Shark Tank season 15 episode 6 Recap and FAQ

Episode Summary

Air Boss Outdoors introduces the Krapp Strapp, an innovative solution for relieving oneself outdoors, seeking $65,000 for 10% equity. The product impresses the Sharks, especially with its strong initial sales without advertising. Lori Greiner and Daymond John strike a deal for 25% equity. Mini Materials, offering realistic miniature building supplies, pitches next. Despite its unique offering, the niche market potential leads to no deal. TIK PIK, a new guitar pick design, captivates the Sharks with its practicality. Mark Cuban offers $75,000 for 16% equity, which is accepted. Finally, Supermix Studio presents a platform for kids to design custom clothing. Despite concerns about the kiosk expansion plan, Jennifer secures a deal with Lori and Robert for $250,000 at 25% equity and a temporary royalty.

Full Episode S15E06 Recap

### Opening of "Shark Tank" - **Introduction to Air Boss Outdoors:** Bob Legg and Keith Lindsey from Jacksonville, Texas, introduce their company, Air Boss Outdoors, seeking $65,000 for 10% equity. Their product, the Krapp Strapp, is designed for outdoor enthusiasts to comfortably relieve themselves in nature. ### The Krapp Strapp Presentation - **Demonstration and Features:** - Bob and Keith demonstrate how the Krapp Strapp works, highlighting its ease of use and versatility with different anchor points (trees, vehicles). - The product can support up to 400 pounds and includes pockets for toilet paper or other materials. - They emphasize the convenience and hygienic benefits, especially in outdoor situations. ### Sales and Business Details - **Sales Figures and Production Costs:** - The Krapp Strapp, launched in October last year, sold about 4,000 units with zero advertising, generating around $200,000. - Each unit costs $17 to make and sells for $49.95. - They attribute their initial sales success to a viral social media post. - **Business Background and Goals:** - Bob shares his history of successful inventions in the outdoor market. - The duo seeks investment primarily for marketing and e-commerce expertise. ### Sharks' Interaction and Deal - **Sharks' Reactions and Negotiations:** - The Sharks are entertained and intrigued by the product's uniqueness and practicality. - Lori Greiner and Daymond John express interest in a deal, offering $65,000 for 35% equity. - After negotiation, they agree on $65,000 for 25% equity. ### Update on WONDRY Wine - **Post-"Shark Tank" Success:** - Whitney and Chaz Gates, who made a deal with Mark Cuban for their wine-based cocktail company WONDRY, share their post-show success. - They highlight national expansion, partnerships, and significant sales growth. ### Mini Materials Presentation - **Introduction and Concept:** - Jared Waters from Portland, Oregon, presents Mini Materials, seeking $100,000 for 20% equity. - The company produces high-quality miniature building supplies for hobbies and creative projects. ### Business Details and Sales - **Background and Investment:** - Jared bought the business for $200,000, funding it through a home equity line of credit. - He details the product range and manufacturing process. - **Sales and Market Potential:** - In the past year, Mini Materials made $200,000 in sales. - Jared discusses the target market and his vision for the company's growth. ### Sharks' Evaluation and Outcome - **Sharks' Feedback:** - The Sharks appreciate the uniqueness and quality of the product but are concerned about the niche market and scalability. - Despite recognizing Jared's passion and potential, they ultimately decide not to invest. ### TIK PIK Presentation - **Introduction and Demonstration:** - Nicholas George and Kevin Mac introduce TIK PIK, a guitar pick with a unique grip and ability to stick to the guitar, seeking $75,000 for 10% equity. - Kevin performs with the TIK PIK to showcase its functionality. ### Business Details and Sales - **Market Appeal and Manufacturing:** - They discuss the advantages of TIK PIK over traditional guitar picks, emphasizing the comfort and convenience of the grip and its sticking feature. - Sales figures are shared, with a cost of $2.44 for a pack of six, retailing at $29.95. ### Sharks' Interaction and Deal - **Sharks' Interest and Offer:** - Mark Cuban sees potential in the product and makes an offer of $75,000 for 16% equity. - After brief consideration and no other offers, Nicholas and Kevin accept Mark's deal. ### Supermix Studio Presentation - **Introduction to Customizable Kids Clothing:** - Jennifer Stein-Bischoff from Brooklyn, New York, introduces Supermix Studio, seeking $250,000 for 10% equity. - The brand allows kids to design their own clothes using an interactive platform with a wide range of patches. ### Business Model and Expansion - **Retail and Online Strategy:** - Jennifer discusses plans to expand through kiosks in stores like Claire's, in addition to the existing online direct-to-consumer model. - She shares insights into her career background in fashion design and trend forecasting. ### Sales Figures and Sharks' Evaluation - **Financials and Challenges:** - Jennifer shares sales figures and costs, highlighting strong margins. - The Sharks are concerned about the low sales and the risks associated with the kiosk model. ### Deal Negotiation and Outcome - **Sharks' Offers and Agreement:** - Lori Greiner and Robert Herjavec team up to offer $250,000 for 25% equity with a 3.5% royalty until they recoup their investment. - After negotiation, Jennifer accepts their offer. ### Closing Remarks - The episode concludes with Jennifer's excitement about the deal and the potential growth of Supermix Studio under the guidance of Lori and Robert.

Frequently Asked Questions

What is the Krapp Strapp?

The Krapp Strapp is a product designed for comfortable and hygienic outdoor relief, supporting up to 400 pounds and featuring pockets for toilet paper or other materials.

Who invented the Krapp Strapp?

Bob Legg and Keith Lindsey from Jacksonville, Texas, are the inventors of the Krapp Strapp.

What was the initial investment for Mini Materials?

Jared Waters purchased Mini Materials for $200,000, funded through a home equity line of credit.

What products does Mini Materials produce?

Mini Materials produces high-quality miniature building supplies for hobbies and creative projects.

What is unique about TIK PIK?

TIK PIK is a guitar pick with a unique grip and the ability to stick to the guitar without leaving residue.

Who are the creators of TIK PIK?

Nicholas George and Kevin Mac are the creators of TIK PIK.

What offer did Mark Cuban make for TIK PIK?

Mark Cuban offered $75,000 for 16% equity in TIK PIK.

What is Supermix Studio?

Supermix Studio is an interactive custom kids clothing brand allowing children to design their own clothes using an online platform.

Who founded Supermix Studio?

Jennifer Stein-Bischoff from Brooklyn, New York, is the founder of Supermix Studio.

What was the offer made for Supermix Studio on Shark Tank?

Lori Greiner and Robert Herjavec offered $250,000 for 25% equity with a 3.5% royalty until recoupment of their investment.

How much did Bob and Keith ask for their company, Air Boss Outdoors?

They asked for $65,000 for a 10% equity stake in Air Boss Outdoors.

What was the cost and retail price of the Krapp Strapp?

The cost to make the Krapp Strapp was $17, and it retailed for $49.95.

How much did Jared Waters sell in the first year with Mini Materials?

Jared Waters made $200,000 in sales in the first year with Mini Materials.

How much did Jennifer Stein-Bischoff seek for her company, Supermix Studio?

She sought $250,000 for 10% equity in Supermix Studio.

What are the sales figures for Supermix Studio?

Supermix Studio had $60,000 in sales during its first holiday season and $110,000 year-to-date, totaling $170,000 in lifetime sales.

Shark Tank season 15 episode 6

Krapp Strapp, Mini Materials, TIK PIK, Supermix Studio