Shark Tank US | Tenikle Entrepreneur Only Has $39 In The Bank!

Sony Pictures Television
22 Oct 202211:14

Summary

TLDRIn a gripping episode of Shark Tank, Hans Dose from Dana Point, California, pitches his innovative product, Tentacle, a versatile suction mount inspired by the octopus. Seeking $200,000 in exchange for 10% equity in his company, Hans impresses the sharks with his product's utility and waterproof design. Despite facing challenges such as a crowded market and significant debt, Hans' honesty and passion for his invention shine through. After a tense negotiation, he secures a deal with one of the sharks, who offers to pay off his $270,000 debt and invest an additional $100,000 for a 60% stake, with the condition of bringing in experienced partners. The deal is a testament to Hans' resilience and the potential of his product in a competitive market.

Takeaways

  • 💡 The entrepreneur, Hans Dose, is seeking $200,000 in exchange for 10% equity in his company, Tentacle.
  • 🐙 Inspired by the octopus's ability to multitask with its many tentacles, Hans created a versatile suction mount for various tech devices to free up human hands.
  • 💰 The product is sold for $45, with a manufacturing cost of $6.8, allowing for a significant profit margin.
  • 📈 Hans has successfully sold over 40,000 units, generating $3 million in sales, and holds a patent for his invention since 2015.
  • 🚀 The initial success was boosted by a Kickstarter campaign that raised approximately $172,000, prompting Hans to leave his job to focus on the business.
  • 📉 Despite initial success, Hans faced challenges with product reviews on Amazon and a significant investment in inventory that did not sell as expected.
  • 💸 Hans has a debt of $270,000 and is currently left with only $39 in his bank account, highlighting the financial risk he has taken.
  • 🏠 In an effort to manage debt, Hans and his wife moved into an RV on his mother's property in Menifee, California.
  • 🤝 The sharks appreciate the product but express concerns about the crowded market and Hans's financial situation.
  • 💼 Offers are made with various terms, including a complete debt pay-off and equity stakes, reflecting the sharks' belief in the product's potential.
  • ✅ The final deal is struck for $200,000 for a 30% equity stake, providing Hans with the capital he needs to continue growing his business.

Q & A

  • What is the name of the entrepreneur presenting the product?

    -Hans Dose

  • What is the product called and what is its inspiration?

    -The product is called 'Tentacle', and it is inspired by the octopus and its many tentacles.

  • What is the main problem Hans Dose is trying to solve with his product?

    -The main problem is the difficulty humans face when trying to hold phones while doing something else with their two hands.

  • What are some of the functionalities of the Tentacle product?

    -Tentacle can be used as a car mount, bike mount, speaker mount, and even a pickle holder. It is waterproof and durable, supporting weights up to a surfboard.

  • How much does Hans Dose want to raise for his company?

    -Hans Dose is seeking two hundred thousand dollars.

  • What percentage of the company does Hans Dose offer in exchange for the investment?

    -Hans Dose offers 10% of his company in exchange for the investment.

  • How much revenue did Hans Dose make in the last year?

    -Last year, Hans Dose made about 478,000 dollars in sales.

  • What was the cost of producing the Tentacle product?

    -The cost to produce each Tentacle product is six dollars and eight cents.

  • What was Hans Dose's financial situation before appearing on the show?

    -Hans Dose had 39 dollars in the bank and was in debt for 270,000 dollars.

  • What was the initial reaction of the sharks towards the Tentacle product?

    -The initial reaction was positive, with comments on the product's good design and the entrepreneur's passion.

  • What was the final deal offered to Hans Dose?

    -The final deal was 200,000 dollars for a 30% equity stake in the company.

  • What was the reason behind the sharks' hesitation to invest?

    -The hesitation was due to the high risk involved, the crowded market space, and Hans Dose's vulnerability with very low cash on hand.

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Связанные теги
Shark TankInnovationEntrepreneurProduct PitchOctopus InspiredSuction MountHands-Free TechInvestmentKickstarter SuccessBusiness DebtProduct DevelopmentCalifornia Startup
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