5 of the Most Arrogant Shark Tank Entrepreneurs
James Martin (Copa di Vino)
James Martin is a person you would love to hate. He is in fact one of the most despised individuals to ever appear on the tank.
In a later interview with ABC, the sharks would voice out how much they didn't like Martin and that the deal was not worth taking even though Copa di Vino ultimately ended up successful as they did not want to deal with Martin everyday.
Martin was someone who was self-absorbed, arrogant and stubborn. He never seemed to value the sharks' opinions despite them being several times more successful than he was.
To the sharks, Martin was no more than a person seeking free publicity from the show as he did not really make much effort to strike a deal.
Martin was asking $600,000 for 20% of Copa di Vino. This valued the company at $3,000,000.
The sharks had no real interest in the winery that James was pitching. After all, the wine was not really premium wine according to Kevin O' Leary - a wine expert and connoisseur.
Also, the industry was already competitive as it is. To them the real money was in the packaging and licensing.
Kevin was really interested in the licensing aspect of the business as he had his own brand of wines and could easily pitch it to his connections in the industry. He then offered $600,000 and asked how much of the licensing portion can he get for the amount. James only offered him 20%.
Kevin stated that he wanted a controlling stake at 51%. This was a good deal for Martin as he had the freedom to use the $600,000 to expand the business as he pleases, keep full control of his winery and get additional money from the licensing deals Kevin would bring to the table.
Let's say Kevin was able to even bring in just $1,000,000 in licensing on the first year, Martin would have easily pocketed $1,090,000 in free money - $600,000 from O'Leary and $490,000 from the licensee. Martin missed the boat right there.
Martin's second foray in the tank wasn't any better.He didn't change at all and was still the same person that entered the tank the first time albeit even worse since he experienced a little success.
This time he was asking for $1,200,000 for 30% of the company. The sharks (Mark, Kevin and Robert) only wanted to give him half that value.It seems that James was in it for all the wrong reasons instead of wanting to get a deal. He simply wanted more free publicity and wanted to gloat about his success in front of the sharks.
James had a smug look and spent a lot of time sipping his wine instead of actually being active in the negotiations.He claimed to being gracious by offering the sharks another shot at his company but was still the same arrogant James Martin from his first Shark Tank appearance.
In the end, its the same result - no deal for James and the sharks hated him even more.
Jared Joyce (5 Minute Furniture)
Jared Joyce was a brilliant man with many inventions. However, these multitude of inventions have not exactly translated to profit. Many good inventors aren't exactly the best businessmen. Not everyone is a Thomas Alva Edison.
Jared's presentation starts simply enough. He shows the sharks how easy it is to assemble his prefabricated furniture pieces. He quickly assemble four wooden panels unto a base and held them together with a locking mechanism to form a wooden box.
Jared was seeking $250,000 for 25% thus valuing his company at $1,000,000.
Jared tells the sharks that he has more than one invention and has in fact a multitude of them. Daymond John asks if the other inventions are included with his offer. Jared then proceeds with the low-light of the presentation. He then says, "What you are saying is hey lets get married." Then he says, "Hey buy me a drink first." This moment is very cringe-worthy and you could clearly see it in the sharks' faces. Daymond John then calls Jared a "slick Willy."
This rubbed the sharks the wrong way as it is Jared who needs the sharks and not the other way around. Daymond commented that it was as if he was the one interviewing the sharks and if he found them "worthy" he would sell to them his other stuff.
The sharks then proceed with asking questions. Through this they discover that it has been seven years already and the venture has not been able to give a return to the investors.
Throughout the presentation Jared had a smug look and smirked a lot.
Lori and Kevin offered to buy him out for $250,000 for 100%. Jared insisted on a partnership but Lori and Kevin did not want him as a partner. He also insisted on a royalty which they did not like either.
In the end Jared went home empty handed and Daymond John called him a slimeball.
Jared Joyce (5 Minute Furniture)
Scott Jordan (TEC)
Being partners with Steve Wozniak does not necessarily guarantee that you will be the next Steve Jobs.
Scott Jordan of TEC (Technology Enabled Clothing) apparently though he was the next Steve Jobs and acted very arrogantly in the tank.
TEC is clothing with wires in it that enable you to be able to conveniently carry your portable devices such as cellphones, cameras and mp3 players.
One of the first products Scott developed was an eVest which was a modified fisherman's jacket with extra pockets. Scott went on to develop other technology enabling articles of clothing such as pants, shirts, hoodies and jackets.
Scott went to the tank and was asking $500,000 for 15% of his company. This gave TEC a valuation of $3,333,333.
Scott claims to have patented having a wire through clothing. The sharks were not happy with this as this was not a useful patent. It was a patent that stiffled innovation. They essential said he was a patent troll.
Scott then contacts Steve Wozniak, one of Apple's founders via cellphone and talks to him about what has happened so far with the negotiations. Woz tells Scott that he is being low-balled.
Scott goes back to the tank and becomes confrontational. The usually nice Robert Herjavec becomes irritated then asks Scott "What is your problem?" Scott then replies and points to Kevin and Robert "Kevin, you're out, you're out." "I don't need you."
Robert then replies to Scott with "Show a little more respect."
Scott then leaves the tank getting no deal and pissing off some sharks.
Maneesh Sethi (Pavlok)
Maneesh Sethi came to the tank with an extremely high valuation for his company. He was seeking $500,000 for a 3.14% stake in his company. This gave Pavlok a $15.9 million valuation.
Maneesh looked like an Indian Lex Luthor with his bald head, business attire and arrogant persona.
The Pavlok technology is based on Pavlovian conditioning. Pavlovian conditioning is where behaviors are modified through the association of potent stimulus to a neutral stimulus in order to generate a desired response. For example a dog may hear a dinner bell and be fed dog food afterwards. The dog would eventually associate the sound of the bell with dinner and will salivate at the mere sound of the bell anticipating his next meal.
Mark Cuban was not a believer in the technology and branded Sethi as a con artist. Sethi did not really have clinical trials that his wristbands worked. All he had were information on Pavolian conditioning and not really anything on his product specifically.He did however have many testimonials.
The sharks were not impressed and bowed out except for "Mr. Wonderful" Kevin O' Leary. Kevin was a believer in the technology and throws Maneesh a lifeline with a $500,000 loan with a 7.5% interest rate for 24 months in exchange for 3.14% equity.
Maneesh did not object to Kevin's offer because of the offer itself but because of how Kevin O' Leary is portrayed on television. He is portrayed as a greedy person who bullies Shark Tank entrepreneurs, says mean things to them and belittles them. There have been many instances where Kevin has hurt other people's feeling or has been involved in a confrontation because of his persona.
Maneesh even said this - "It's the person," I feel like — I would take an offer from anybody besides Mr. Wonderful."
This does not sit well with Mr. Wonderful and he cusses Maneesh out of the tank and chews him alive.
Miles Penn (M Tailor)
Miles comes in the tank asking for $2,500,000 for 10% of his company M Tailor - thus giving it a valuation of $25,000,000.
This is a very high valuation especially for a company that isn't in the tech industry or something that is not mainstream yet.
He starts the pitch very distastefully and takes a potshot a Daymond John. He emphasizes that M Taylor has the tucked and untucked style and that Fubu shirts does not have that option.
This is not the best way to get money from someone. Usually entrepreneurs would butter up to the sharks by praising them, offering them free samples or by having them be part of the presentation.
Miles starts by zinging what could be his most likely investor since Daymond is in the clothing and apparel space. Not the smartest move for an entrepreneur seeking venture capital.
Miles hypes how good his technology is. In just 30 seconds, his app can easily get your measurements. He even claims that it is 20% more accurate than a professional tailor. All you need to do is change into form-fitting clothes and find a wall and lean your device against it.
He brings out his model, David, who is a rather buffed and good-looking individual. This sparks Barbara's interest as she is known to flirt with good looking men on the show.She even asks Miles if the app can capture his biceps.
Miles also boasts that he can charge less for custom-made clothing as he has cut out the measuring and tailoring process. He can sell a $125 custom shirt for only $69.
The sharks all feel that M-Tailor is way too overpriced at $25,000,000. Miles then explains to them that the money he raised to put up M Tailor was raised using a $10,000,000 valuation. Daymond, an clothing and apparel mogul, does not believe that.
Miles then proceeds to explain that he missed his targets by half because of supply chain issues. This raises a red flag amongst the sharks.
Despite this, Miles still gets a sweet offer for Daymond John. Daymond offers $2,500,000 in exchange for 17.5% thus giving M Tailor a value of a little more than $14,000,000 which seems to be a more appropriate valuation. Daymond intends to license the technology and not really that interesting in the clothing manufacturing aspect.
Kevin as usual offers one of his more interesting deals. He wants to offer a $2,500,000 loan at 7% interest for 36 months and 2.5% equity.
Both are decent offers but Miles does not take them. He is too stuck up on his valuation and on the manufacturing side of things and does not see that there is a lot of free money to be made in licensing.
Miles thinks he is too big and his company is too successful already to listen to the sharks. In the end he gets no deal and just pisses off the sharks with his arrogance.
Which entrepreneur do you hate the most?
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© 2018 Jan Michael Ong