will be on shortly with new entrepreneurs making their pitch like Flipoutz did last week.
What a great group of kids, they were polished and did an awesome presentation and negotiation. The youngest boy was smooth. I went to their website to learn more about them and I find out that Jake was in Talladega Nights and is on the TV show Army Wives.
They have a great marketing strategy for their business by selling wrist bands that hold tradable coins with serial numbers.
They setup a website where kids can enter the serial numbers and their location allowing the trades to be tracked from all over the world.
Their pitch was fun, friendly and well thought out. I wish I could pitch as well as they did!
Jake handled the negotiation and even tried to up the deal from the Sharks. While he didn’t get what he asked for, he was excited with what he got.
The whole family clearly understands their business model and easily answered all of the questions the Sharks asked, even the questions that would has shook many of the entrepreneurs.
They knew the cost of manufacturing the product have great profit margin and have engaged a representative to get them into theme parks across the country as well as other venues.
The parents have spent $250K on the business so far, and wisely applied for a patent on the tracking and trading process, which allows people to blog about where each coin has been.
That patent could be extremely valuable for numerous other applications. That shows great vision to see this kind of opportunity.
The one mistake that they almost made, but luckily Mom fixed was disclosing a substantial order that came with 30% up front to pay for manufacturing of the order. It was at that point that the Sharks stepped up to the plate to make a deal.
Overall, they did a fantastic job. I enjoyed watching the negotiation!
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