The Natural Grip Gets Deal With Robert Herjavec
Shark Tank Season 6 Episode 8 started with Ashley Drake seeking a $100,000 investment in return for 20% equity in her company, The Natural Grip. Ashley and her husband came up with The Natural Grip as a way to protect her hands against the beating they took her in CrossFit classes. The Natural Grip is the only custom reusable tape handgrip based off ring finger size. Ashley says her product is better than competitors because the other grips are bulky leather, or they’re slippery cloth or nylon. She has a patent pending on The Natural Grip, which she tells to her distributor at $10/unit, and they sell at $17 apiece. The units cost $4.00 to make, $4 of which is labor (she pays laborers per unit). Ashley hopes that a Shark’s investment will help her to manufacture more efficiently and to build her inventory. Robert, who notably used The Natural Grip to bust out a few chip-ups on set, offers $100,000 for 30% because he is known for being the Sporty one. Daymond, known for his Reebok and CrossFit connections is next to make an offer, and he’s in at $100,000 for 40%. Ashley is appreciative of both offers, but she wants the Sharks to know that she’s looking for help with her manufacturing issue, not just for more high-profile people wearing the grips. Robert then amends his offer to $125,000 for 25%, so Daymond lowers his offer down to $100,000 for 33%. Ashley without a hesitation takes Robert's offer.
Second entrepreneurs that night are Lori and Wade Morrell presenting Priority 1 Canine, company that specializes in training home bodyguard dogs. The Morrells asked the Sharks for a $75,000 investment in exchange for 15% equity in their company. Wade, a former Marine and now police officer, says that the average police response time is 7-10 minutes, so their company hand selects and trains canines to meet their clients’ security needs. Their three-tiered program trains dogs for $20,000 – $40,000 to handle security needs from simple home protection to carjacking and jogging protection. While the Sharks are impressed with the company and its financials, they’re concerned about scalability because the Morrells can only train so many dogs between the two of them. The Sharks like family pitch but unfortunately all are out.
Next into the Tank is Aaron Tweedie, asking for a $200,000 investment in exchange for 29% equity in his company, Man-PACK. Aaron was inspired to create the Man-PACK based on the lack of options for men to carry around belongings on a daily basis. His answer? A sling-style vertical messenger bag with a variety of pockets that can be worn in a number of ways. Aaron’s sales were $76,000 last year, and he’s projecting $145,000 by the end of this year. The bags costs $22.05 to make, and Aaron sells them for $59.95 apiece. Aaron says that he based the valuation on his design patent, valuable YouTube commercials and $200,000 in good will, but the Sharks are not impressed and no deal is done.
Last ones are Elijah and Jen Crane, representing Bottle Breacher bottle openers. Family is seeking a $150,000 investment in exchange for a 10% stake in their company. A Navy SEAL who completed three combat deployments to Iraq, Elijah is the embodiment of hard work and persistence, two qualities which clearly come across in his pitch. He and his wife bill Bottle Breachers as the finest .50 caliber bottle openers on the market. Thus far this year, they’ve hit $500,000 in sales, with grooms gifts being one of their largest sales categories. The breachers start at $23.50 with add-ons for materials or engraving bringing up the price even further. The Cranes are hoping that a Shark’s investment will help them buy more engravers to keep up with the demand for customized orders. Kevin is first to make an offer, and he’s in at $150,000 for 20%. Daymond comes in next at $200,000 for 25%, but his offer is contingent on getting licenses for other products so that competitors can’t create knockoffs. Mark Joins Kevin’s offer and Cranes can't pass on joint deal.