Drum Pants on Shark Tank
Pants with Built-In Drums - Episode 603 - 10/3/2014
I'm not sure why the producer's of the Shark Tank would leave the Drum Pant's out of their media guide for episode 603, or why the inventors wouldn't take full advantage getting the word out, but they are the last contestant's in this episode.
Not much to say at this point,(the Shark Tank hasn't aired on the West Coast yet) but doesn't seem like a good strategy for either ABC or Drum Pant's not to take full advantage going on a show like this. There must be a reason why ????
Drum Pants Update:
WOW, now that's one set of negotiations worth watching a few times. especially if you want to know what NOT to do inside the Shark Tank. With such a cool new piece of wearable technology that the younger hipper crowd will definitely love, IMO there's only "One Shark" that's a perfect match to make the Drum Pants an overnight success.
Tyler Freeman and Lei Yu came into the Shark Tank seeking $150,000.00 for 5% of the Drum Pants Brand. With a $3 million valuation, only $25k in pre-revenue sales (at that time), and provisional patents not yet in place, even for the Shark Tank this seemed aggressive. Yu did a good job justifying the valuation based on future projections, but the numbers were just that, projections.
Robert Herjevic likes the future potential of the Drum Pants technology and offers the $150k for 20% of the Brand, instantly knocking the valuation down to $750k.
Daymond John is interested in a pure licensing deal for this wearable technology and offers $250k for 20%. This brought the valuation back up to a whopping $1.25 million for a product with only $25k in pre-revenue sales.
Walking out of the Tank when you have two wealthy Sharks on the hook has proven not be a wise business decision for several contestants, but Tyler and Lei couldn't collectively make up their mind. Freeman really liked Daymond's idea going the licensing route, but Yu liked Robert for a strategic partner in the technology space.
Apparently, they liked Herjevic's offer best with a valuation almost half of John's offer but asked if he would accept 15% of the company instead of 20%. Kevin O'Leary tries to clarify they're not interested in making a deal with Daymond, and in so many words (or lack there of) they confirmed that fact. A classic and a little awkward moment to say the least.
Making quick decisive decisions is one trait "ALL" Successful Entrepreneurs have in common. But on this day Tyler and Lei seemed to be on two different pages. Daymond quickly withdrew his offer after practically being ignored.
Robert now the only Shark with an offer on the table, decides to stick with the original 20% for $150k. Almost immediately Tyler turns to Mark Cuban and asks "Mark do you have anything to add"? Herjevic, who's known for being the nice and polite Shark, instantly gets a glare on his face like he's never done before. He's truly shocked, just like Daymond was moments before. Robert wastes little time withdrawing his offer after Mark has no interest in making any offer.
With all the Sharks out, Tyler and Lei start to realize what just happened and try one last time to get at least one Shark back into a deal. Kevin O'Leary is known for speaking his mind on the Show, but WOW, Do Not piss him off. Can you imagine going on the Shark Tank Show and forcefully told to "Get Out of Here"? Ouch. I do believe that's a first.
On the way out of the Shark Tank, Tyler says "we should have gone with Daymond, I told you". If they only could have made up their mind.
It's still a really cool new invention I can see becoming very popular, but it may take awhile longer without the Sharks help now.
Drum Pants website