Narrator: Tonight,
Candace Nelson,
the founder of game-changing
dessert brand Sprinkles,
returns to the t*nk.
Fishwife is tinned fish
like you have never tasted.
It doesn't suck. Nice.
We created the world's
only skateboards with brakes.
It's dork factor six. [ Laughs ]
Who's ready to make their
wallets jingle jangle? [ Jingles ]
I'm worried that you're
not really making money.
Are you profitable?
I didn't make payroll yesterday.
Whoa! [ Gasps ]
You've got to get
out of your own head.
How dare you do that?
We're gonna attempt something
that has never
been possible before.
You screw this up and
you'll sleep with the fishes.
♪♪
Narrator: First up is a fresh take
on an old-fashioned pantry staple.
♪♪
Hello, Sharks. My
name is Becca Millstein,
and I'm from Los
Angeles, California.
I'm here today seeking $350,000
in exchange for 4% equity
in my company, Fishwife.
[ Chuckles ]
Way back in the 16th century,
the term "fishwife" was used
to refer to the
wives of fishermen
who sold their husbands'
wares at the market.
Because their fresh fish
was so highly perishable,
the fishwives gained a
reputation for being bossy,
loud, and foul-mouthed.
Here at Fishwife, we can relate
because we are unapologetically
flipping the entire
seafood industry on its tail
in a bold, beautiful,
and brazen way.
Welcome to Fishwife, a
tinned seafood company
that makes eating
delicious, nutritious,
and responsibly sourced
seafood one pop of the tin away.
We partner with
the best fisheries,
farms, and canneries
all around the world
to bring you incredible seafood
that's ready to eat
straight out of the tin.
Candace, if your childhood
was anything like mine,
you grew up with stacks
of anonymous canned tuna
collecting dust
in your cupboard,
eating only tuna fish sandwiches
with mayonnaise and white bread.
Not so nice.
[ Laughter ]
Here at Fishwife,
we eat our tinned smoked
salmon over steaming rice balls,
our smoked rainbow trout
stirred into fresh pastas,
our Cantabrian anchovies on
good bread with great butter,
and our slow smoked
mackerel over delightful salads.
Fishwife is tinned fish
like you have never tasted.
So, Sharks, who is ready
to dive into the deep end
with Fishwife?
In front of you,
you have a selection of
our favorite Fishwife bites,
including smoked salmon
with some crème fraîche
on a potato chip,
smoked rainbow
trout dip on a pita chip,
a slow smoked mackerel onigiri,
and a hand roll featuring
our smashed collaboration
with Fly By Jing, a
Sichuan chili crisp brand.
Oh, this smoked
salmon's very good. Wow.
It's a flavor b*mb.
- Flavor b*mb.
It is a flavor that smacks
you right in the face.
Very good.
Mmm.
- I like it.
- What do you think about that?
Fishwife. Fishwife, baby.
There's a lot of
people canning fish.
Is there anything
different about your fish
versus all the other fish?
Okay, so first of all, did
everyone try a tin of fish
straight out of the can?
- No, I did not.
- I did not.
Millstein: Okay, pop
open one of those boxes.
O'Leary: Okay, Becca, I've
popped the smoked salmon.
- Amazing.
- I see the salmon in it.
I'm going to try it.
Yep. Have a little taste.
It... It doesn't suck.
It doesn't suck.
That's not bad.
- This is really good.
- This is amazing.
- I mean, it's really good.
- It's so succulent.
Tell me if you have
ever had tinned fish
that tastes like that
straight out of the can.
It's delicious. Do you
do any that are not in oil?
So we don't do any
in water at this point.
You know, we are a
premium brand, and...
How premium? How much
are you selling these for?
How premium? So, our core
line is going to retail at $7.99.
And your cost is?
$2.09 on average.
And what we're
seeing in the category
is that the premium brands
are growing three times faster
than the commodity
or conventional brands.
- Hot girls eat tinned fish.
- Hot girls eat tinned fish.
I don't know if you guys
know, but the TikTok trend
is that hot girls
eat tinned fish. Yes.
Tinned fish is blowing... Greiner:
And is that 'cause it's good for you?
'Cause it's good for
you and it's delicious
and people are doing really
elegant charcuterie boards.
By the way, high end restaurants
are now serving tinned fish.
There are tinned fish
in champagne bars.
Like, this is a huge trend. Yes!
Becca, I just want to
point out something.
Yes. So, you know, Kevin so
graciously said it doesn't suck,
but I've noticed he has
not stopped eating it.
[ Laughs ] And it's sucking less
every minute. This is pretty good.
Are you familiar with
conservas in Spain and Portugal?
They have a long
tradition of tinned fish
that's very elevated, that
we in America are not used to.
Exactly. Correct? Okay.
And that is where
Fishwife came from.
So, I studied abroad in
southern Spain my junior year,
and it was there that
I was first exposed
to high-quality tinned fish,
or as they call them in Spain,
conservas.
What are your sales?
in the first year.
$750,000? That's fabulous!
How many SKUs? All D2C?
Okay, next year? 90%.
Next year was we grew
- Whoa! - Whoa!
- Wow.
And then this is our
third year in business.
We're on track
to do $5.8 million.
- Gow!
- Good for you!
So we are selling
fish to the people.
I thought you
were holding it back
'cause you weren't
doing anything!
You got to bury
the lede sometimes.
Why wouldn't you
lead with that?!
Distribution, please.
How much direct?
How much to retail?
So today, it's 50/50.
How many doors
are you in? 1,300.
We've got all these
lovely grocery...
Regional grocery stores.
Whole Foods is our
first... Is going to be our first
national retail partner.
- Good for you.
- Congrats.
And that is why I'm here today,
because we have locked in a
national expansion with them
in April 2024,
and you all know that's
gonna take a lot of cheddar
to make sure we're
successful. [ Laughs ]
Okay, so, Becca, I-I
think I've heard enough.
This is a total commodity.
That's what it is.
So, the whole deal is
about executional skill.
Exactly. That's it. Either
you can execute or you can't.
- That's it.
- Yep.
I would never do
this as an equity deal
because it's all about a
commodity that needs cash.
That's it. I'd bet, on you,
I'd give you $350,000
as debt for 3 years.
Have to pay
interest and principal
on a monthly basis
back to me at 11% rate,
and I want 5% equity.
Basically a schmuck insurance
in case this thing works.
The whole deal is you.
You screw this up and
you'll sleep with the fishes.
No! Not the fishes!
Narrator: All Sharks are in,
and Becca has an offer
on the table from Kevin
for her tinned fish
company, Fishwife.
John: So at $8 million, you
believe you're gonna sell
an average or blended average
of about 1.5 million units?
About that.
I'm gonna make you an offer.
I'll give you the $350,000.
I want 15 cents per can.
Yeah.
For how long? In perpetuity?
In perpetuity, no ownership,
but I will also be probably
one of the key advisors,
and then when you call
me, I-I'm working for you
at the end of the
day. No equity?
Um...
Cuban: I'll clear the
deck some for you guys.
It's not a fit for me, but you
should be really, really proud
of what you've done.
Thank you so much, Mark. I
really appreciate it. You're welcome.
Becca, I love you.
I love this brand.
It's playful, it's
joyful, it's delicious.
It's easy to get behind.
So I would like to
make you an offer,
but I would also
like to bring in
my retail expert Shark friend...
I'm doing it alone. Sorry.
Miss Lori. Oh, my gosh.
And... But let's not
celebrate just yet.
I love the product.
I think it's delicious.
I did a deal last year with a
company called Boarderie.
Boarderie. Yes. I saw that.
Yes, it's the most fantastic
cheese and charcuterie.
It's been an Oprah pick twice.
We're gonna hit this year
over $20 million in sales
in a year. Nice! That's amazing!
Now, I could totally see
this fitting right on our trays.
So, yes, I love this.
Lori, how about
$350,000 for 10%?
Yeah, I'll do that.
♪♪
I feel very blessed. O'Leary: You're
getting two Sharks for 10%, $350,000.
Daymond's offering the $350,000
for 15% royalty just on fish,
and mine is debt deal, 36
months at 11% and I get 5% equity.
Which one do you
want to go with, if any?
Okay. Amazing.
Okay, I got to give
it up to my ladies.
Um, Candace and Lori, you're
both absolute experts and vets
in the product innovation space.
What am I, chopped
sardine over here?
- Pretty much. Pretty much.
- You're not chopped sardine.
- Fish pate.
- Mackerel, Kevin. Mackerel.
The truth is, I
am always looking
to bring more women
investors on my cap table.
I have a bunch of amazing ones.
So, this year, we're gonna
do $5.8 million, almost...
You know, that's almost
twice as much as that valuation.
Would you do the 350K for
to both of you,
vesting over two years?
♪♪
I think so.
Oh, my gosh! I think
you got yourself a deal.
- Yes!
- Oh, my God! Yay!
Wow. Yay!
Whoo-hoo-hoo!
Our first deal.
- So exciting!
[ Cheering ]
So excited!
Congratulations, Bec.
Why didn't you just come in
and say, "Ladies, let's talk"?
[ Laughter ] I got... You know, you
got to hear everyone out, you know.
I think about it. That
was a good deal.
Alright, good luck.
- It's amazing.
- It's amazing.
Thanks you. See you, guys. Bye.
Whoo! Whoo!
I just got a deal with
Candace and Lori,
two of the most incredible
women founders in the world,
and now they are on
my team, in my corner,
helping me sling this fish.
It's three fishwives
now, not just one.
♪♪
Narrator: In Season 11,
Natalie Holloway
and Max Kislevitz
made a deal with Maria
Sharapova and Mark Cuban
for their fashionable exercise
accessories company, Bala.
You've got a deal.
Done. Yes!
Oh, snake!
Narrator: Let's see
what they're up to now.
Kislevitz: The company's
changed dramatically
since being on "Shark t*nk."
Holloway: We've
expanded the product line
and we have over 15 products.
Go ahead and grab your bangles.
We also launched Balacize,
an online fitness platform.
And we expanded
internationally with distribution
in more than 25 countries,
including Canada, China,
and Western Europe.
But growth is
not a straight line.
During the pandemic, everyone
was working out from home,
and that's what we
were banking on.
But when the pandemic ended,
folks went back to
gyms to work out.
We found ourselves overstaffed
with way too much inventory.
We got in a dangerous position.
We had to make
difficult decisions
and get the company
back in shape.
When we first went
on "Shark t*nk,"
we were selling $100,000 a month
and had $1.2 million
in lifetime sales.
Since we went on "Shark t*nk,"
we're now averaging more
than $1 million a month,
and we have $64
million in lifetime sales.
Those are crazy numbers.
Did you ever believe
this would happen?
Not in our wildest
dreams. It's insane.
Every company will
have growing pains,
but when the
founders are strong,
their vision is strong, and
their product is exceptional,
you know that they're
gonna weather through it.
Yeah. That's cute.
Holloway: Maria's opened
so many doors for us,
from athletes like
Serena Williams
to brands like Reese
Witherspoon's Draper James.
We've 10x'd our
retail footprint,
which has led to our
biggest partnership to date.
Kislevitz: We're about to
launch in 1,700 Target doors,
almost every target in America.
To watch you guys go
from being this little company
to seeing you in so many
stores, it's extraordinary.
Bala will always
be our first baby,
but since our last
update, we have two more.
[ Fussing ]
Holloway: We hope that our
kids see our journey and realize
it's okay to fail, as long
as you get back up again.
And that's where success is...
Being able to power through
and make it to the other side.
♪♪
♪♪
Narrator: Next up is a fun
solution to keep babies entertained.
♪♪
Hi, Sharks. My
name is Stewart Gold
from Boca Raton, Florida,
and today, I'm
asking for $75,000
in exchange for
Sharks, when my wife elected me
as the chief diaper changing
officer of our household,
I had no idea the job
would entail so much kicking,
screaming, wriggling,
thrashing, rolling, kicking.
Changing my baby's
diaper almost felt like...
Aah! I was
wrestling an alligator.
[ Laughter ] It was a high
stakes battle to secure that diaper
and avoid a swampy blowout.
That's why, Sharks,
parents need a w*apon
as ferocious as their opponent.
Introducing...
[ Laughter ]
the Dingle Dangle.
[ Laughter ] Ah! That's great.
The Dingle Dangle
is a no-squirm,
restraint-free, baby
changing helper
that gives parents those
crucial 30 seconds they need
to change their
baby gator's diaper
and avoid any
reptile dysfunction.
[ Laughter ]
But, Sharks, the most innovative
part about the Dingle Dangle
is how it grows
alongside with your baby.
So to turn the Dingle
Dangle into a lightweight,
portable mobile for
your crib or stroller,
you simply twist it
out of the headband,
you twist it into the sensory
rod, and there you go.
You've turned a croc that
snaps into a babe that naps.
[ Laughter ] And
finally, Sharks,
you can twist the
rod out of the claw,
you twist our friend
Ollie the Octopus off,
and now you have our
friend Pete the Pufferfish,
and you twist this into Pete,
and you have your
baby's first rattle.
- Aww, cute.
- There you go.
- Aww, that's cool.
- Very clever. Very clever.
So, Sharks, I just have
one question left for you.
Who's ready to make
their wallets jingle jangle...
[ Jingles ]
with the Dingle Dangle?
- Good job.
- That was fun. That was fun.
- Great presentation, Stu.
- Nailed it.
Thank you. So, you know,
just one question, though.
What about the dork
factor of the thing
hanging in front of you?
Like, it's dork factor six.
My wife could attest I'm
one of the biggest dorks
probably on the face of
this planet. Good for you!
So this is no surprise for her
or anybody else in my family.
It's designed to look silly.
It's designed to look this way.
This can be worn,
like to the club.
[ Laughter ] Oh, yeah.
Cuban: You could put a lamp
on the end of it, Daymond.
What up, Lori? How you
been? How you been?
Come on, baby. You
know what I'm saying?
Hit me up later. Kev, give
me something, baby boy.
Wow, it's even cool.
Is this system,
like, patented at all?
Yes. So, we have
filed a utility patent
back in 2020 for the system.
The headband with
the removable rod
that goes into different
accessory products.
What are your sales?
So, in 2022, we had
$67,000 worth of sales,
but we ran out of the
product immediately
within almost two months.
And that was 2022.
What did you sell
them for? How much?
We sell them for $40.
What do they cost you to make?
They cost us $11.75 to make.
Wow. And then, you know,
around $14.50 to $15 to land.
That's not bad.
Still, you gave us 2022,
the first prototype
to product year.
So, we've done about
$40,000 in sales in 2023.
We had our best
month this month.
We did about $15,000 in sales.
So, kind of, we've been
growing month over month.
I'm a little concer... What are
the different use cases for this?
I'm in the early childhood space
with a sensory development
center called Play 2 Progress,
and we work with
occupational therapists
who are trying to
help develop kids
in terms of their sensory skills
and their motor development.
When our founder is
working with children,
helping them to sit
up, she's behind them
and she really wants
something that's kind of projecting
over them to keep
them entertained
while she's trying to, you
know, engage their core muscles.
What we did was,
if you look at it,
sensory black and
white colors, as you know,
is one of the first
colors the baby sees.
Baby safe chime,
so the decibel level
is safe for the baby,
and then just the
swaying motion.
So, it's all about sensory.
So, we market it
first as a sensory toy,
and, you know, we
had some traction.
We kind of changed
our focus a little bit
and we decided,
this is a toy, yes,
but it's a gift, right?
This is a baby gift.
You're gonna do $80,000
in sales, it sounds like.
We're projecting
about, I would say,
$185,000 for this year.
Will you make money on that?
We'll make about
$10,000 to $15,000 on that.
But you haven't paid
yourself anything yet?
No. What have
you invested in it?
About $150,000 into it.
The founding year, 2022,
you made $67,000 in
sales, you made no money?
No, we lost $20,000...
Sorry, $32,000.
Cuban: Where's
the cash going to?
Because typically in
this type of business,
where you're selling online
and you're making $25 a unit,
you should be making good money.
All the cash that, you know,
we get from sales
goes right back in.
It's been used to
fund more inventory.
So, Stu, what, do
you need a Shark for?
The $75,000 goes where?
But why the push
for a Shark partner?
I mean, your marketing,
your expertise,
your connections.
I mean, really, like,
one of the big things
we want to go next
to is licensing, right?
Right now, we're talking to
a... You know, to sports leagues,
a league you're very
familiar with, right?
How many other products can
you put the Dallas Mavericks logo
and introduce that to a
baby at day one, right?
Because you want to sell...
you want to sell it as a gift, right?
We want to sell it as a
gift, and for dads especially,
it keeps it in that dad
realm. You could license it.
I mean, you could
do TV characters,
you could do Peppa Pig,
you could do "Sesame Street."
But, Stu, I'm worried that
you're not really making money,
or you're not in a
position to make money,
that you're losing
money on every sale.
We're positive this month.
I think as we ramp
up sales and our...
You know, we keep going,
we'll... we'll be profitable.
I mean, there's 3.5 million
births in the US, right?
All we have to do is
hit a market saturation.
If you say... Most these are...
Don't do it. Don't give us
the 1% of a big number.
That's the kiss of death.
O'Leary: Let me get
things going, okay?
Every Shark has their thing.
I've been doing
this for a long time.
We all have
millions of followers.
Very useful for
acquiring customers.
The thing I'm missing is a baby.
You know, my kids are
grown up. [ Laughter ]
You can have... You can
have one of mine if you want.
I mean, I can get your baby.
Look, I love you, Stu,
but I'm gonna pass
on this one. I'm out.
Thank you very much. I
really appreciate the kind word.
You know what? I-I
think it's a great product.
Thank you. I think
it's a lot of fun.
I just can't see it scaling up,
you know, to be big
enough to get my interest.
So, for those reasons, I'm out.
Thank you. That means a lot.
I think this is a
fun product as well.
It's a good business for you,
but I don't believe
it's for me. I'm out.
Thank you.
I love the name. I
do think it's very fun,
very memorable.
It's a great name.
No one forgets a Dingle Dangle.
No. As a product, I think,
you know, it's just limited.
It's limited to a
certain time period.
And for me, the
market's kind of small.
And only for that
reason, I'm sorry, I'm out.
Thank you.
Stu, I was excited about the
sensory benefits of this toy.
I think there are some really
interesting applications there.
I think where you lost me
was when you started
talking about licensing.
I just... The... The vision
there is not something
that I'm really connecting with,
and so, for that
reason, I'm out.
Are you sure? I think with
your guys' social media following
and we'll be able
to blow this up.
We get so many
five-star reviews.
People love this product.
It's for a segment of the market
which is not paid
attention to at all,
which is dads,
which is new dads.
I think you're right.
I really believe I'm
gonna be someone
you're gonna look back on
and say, "I wish I took this deal."
Stu, the Mr. Wonderful in me...
And, you know, I love love,
I love children, I love family,
but I also love royalties,
and I'm thinking... Oh.
Greiner: Oh, no!
You know, I'm just thinking
your margins are enough.
He's about to dangle
a royalty in front of you.
I can't help myself.
I look at it, say
I'll do the deal.
$75,000. I'll take
the 20% equity,
but I want a buck a unit.
I-I don't know how I'd get
my money back any other way.
You got a deal, Mr. Wonderful.
Yeah! Cuban: There you go.
Wait, how long
of the... How long?
I assume the
royalty's in perpetuity.
It has to be.
Well, you said $75,000... till
you get paid back your $75,000.
No, no. I got to
get more than that.
Greiner: Oh! Sit back down!
The dingle is un-dangled.
Dingle dangle! Let
me finish the offer.
Let me finish the offer, Stu.
Let's start again, because I
wouldn't do that deal. Okay, sorry.
Getting my money
back... That's not exciting.
I'll take $1 a unit till
I get back $500,000,
and then the royalty
just goes away.
♪♪
$500,000. Come on.
Yeah, for a 75K investment.
How... Oh, wait, wait. But
will you still have percentage?
Yes. Of course.
Would you do it for... Get
paid back to $150,000?
It's not enough.
You'll still have 20%.
- Yes, you will.
- I was out, remember?
I'm trying to get
excited about it again.
Tomorrow morning, I
have to wake up and say,
"What? I did Dingle Dangle?"
How about $250,000?
♪♪
$300,000, it's done.
- You got a deal.
- Alright.
Cuban: There you go.
- Alright, Stu.
- Good job.
I'm gonna make you
richer then. [ Chuckles ]
- Whoo!
- Congratulations, Stu.
I love it. Thank you so much.
Should we all shake
our Dingle Dangles?
Yeah.
Guys, thank you so much.
- Congratulations.
- Well done. Good job.
[ Chuckles ]
Kevin is the hard-nosed
businessman, and that's what we need.
We want to be the name
in the baby business,
and I think Kevin is the
perfect partner to get us there.
Harriet: Come on out, Richard!
[ Laughter ]
Wow. Getting good now.
Wine & Design was my
favorite, favorite pitch, bar none.
[ Funky music plays ]
- Oh, my God!
- Aah!
What?!
[ Laughter ]
- Just for you, Barbara.
- Just for you, Barbara.
Heather: Everyone
has their apron on.
We've got our boas on. Barb,
I've never seen you speechless.
Corcoran: I couldn't
stop staring at the guy.
He was so good-looking.
I had never been so close
to a young man in my life.
My name is Heather. Ladies,
thank you for having me.
We don't care who
you are, Heather.
To you, dear. [ Laughter ]
Narrator: Next up are
three college friends
who created a safer
way to get big thrills.
[ Cheering ]
[ Laughs ]
♪♪
What's up, Sharks?
My name is Charlie Cannon.
I'm Chris Goodhue.
And I'm Carson Macdonald.
Sharks, you've all seen
skateboards and longboards,
and I know this is
gonna sound crazy,
but not a single one has
ever had a brake on it.
So we created the world's
only skateboards with brakes.
We created VibeRide,
and we're seeking $250,000
in exchange for 10% of the next
biggest skate company on earth.
Sharks, bikes have brakes,
scooters have brakes,
cars most definitely
have brakes.
Everything with wheels
needs a way to slow down.
But longboards and skateboards
have never had brakes.
And that is such a tragedy
because riding down hills
is supposed to be the best part.
[ Laughter ]
So, to demonstrate how game
changing this brake really is,
we're gonna attempt
something that has never been
possible before
just on "Shark t*nk."
Charlie's gonna
drop into this ramp
and attempt to come
to a complete stop
without dragging his
foot on the ground.
Give him a drum roll.
Alright, if I can't stop
before this stop sign,
I am running
straight into Chris.
Let's go.
It's that easy.
All you do is just
pivot your heel
and press to slow down.
Cool.
And, Sharks, it's
not just about safety.
In fact, that's not even
why we created the brake.
Saving lives is just
an added bonus.
We made this brake so we
could ride our dream wheels!
So we could ride
any hill at any speed
just the way that skating
should have always been.
Without a brake, you
spend half of your ride
just trying not to wipe out.
And that's no fun.
So, Sharks, let's get
out of the Stone Age
and stop using the bottom
of our shoes as brakes.
Which of you wants
to take a ride with us
into the future of skating?
- Good job.
- Alright. Good job.
You may now reveal your
very own custom brake boards
made by yours truly.
- Yeah, baby!
- Gorgeous!
There you go. That's
pretty badass right there.
- Oh.
- Ah!
I see... You know, I've
been working out. Ah.
Look at those muscles.
Not big enough, but close.
Goodhue: This is the world's
only skateboard with a brake on it.
So, how it works...
You can spin the wheel
and then press down
on this rear lever here,
and it's gonna push these
arms out into the wheels.
And the wheels have
brake pads on them.
Super easy to use,
but it's also been tested
up to 50 miles an hour,
so experts are
gonna love it as well.
We also have a few other
models. Let us show you those now.
So that one's our pro brake.
It retails for $149,
just the brake kit,
and with the full
board for $259.
And we got others.
We have our next tier.
This one retails for $189.
It's the exact same function.
This one's ideal
for medium hills.
This is our cheapest model.
It's gonna come in
about $129 to $139.
It's based off of
a scooter brake.
Super easy to use,
great for casual hills,
but it's gonna
allow us to get into
that lower end of the market,
especially after we've
polled our customers
and see what they're
willing to pay for a board.
And those price points
come with the boards,
for all of them.
So, what does it
cost you to make?
Our margin's around
How many people just buy
the brake for their own board?
So, it's actually
about 50/50 so far.
We actually expected
more just boards to be sold,
and honestly, I'd kind of
like to sell the whole board
'cause you make more money
when you sell the board, too.
[ Laughs ] Nelson:
Can I ask a question?
Why have skateboards not
had brakes to begin with?
I know! I literally
have no idea.
And I don't feel bad at all
when we take this entire market.
That's from the perspective
of a mom with boys
who I'm always worried about.
Boards have been around
longer than we've been alive,
and they don't have brakes. So technically,
you got a patent for this then?
Oh, yeah, we got patents. We got six of
them. How many? You got utility patents?
You have six utility patents?
Yes, and five of them... Alright.
Wait. I have to jump backwards.
Who are you? Like, where
do you guys come from?
Come on.
So, I'll start. You know,
I've been an entrepreneur
my whole life, since I was 14.
You know, flipping
T-shirts, flipping scooters.
I had a videography
business in high school.
I knew a lot about cameras,
and I knew there was a place
in the market for
affordable camera drones.
So, I private labeled a line
of affordable camera drones,
launched them online.
Within the first two
and a half years,
built a team of 23 people
and sold over $15 million
worth of camera drones.
What? Oh, my God. Wow.
What, you sold
it for $15 million?
No, I sold $15 million in
sales of camera drones.
Uh, sorry, let's
take those back.
No, I did sell the business
for $3 million, though.
Oh, there you go. There you go.
So, I had the idea
for these brakes.
Carson was a dorm mate of
mine in an engineering school.
Macdonald: I'm our
chief design officer,
so I have a background in
engineering and graphic design.
So I oversee all the design
aspects of the company.
And then I also... I worked at
the other company with them.
So, I ran the warehouse.
So, I have a ton of experience
in systems and automations
and what it takes to
run a company at scale.
So, and then I'm more
on the creative side.
I'm the chief brand officer,
and I spend a lot of my
time working with Charlie,
just really creating
our content engine
that's gonna drive,
like, organic growth.
How old are you guys now?
I'm 22.
I'm 23.
I'm 27. I'm... I'm the old guy.
Oh, the old guy. Yeah, grandpa.
Ancient. Ancient.
I'm just looking at you guys
and thinking of my boys.
Like, every night at
dinner, I just talk to them
about finding their
passion and pursuing that
because when you
find your passion...
- Every night at dinner?
- Every night?
You never work
a day in your life.
No, I am a broken record.
I really want them
to find their passion,
and I'm so proud that you've
done that. Do they still live there?
John: But is this
culture kind of like the
"How dare you do
that? That's not cool"?
If anyone's gonna
break that stigma, it's us.
We live this.
You know, I've been skating
since I was 10 years old.
I was a semi-pro freeskier
out of Utah. Cuban: Damn.
John: Nice. I'm a
surfer, I'm a skater,
and I can backflip pretty
much everything. Nice!
Macdonald: I'm a
state champion biker
and a semiprofessional
cliff jumper. Greiner: Wow.
And of course, a skater. So...
Let's talk about
the business. So...
Cannon: Yeah. Let's do it.
What will your
sales be this year?
What are they
gonna be next year?
Right. So we opened up
for presale two months ago.
It was pretty crazy.
Oh. Brand new.
But all that to say, in
those first two months,
we've done $150,000
in sales so far
in a little over two months.
That's not bad. Wow.
So, we're gonna finish
the year at around $600,000
just with this product.
Wow.
So, how much of your
money do you have in this?
Because this is not cheap.
I invested $1.2 million to date.
Oh, wow. Dang,
Charlie. You're all in.
Pump yo brakes!
Well, first thing I did... I
called up the only people
who had ever successfully
made brakes before
and I got everyone to sell.
In... In this same industry?
Like, every single patent
on longboard brakes,
I was able to buy, and I
spent $450,000 doing that.
- Whoa.
- Wow.
You guys are the
real deal, right?
I'll give you the 250K.
I'm a Shark, so I have to
ask for 15% instead of 10%,
and you can tell me
yes or you can tell me no.
Why do you want
Because you asked for 10%,
and so I figured I'd
have to ask for 15%.
Okay, so, we'll give you
the 15% for $350,000.
Cash is super important.
It'll allow us to launch
these products I haven't,
'cause I don't want
to pay for the mold.
Okay, I'll do it for 12%,
'cause I'm a Shark, right?
I got to be a Shark.
So, I'll do it for 12%,
and then if we need more
cash 'cause you're growing,
I'll put in more cash.
Alright, $265,000 for 12%.
$250,000 for 12%.
♪♪
Alright. Deal. Deal.
You got a deal.
[ Cheering and laughter ]
Thank you guys so much.
Greiner: Good job, guys.
You guys are badasses.
So impressive. So impressive.
For sure. Thank you so much.
- Thank you.
- Well done, man.
Thanks.
- Let's go!
- Let's go!
[ Cheering ]
Thank you guys, all, so much.
Thank you! You guys are awesome.
Whoo! Let's go!
Mark Cuban! Let's go!
Yeah!
It's so crazy because
I was a sixth grader
and I saw "Shark
t*nk" and I was like,
"That's what I want
to do when I'm older."
And, like, I'm not the
only one who thought that.
That was all of us.
♪♪
Narrator: Next up are
packable meals and snacks
for adventurers that
don't compromise on taste.
♪♪
Hello, Sharks. My
name is Heather Kelly,
and I'm coming to you from
beautiful Anchorage, Alaska.
Today, I am seeking $250,000
for 10% of my company,
Heather's Choice.
Now, Sharks, I'm going to assume
that most of you haven't
been camping before,
but you might know the drill.
You're sleeping in a tent.
You're on the ground.
There's bugs. It's dark.
But for one second,
I want you to imagine
that I have invited you
on the trip of a lifetime.
As we sit down around
the campfire at night,
the first question
that you ask me is,
"What's for dinner?"
So, I also want you to imagine
that you can have something
that tastes just like
a home-cooked meal,
but eaten from a bag.
Introducing Heather's Choice.
We are a line of lightweight,
packable meals and snacks
for adventurers
just like you and me.
Our entire adventure
menu is gluten-free
and made with only the
finest quality ingredients,
like wild caught
Alaskan sockeye salmon.
Some of our best sellers
include Grass-Fed Bison Chili,
and Morning Glory Oatmeal.
Mm. Alright, Sharks,
we're gonna be covering
some miles on this adventure,
so you're also going
to need some snacks.
We make Packaroons,
which are coconut
cookies for your backpack,
and they come in eight
adventurous flavors.
Alright, who wants to come
on this epic adventure with me
and put healthy, delicious
food in people's packs
across the globe?
Alright. Okay. Let's eat.
Greiner: So this
is it in front of us?
Yes. You each have a breakfast,
a dinner, and a couple
Packaroon flavors to try.
Ooh, and it's warm.
Oh, my gosh. It's hot.
Greiner: It's really warm.
Yep. I went ahead
and did the hard work.
I poured the water
in the bag for you.
Oh, you heat it up
right in the bag? Yep.
If you're somebody who
needs a bunch of calories,
you could have one of our
meals... Ooh, that's tasty.
And also have a snack with it.
Ooh. Smells
delicious. That is good.
Whatever the Packaroon
is, that coconut one...
That's delicious.
Yes. Wow, that
chili is fantastic.
Oh, good.
The African Peanut
Stew is good, too.
How many different
meals do you have?
It's quite a variety.
Yeah, we have six
breakfasts, eight dinners,
and then eight flavors
of the Packaroons.
How much is this going for?
So, the Packaroons
are $2.50 each,
the breakfasts are
$8.95. That's not bad.
And then the dinners
range from $12.50 to $15.95.
And that's D2C?
So that's our MSRP price.
Are you a chef? What
is your backstory here?
How did you... How did
you come up with this?
When I left Alaska
for the first time,
I went to school at Western
Washington University.
I was recruited for the
women's rowing team.
As you guys can imagine,
exercising 24 hours a week,
you have to learn
how to feed yourself.
So, I was just learning
everything I could
about nutrition
while simultaneously
helping my team win their third,
fourth, fifth, and sixth
national championship.
Wow.
So, we were pretty good.
And after college, I was invited
on a 30-day Grand Canyon trip.
So, rowing a 3,000-pound
gear boat over 200 miles,
and my response to all
of this was to dehydrate
this month-long adventure.
And that was in 2011,
and that's when the idea
for Heather's Choice
really started to percolate.
O'Leary: Let's talk
about the business, okay?
Let's. This is a niche
market extreme.
How do you acquire
these customers,
and then how much do
you make from each one?
Mm-hmm. So, it's a subscription
direct to consumer, I assume?
So, we aim for a 75%
margin on everything we make.
Currently, we sell
direct to consumer,
which is how I started,
just selling through Shopify.
Why would you ever change?
Do you sell on Amazon?
Yes. We're also in REI,
which is one of our
bigger customers.
Well, you should be. Perfect.
That's fine 'cause that's customer-specific.
That's your customer. Yeah.
Our total wholesale
business is about 237 doors.
How much in sales a year?
In 2022, that was our
first million-dollar year.
Wow. Okay.
You should do a million.
They taste fantastic.
Are you profitable?
No. [ Laughter ]
Okay. Talk to us.
So, what stops you from being
profitable with margins of 75%?
Manufacturing in
Alaska. I would say...
Why does it have to be
manufactured in Alaska... It is now...
versus going to a
co-packer and scaling?
Yeah. I will tell you,
I tried the co-packing route
on three separate occasions
and I couldn't hold the
product quality on the meals.
So, I finally decided
I'm ready to leave Alaska
and we are relocating
to the "lower 48."
So, what are your
margins gonna look like
once you go to the lower 48?
The gross margin on every
product can get closer to 80%...
Hmm. Especially the Packaroons.
There is so much opportunity
to make those for less,
and that's what I'd
really like help with today,
is really finding an opportunity
to seriously scale the
Packaroon business
and move that to a
co-packaging model.
Why Packaroons, though? Why... What...
Yeah. Yeah, what percentage of sales?
Yeah, why versus the meals?
'Cause that's what stands out.
This stuff is good.
That's what stands out.
Yeah, so why the Packaroons
instead of the meals?
I have been actively fundraising
for about nine months now,
and the consistent
feedback has been,
"Heather, the market opportunity
for the meals isn't big enough."
Wait. Kevin says niche, but...
camping... disaster relief. Greiner:
Backpacking, mountain climbers, boaters.
There's various other areas
where people don't have
access to food or they need it.
There's so much
more you could do
because your
formulation is really good.
That's your secret sauce. And
all you need is a microwave.
You just need a stove or a
microwave just to heat water.
They're metal-lined. Don't put
them in the microwave. Gotcha.
My kids would love to
heat something like this up
as an after-school snack.
Right now, all they're
relegated to is mac and cheese.
You are just very laser-focused
on this target customer,
which is you, and I get that,
but there are a huge market
out there of other consumers
who would love this food.
It's delicious. Yeah.
- Thank you.
- It's really good.
So, did you raise capital?
So, over the last nine years,
I've raised $1.3 million over
a bunch of little baby tranches.
In the summer of '22, I sat
down with my advisory board.
And they were like, "Heather,
we are super tired of seeing you
raise a couple hundred
thousand dollars at a time.
Like, put together an ask
that's actually gonna be
transformational for you."
So, the number I
landed on is $1.5 million,
and I have been
b*ating the pavement...
To try to raise the money. and
I've had so many people say,
"I love you, I love the product,
I love the story, I love
everything about this,
but the market
opportunity isn't big enough.
If you can't show me
a path to $50 million,
then I'm not
interested." Mm-hmm.
Okay, and how much
debt do you have, if any?
Ooh.
I have $1 million worth of debt.
O'Leary: Ouch. Oh!
Kelly: Yeah.
Alright, so listen, the
way you're presenting it,
you're almost negotiating
against yourself, right?
"Nobody says it's a big market.
Oh, I have $1 million. Oh."
Like, why do you feel like...
I mean, there's an
accomplishment here,
first of all.
Thank you. Why are
you pitching like that?
Because you're almost
talking yourself out of it
before we even get to respond.
Yeah, honestly, you
guys, I feel so b*at up.
- Oh. - Right.
- Yeah.
Oh. You shouldn't.
Um, the reason I
feel really b*at up
is I didn't make
payroll yesterday.
[ Gasps ] Oh.
Ouch.
Um, I have been
so starved for cash,
and if you were to look
at our balance sheet
over the last two
years, you'd be like,
"How on God's green
earth is this girl still alive?"
♪♪
Narrator: All Sharks are
still in on Heather's Choice,
a line of gourmet instant meals,
but Heather has
revealed her company
has major financial struggles.
The reason I feel really b*at up
is I didn't make
payroll yesterday.
[ Gasps ] Oh.
Ouch.
And if you were to look
at our balance sheet
over the last two
years, you'd be like,
"How on God's green
earth is this girl still alive?"
Honestly, you guys,
this fundraising stretch
has been real hard. [ Chuckles ]
So disappointing.
Yeah. I've had as much as
$1.9 million softly committed,
and I have struggled to get
people across the finish line.
You know, I remember
the story of this other guy
who lost money for 10 years.
His name was, I
think, Jeff Bezos.
Cuban: Bezos? Yeah. Yeah.
So, yeah, I don't want to hear
about all that other stuff. [ Laughs ]
Greiner: He's right
though, Heather.
Yeah. Mark and I both,
like, the same time,
we're, like, thinking,
it's not a narrow lane.
There's so much
more you could do.
You're limiting it yourself.
That's the problem.
Yes. We've all been there.
O'Leary: The reason
you're hitting a wall
is because when
you talk to investors...
It's happening right now...
In the consumer goods
services, particularly foods,
$50 million is the number
by which a larger entity
would take you out.
So, your investors want
to see a path to that,
and you need to figure that out
and show them that
you can get there.
You got to figure that
out. I can't do that for you.
Yeah. That's what
you're missing.
I'm sorry. I'm out.
Okay. Nelson: Listen.
I understand you fall in
love with your product,
you don't want to
compromise it one single bit.
I get that product is king,
but honestly, even if this
was 75% of what I was eating,
but you could be making it at a
co-packer or co-manufacturer,
that might be the answer.
You are just worn so thin.
My heart is overflowing for you.
You have an incredible product,
but there are a lot of issues
that you have to address,
and I think you have to
make some tough decisions.
I think you have
a lot of potential,
but unfortunately, I can't
take this ride with you.
I'm out. Thank you so much.
Heather, is it just that you
don't have the right people
around you to make
this really thrive?
I have a fantastic team.
Where I've really struggled
is having the capital
to bring this whole
thing to fruition.
I'm sorry. I just
don't see that.
You've raised how much
in total, including debt?
Including debt, $2.3 million.
I mean, that's a lot of
money. Yeah. I understand.
I'm gonna tell you
exactly what I see.
I see somebody
afraid to say yes.
There are so many
opportunities around you
where people would
buy your product,
but you have to
make it yourself.
You won't use a
co-packer, you know,
because it doesn't
taste quite right to you.
It's not as good. You
just don't say yes.
You only want to sell to one
market when it's a wider world.
It's not about the amount
of money and capital.
You've raised $2.3 million.
You know how many
people would dream of that?
It's on you, Heather.
You've got to get
out of your own head.
And so, for those
reasons, I'm out.
Okay. Thank you. I
appreciate it. You're welcome.
John: Heather, I-I
was in your position.
I was about to be homeless,
lose the brand,
and everything else.
So, I see you're
fixated on things.
You have to make adjustments.
I'm never gonna bet against you.
At this moment for
an investment, I'm out.
Okay. Thank you.
Okay, so this is your hero.
The Packaroons were great,
but this is the hero product.
I don't think there's
anything else out there like it.
So, to me, tragic
if you drop this one
and go to that one...
That's just my opinion.
Tragic's the right word.
But for me, it's
just not investable.
I'm sorry. I'm out.
Okay. Thank you.
Good luck, Heather. Good luck.
Thank you. Good luck, Heather.
Bye. Bye.
Kelly: I really heard what they
said about being a perfectionist.
Like, they pretty well hit
the nail on the head there,
and [sniffles] I'm not willing
to compromise on quality,
so I just need to
continue to come up
with some creative solutions.
That was hard.
Anyway, they were great.
Show me a great product
and then tell me how
you're going out of business.
By the way, what that tells
you is always make sure
there's a mint on your pillow
wherever you're
gonna sleep at night,
then you avoid
this whole problem.
No camping for you, Kevin?
How does that fit
at all?! Not at all.
Nelson: No camping for him.
My whole point is, when
I want that great meal,
I pick up the phone
and order room service.
Oh, my God.
That's it.
I'll take this over
room service.
♪♪
♪♪
♪♪
15x09 - Episode 9
Watch/Buy Amazon Merchandise
Shows entrepreneurs making business presentations to a panel of five venture capitalists (investors in start-ups) called "sharks" on the program, who decide whether to invest in their companies.
Shows entrepreneurs making business presentations to a panel of five venture capitalists (investors in start-ups) called "sharks" on the program, who decide whether to invest in their companies.