Shark Tank Australia recap: Retro photos, roller strollers and fantastic elastic
This week’s Shark Tank Australia is all about how simple ideas can turn into big surprises — some are inspiring; others, disturbing.
This week’s Shark Tank Australia is all about how simple ideas can turn into big surprises — some are inspiring; others, disturbing. Fasten your seatbelts and strap yourselves in, it gets a bit weird.
Flashback
Best mates Kelric Mullen and Mackenzie Salisbury are first to enter the tank, and they do so in their branded boiler suits — yes, boiler suits are a thing for a certain type of nerd right now — to pitch a retro camera going gangbusters.
Kelric starts with what they want: $500,000 for 7% of the business. The sharks reel but when he shows a photo taken of his reaction when they took their first 80,000 orders in 13 minutes, they were hooked.
The Flashback is like a single-use disposable camera but instead of shooting film, you get one day to take 27 digital photos that get sent to your phone the next day — so you get the slow photography process without having to find and process film.
Starting on Kickstarter, the business has sold over 100,000 cameras in its first year.
Shark Rob Herjavec doesn’t get it. Why don’t we use an iPhone!? But this is different. It’s slow photography, like slow food. But Rob is spun out with the figures: they grossed $600,000 last month!
To help her decide, Jane asks everyone to guess how many photos she has on her phone.
Let’s play. What do you think? 5,000? No, higher. 14,415, like I have? Higher. 70,000?
No, 103,000 photos, but she won’t make an offer.
Fellow Shark Davie Fogarty thinks this eccentric camera is the real deal and can’t wait to see what happens next, but he’s out. Nick’s out because he wouldn’t buy one.
But Brisbane’s shark Maxine Horne has a soft spot for the young camera makers, especially since they went to the University of Queensland.
“And what a perfect thing to have a retro shark invest in your retro product,” she quips.
She offers $500,000 for a 20% stake, but Kelric and Mackenzie think that 20% is far off focus. They know exactly what they’re worth. What about 7%?
Maxine puts it back to them to come up with another number.
10%? Click! It’s a deal. Smiles and selfies all round, but everyone will need to wait until tomorrow to see the photos.
Great product. Great pitch. And now these fun Flashbackers have a great mentor.
The Basic Band
Nicole Costa invented The Basic Band, the world’s first tuck band. It’s a comfortable elastic band that you can, without any permanent alterations, tuck in a top without anyone seeing how it’s tucked in.
It’s an elegantly simple, ‘why didn’t I think of that’ idea that’s really taken off.
Through some canny influencer marketing, Nicole’s seen 529% growth in the past year, and the $85,000 she wants for 5% equity will help her invest in more paid Google marketing.
Nicole knows her marketing. She’s come up with the idea, researched to find out exactly what people want, branded it beautifully, and now it’s paying off.
The sharks are in awe of this invention-to-riches story. It’s a theme we’re seeing in the series so far: don’t just invent something — go all the way, develop it, make it, brand it, and make some noise!
Rob, Davie and Maxine love Nicole’s grip on the business but they’re out.
Shark Nick Bell is all digital. He owns the companies that can help her make a gazillion so he offers $85,000 for a 20% stake. That drops to 15% in two years. This future draft picks style offer seems to be Nick’s special move.
Rob loves the brutality of the 20% instead of the 5% asked. Nothing excites him more than a ludicrously low bid.
Obviously The Basic Band is a business made for Jane’s growing fashion empire Showpo, so she matches Nick’s offer.
How about 15% dropped down to 10%? 17.5% and then dropped down to 12.5%?
Done, says Nicole, and in a millisecond Jane jumps off the seat and hugs in celebration.
And this is Jane’s special move, because Nick didn’t get a chance to get a word in.
“What am I, chopped liver,” he cries.
No, mate. You’ve been Lu-ed.
Servi-eat
“This is a great idea. Kiss it.”
With that, looking stuffed after a long night practising their pitch, in walk Kevin and Ralph, inventors of the first ever edible napkin.
It’s a crazy idea that just might work.
Maxine notices what we all notice: these two bozos have massive noses.
They want $100,000 for a 20% stake in the company. But their pitch is all over the place, their stories aren’t matching, and the purple dye in the serviette has infested Ralph’s mouth like he’s eaten half a Grimace.
What’s going on? Maxine asks if their noses are real. Sharks are dry-retching at the slobbery, half-eaten Servi-eats.
Their pitch ends with the classic end to all pitches (we all should try it at least once in our lifetimes): “Any questions? Or should we just exchange bank account details?”
Yep, these bozos in shonky fake nose disguises are having a lend. It’s Will and Woody from KIIS Sydney.
Well played, fellas.
Ternx
If you’ve still got the emotional bruises of taking a flight with a little one, you’ll think Tack Lee and his partner are geniuses.
While they were going through that hell, they came up with the episode’s third ‘why hasn’t anyone else come up with that’ invention: a carry-on roller bag that folds up to be a stroller.
That’s right, from roller to stroller in seconds.
An Australian patented design, custom made in China, it’s been launched only in the US and has had $350,000 in sales.
The sharks are gobsmacked at its elegance but worry about inconsistent monthly sales. Tack is asking for $350,000 for a 10% stake so he can meet that inconsistency with marketing and guidance.
Rob loves the design but he’s not carried away with the figures so he’s out.
Maxine doesn’t want to be in it for the long haul so she’s out, and Jane and Nick can’t see how their money will grow.
Then the relatable moment for SmartCompany readers when we find out Tack’s spent $700,000 on this and he’s not ready to give up.
Davie makes an offer! But it’s $350,000 for 33.3% equity. That’ll help Ternx go digital.
Rob hears this and says he doesn’t need to go digital but instead go retail. He gushes: “The more you talk, the more I believe in you. I was out, but you’re getting me excited about it again.”
And with that Rob’s back, $350,000 for 30% and getting to be part of his multibillion-dollar collection of companies.
But Davie doesn’t give up.
“Not all sharks are equal. They recently discovered a 400-year-old shark in the depths of Greenland. That’s Robert,” he says.
Davie counters and it becomes a war between digital versus retail, between young shark versus the old grey with the massive purse.
Rob and retail win this time, and Tack’s still pinching himself.
Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on LinkedIn.
Comments