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Shark Tank: Episode 3 Recap

Posted on 08/23/2009 by Gina in Shark Tank

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Shark Tank

by Michelle Spigner

On tonight’s episode of Shark Tank, Marie Ann Cruz faces the sharks first to pitch her idea for a multi-purpose basting brush she calls the Turbo Baster. Mary Ann’s bubbly personality charms the sharks and they instantly fall in love with her and her Turbo Baster despite her obvious lack of research. Mary Anne’s favorite phrase is “I don’t know,” which she uses to answer questions like how much are the production costs? Despite the odds, Mary Anne walks out with an investment. Kevin H. and Daymond both make more than reasonable offers. Mary Anne decides to go with Kevin’s experience as an infomercial pro. She leaves the tank with a $35,000 investment with 2% royalties and 100% stake.

Next up is Bryan Parks from Eugene, Oregon who has an interesting spin on how to reduce, reuse, recycle with his company Chopsticks Art. Bryan fell into this venture when he thought about the number of used chopsticks going to landfills each year. He takes these chopsticks and designs them into wine racks, jewelry, lamps and his most profitable a fruit basket that folds completely flat for storage. The sharks are initially impressed with the products but are disappointed with his profit of $45,000 despite a $100,000 investment. The sharks don’t see how the products could make a large profit and couldn’t quite get over that the product had once been in peoples’ mouths. Bryan does not get an offer.

Georgia’s Lori Lite enters the tank with confidence that her company has the potential to make millions. Stress Free Kids, features several children’s books that help kids distress and relax before bedtime through stress-reducing exercises. The sharks are impressed by her concept but wonder why she made revenue of $180,000 but only pocketed $50,000. The sharks also criticize her for not approaching children’s publisher but distributing her books herself. Despite proof the books are a money maker, the offers roll in.

Kevin O. offers $200,000 but wants 100% stake of company and Lori immediately declines. Daymond and Barbara both offer Lori’s requested $250,000 investment but with a 51% and 50% stake respectively. Lori is reluctant to take any of the offers. After a quick phone call with her husband and partner, she decides to play hardball. Lori goes back into the tank demanding a 40% stake and both Daymond and Barbara take their offers off the table. Afraid to lose any investment Lori finally settles for Barbara’s offer, excited to work with her in their 50/50 stake

Ken Bradford is up next with his interesting education tool called 50 State Capitals. It’s creative take on the traditional state capital flash cards to make kids remember by using silly images. For Pennsylvania, the card has a picture of a pencil going through a hairy hamburger for Harrisburg. Although the product is clever and truly memorable, the sharks are not convinced the cards could sell and his request for a $155,000 investment with 10% stake just didn’t cut it.  Ken’s ridiculous velvet jumpsuit with colorful state cutouts and a 2-foot tall matching hat didn’t help the sharks take him seriously. Needless to say, there are no offers.

Lastly, Jeff and Josh Cohen a father-son pair enter the tank with a very innovative idea to shake up the guitar production industry. The Air Guitar is an acoustic guitar with a patented hinge that allows it to fold in half for easy storage. After the demonstration, Kevin plays it to find that it was still in tune. The Cohens want a $500,00 investment and a 5% stake. Robert suggests licensing Jeff’s hinge to other guitar companies, but Jeff said he had to first prove marketability to get any companies to use his patent. Jeff puts out a second offer, to sell 49% of his patent for 1 million dollars. Kevin O. offers $500,000 with 50% stake, but it isn’t enough for Jeff. He will not give up the 51%. With that Jeff leaves the tank without an investment. The sharks all agree it was a bad deal.

Shark Tank airs Sunday nights at 9pm ET on ABC.

(Image courtesy of ABC)


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