This format feels a bit more authentic than the studio version. While Tate was asking Lori if she would be willing to make the deal for 12.5%, Cuban jumped back in and said, “I’ll write you a check right now for $1.5 million.”ĭuring this tense moment in the Tank, the crowd started loudly chanting: “Lori, Lori.” Lori then made a final counter at 13% and Tate accepted the deal.Īt least during this first-ever live episode of Shark Tank, the live-audience format seemed to even the odds out a bit for the presenters, as the Sharks also felt a bit of pressure from the audience as they had to make decisions in real time, rather than in studio time.
I love it.” She then revised her offer to $100k for 15%. Lori Greiner quickly followed Daymond’s offer by saying, “I believe in you. He told Tate that Pizza Pack would be a huge licensing play. Well, after the break, Tate told Mark Cuban that he would need $5 million for the business, which quickly brought about laughter from the other Sharks.Ĭuban then recommended that Tate speak to the other Sharks, but then to come back to him with “a real number.” The Tank heats up as four Sharks want a slice of Pizza Packįinally, negotiations heated up, and Daymond John offered $100k for a 25% stake. We are now going into a commercial break, and I want you to think about what you would want me to pay you to buy you out completely and tell me after the break.” Mark Cuban may have made the strongest nod to the new live format of the show when he told Tate that, “I hate investing in companies run by inventors, but I like buying companies from inventors. Lori Greiner then quickly jumped in and tendered an offer of $100k for 20%, and she reminded Tate that, “I can get you in everywhere.” Of course, the other Sharks laughed and loudy commented that the royalty was ridiculous.
Then, O’Leary turned to the audience to lead a chant of, “royalty, royalty,” after which he said, “and because the audience wants it, I’m willing to do a very small royalty of $2.00 per unit until I get my money back, and then it will drop to 50 cents per unit in perpetuity.” Kevin “Mr Wonderful” O’Leary started the showmanship by saying that, “I will give you 10% for $100,000 because I’m not greedy.”
The Sharks also worked the audience as they were negotiating with Tate for a slice of his leftover pizza storage container business.Īfter discovering that Pizza Pack had $250,000 in sales, even though the company had just started selling the product in April, the Sharks began to circle. When Tate answered that his cost was “$4.00 per unit landed, and it sells for $24.95,” Cuban immediately turned to the audience and asked them if they would pay $24.95, to which the audience responded with a resounding: “YES!” Mark Cuban asked Tate about his cost to produce the Pizza Pack as well as its retail price. The Sharks were playing to the crowd as well. Pizza Pack founder Tate Koenig was not the only one playing to the audience in the premier week of the live-audience Shark Tank format. 05:45 pm GMT Sharks playing to the crowd, too
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