The pair partnered up on an investment in a product called Kitchen Safe, a cravings control device that uses a timer to lock up cookies and other sweets so people with weak will power won't overindulge.
"This product is really just a tchotchke," said shark Kevin O'Leary, who quickly passed on investing.
Greiner and Woodman saw value in the product, however, which can also be used on items including credit cards, video game controllers and cell phones, according to co-founder David Krippendorf, who came to the tank seeking $100,000 for 5 percent of his company.
While Greiner and Woodman didn't buy Krippendorf's valuation, they did offer $100,000 for 20 percent of the business, a deal Krippendorf couldn't turn down.
The second deal of the day went to another simple but innovative company called Magic Cook. The core product allows consumers to cook without needing electricity, gas or fire by using heat packs that start to boil water after being submerged for roughly 30 seconds. Despite the novelty, Woodman was not interested in investing.
“A really important thing when you come up with a concept is that you solve a pervasive problem for people, and you don’t try to create a new way to do something that isn’t necessarily broken,” he said.
Shark Daymond John, however, saw promise in the item, offering $100,000 for 33 percent of the business, significantly more than the 20 percent stake co-founder Sharon Yu wanted to give up. After thinking over the deal for about a minute, Yu finally relented, accepting John’s offer.
The last pitch of the episode came from entrepreneur Tom Sanetti, whose company Earth Log makes fire logs from 100 percent recycled materials. Unlike Duraflame and similar products, earth logs give off a pleasant scent, produce less smoke and are less expensive. Sanetti asked the sharks for $160,000 for 20 percent of his company, which desperately needs a proper manufacturing operation to meet existing demand.
“It’s a great product, but it’s not yet a company,” said Mark Cuban, who joined three other sharks in passing.
Once again, Greiner smelled opportunity where the other sharks didn’t, offering $160,000 for 35 percent of the business, a deal Sanetti took without any hesitation.
Stay tuned for more recaps every week.