Do You Use Any Of These Shark Tank Products In Your Home?
Anyone can be a great inventor. The television show Shark Tank exists to give people the opportunity to market their inventions to a large audience. While some of the Sharks invest wisely on the series, others miss out on some cool and innovative products. Continue reading to learn about some of the worst deals made on Shark Tank.
The Inventors Of Night Runner Went Another Direction
One of the most memorable episodes of Shark Tank had Night Runner owners Doug and Renata Storer pitching their rechargeable LED running shoes.
Robert Herjavec agreed to give them $250,000 for a 15 percent stake in the company. The owners decided last minute to not accept his deal and later made over one million dollars in revenue.
They Missed Out On Rocketbook
The founders of Rocketbook, Jake Epstein and Joe LeMay, appeared on a 2017 episode of Shark Tank to pitch their reusable smart notebooks.
They were seeking $400,000 in capital for a 10 percent stake in the company, but all of the Sharks refused. The men went on to sell over 500,000 notebooks and have made over $10 million in sales.
The Bouqs Company Owner Knew The Sharks Made A Mistake
John Tabis, the owner of The Bouqs Company, appeared in a 2014 episode of Shark Tank to market his unique flower delivery business.
None of the Sharks liked the idea, so they didn't offer him a deal. The Bouqs Company later gained $24 million from other investors and has managed to earn over $43 million in sales.
Chef Big Shake Is Doing Fine Without The Sharks
Shawn Davis, the owner of Chef Big Shake, appeared on Shark Tank in 2011 to talk about his healthy fast food product.
He wanted a $200,000 investment for a 25 percent stake in the company, but the Sharks passed because they thought it was too risky. After the show, Davis got his products in over 2,500 stores and restaurants across the United States.
The Smart Baker Is Still Profiting
The Smart Baker owners Stephanie and Daniel Rensing appeared in a 2012 episode of Shark Tank to pitch their baking tool business.
They wanted a $75,000 investment for a 25 percent stake in the company. They accepted a deal with Barbara Corcoran, but it fell through a few days later. The Smart Baker has sold thousands of items and is featured on QVC, Amazon, and at Michael's craft stores nationwide.
The Sharks Weren't Excited About CoatChex
Derek Pacque, the creator of CoatChex, invented a way for people to have a coat check with a built-in face matching system.
Mark Cuban gave Pacque an offer, but Pacque thought it was too low. After Shark Tank, Pacuqe signed many high-profile contracts and now CoatChex is worth many millions.
Xero Shoes Turned To Crowdfunding
Co-founders Steven Sashen and Lena Phoenix presented Xero Shoes to the Sharks. They thought a thin running sandal would be a good alternative for running shoes.
Sashen and Phoenix got an offer from Kevin O'Leary for $400,000 for a 50 percent equity. They turned it down and went on to raise over a million dollars from crowdfunding.
The Spikeball Deal Fell Through
Spikeball owner Chris Rude patented his activity game in 2015 and thought it was good enough to bring on Shark Tank.
Daymond John originally offered Rude $500,000 for a 20 percent share in Spikeball, but the deal eventually fell through. However, since many people tuned into the episode, it is estimated that Spikeball is now worth over $45 million.
Kodiak Cakes Made The Right Decision
The owners of Kodiak Cakes were on the verge of bankruptcy before appearing on Shark Tank, but they knew their pancake mix was something special.
They were offered $500,000 for a 35 percent stake in the company, but they turned it down. Now, Kodiak Cakes is sold in popular stores and is worth over $54 million.
CoffeeMeetsBagel Received The Biggest Offer On Shark Tank
Three sisters appeared on Shark Tank to pitch their women-focused dating app called CoffeeMeetsBagel. They were asking for $500,000 for a 5 percent equity in their company.
Most of the Sharks didn't want to give them an offer, but Mark Cuban said he would give them $30 million for the entire company. The sisters refused and CoffeeMeetsBagel is now one of the top 10 dating apps.
Proof Eyewear Weren't Given The Deal They Wanted
Proof Eyewear marketed itself as an eco-friendly eyewear company on Shark Tank. This impressed many of the Sharks.
Kevin O'Leary and Robert Herjavec made offers but were rejected. Proof Eyewear ended up opening its own headquarters and distributing its product to hundreds of stores around the world. They made over $2.5 million over the next year alone.
BedJet Was Worth The Investment
Instead of applying to be on Shark Tank, BedJet CEO and founder Mark Aramli was discovered by producers. He was offering a personal bed heating and cooling system.
Aramli wanted $250,000 in capital, but the Sharks refused because they thought no one would buy the product for $499. Aramli was able to raise the money on his own and hit over one million dollars during his first year.
The Lip Bar Thinks Shark Tank Rejection Was For The Better
The Lip Bar owner Melissa Butler wanted to create an affordable, vegan, and cruelty-free makeup brand and brought what she had to Shark Tank.
All of the Sharks ended up passing on The Lip Bar, but it wasn't over for the company. Celebrities have worn their makeup on the red carpet and the products are featured in Target stores nationwide.
Shark Tank Viewers Made MealEnders A Success
The owner of MealEnders came up with a two-layered candy lozenge that was designed to prevent people from overeating.
When it was brought to Shark Tank, the Sharks disliked the taste and thought the marketing strategy was too expensive, so they passed. After viewers saw the product, the company's sales grew from $1.2 million to $5 million dollars.
Echo Valley Meats Didn't Give Up
David Alwan, the creator of Echo Valley Meats, was ready to show his meat company to the Sharks.
They all really enjoyed his meat, but thought he lacked a clear business plan. Alwan took that into consideration and was able to turn $190,000 in sales into $1.4 million within a year.
Sweet Ballz Had A Falling Out With Mark Cuban
James McDonald and Cole Egger created a cake ball company called Sweet Ballz and brought their business to Shark Tank.
The men wanted $250,000 for a quarter of the company and Mark Cuban agreed. However, they had a bad falling out and the deal fell through. Now, Cake Ballz is thriving and continues to ship their products across the United States.
The Sharks Kept Trying To Negotiate With Grinds
Grinds is a chewable coffee company founded by Pat Pezet and Matt Canepa. They believed in their product, so they brought it to the Sharks.
They initially had an agreement with Daymond John and Robert Herjavec, but it fell through after the show. The following year Grinds brought in $1.35 million and are now anticipating over four million dollars.
Hy-Conn LLC Is Thriving Now
Jeff Stroope started a fire hose hardware manufacturing company called Hy-Conn LLC. He brought the product to Shark Tank and Mark Cuban was very interested.
Cuban offered Stroope $1.2 million and a three-year employment deal for $300,000 for the entire company. Stroope initially accepted, but the deal fell through. After Shark Tank, Hy-Conn LLC gained over five million dollars in sales.
Copa Di Vino Did Just Fine Without The Sharks
James Martin appeared on Shark Tank twice to market his company called Copa Di Vino for the Sharks.
Kevin O'Leary gave him a $600,000 offer for 51 percent stake in the company, but he turned it down. When Martin returned to Shark Tank, none of the Sharks made him an offer. Now, Martin has sold over 48 million units of his product with over $250 million in revenue.
The Sharks Could've Had Ring
Before the name was changed to Ring, DoorBot was a smart home security system unlike any other product on the market.
Kevin O'Leary offered DoorBot a $700,000 loan in exchange for 10 percent of all sales until the loan was paid off, seven percent royalties on future sales, and five percent of the company's equity. Jamie Siminoff declined his offer and now Ring is worth over one billion dollars.
