Shark Tank Australia recap: $1 million pitch, customisable wine pouches and Monopoly money
In the latest episode recap of Shark Tank Australia, we take a look at the pitches that reeled in the sharks, and the one that failed to impress them.
Someone wants a million dollars this week. While you ponder that, imagine if Monopoly money was real. Great, because in this Shark Tank episode, we don’t just dream about all this – we run the figures.
CLUTCH Glue
Every good pitch on Shark Tank Australia seems to start with a stunt. Last week, it was a dropped Kindle. This week, a dress’ shoulder strap wardrobe malfunctioned.
It was lucky that Annabel Hay, CLUTCH co-founder and CEO, has some…um… CLUTCH Glue to stick the strap back onto her shoulder.
It’s an alternative to double-sided tape, a classic why-hasn’t-this-been-thought-of-already idea. She wants $200,000 for a 10% stake.
Maxine Horne already says she needed this earlier because the tape on her spectacular leopard print blouse is giving her a rash. Online fashion champ Jane Lu loves it too.
Robert Herjavec is worried about pain if you have hairy legs and forgets to end his question with, “I’m asking for a friend”.
Annabel is a construction manager when she’s not selling glue. She works 16-hour days – full-time on her day job and full-time on the business. Something that’s relatable for many of you reading this.
The payoff is wild. Just under $1 million in revenue in her first year and she expects to triple that this year. CLUTCH Glue is currently sold in Priceline and next month, she’s launching it in CVS, America’s biggest pharmacy chain. She guessed email addresses to make these massive contacts.
The figures turn the sharks into puppies in love, yapping like it’s walk time.
Nick Bell’s mates with someone who owns a pharmacy chain so he makes an offer. Jane matches it because she has connections in Asia and Robert eagerly matches it.
Davie Fogarty says he’s up for partnering with someone. So, Annabel flexes with: “who would you want to partner with?”.
Ultimately, Davie and Rob combine with an offer of $400,000 and 20% ownership… and she says YES!
ENAUTIC
Founders Paul Steinmann and Joshua Cribb have made the world’s first two-seater electric hydrofoil – those boats that lift out of the water with wings – and they want $1 million for a 6% stake in their company.
“When jet foils first came out, I bought one, the first one, yeah it was super fun.”
Obviously, this is Robert, who comes across as someone who loves and buys boats. He’s tickled as pink as his sports jacket when they say it has a “crazy mode”.
All vehicles should have “crazy mode”.
There’s millions of dollars in orders, the founders say. The boats will cost $140,000. Presales or pre-orders? Hold on, it’s 160 pre-orders at a $100 deposit.
The sharks smell blood in those watery figures.
Davie calls it “deceptive” because $16,000 in pre-orders shouldn’t lead to $15 million in sales. Now we find that other partners already own more than 90% of the company.
Jane and Maxine bail, and Nick quips: “$15 million in orders is basically Monopoly money. It’s not real”.
Let’s imagine if Monopoly money was real again. If you dig up your old Monopoly and count up the money, you’ll get around $15,140, which is close to how much money ENAUTIC has got from pre-orders. There’s something beautiful about this coincidence.
It’s almost as beautiful as Rob’s love of boats. He’s a buoy at heart so he wants to see the video again.
“You had me at crazy mode…but for me to get my money back, you’ll have to spit out $200 million in profit.”
Rob bails. The pitch sinks.
Taste Bubs
Dr Mariam Chaalan and Dr Rob McLeod have invented a set of powders to introduce babies to foods that they can be allergic to. It beats feeding your kid peanuts outside the hospital just in case.
The Shark Tank judges love the name, as they should, because it’s brilliant. It’s incredibly hard to come up with good company names, and these docs nailed it. ??
Davie asks: “Can’t you just give the baby a peanut?” No, Davie. Lots of parents will prefer this.
Tech Nick doesn’t like that the founders won’t leave their jobs. Jane’s out too.
Old School offers $250,000 for a 75% stake, but the doctors won’t swallow that.
Davie proposes $250,000 for a 40% stake, plus a $5 royalty on each unit. Rob cuts down his offer to 66% of the company.
The docs go with Davie. Someone cries out: “You guys are just so credible.” Of course they are; they’re doctors.
Wine Not the Brand
Katerina “like any millennial” took on an online course, thought up customisable wine pouches, and bought a machine to fill ‘em up.
She brings out pouches that match the sharks’ interests. My favourite was Tech Nick’s which was filled with water because she read he wants to live to 150 years. Immortality is so hot right now.
Nobody can work out what the business is. Is it for consumers or B2B, or is it for wine manufacturers? The more the questions, the greater the confusion.
Katerina’s poured $200,000 into this. Australia spills its drinks in shock.
Maxine says: “Catarina, I will give you an F word for your business…. Focus.” Lucky it was that F word!
Everyone is out, but then Jane offers $60,000 for a 40% stake in the business.
“Would you do 30%?”
“Yes, if I get my money back.”
It’s a deal.
Raise your pouches, everyone, we have another winner on Shark Tank!
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