Entrepreneurs pitching silly novelty items rarely impress the hosts of ABC's Shark Tank, unless the product is so whacky that it just might work.
Enter Beverage Boy---aka BevBoy--a company whose flagship product is a cupholder that doubles as a flotation device. The product uses a gravity-stabilizing extension attached to the bottom of the cupholder that keeps drinks from spilling in pools or hot tubs.
"Think of it as your very own personal floating sidekick," said founder Kevin Waltermire. "When you watch it, it works. And it's hilarious."
Waltermire came to the tank seeking $50,000 for 15 percent of the company, which he founded in 2013. With only $10,500 in total sales, however, Waltermire had a tough time attracting interest from the sharks.
"This idea is so bad," said host Kevin O'Leary. "I'm out."
Mark Cuban and Robert Herjavec were also unimpressed by the company's slow start and gimmicky product, and quickly passed on investing.
While Lori Greiner saw enough promise in the business to make an offer, her deal would require 40 percent of the company, and was contingent upon getting a purchase order with one of three retailers: Bed Bath & Beyond, Target or Walmart.
After Greiner outlined her terms, host Daymond John surprised all the sharks by matching Greiner's offer without including any of the contingencies. So what did he see in the company that the other sharks didn't?
For starters, John had already invested in a similar company, 180 Cup, which makes plastic party cups that double as shot glasses when you turn them upside down.
"I have the matching product and I'm already selling it," said John. "I'm killing it with the 180 Cups."
Waltermire liked John's no-strings-attached offer, but didn't want to give up 40 percent of his business.
"Can you meet me at 35 percent?" he said. "I'll do this deal right now."
"Done," John said.
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