entrepreneur,

to start something from
this tiny seed of an idea

and see it come to fruition.

Okay, come on in, girls.

I'm really passionate

about women being able
to start their own business,

especially Black women
and women of color.

We all know that those groups
of women are way left out

of the funding conversation,

and so the idea that I can
be part of helping someone

to start their business
is a dream come true.

So good, no? I love that!

[ Speaks indistinctly ]

"Shark t*nk" says so
much about Americans

and who we are as a country.

Give a kiss.

I came here to have
my own American dream,

and I think it's incredible

that this is like a
full-circle moment for me,

where I can help other people

realize what it is
that they dream of.

♪

♪

Narrator: Next up is a healthier
version of an indulgence.

♪

Hi, Sharks. I'm William.

And I'm Kristen.

We're a husband-wife
dynamic duo,

co-founders of Uprising
Food from Cincinnati, Ohio.

We're here today
seeking $500,000

for 3% equity in our company.

-Oh. -[ Laughs ]

-Hello. -Hello.

Sharks, we want to
revolutionize health,

and it starts with bread.

We teamed up with the best

artisan bakers in the
industry to bring you

the healthiest, tastiest,

most powerful bread in the game.

And did we mention our bread,

also known as the Uprising Cube,

is keto, paleo, and
boosts gut health?

That's right. And it's
dairy and gluten free.

Some say it even tastes
like it's straight out of Heaven.

[ Angelic choir singing ]

[ Laughter ] We've truly
done the impossible.

Our cubes are packed with fiber

and created with clean and
boosted superfood ingredients.

Now, who wants to
join our health revolution

and bring this mouth-watering,

tastes-like-Heaven
bread to the masses?

Whoo! Whoo!

[ Laughs ] Now, who
wants to taste Heaven?

-I want to taste Heaven.
-What do we have here?

So, what we have today
is for you to experience live

the Uprising grilled cheese.

We also have French toast.

And this is just a plain
piece of the bread, right?

Yes. Yes, exactly.

So, can I -- I'm
gonna try that, too.

Go ahead. Jump right in.

So, we didn't
just stop at bread.

We also created chips.

And, yes, we have sales on both.

We are brand builders
through and through.

I worked at Procter & Gamble,

and Kristen works at
another CPG company.

It's important to us that
we bring an aesthetic

and an inspiration to
our brand-building efforts.

It's got a little bit of
a sponginess to it,

almost like a cake-like quality.
Yeah, it's chewy. It's really chewy.

-Exactly. -Spongy.

And what is that?
What's with that?

So, that is designed on
purpose because we want you

to have a very specific
mouthfeel with this bread.

This lasts one to four
weeks in the fridge?

Yes. That's amazing.

And that's with
no preservatives.

I'm gonna give you a
little credit for the taste,

'cause I've tried a
lot of these products,

and they taste
like utter [bleep]

The bread is good.
And this is pretty good.

What does this cost? How much?

That goes for $12 right there.

-Whoa. -Whoa. -Yes.

Grede: For a little
loaf of bread like that?

-Yes. -Whoa.

There's a lot of power in that.

Guys, I think the bread
tastes absolutely delicious,

but I just can't
get over the price.

Like, 12 bucks for
this tiny, little, like,

half a loaf of bread?

How does that
compare in the markets?

Like, I want to find
a $5 bill in the bread.

Do you know what I mean?

[ Laughter ] I don't
understand that.

This is not a "basic bread."

We're looking to upgrade bread.

Americans are, quite
frankly, getting sick

because of the foods

that were industrialized
and scaled.

My father is the type of person

who represents the masses.

Now he's an annuity
for the medical system.

He was given four weeks to live.

We intervened with food,

and my dad is still here today.

When we think about
what we're doing here,

it's not about us
being successful.

It's about the mission
of helping people,

and we will drive success

by solving this
problem for society.

O'Leary: So, I agree with
everything you're saying,

and I totally agree
about the disease factor.

My dad d*ed from that,
basically same issue.

Irish guy, lots of
starch, lots of white flour.

k*lled him.

But not everybody
in America can afford,

for 8 slices, $12.

That's really expensive.

Yeah. Exactly.

What are the revenues
of this business?

So, first year in
business -- 2019 --

- we did 85 - K top line.

Second year in business
-- 2020, the pandemic hits --

we did just under
a million top line.

How's that possible?
What did you do?

Well, hold on.

It gets better. -Okay.

First 6 months of 2021 --

$2.1 million year to date.

-Pretty good. -Oh, hello.

I almost want to
ask you for proof.

We're experts at
digital marketing.

So, right now, we
can deliver a consumer

for just under $50
customer acquisition cost.

That's a lot. That is
a lot for what you sell.

Well --

Because you need
a lifetime customer

to overcome that
initial -- Bingo.

Yeah. Bingo.

It would be a lot if we weren't

in such a high-frequency
consumable.

Grede: But, guys, we've got to
get to grips with these numbers,

because the sales last
year were really impressive,

but what's your profit?

We are not
cash-flow positive yet.

We have just under
a million in net losses.

Sorry, for the last
year? Greiner: Wow.

Yes. We sell one loaf for $12.

That costs us $5.25 to make.

Well, let's talk shipping.

Once you take that
down for shipping,

we clear about a 30% margin

once you average our bundles
together. So, you pay for shipping,

and you make about
$3.60 per loaf? Yep.

$500,000 for 3% imputes
a $16.6 million valuation.

Explain why you're
worth $16.6 million.

Okay. We're on track
to do $5 million this year.

As you've heard, we've
done $2.1 million year to date.

Other companies
like us, we believe,

- can get a 6 - X
multiple in market.

But you don't make money yet.

Are you saying you're
gonna make money

if you hit $5 million this year?

No. Absolutely not. Kristen: No.

So, when do you
become profitable? Ever?

Uh, we -- we will
become profitable

when we reach a
certain level of scale.

-What is that? -No kidding.

You will become profitable

when you reach a
certain level of scale.

Our goal is to drive
top-line revenue.

No [bleep]

Narrator: All
Sharks are still in,

but they are concerned
about the lack of profits

for William and Kristen's
healthy-bread company,

Uprising Food.

Are you saying you're
gonna make money

if you hit $5 million this year?

No. Absolutely not. Kristen: No.

So, when do you
become profitable? Ever?

Our goal is to drive
top-line revenue.

No [bleep]

What is your exit strategy?

Yeah, we would like to
either exit the company

to a larger multinational
or we could foresee

taking this company
public at some point.

I don't think I've ever sat
and spent this time in my seat

and heard more fancy
words... [ Cuban laughs ]

in my entire
life, alright? Okay.

I think if I were to put any
money into your business,

I would not sleep
a wink tonight.

Wow. Okay.

It's not even a business
that I'm listening about.

It's a cause.

The uprising. The
battle has begun.

But the bottom line here is

I don't trust you to
even protect my money,

and sadly, for me,
that's the reason I'm out.

Let me tell you
just a quick thing --

Here's -- I want to share
a few things with you.

I like the concept of
healthier foods, right?

And I do think
that down the road,

it will have great potential,

because this is on trend
for what people want.

But sadly, it's also
too big an ask for me,

your valuation, so I'm sorry.

I'm out.

Okay. Thank you, Lori.

Kristen: Thank you.

I'm stuck as an investor
on this $500,000 for 3%.

For this deal to work,
you're gonna have to exit

at close to half
a billion valuation

for me to get my money back.

I'm out. Okay.

Okay. Thank you.

Guys, I think the
product is great.

You know, I consider
myself a foodie

and definitely a bread girl,

and I thought this bread
was really, really great.

But equally, I think that the --

you know, the sign of a
really good entrepreneur

is to really know the
climate that you're in,

and I think for, you
know, so many years now,

those of us that are in
direct-to-consumer businesses

have really been able
to scale our businesses

and do exactly what you
guys said you were gonna do,

chase the top line,

without real consideration for
becoming a profitable business.

You guys did not come in

and demonstrate what
your path to profitability is.

Cuban: Great
point. You missed it.

You spoke about all of
your order economics,

which ain't that
great, by the way,

'cause you're paying too
much to acquire the customer,

and as everybody said,

you're not profitable
on your first customers.

So, I think for me,
you know, I'm out.

Thank you.

Yeah, guys, look... So --

why don't you run the
company to be profitable now?

Why did you go, after
being profitable by the month,

to be able to sustain all this?

That's actually exactly
what we did, Mark.

But you lost a million
dollars. We -- We --

The journey to get here,

we aggressively
drove CAC to the floor.

We've been the number-one
lowest CAC in the food --

That's such a
nonsense parameter.

You start small.

You got a nice little
product, and whatever you do,

you go door to door, you
go online, you sell locally,

and you make money and you grow,

but now, your back is
really against the wall, right?

'Cause you're losing
money on every sale.

So, the more
customers you acquire,

the more money you lose,
unless you can make sure

that you're selling them
a whole lot more products,

and your products are expensive.

And, you know,
the bread unsliced --

you get it, and it's like...

Ugh..."What do I do now?"

-Yeah. -You know?

You gonna take a bite out of it?

That crust is actually
very important

to preserving the product.

People buy that product

for the trifecta
of three reasons.

You can't find
something this healthy

that tastes this
good that's this fresh.

Then why don't you say that?

Why don't you say that?
-Because you say so much --

That was the best
thing you've said all day.

-Yeah. -Exactly.

That was the best
sales pitch you've made.

The packaging that
you're looking at there

is, unfortunately, our
gen-two packaging,

before we really dialed in
that positioning statement

and figured out that
was the winning combo.

Listen to the jargon.
You're driving me nuts.

Okay, look -- [ Laughter ]

We are constantly dialing --

I know, I know. Shh,
shh, shh. Okay. Right.

You're overselling
with all the jargon,

when you have an
authentically good product, right?

Your whole little
speech on crust

is everything you
should be saying

and just selling this
just because of that.

I want a product that's going
to give me all these things

that I can't get from
a sliced product.

That's all you had to say.

So, simplify, focus on
the product, and I'm out.

Thank you, guys, so much.

Good luck with the line.

-Thank you. -Thank you.

I honestly think the Sharks
are out of their minds.

I question what
they ate this morning.

We know that our product
is changing people's health,

and they couldn't see that.

I'm not sure what's
wrong with them.

♪

Narrator: Next into
the t*nk is a product

to keep your smallest
valuables safe.

♪

Hey, Sharks.

I'm Lerin Lockwood, and
I'm from Burnet, Texas.

I'm here seeking $150,000
in exchange for 15% equity

in my company, Lion Latch.

Sharks, some of
our most valuable

and sentimental possessions
in life happen to also be

some of the easiest to lose.

Let's say, for example,
mm... your wedding ring.

Help! I've lost my wedding ring

and I can't find it anywhere!

[ Laughs ]

Look at poor Maggie.
She's lost her ring,

and she's searched her
bags, the dirty laundry,

and now she's resorted to
Dumpster-diving in the trash

in search for her precious ring.

Maggie, all of this
could have been avoided

if you just had a Lion Latch.

What's a Lion Latch?

Only the best thing ever.

A small, secure container
to safely store your items.

So, whatever goes
into this little cutie,

you can rest assured
nothing is getting out.

Try it for yourself.

Simply place your ring
inside the container,

slide the lid on over the stem,

and lock into place
with the carabineer ring

by sliding it through
that little hole

at the top of the stem.

Lion Latch helps you store

your beloved items
safely and securely.

You never have to panic again.

So, Sharks, who's ready to
lock in a deal with Lion Latch

and say goodbye to losing
the small valuables you love?

Thanks for the
Lion Latch, Lerin.

See you, Sharks.

-Bye-bye. -[ Laughs ]

Corcoran: What's to stop
you from losing the Lion Latch?

Great question, Barbara.

I actually made this so you
could attach it to your keys,

and then you can keep it in
your purse or your backpack,

your gym bag.

Your rings aren't just
floating around in your bag.

Mr. Wonderful,
what you got in here?

Did you get it open?

O'Leary: Are these hearing aids?

They are. Thank you.

I've been waiting 13
seasons to give those to you.

He's out. Why do I need these?

Oh, for your listening
skills. Thank you.

Yes. You're welcome.
Cuban: Whoa.

That really endears me to you.

It's gonna help you
get a deal with me -- not.

[ Laughter ]

So, tell me, how did you
come up with this idea?

I am a teacher and a coach,

and I was newly engaged
and I was coaching softball,

and despite the fact my athletes

have to take off their
jewelry for athletics,

I thought I was an
exception to the rule.

I never wanted to take this
ring off, and I caught a ball

and it flattened my
engagement ring into my finger...

Wow... and then it
knocked out a diamond,

and I didn't find the
diamond. [ Gasps ]

Everyone has some
kind of lost-jewelry story,

and so, this
Dumpster reenactment

is a story that I
get very frequently.

- I originally 3 -
D-printed this for myself,

and then other teachers and
coaches and my student athletes

wanted one.

Well, it was gonna be $30 -
to 3 - D-print one for everyone,

so why not manufacture it?

So, have you sold any of them?

I've done $530,000... What?!

To date. Yes.

Cuban: And that's over
what period of time?

Uh, five years.

-Oh, five. -Okay,
what about this year?

How many have you
sold in the last 12 months?

In the last 12
months, I've done --

let's see -- last year, - I did


Netted? You netted 54?

Yes. Yes, I netted 54. Yes, sir.

And how much did you put
into the business to begin with?

I didn't put any of my
own money in it, actually.

So, you own 100%
of this product?

-I do. -Yeah!

Good for you, girl. That's
Texas proud right there.

Are you still working your
job, or are you just doing this?

Actually, I made the
tough decision this year

to resign from teaching.

O'Leary: What do you
charge for one of these things?

Wholesale for
$5, retail for $10.

And what does it
cost you to make one?

About a buck 50. Buck 50?

-Yes. -Wow. -Okay.

But I've had such a struggle
with manufacturers, y'all.

I've had three
different manufacturers.

They couldn't keep
up with the demand.

My family and my friends
were driving to Dallas

to pick up product
and bring it home to me

as I'm packing the orders. Why?

The reason I didn't have them
putting it directly in a package

and shipping is 'cause I
needed it to come to me

so I could do a second
round of quality control.

-That's crazy.
-Here, wait, I'm --

That's why I'm here.

You're personally packing
one product at a time?

Yes. I'm still doing that.

I don't understand. How
are you possibly gonna scale

if you have to sleep
seven hours a day?

I quit teaching. Kevin,
you're missing this part.

I did all that
full-time teaching.

-No, I got the quit tea--
-He needs his hearing aids.

I'm full time -- Put those in!

[ Laughter ]

You know what?
He's got to love you.

O'Leary: So, it sounds like
you need to hire somebody

to solve all these
problems for you.

I just want to give you money,

and I want you to go take it...

And turn it into more.
And then I get more money.

This is a struggle, though,
for all women that wear rings,

but it can be used
for money, right?

Mr. Wonderful, money, okay?

I got it. I got it. Not
just rings, earrings.

So, if you're getting
your nails done,

you got to take off your rings,

don't just drop
them in your purse.

Are you going to work out?

Don't just leave it on
the floor. No, I'm not.

I know you're not. I'm sorry.
I'm going to say to you I'm out!

I'm out, I'm out,
I'm out, I'm out!

I was talking to Lori.

I'm so sorry.

Lerin, what you've
accomplished is amazing.

Thank you. But I
just don't see this

becoming the $10, $20,
$50 million in sale business,

and unfortunately,
for that reason, I'm out.

Look, I-I actually really
admire your tenacity.

I think you come on and
completely lit this stage up.

I'm not that interested
in this on its own,

and so, I think, for
that reason, I'm out.

Thank you, Emma.
Greiner: You know what?

Your only problem is you
don't have good manufacturing.

Correct. Not good enough.

You need a manufacturer
that you can rely on,

and there's plenty of factories
out there that need work.

But it's not really an
investable business for me,

I don't think, but it can
be a great one for you,

and you only have to solve
one problem, and you can do it.

You will do it.

So, I'm sorry to say,

I wish you the
best, but I'm out.

Thank you, Lori.

Well, I just wanted
y'all to know,

I've been working on this
for five years, you know?

The blood, sweat,
and tears... You're tired.

Teaching all day, coming home,

trying to spend some
time with my family,

and staying up late
and packing orders,

and I really came here with the
hopes that y'all would help me.

As I'm watching you,
you're like a dog on a bone.

You can hang on that
bone, keep coming back,

keep coming back.

That's a rare quality,

and it says to me you
should be an entrepreneur.

Thank you.

But you're business
is too small.

I'm sorry, but I'm out.

We wish you good
luck. Thank you.

Thank, y'all. Bye, y'all.

-Thank you. -Good night, Lerin.

Lockwood: I
expected to get a deal.

I'm a little sad about that,

but my plan is to go back
home and get to work.

♪

Narrator: Next up is a
business that cares about

how something is made
as much as what is made.

♪

Hi, Sharks.

I'm Patrick Robinson
from New York.

Paskho, my company,
created Community-Made.

Community-Made is
transforming how we manufacture

and sell clothing
in the United States.

We are mobilizing teams
of seamstresses, tailors,

pattern makers from
underserved communities

to make sustainable clothes.

One of the places where this
is working today is Gee's Bend,

a rural, small, remote
community in Alabama.

Black quilters are famous there.

Now, Paskho
Community-Made is there,

creating dignified jobs
that pay a living wage.

We're ready to scale the success
we're having in Gee's Bend

across America.

Sharks, I'm asking you

for $500,000 for 2.5%
of my company, Paskho.

Together, we can do
good and make money.

I know you, don't I?
You're a bit fashion famous.

I have a long career. Yes.

I've been in this for 35
years. You were at Gap before.

I ran Gap Worldwide. That's
what I'm most recently --

Mm-hmm. I was at Giorgio Armani,

then I did Perry Ellis,
Paco Rabanne, Anne Klein.

I did a collection
for Target. Wow.

That was great-selling there.
Wow. You have quite a pedigree.

You've been around.

Well, you know,
I've been around,

and that's why I'm doing this.

And Americans
today don't have jobs.

In Gee's Bend, where I just
showed you, work's not there,

and we're putting it there.

All of these clothes are being
made right now in the U. S.

So, we're a 6-year-old
business right now.


we did $6.7 million.

Wow. So, I pick this up,

and I thought, "Ooh,
these are cute."

Like, these are my cup of tea.

This is extremely nice fabric.

What does a pair of pants
like these cost to make?

$43 to make.

$110 is the average cost
of one of our products.

So, you're not offering
manufacturing facilities

for anybody.

It's for your own
line of clothes, right?

Right now. Right now, we are.

So, what we're doing is we're
building pods across the U. S.

We have one in New York City,

the first one we started
during the height of COVID.

The one in Gee's Bend
came online a month ago.

And so, now we're building more.

What are your net profits?

We're not profitable yet.

Okay. Okay.

But our average
cart right now is $209.

Uh-huh. Right?

To acquire that customer,
it's costing us $95.

That's a lot.

Right? Yeah. It is.

But to today, we
did $1.9 million.

We're looking to finish
this year at $4.5 million.

The last 12 -- Will
you be profitable

on the $4.5 million in sales?

No, we won't. No, we won't.

And if not, what
will your losses be?

How big a hole are you digging?

We are digging a
few million dollars still.

But, Patrick, tell me this
-- O'Leary: Why? Why?

Now we're getting to it. Okay.

Robinson: Because
we're building.

They're building out, they're
rapidly scaling our pods out.

So, we were getting close to
-- we were getting profitability

at that $7 million that
we were in in 2019.

Our revenue dropped in
COVID, and basically we --

But, Patrick, tell me this --

I don't understand why
your revenue dropped, right?

I run apparel companies.

COVID was a k*ller for anyone

who's, you know,
selling dresses,

selling prints, selling sequins.

I'm looking at essentially

what looks like elevated
loungewear here, right?

It's what everybody was
wearing during COVID.

I know, because at SKIMS,
we couldn't keep anything in

that looked anything like this.

So, I don't understand why
your sales decreased so badly.

Supply chain. We
didn't have the supply.

We hit a supply-chain nightmare.

What was your
supply-chain issue?

We couldn't get the
inventory we wanted.

So, we didn't build
Community-Made

until July of last
year. Ahh. Okay.

So, you were buying in a traditional
manner. We were buying all of our product...

So, you have a pivot going on.

So, when COVID
hit, you kind of pivoted

into this new thing
called Community-Made?

Yes, sir. Yes.

Okay. Yes.

What I'm trying to
figure out is pre-pivot,

how did you sell clothes

to get to $6.7 million in sales?

Yeah. Because post-pivot,
it seems to be a challenge.

That's my whole thing, right?

I think my big issue
with what you're doing

is that it hasn't caught light.

I'm just wondering what
isn't hitting with the customers,

and that's what I'm
really struggling with.

Yeah, it's the
conversation, right?

And I under-- How do
you build the conversation

out of that traditional place
of buying your ads, right?

So, we're spending
a great deal to find --

Absolutely, and that's why

we're in a beautiful
climate now, right?

Social lets us story-tell,

and the beauty of
what you've created,

is you've got an
incredible story.

So, either you don't know
how to sell it and tell that story,

or the customer just
simply isn't there for it.

Yeah, Emma's
exactly right, right?

Because with your
story, if it resonates,

your cost of customer
acquisition with this

shouldn't be $90, right?

She could come out
with a new product,

and, bam, hit the story
right there, right then.

I go back to Good American.

You know, when we
launched that, we started talking

about size
inclusivity, diversity,

the premium denim market. Yeah.

With a one-week run-up,

we sold a million dollars
of denim on day one.

The customers will just get it,

and I just think
that there must be

some kind of huge
disconnect in what you're doing.

Robinson: And I can't
stress this enough, right?

We are at the
beginning of this story.

I just -- And honestly -- Oh, but you're
not, Patrick. That's my only problem.

O'Leary: Let me
ask you one question.

You are a very
talented designer,

but have you ever been a C. E.
O. of a manufacturing business?

No. No.

I can tell.

I don't know where you are

in the continuum of when
your story gets traction or not.

I'm a very pragmatic
investor. Yes, you are.

I like to take half
a million dollars

and pour it on a business
model that's already proven,

so I'm just adding
gasoline to the fire.

I don't think your
flame is lit yet.

I really don't. I'm out.

Yeah. I-I-I disagree
with you, of course.

I get it. I disagree with you.

But it's my $500,000,
and I'll cry if I want to.

And that's why I get
to disagree with you.

It's my business, right?

Patrick, I have to say,

when you gave your presentation,

you brought me almost to tears.

I thought that story
was so riveting.

I can't imagine
it not resonating

with everyone who hears it.

But you can't have my investment

because of the lack of clarity.

Okay.

So, sadly, I must say,
for this reason, I'm out.

Okay. I completely understand,

and I'm grateful
for all of your time.

We're building something
that isn't built out there.

I -- You know, I
was a fan of you.

I remember reading about
you in Vogue, on the CFDA list.

I knew your face the
minute you walked in here.

I think you need to take
that same obsession

that you have with how
you're making things

and turn it into some kind of
obsession with your customers,

'cause your
customer is speaking,

and I don't think
you're listening.

It isn't for me.

I don't think it's an
investable opportunity,

so I'm out, but I
really applaud you.

Thank you. Greiner: As
I'm sitting next to somebody

who's built a fabulous
clothing-line brand...

Yeah, an incredible one.
And more and more,

you know, I have not
built a clothing line.

I wouldn't know how to help you,

and regretfully, I'm out.

Completely understand.

Still one Shark
left. Mark Cuban.

The problem is you haven't
figured out how to sell it yet,

and I think Emma brings
up a great point, right?

The way things were
sold five years ago --

totally different than the
way it was sold four years ago,

different than three, than two.

Now you have 15
seconds on TikTok.

If you're lucky, you've got 30,

and that's where
most products are sold,

and that part, you
haven't figured out.

So, I'm not gonna invest.

I'm gonna go out because
you have to figure that out,

and it's not easy to figure
out, but I wish you the best.

We will. Where we're going,

what we're gonna build
is gonna be powerful.

So, we'll get it done.
I have no doubt.

Yeah. We're gonna get it done.

Thank you.

♪

What he was trying
to do is something

completely different than
we've ever seen before.

Yes.

In the end, I don't
think customers

are making their
decisions based on

where something's
made right now.

I think you nailed it.

I mean, he doesn't
know how to sell it.

He doesn't know how to sell it.

Robinson: I didn't get a deal,

but I'm still passionate
about this mission,

I'm still passionate about
bringing jobs back to the U. S.

They didn't get it, but we're
going to bring those jobs back.