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Are You a Shark?

Daymond John, fashion mogul and FUBU Founder and CEO discusses the roller coaster ride in episode four of The Shark Tank. In his post, he includes his thoughts on other entrepreneurs that came on before COVERPLAY, how much he loved Allison and Amy’s idea and business savvy, and why he wasn’t able to negotiate his “better deal” with the COVERPLAY owners and now Shark Tank Entrepreneurs in his blog below.

Wow! Sunday night’s episode of Shark Tank once again gave me hope in the American dream. It made me scratch my head about things people come up with and made me yell at the TV screen in the battle of the sexes…and all within one hour! It was a roller coaster ride to say the least. The funny part about it is that I was actually there and already knew the outcome. But seeing it from an outsider’s point of view for the second time was just as engaging as the first time for me.

photo from Shark Tank

I clearly remember when filming the show, entrepreneur Kwame (Kuadey) had such pride, such confidence and a warming smile as he presented his “Gift Card Rescue” to us. We were all truly inspired and felt grateful to have all lived the same American dream that he was clearly pursuing. His ability to close the deal with the toughest shark on the show was a prime example of how he’ll never let anything get in his way!

I then was stumped and amazed how a guy that claimed to have a 25-year sales history (Coffee Brand Gifts) could go through years of patent research, product development and the branding of his company to lack the only thing that shows a true demand for his product… SALES!

photo from Shark Tank

The finale of the show really took me up and down! The COVERPLAY women had such a great idea. I loved the idea and I loved their spunk! But then all of a sudden, we found out the patent wasn’t put into the deal. All sharks immediately dropped their original deals when we realized this important issue. In a blink of an eye, the patent was in and the deal was back on! Barbara, with limited knowledge of the product to store business, cut a great deal with the girls and played on their heartstrings with “girl power”. This angle put Kevin, Robert and I in a bad position to negotiate what I think was truly a better deal, due to my experience in this space. The bottom line is… Barb did a great job of out sharking the sharks!!!! And that’s what it’s all about! Even I learned an important lesson in this episode. Throw in more human aspects to making deals and become a better “SHARK”.

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Shark Tank Entrepreneurs!!

COVERPLAY appears on ABC’s new hit TV show!!

COVERPLAY owners turned Shark Tank entrepreneurs, Allison Costa and Amy Feldman, appeared on ABC’s hit TV show The Shark Tank on Sunday August 30, 2009. The women impressed the investors with their business savvy and the potential of their play yard product that fits most standard play yards, including Pack ‘n Play. The show was amazing and the women caused a feeding frenzy with the investors. COVERPLAY’s portion of the show starts at 30:37 if you want to skip ahead.

Allison Costa and Amy Feldman made a great impression on the Sharks, asking for $350,000 for a 15% stake in COVEPRLAY. The negotiations began with Barbara Corcoran offering $350,000 for 40% of the company. Immediately after, Daymond countered and said he would give them the money, and would fund future orders for the life of the company, but wanted 65% equity in the company. Amy and Allison walked into the hall to privately discuss the offers, but they returned with concerns about giving up that much control of the company.

Robert offered to team up with Daymond and upped the dollar amount to $450,000. Allison and Amy still had reservations about giving up such a huge interest in their company, so Robert increased the offer to $500,000. Kevin O., Daymond and Robert all collaborated and decided to offer $350k cash for 51%. Seeing an opportunity at the same price but less interest in the company, Barbara jumped back into the negotiations with her original conditions. Finally, Amy and Allison decided to go with Barbara for $350,000 at 40% interest in the company.