Shark Tank Season 1 - Episode 1
First Shark Tank Show 8/9/2009
The first Shark Tank Show aired on August 9, 2009 with over 4 1/4 Million viewers watching the first contestant's go up against the Sharks. The very first Shark's were Barbara Corcoran, Daymond John, Kevin Harrington and the two seasoned Shark's brought over from Canada's Dragon's Den, Kevin O'Leary and Robert Herjevic. A total of five companies would pitch their business idea's, but only two would walk away with a deal.
The idea for the Shark Tank Show first began in 2001 when it premiered in Japan as "Manē no Tora" (Tiger of Money) and quickly spread to other parts of the world. Canada picked the series up and called it The Dragon's Den. Depending on where you are in the world, the Angel Investors are known as Dragons, Lion's or Sharks. Our version of the Dragon's Den sat on the shelf for five years before a very famous producer known for the most successful reality show on the planet (Survivor) decided to pursue his next big hit. Mark Burnett committed 14 episode's for Season 1 and knew immediately he had another Hit to add to his impressive resume.
The first opportunity up was Mr. Tod's Pie Factory. With almost a Million Dollars in sales and demand that was hard to keep up, Mr. Tod was asking for $460,000.00 for a 10% stake in his company.
Mr. Tod's Pie Factory
|First Business Featured On|
The Shark Tank on ABC
Barbara and Damond John were the only sharks left. Barbara offered Tod half the money ($230,000.00) but wanted twice as much equity. Daymond decided he would match the other $230,000.00 giving Tod all the money he needed to expand his pie business. But Daymond John wanted a combined 50% of the business. It didn't take Tod long to decide to take the money and give up half of his business. He got all the money he needed to succeed PLUS two very valuable partners that know how to win.
Mr. Tod's Pie Factory had gone on to Great Success. He now sells the majority of his pies on his website at http://whybake.com/. The company was also featured on Oprah's blog last year which is always a good thing no matter what business you're in. From the looks at the website traffic going to his site, Mr. Tod will no-doubt be making lot's of pies for many, many years.
Ionic EarDarin Johnson was next up with an implantable blue-tooth device. One you would need surgery while they hook this device right up inside your ear. He was asking a whopping $1,000,000.00 for a 15% stake. Half of the Sharks had dropped out before Ionic Ears sales pitch even finished. They all quickly declined without a single offer. Talk about hardwired.
After spending way too much time on something I already had a feeling I knew the answer to, Darin Johnson and the Ionic Ear was nowhere to be found. He may of been a generation or two off in his timing.
Keven Flannery was next seeking $1.200,000.00 for a 10% stake for a new digital way to advertise in Doctors offices via what looks a lot like a tablet notebook. The kiosk to be set up in waiting rooms would cost the Doctor or business $9,000.00 to get it set up and then make a recurring revenue from ad's being seen by his patients. Keven's passion was clearly there, but the business plan would make this a very hard sell to the Sharks. Too many unknown variables. All 5 of the Sharks had turned him down before the sales pitch was over. You could tell he was very disappointed because he never had a chance to fully explain this opportunity in great detail.
Before WiSpots aired on the Shark Tank, Kevin merged his company with Worthington Healthcare Corporation and formed a new company Wificiency Inc. The new company developed software solutions for the medical field, hospitals and other health care facilities.
By the looks of the site now, they may have let the domain expire and taken over by someone who made a half attempt at a WordPress blog. However, WiSpots.com is still active and looks remarkably just like what Kevin tried to show the Sharks. WiSpots offers interactive media, free Internet Access, patient education and effective advertising while waiting in the Doctors Office.
Emmy (AVA) The Elephant
Tiffany Krumin's walked in the Shark Tank not with a business or service that's at least making some money, but with nothing more than an idea and a simple prototype She made. Her idea was to help kids take their medication from a cartoon-like character. All the male Sharks wanted to see the sales numbers, orders, patent protection and so on. Tiffany had nothing but an idea and a dream.
WOW, what can I say. This is truly a remarkable story of taking an idea and making it BIG TIME. After several months after appearing on the Shark Tank, Tiffany perfected her idea (and changed the name to AVA The Elephant) She started the website AvaTheElephant.com where She sold her very popular product. In addition, Krumlin's idea is also available in over 10,000 stores around in the country. Congrats to Barbara for seeing the potential and giving Tiffany a very fair deal and helping make Her dreams come true.
College Foxes Packing Boxes
This idea was more of a spin-off of an already successful business College Hunks Hauling Junk. Nick Friedman & Omar Soliman had another idea. The idea is simple; hire fox's to pack your boxes. They wanted $250,000.00 from the Sharks for a 25% stake in the new venture.
Nick and Omar came into the Shark Tank well prepared playing off the success of their hauling service and being named in Entrepreneur Magazine as one of the top new franchises in America. The only problem was; they wanted a deal for a new start-up, and the already successful company was not part of this deal.
The Sharks would only make an offer IF both businesses was included in the deal. The Sharks sent them out of the room to come back with a more realistic proposal. They came back with a cool Million Dollars for 10% stake in both companies. Kevin called them pigs for valuing the combined companies at $10 Million based on future earnings. He's Out. Robert Herjavec offered of 50% of College Foxes and a 10% stake in College Hunks for the $250k they were asking for.
To have this Successful Shark on their team could have been Golden. They passed on his offer in a way that left no more room for negotiations. You can hear one of them saying as they are leaving the Shark Tank, "We should of taken the money." You have to haul a lot of junk to come up with $250,000.00 in cold hard cash.