tv The News With Shepard Smith CNBC December 19, 2020 12:00am-1:00am EST
and th tathey wish that they were a part of it. so, you know, the sharks can keep investing in, like, sideshow porta-pottis and things like that. we're building a platform that's gonna change the world. man: this has been a lot of my life, and i just want to share that with people. there is a tenacity that i have, and nothing's gonna stop me. what you've done is just inspiring. narrator: and the dream continues now. kevin, they say you're wrong. i'm never wrong. i'm always right. i will make you a millionaire. look, i'm rich. i'm really, really, really rich. -ha ha! -oh, my god! -we got a deal! -welcome to "shark tank". look, i'm just an investor trying to scratch out a living here, okay? captions by vitac --
♪ sharks. well, well, well. look who's back. narrator: five years ago, jamie siminoff pitched the sharks doorbot, which became ring, a smart video doorbell company. i want a 10% royalty, and i get 5% of the company's equity. mr. wonderful, we're gonna decline. go kick some ass, jamie. narrator: let's see what he's up to now. siminoff: i was devastated walking out of the tank without a deal. we needed that money to continue to grow, and now we didn't have it. we got one of those royalty offers from kevin, but there was no way we were gonna be able to afford that. but if it wasn't for "shark tank," ring would have never had the exposure that brought people like richard branson in to invest and build it into what it is today. as a kid, i spent a lot of time in the basement just building things. i built a humane mousetrap, a blanket to make myself colder 'cause we didn't have air-conditioning. most of them were failures. it's a video doorbell built for your smartphone.
i started doorbot because i was working in my garage, and i couldn't hear the doorbell, and i thought, "why wouldn't the doorbell go to my phone?" at doorbot and ring, we failed many times. what kept me going was our mission to reduce crime in neighborhoods. we knew we were doing something better for the world, and we wanted to continue it. if we want to achieve that mission, it all starts here. it has been a really big year for ring. now amazon is buying the company for $1 billion. siminoff: what's great about amazon is they're gonna let ring still run as an independent company that lets me focus on what i love -- building product and making neighborhoods safer. "shark tank" has been key to me achieving my american dream, and i think it's been such a great show for families to watch. kids are growing up seeing what entrepreneurs can do, what inventors can do, and how you can build your own destiny. it's amazing to think that five years ago, i was a broke inventor running this business in my garage, and today, i have the means and freedom beyond my imagination. now i'm really excited for the next chapter in my life. -welcome. welcome. -welcome! -hi. -welcome.
i was the only one that believed in you. john: congratulations, man. take a seat over here, brother. welcome. congratulations. congrats. hey, thank you. welcome. -right here, buddy. -pull up a chair. let's go to work. not bad. you deserve your seat there. knock them dead. have fun. thanks, man. narrator: first into the tank is a solution to one inconvenient aspect of online shopping. ♪ hi. i'm brad ruffkess. i'm from atlanta, georgia, and i'm the ceo and founder of boxlock. i'm here today asking for $1 million -for 5% of my company. -ohh. e-commerce sales are set to skyrocket past half a trillion dollars this year. that means that americans are receiving more packages and home deliveries than ever before, but there's a huge problem. how are we going to protect all the deliveries
from porch pirates and package thieves? like millions of other people, i had cameras installed to be able to keep an eye on all the deliveries we received. literally the very next day, i watched some guy walk up and steal two packages off our front porch. and so that's why i created boxlock. boxlock's a smart padlock. you put it on a storage container outside of your house. when your friendly delivery driver walks up, he's gonna use the lock to scan the tracking number on the package. if that package is out for delivery to you, the lock pops open, giving him access. he's gonna put the package inside, lock it up. you're gonna get a notification on your phone, letting you know that your package has been delivered securely. we know it's a win for anybody who buys anything and anybody who ships anything, and that's why we know boxlock will be a win for you, too. i'd love to share some samples with you... -sure. -please. ...and answer your questions. thank you.
aww, thank you. you're such a gentleman. you're welcome. -thanks a lot. -thank you. o'leary: so, brad, um, it wasn't long ago that someone very much involved in security came in here and asked for a ridiculous valuation. i was the only shark that believed in him, and now look what happened. what happened? he could've made a lot of money. -instead, he made some. -and now he's working. [ laughter ] you're right beside me now. this is -- looks, feels really great and solid, so what have you put in so far? where is the product at today? right now, in -- in r&d, we've probably put in, uh, about half a million dollars. -oh! -wow. it is in manufacturing right now. uh, it is in the process of shipping. so, you haven't gotten any into the consumers' hands yet, but what have been your sales? we've actually sold 800 units on pre-sale. and what were the units being sold for? uh, the units at that point were being sold between $89 to i think $109 on kickstarter. how much now?
uh, so, they're gonna retail for $129. what's your cost to make them? our next order should be around $65 per unit. what are you scanning? w-we're scanning the tracking number on the package. we automatically collect tracking numbers from ups, usps, fedex -- every one of the carriers. how long is it gonna take to make drivers aware of how to use this device? so, we're working with the different carriers on driver awareness and training programs. 'cause if this doesn't work immediately, they're gonna put the package back in front of the door and move on. what we found is that these guys care a lot about making sure their deliveries are secured. so, why don't we just jump right into the looming question here. you want $1 million for 5%. that means you're saying the company is worth $20 million. even the ring guy wasn't that aggressive. [ laughs ] what's the reasoning behind that? this is a really complicated problem, right, and it needs -- it -- it needs to be solved. just 'cause it's a big problem doesn't mean you get a big valuation for walking in. w-when ring came in at $7 million, we were at a $3-plus-million-a-year run rate of sales of a product.
yep. so -- so, we're in market. we're actively working with the carriers, right. it is all up and -- and -- and running. so i-i want to make sure i understand. i have to buy the box first. you have to buy a box. separately. -yeah. -what's your box cost? that box is likely gonna retail between $100 and $129. but why are you valuing the business at that price right now? we deal in facts, today. t-that -- this stuff is all working. this is -- it's -- it's all up and running. we know all that. -you've already explained that. -don't be -- -i'm asking about the valuation. -you -- you keep explaining -- siminoff: you keep explaining why the market is worth something. yeah, you may see it. we need to understand why the business is worth something. we -- 'cause we have this unique opportunity to be able to, as i said, solve a problem that no one else has been able to solve. we -- we -- but that's the reason it's worth $20 million? what everybody's really wanting to hear -- no. we're waiting for real facts like, "i have this amount of sales, these amounts of patents. i have th--" i mean, real facts that we can take -- s-so let's talk about the patents. you know, i'm just such -- i'm just such not-a-patent person. i had no patents protecting me. i out-executed. i-i think -- i-i love the market, by the way.
i mean, i-i literally sold my company for over $1 billion to amazon, so i know package delivery. i control front doors. i don't like that you have to change the user behavior to do this. you know, why ring worked is because we didn't have to change the behavior the customer. it still was a doorbell. it still worked. it just enhanced it. this changes where you put the package, how you deliver the package, the timing of the package delivery. and asking for a $20 million valuation, you know, it's just -- it's so far away from me that i'm out. yeah, brad, there are so many problems that you have to solve with so many constituents that it's gonna cost you hundreds of millions of dollars and years in order to get it done. there's no path of least resistance that gets you to a-a profitable company that i can see. and so for those reasons, i'm out. okay. thank you. when i've asked you to explain the reason why the business itself costs that much today -- $20 million -- you were not able to explain that to me in any tangible way. s-so, with that, i'm out.
okay. you know, brad, you're climbing mount everest without an oxygen tank. that million's gonna be vaporized in three months in just training costs of all the millions of delivery guys. good luck on that journey. i'm out. -am i the only one left? -yes, you are. -you're the only one left, lori. -ohh, my gosh. listen, qvc ships 320 million packages a year alone. this is a big problem. this is a really good solution. i've been working on something like this now for several years. we haven't quite come to a finalization. so, i will give you the million dollars as a loan, but i want a royalty, and i want you to tell me what royalty you'd be willing to give me. is your expectation that that -- that royalty is capped at a certain amount of sales? uh, i would do the royalty
until i make my money back plus another $500. plus another $500,000? let me make sure i get that right. $1 million plus another $500,000 back in royalties, so a who-- total of $1.5 million plus the interest rate? 8% interest and 2.5% of the company in the end. listen, the deal -- you have learned, grasshopper, from the master. [ laughs ] i have! i sit next to kevin for many, many, many years. cuban: so, anyways... this is -- this is a venture-debt deal. but i'll tell you i-- it's a venture-debt deal. ...you u-- you understand why. yep. i can bring you the customers, but there are so many ifs here, this is like walking on a tightrope between 200-story buildings. i mean, this is really risky. uh, well, so, i greatly appreciate it. i'd love to see if we can figure out how to get that loan up to $1.5 million, and then i would love to see the royalty at $3 per unit. ichiwawa. caramba, lori. that's a lot of capital. -boy, it's like i just... -lori, lori...
-really worried. -...come in, lori. really worried. i would've really -- they need this. -what are you gonna do, lori? -what are you gonna do, lori? -you know... -so, i'm gonna throw it back to jamie right now. throw it to jamie? because -- i am. i'm gonna throw it to jamie because i think he'd be a great partner. -um, i do. -whoa. jamie, i know there is no one in this space who spent more time than me thinking about this problem and trying to figure out how to solve it. you don't have the part that everyone's looking for, which is the network of these out there in the field and th-- and that trajectory. you don't -- you don't have that yet. i think that's -- that's my problem. you're missing the part that i would actually be wanting to invest in. so for that, i -- i'm still out. ♪ i'm out. o'leary: oh! -good luck with it. -good luck, brad. -congrats. -it's smart. i hope -- i hope it really works out. -thank you. -thank you, guys. -thanks, brad. ruffkess: i was really, really, really hoping that we were gonna be able to get to a deal with lori.
jamie came in here with a big ask, and he didn't get it. look where he stands now. i look forward to -- to having the tables turned and me sitting -- be sitting in his chair someday. o'leary: jamie, this is all on you. -you killed that deal. -jamie, you were out twice. -you got to -- -you killed that deal. -you got to have -- -you killed that deal. -[ laughs ] -you know, it's c-- it's cu-- you crushed him. kevin, it's customer, customer, customer. all he had was product. you know, how the tables turn. yeah, right? you pompous -- you just sat there... right. ...and threw that guy out like we threw you out. [ laughter ] you should be ashamed of yourself. -he learned well! -that's unbelievable. boy, people sure do change. greiner: well, it was a real flier. it was a real flier. jamie, you are a dream killer. [ sighs ] our bargain detergent couldn't keep up. with us... turns out it's mostly water. so, we switched back to tide. one wash, stains are gone. daughter: slurping don't pay for water. pay for clean. it's got to be tide. recommercials witht exciting stunts.
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♪ narrator: next up is a young entrepreneur who was frustrated with a problem he had with his favorite toy. ♪ hello, sharks. i'm tripp phillips. and i'm lee phillips, his dad. and this is my sister, allee. we're from dalton, georgia, and our company is le-glue. and we're seeking $80,000 for 15% of our business. sharks, i have the solution to stop those messy breakups. i'm not talking about your love life. duh. [ laughter ] i'm talking about this. -no! -no! -oh, no. you spent all day building a masterpiece.
that's why i invented le-glue, the world's first non-permanent adhesive that just dissolves in water. plus it's non-toxic and safe for kids. after all, le-glue is created for kids by a kid. [ greiner chuckles ] to use le-glue, just apply a little bit to each brick, let it sit... and you're good to go. so the next time this happens... ...you just pick it right on up... [ laughter ] ...and keep on playing. and the best part -- just soak them in water, and they come apart like brand-new again. so, sharks, who wants to stick with me and help me stop those messy breakups with le-glue? [ greiner chuckles ] alright. good job. we have some samples and some homemade sharks that the kids have made for you. -[ chuckles ] -thank you, tripp. -thank you, allee. -oh, i like. i got a great white.
nice dress. thank you. we got you the whale shark to match your ego. thank you. [ laughter ] nice. thank you, tripp. you're very wise. ba-bam! -good job, tripp. -thank you. thank you. so, tripp, i see you have a patent there. -yes, sir. -oh, wow. what did you patent on this? tripp: we have a utility patent, and my patent attorney told me that i was one of the youngest patent holders in u.s. history. -really? -good for you. -how old are you? -12. 12. that's pretty amazing. i got the patent when i was 10. how did you figure this out, tripp? in the third grade as a class assignment, i had the option to write a paper or come up with an invention, and i think i chose to do what any other logical 9-year-old would do -- avoided the writing. [ chuckling ] so i went home and asked my dad, "how in the world do i come up with an invention?!" he said it was simple -- just identify a problem and then find a solution to fix it.
so, that's exactly what i did. spot-on. as i was in my room, playing with my airplane and thinking about, "what could i do?" the wing would pop off whenever i'd do a takeoff. then i knew what i should do. i need something to hold these bricks together but not permanently like superglue does. siminoff: so, tripp, as the only shark who's been on your side of the table, i have to say, great job with your presentation. also, as someone who still has a child that's in this age range, i have to say this is a real problem. my feet, i think, have permanent marks in them from stepping on bricks, so this le-glu-- glue could be a real lifesaver. but tell me about the business. last year, we sold $52,000... -wow! -good for you. ...and this year, up until the end of may, we've sold $32,000, and in our whole lifetime, we've sold just over $125,000. good for you. -how are you selling it, tripp? -wow. mostly online on our own website. what do you sell it for? how much does it cost to make a package?
it costs 43 cents with direct labor, but don't tell anybody. -[ chuckles ] -but what do you sell it for? -what do you sell it for? -we sell it for $8.99. -that's a great margin. -oh. -good margins. tripp, why'd you decide to create a business out of this, though? i mean, you could've just aced the project, right, and got a good grade. even from a small age, i've always watched "shark tank," and as soon as i actually had a business, one of the first things -- probably even the first thing -- i asked my dad was, "we have to go on 'shark tank'." -[ chuckling ] -that is good. so, now i'm pretty much living my dream. -oh, that's so great. -oh, good. o'leary: what is your vision in terms of getting distribution? you gonna leave it online, or do you want to get it into retail where building blocks are sold? his personal goal is to partner with one of the brick manufacturers at some point to be in every one of the kits. tell you what, i'm interested in the idea of approaching the big block guys. i know all the toy companies. i want to help do something that you're not doing, which is get a license deal. so, i'd make a contingency on it. i'll give you the $80,000. i'll go make those calls for you,
but you're gonna have to come with me to pitch it to the ceo. now, you're gonna have to put on a black suit and tie, just like me. [ laughter ] a tie pin and everything. that's how it's gonna work. you'll look like a little undertaker. well, i have hair, so... [ laughter ] o'leary: but the deal's this -- whatever i get on the royalty deal for all of us, we're gonna go 50/50 until i get my 80k back, 'cause it's gonna be a tremendous amount of work. then it's gonna drop down to 20%, and we're gonna have a partnership in perpetuity where i'm a 20% shareholder of the company. if i don't deliver the big guy, then i don't have any stake. we go together, we find out if they're gonna do it, they say yes, we're in business. greiner: wow. siminoff: tripp, allee, i think you guys have done an amazing job with this. it's -- it is solving a real problem. um, i think mr. wonderful is actually being wonderful on this one, and i think it's a -- it's a great way to do it. so, because of that, i'm out. thank you for your time.
john: you know what? i like this. i think the licensing route is great. i think that we should try that. i don't know as many of the toy companies. however, i know the adhesive giant, 3m. they're doing $30 billion a year in -- in adhesives. so, i'm gonna offer you $80,000 for 25%. greiner: well, listen, tripp. you have two great offers on the table where i think either way, you really can't lose. so, i'm going out, but congratulations. thank you so much. cuban: guys, i think it's a great product, too. i think you have two great offers on the table that would be better than what i can do. so, for those reasons, i'm out. so, tripp, you have to make a decision. uh, daymond, we would like to make a counteroffer. uh, the $80,000 for 20%. i would like to stick at the 25%. i would -- i would normally ask 33%. are you planning to take him to retail, as well?
well, i'm planning to do whatever you feel is best. or licensing. okay. retail may or may not be in your cards, but that's something you guys will decide after you, you know, decide where you want to go with it. and, mr. o'leary, the $80,000 -- when you're saying, "if you can't make the deal..." but i don't get any of your company unless i deliver the license deal at -- one that you want to do. i'll be taking the same toy guys, as well. greiner: the real difference is contingency -on it happening and not. -well, also... it's -- it's success-based, though. it's not a -- it's not a contingency. it is. it is. i don't get anything if i don't deliver. but the thing is, with daymond, it's firm. but why give up 25% of your company if you don't deliver the whale shark? that's what i say. you decide. tell me what you want. okay. mr. o'leary, we'd like to do business. -oh. -that's great. -alright, tripp. -oh, my gosh. -congratulations, guys. congratulations. you did really well on the tank, you know? you got two offers. that's pretty good.
thank you. not easy to get that done. thank you, sir. thank you so much, sir. -thanks, guys. congrats. -thank you for your time. -congrats. -thank you so much. -nice job. -[ chuckling ] -oh. great kid, bad judge of character. oh. success in the tank. tripp: kevin's my favorite because he doesn't sugarcoat things, and i'm so excited to work with him and move forward. this is definitely the best day of my life. it shows you finally get somebody to like you if you grovel enough to a 12-year-old. [ laughter ]
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making every moment something under the porch?d! yup! ugh. even when i don't know how she got the stains, i know tide hygienic clean can get them out. it gets between fibers to remove visible and invisible dirt. if it's got to be clean, it's got to be tide. ♪ narrator: next into the tank is a solution to a growing environmental problem. ♪ hi, sharks. my name's emma. and my name's miles. we're offering 5% of our company, finalstraw, for $625,000. -ooh. -whoo. sharks, maybe you've noticed that our oceans are filling up with plastic trash. much of that trash is made of a seemingly harmless item -- the plastic straw. straws may not seem like a big deal to you, but they're one of the top items littering our beaches, and some of the more sensitive ocean creatures are pissed.
[ laughter ] what is this place? shark tank! sharks? oh, please. ah, you think sharks are scary? i'm more freaked out by the 500 million straws we use every day in the u.s. yeah. it's a big number to get your head around. here's what it looks like every second. [ greiner gasps ] -[ laughing ] oh! -whoa! sharks, this is 5,700 straws. this is how many straws we use every second in the u.s. wow. plastic straws are going out of style. they're getting banned in cities and countries around the world. we thought there had to be a better way to design the drinking straw. so we did. this is finalstraw. finalstraw is the world's first reusable, collapsible straw. it folds up and fits in a case the size of a car key and is small enough to go on your key chain or in your pocket. the anti-plastic-straw movement is growing rapidly, and we are at the forefront.
sharks, the mermaids need our help. so, who wants to help us suck responsibly? we have samples? we do. we have samples. -let's go. -bye. [ laughter ] bye, mermaid! greiner: very cute -- cute actress. emma: we've got the healthy coral. we've got shark-butt gray for you. -shark-butt gray? -shark-butt? yeah, and then you get the arctic-melt blue. and this is our suck-ulent green. -suck-ulent green. -yep. john: so, where did you get all these straws from? -they're used straws, right? -a lot of these were found on -- yeah. these are all used straws. -wow. -we've got an artist in malibu who's working on an installation to show the impacts of single-use plastic straws, and she's been collecting them from restaurants. -she turns it to art. -i got -- i got it. she's turning this into art. it's pretty clear that this is a massive movement you may have all seen. there were some scientists doing research on sea turtles, and they found a turtle, and they noticed something in its nostril and found that it was a full-length straw stuck up this turtle's nose. -wow. -what's your backgrounds? um, so, i just finished up my master's at harvard
in environmental management and sustainability. and while i was getting my master's, i was working at los alamos national laboratory in waste minimization. oh, yeah, some just bobo that fell off a truck. [ laughs ] you know what you're doing. -what's your background? -and, miles? miles: my background is -- i was working on the straw. we had a mutual friend. this mutual friend said, "hey, you need to call my friend emma because she's the straw girl. she hates plastic straws." so, i called emma up and learned about her background and that she had given a tedx talk on plastic straws. how much does this cost to make? $5. so... what do you sell it for? $20. $20. -$20. -oh! -too expensive. -it's expensive. you came in asking for $625,000 for 5%. now, typically, no one comes in with that kind of ask unless they have some kind of sales to back that up. we -- we've definitely sold a few so far. so, we launched this company two months ago on kickstarter. we ran our kickstarter for 30 days and raised $1.89 million... whoa. ...on kickstarter. so, have you shipped anything? so, the kickstarter will fulfill in november.
oh, okay. and since we launched on kickstarter, we started doing pre-sales on our website and have done $15,000 a day in sales. really? guys, the world's largest coffee chain does 2 billion straws a year. -yes. -yep. now, they've started to investigate using paper. it increases their cost by 4 1/2 times, and they are in hot liquid. they get very soggy at the bottom. emma: so, first of all, paper straws -- though they won't end up in a turtle's nose like that, it's still single-use. you still have to use a ton of energy, a ton of water, and -- -you got to do the same here. -you're absolutely -- you know what? no, you're spot-on about that. yeah. i love the mission here, but there's really dozens and dozens of straws out there to do what yours is doing. yours, i think, is clever and good, but you haven't sold them and gotten them into people's hands yet. i like a product to be in hand and know that it's really working. i'm sorry, i'm out. -thank you. thanks, lori. -thanks, lori. o'leary: you're not really a company yet. you're a mission with a product.
the only way this works for an investor is to structure a deal where they get their capital back on a scheduled way. thought you'd say that. yes, he would say that... yeah. he would. ...'cause that's the only way it's gonna work. there's so much risk. here's an offer for you. i'll do the $625,000. i want 10%. but i want a royalty of $2 a straw -'cause you can afford it... -whew. ooh. ...until i've got back... $1.8 million. so, i -- i get a return on my money. okay. siminoff: you have a great mission. this problem needs to be solved. i mean, and -- and -- and seeing these straws just -- it makes me sick. one second. this is one second. it -- it's sickening. count to 60. yeah. well, what worries me, though, is changing consumer behavior. it's just, am i gonna carry another box in my pocket? cuban: well, it's not just carrying it. before that, you've got to educate them and then get them to buy it. yeah. so, for that, i'm out. thank you. thank you, jamie. so, i love your cause, and you are the straw whisperer, it sounds like. [ laughter ] but, you know, listen, you're talking about $20 straws. sure. and, you know, we're talking about 1% of the market would buy this at $20. the rest are sold in commercial use.
this isn't for commercial use. this is for -- right, but that's my point. i think that's your biggest challenge here -- that 95% of the market are really just trying to get straws and not increase their cost of living. and that few will go to this, and you're not gonna be able to scale as big as i think you can for this valuation, so i'm out. we appreciate that. here's the thing about $20 straws. people spend $20 at starbucks. they spend it going out on a saturday night. and what people say on our reviews is, "oh, my gosh, i'm gonna save my money to get this straw," because it's really important to them. look, as you speak, sharks are dropping out. now, on "shark tank," when you have an offer and the other options start to go away, the shark that made you the offer starts to feel very frisky. ♪
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♪ and we'll make your first month's payment. narrator: three sharks are out. emma and miles have one offer on the table from kevin for their reusable straw company, finalstraw. john: you got an offer here. did you guys like kevin's offer? um, so, kevin. we want a partner. we want someone who's gonna, you know, be in there with us. we can't be bleeding the company out of money right at the beginning. so does that mean you're rejecting him? why would i -- when i invest in a company, do you think i go against them? no, absolutely not. absolutely not. but i think that -- all my companies, look at all of them. they've done phenomenally well. you want -- you want somebody -- you want somebody to be in there with you for 5%? well, so we'd be interested in, you know, entertaining offers at higher percentages, um... okay, i'll help you out. i'll help you out, emma, 'cause you're feeling really bold. let her finish, let her finish, let her finish. let me -- let me talk a little about my product. i'll help you out. [ laughs ] i'm out. ohh. good luck. cuban: look, i have lots of concerns. competition and knock-offs, first and foremost. mm-hmm. i'll make you an offer, but it's gonna be a sharky offer. i'll give you the $625,000, but i want 25% of the company
because i think you have a lot of question marks in terms of the business side, the finances side. yeah. the online side, you seem to have done pretty well. well, and i think to the marketing, you know, what is so cool about our product is people's passion behind it. he gave you an offer. yeah. don't talk your way out of it. now we got to talk business. no, i'm not gonna talk my way out of it. so, mark, we really appreciate your offer, you know. the valuation you gave us is $2 million, and we've already done more than that in sales in two months. so, what we'd like to offer you is $625,000 for 12.5%. no, thank you. i'm out. okay. thank you. thank you, everyone. -all the best, guys. -good luck. greiner: that was interesting. o'leary: they have no idea what's ahead for them. -but sometimes -- -they remind me of bambi jumping around in the forest and then... siminoff: i think this is an execution business. -the demand is 100% there. -it's marketing. it's -- it's can you execute against the other people that are gonna try to kill bambi?
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♪ narrator: next up is an accessory to simplify life for lovers of camping. ♪ hello. i am heidi santiago, and this is my brilliant husband. i'm cory santiago, and we are here from spokane, washington. we are seeking $100,000 for a 20% stake in our business, bear minimum. we've created the next evolution in camping cookware, and we are changing the way you eat outdoors. now, back in the olden days, travelers would pack their covered wagons with pots and pans.
but they took up so much space and weighed a ton. then came the invention of the nesting pot, but it was still so bulky. today, we have the bear bowl -- the cook pot that folds flat. [ vocalizes ] [ laughter ] the bear bowl is a super-small... o'leary: that's scary. ...lightweight, collapsible cook pot, and with just four folds and two snaps... aah! [ laughter ] ...it's so simple to put together, you can even do it during a bear attack. mostly. [ laughter continues ] he's so cute. the bear bowl is made out of food-grade, flame-resistant material, and it comes in three sizes. and because it opens flat, it is the easiest to clean. so, we are looking for a shark
or sharks who aren't afraid of bears. -[ chuckles ] -alright. we have some samples for you. -good. -nice. -that was very good. now the bear's gonna wipe out 'cause he can't see. greiner: super cute. oh, the bear gives it to us. [ laughing ] thank you. we also have a campground favorite that's been warmed up on a bear bowl -- hot chocolate. oh, thanks, mr. bear. what. -thank you. -thank you. -cooked in the bear pot? -correct. bear bowl. bear bowl. what is the material? what's this? it's a ptfe-coated fiberglass. so, have you protected this with some kind of utility patent? we have a utility patent. granted? not granted yet, and -- have you been knocked off yet? no. -are you selling it yet? -have you been to market yet? we did a kickstarter. we started with a $1,000 goal and we reached $40,000 at the end of the campaign. i'm so excited. i figured it out. it's really a puzzle. so, this is a metal bottom. correct. so, that's where the heat's gonna hit. what's the highest temperature this'll get to before it could melt? we're -- you know, we're rating it at like 550. the entire body can take flame
but just not a lot of direct flame. it will not melt? no. campers, of course, love it, but, you know, we have this whole, wide market of -- campers love to buy stuff. yes, they do. you know, like, have you ever gone to one of those camping stores? they do... yeah. ...and they buy everything there. but the only reason i think people go camping -is to buy stuff. -for the cool gear, and -- what's -- what's your background? i -- i've worked in manufacturing most of my career. i came to a crossroads where i was out of a job. my wife was just finishing up a tour for, uh, broadway. -national broadway tour. -what show? "ragtime." the broadway musical. "ragtime?" [ vocalizing ] see! very good, and i give voice lessons. [ vocalizes ] so, you are in theater? okay, so, i grew up in the country. when i graduated, i married my husband, who had three children, and then we had two children together. you have five kids? yeah. wow. where are you guys at with it? like, how much did you invest? everything's in. we've earned about just under $90,000 with the kickstarter and everything else in mostly crowdfunding. and s-- a bunch of sweat equity.
but what's the number? what's the number? hours and hours. not a lot of capital. -that's okay. no. -yeah, no. what we did was -- we don't have -- i'm working five jobs to keep us -- i'm fascinated with wonder woman here. you are working five part-time jobs. really, she calling me wonder woman. there you go. what are those jobs? um, i teach english to chinese children online. [ voice breaking ] i give voice lessons. i, um... why is this so emotional for you? can you share? it just h-- kind of happened that -- we both were unemployed at the same time. our -- we were both unemployed at the same time. the -- the big piece of it that we're hesitant to share is that we did bring a product to market back in 2008. and we put everything -- every dime and penny into it. and there was a... [ sighs ] it was bad timing, but we don't like to give up. [ sniffles ] and our middleman -- long story short -- ran off with our money... oh, no. ...and we never heard from him again. [ sniffles ] and it was everything we had.
oh, i'm sorry. you know, when you -- and which we learned. we learned so much from it. i don't want this to be a victim story at all. we are not giving up. we will do whatever it takes, and it's a great product. and i -- i'm just emotional... cuban: h-heidi -- no, it's a beautiful, beautiful story. ...because you guys -- no, you guys are amazing. i wish you weren't afraid of telling that story because, as people stand here, they will make this seem like everything was so easy. we go, "what the hell are you here for?" so now we know why you're here, because you went through everything and you still got a passion. okay, so now i'm an investor. you're asking me for $100,000. yes. what's the plan? so, the plan is, is we -- we have already now set up with a manufacturer overseas. okay. uh, yeah. and they've delivered product to you. and they've given us some prototype samples... oh. ...and now we're waiting for -- so, you say you got manufacturing nailed. yes, we got manufacturing -- and what's the cost to deliver it here? $6.90 for the small ones. so, it costs you 7 bucks to make and land it here? how much do you sell it for?
$29.90. greiner: and that's the baby. that's the baby. o'leary: $29.95 to... all these numbers are for the baby. ...but you're not going to sell it to a retailer or a wholesaler? we can go distribution. -camping stores. -camping stores, yeah. -yeah. -online. -um, social media, as well. -have you gone to any shows -- camping shows and -- -we haven't -- we haven't done any shows yet. -oh, you should. -yeah, no, we -- yeah. you'll do amazing there. it'll be -- it'll be great there. so you got a lot of -- you got a lot of work ahead. you don't -- it doesn't sound like you got a plan yet. -we have a plan. -yeah, no, yeah. siminoff: you know what i love about you guys is -- is -- is, like -- we haven't even st-- told our plan yet. i went out there and built a product and had no idea what i was doing, and i went to a consultant... we are going to -- yes. ...and they destroyed me... okay, good to know. ...just like you... [ laughter ] ...and could've easily, you know, pulled up stakes, but i kept going. yep. and you guys are -- are still going. and i love -- that experience didn't stop you. what i want to understand, i think, more now is, how do we execute against it? so, we have, uh, a distributor in canada who has relationships with all the big-box stores, and we have online, and that's what we're -- that's our goal. and our marketing plan. and then we're gonna do a lot of marketing. we need money to -- so, but also what we're doing
is we're building a brand. money's actually not the answer, though. i think you need to understand how to put the money to work, or else it's too easy to get rid of. yeah. cuban: who's your business person? -we have a few. -meaning what? in the -- in the team, yeah. we have advisers in the business. do they own stock? yep. they do. 10%. cory, are you -- are you working full time on this? this is my full-time job. uh, i drive for lyft at night. so, guys, i never go to places where there isn't 24-hour room service, and the idea of going outside and being bitten by stuff... so, i would never use this product. -i'm out. -okay. cuban: you are passionate entrepreneurs that love your product, love everything about what you're doing, but you have one fatal flaw. it doesn't sound like you're hard-core business people. i think it's a difficult position to invest in. so, for those reasons, i'm out. okay. thank you, mark. you guys have -- you have -- you have grit. i-i like the comeback thing 'cause i think it's -- the best university you can go to is failure. i love that you're a lyft driver because it shows you're willing to do what it takes to -- to provide for your family and make money, and i-i love that.
mm-hmm. i like the camping sector. i think there's a lot of growth that you can do there. i'd do $100,000 for 25%. you should say yes right now. o'leary: you should take that deal so fast. -wow. -don't even think about it. are there any other offers? look, the bear's jumping up and down. greiner: well, listen, the camping space is not as much a passion of mine, and i think jamie relates to it better. and for that reason, i'm out. lori. can i speak to that for a second? -[ laughs ] -you have an offer. -just -- just -- -i would really be concerned about whether or not that offer disappears. i have an offer. o'leary: whoa. ♪
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designed to get virtually every hair on the first stroke, while washing away dirt and oil. so you're ready for the day with a clean shave and a clean face. ks are out. jamie has offered $100,000 for 25% of heidi and cory's collapsible cooking pot, bear minimum, but daymond is also interested. i deal with a lot of online retailers that sell to the prepper community -- the people that think that zombies are gonna attack or the world's gonna end. i have an offer for you, but it's gonna be a little sharky, though. $100,000 for 33%. i don't know what jamie needs behind him, but i know that i have a lot of people in this area that i'm going to have to probably share percentages with, but i want them to be able to get the word out online -- all these social-media conversions. so i have to have a higher percentage so i'm able to afford to bring them to the party. and let me just tell you, i -- what i like about this -- it enables us to go out more, outdoors.
we need to get our kids out. right. right. yes. this is like, you know, out -- out of the screens, out of all this stuff. i think this is a great thing to get a mission behind and really build. is it alright if we take a minute? one minute. ♪ ♪ -okay, guys. -alright. what are you gonna do? i think we're gonna take a deal with jamie. [ clapping ] cuban: congrats, jamie. -thanks, guys. -congrats, jamie. -thank you very much. -thank you so much. -thank you. -i'm setting the bear on fire. -got to hug the bear. -thank you, everybody. -thank you so much. -great job, great job. good luck. -congrats, jamie. -thank you, guys. -thank you for your offer. -of course. -congrats. -well, thank you. o'leary: congratulations. [ laughter ] i'm so -- i'm so fascinated with the bear here. [ laughs ] you cried like a baby. [ laughs ] [ voice breaking ] i want other people to -- who are out there. i know you're out there and you're, you know,
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