Shark Tank US | Can Float 'N' Grill's Entrepreneurs Convince Daniel Lubetzky To Invest?

Sony Pictures Television
29 Sept 202408:40

Summary

TLDRIn this Shark Tank pitch, Mike and Jeremy from Michigan introduce Flo, a floating grill designed for water enthusiasts who want to cook on the go. Seeking $200,000 for 20% equity, they highlight the grill's unique design, safety features, and viral success. Despite low sales of $19,400, they emphasize the product's potential. After negotiations, they secure a deal with Daniel for $100,000 investment, a loan, and 50% of future licensing deals. The pitch focuses on innovation, Sandbar life, and a fun, water-based grilling experience.

Takeaways

  • 🌞 Two entrepreneurs, Mike Basati and Jeremy Quilico, from Plymouth, Michigan, are seeking $200,000 for 20% equity in their company.
  • 🍔 They introduce the world's first floating grill, designed to be used on water, making grilling possible on lakes, rivers, and sandbars.
  • 💡 The Floam Grill is lightweight, safe, and easy to use, with a patented design to ensure it doesn't flip over in the water.
  • 🔥 The grill uses a 12,200 BTU burner, which is large enough to cook eight burgers at once, and runs on a 1lb propane tank.
  • 📈 Their product went viral in 2018 on social media, but due to a lack of production capability, they couldn’t capitalize on the attention.
  • 💸 The Floam Grill retails for $229, with a cost of goods at $168.88, including free shipping.
  • 🤔 Despite the viral success, they've only generated $19,400 in sales, which raised concerns from the Sharks about demand and market traction.
  • 🏖 Mike and Jeremy argue that the product is popular within the sandbar community, but the Sharks feel the sales don't reflect that.
  • 🦈 Daniel offers $200,000 for 50%, emphasizing that his team would work full-time to help grow the business, but the founders decline.
  • 🤝 A deal is made with Daniel for $100,000 for 22.5% equity, a $100,000 loan at 7% interest, and 50% of any licensing deals.

Q & A

  • What is the product being pitched in the script?

    -The product is a floating grill called Floam Grill, designed for use on water, such as at sandbars or rivers.

  • How much equity are the founders seeking in exchange for $200,000?

    -The founders are seeking $200,000 in exchange for 20% equity in their company.

  • What is the main feature of the Floam Grill?

    -The Floam Grill is a floating grill designed to be used safely on water with a patented design for weight displacement, preventing it from flipping over.

  • What is the cost to produce the Floam Grill and its retail price?

    -The Floam Grill costs $16.88 to produce and retails for $229.

  • How much in total sales has the Floam Grill generated so far?

    -The Floam Grill has generated $19,400 in total sales.

  • What event caused the Floam Grill to go viral?

    -A video posted on Facebook in 2018 caused the Floam Grill to go viral, reaching 4.7 million people in 72 hours.

  • What concerns do the Sharks express about the product?

    -The Sharks express concerns about the low sales numbers, with some suggesting that the sandbar community may not be interested in the product despite its viral success.

  • What offer does one of the Sharks, Daniel, make to the founders?

    -Daniel offers $200,000 for 50% equity and a licensing agreement for any deals he helps them secure.

  • What counteroffer do the founders make to Daniel’s initial proposal?

    -The founders counter with $100,000 for 22.5% equity and a $100,000 loan at 7% interest, plus 50% of any licensing revenue Daniel helps secure.

  • What is the final outcome of the pitch?

    -The founders accept Daniel’s offer of $100,000 for 22.5% equity, a $100,000 loan at 7% interest, and 50% of any licensing revenue.

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Ähnliche Tags
Floating GrillShark TankWater EnthusiastsInvestment PitchOutdoor CookingGrill InnovationProduct LaunchBusiness DealPatent ProductSummer Fun
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