7 Rejected Shark Tank Pitches That Made Millions...

you know my dad passed away last year dying oh I'm sorry to hear that and they called him all kinds of names and it hurt him deeply hey before we get into the video be sure to enter our brand new giveaway will be giving away any of these items it's your choice to enter the giveaway leave a like comment the keywords subscribe turn on notifications and most importantly watch the whole video it's that simple and though many bad ideas get rejected sometimes the Sharks don't see the potential in certain items and they end up making millions without them let me show you some examples 7 coat checks while attending Indiana University I recognized a dilemma that everyone faces when they go out in bad weather one of the things that makes Shark Tank fun is hearing all of the stories of the people who decided to make certain items including people who had no notion of being a maker and then they get an idea and are compelled to do it that brings a lot of people to Shark Tank including Derek Pak who came up with an idea for a way to check your coat at a bar without fear of it getting lost or having to find a place to put it once you get inside through this very logical notion was born coat checks he actually tested it out at several bars where he lived and made $50,000 in just a few months which is more than some people make in a year for the record but when he wanted to expand he decided to take the idea to shark tank to get some help he did get an offer from Mark Cuban but it wasn't his liking he knew he could do more but he also knew that it was a risk projecting the Sharks who had guaranteed money so after calling the professor who helped inspire the idea he rejected the offer after being seen on Shark Tank many investors and clients came in to offer him money to use his product including a massive concert called life in color which had tens of thousands of people attending and even for a fashion show and that was just the beginning of the people who wanted to use coat checks for their events fast forward a bit and the app has 50 dedicated clients and the apps features have expanded beyond Derek's initial thoughts of just checking in coats it's now part of rental services storage for vacations and more and it's all because he knew he could do more than the Sharks felt he could he was right 6 coffee meets bagel we're raising $500,000 in exchange for 5% equity in our company when you go to shark tank you do have to deal with some larger-than-life personalities I'm looking at you Cuban but you know that they're business savvy is strong and that's what you're trying to appeal to but just as the Sharks have the right to reject an offer or proposal so to do the people that make the pitch have the power if they feel that something isn't fair during the 2015 season the con sisters did exactly that but they didn't just reject an offer they actually rejected one of the wealthiest offers ever made on the show at that time which if you think about it is pretty risky what were they offering the Sharks a dating app called coffee meets bagel they wanted to make a dating app that in their minds would emphasize the quality of making matches versus what other sites and apps do by just going for quantity in hoping that they get the right match which is actually rather romantic the three sisters were asking for $500,000 for the app Mark Cuban offered 30 million dollars to buy the entire company if you pause right here you'll not only see that your jaws dropped not just for the offer but for the fact that the con sisters rejected it that's crazy you're likely screaming but it wasn't to them why well it was actually smart business on the comms part they knew that apps like tinder were valued at over a billion dollars so they rejected the offer and got outside funding in order to expand the app and make a killing in profits since their appearance on the show coffee meets bagel has bone up in users and the company is valued at 600 million dollars that's 20 times what Mark Cuban was offering in order to get all the company so the sisters had a feeling they stuck to it and they made it work gangbusters 5 the bucks company come a Pittsburgh born guy who knows how to make a lot of money mr. wonderful selling lovely flowers John Tabas saw how flower businesses and companies had a very messed up way of delivering flowers and the result of it was higher costs and non fresh flowers being delivered which is not something you would want if you were wanting the best flowers livered to you for a special occasion he knew he could do better so he made the books company a more refined way of getting flowers delivered without a bunch of middlemen ruining the product it was a very refined thing which many people near him liked when he went to Shark Tank in season 5 he pitched the sharks on the company to help him expand it but the Sharks didn't believe the projected numbers that he was spouting out so they rejected him here's where the twist comes in because not only were his numbers very much right he actually got one of the Sharks to invest later on due to some personal life experiences how did that happen it all started when shark Robert Herjavec got married some time after John's appearance on the show and when he was planning his wedding he had to get flowers and they were incredibly expensive remembering John and his promise of delivering better flowers at a smaller rate he gave him a call to pick his brain and bought his wedding flowers from him then he decided to invest in John's company that round of investment brought in twenty four million dollars to the company and it's only grown since timing is everything in the world especially the business world so while John may have looked foolish for what happened on Shark Tank it was the sharks that were the bigger fools for not believing in John right away for proof I where we create the most amazing one-of-a-kind handcrafted eyewear from the most sustainable woods available shark tanks get a lot of unique items some of them are just stupid obviously but sometimes you get a really unique piece that makes you think hmmm that could work in the right circumstances enter Brooks Tanner and Taylor Dame who were from Idaho and they had an idea that was actually rather unique their pitch was thus they wanted to make sunglasses and other similar items out of wood and other materials that would be much better for the environment at first they had a rather narrow focus as to whom they wanted to sell them to mainly people who would appreciate the nature of the glasses which makes sense for a small business starting out but they soon realized that they could expand it beyond that and we're actually getting offers from both common people and even famous rappers no they really were so in order to get the best deal possible they went to Shark Tank in order to get a deal to expand their brand one problem this sharks only valued their company at $500,000 and made a very low offer for a stake one of the Sharks even said you're letting greed cloud your vision the guys didn't agree and they rejected the offers of the Sharks made for them and this was the right move the brothers knew that their sales alone would pass 500k that year so they decided to do their own thing the next week their site had over 1 million viewers and over the next few years they got even more clients wanting to sell their sunglasses and other items now they're making around 1.5 million dollars a year talk about a radical transformation and while we can't know what the Sharks would have done with the business it's fair to say that the guys are having more fun doing it their way 3 Echo Valley meats Echo Valley meats makes the best meat eel every shark tank opens at stores for all kinds of people in businesses including ones that you wouldn't expect on a show like this such as when Dave Owlman came onto the show he brought with him his meat business where he showed the Sharks his quality of production as well as the facets that he would use to ensure his business was successful such as using the online space and a solid delivery service which in this modern time are very important for up-and-coming businesses not surprisingly he was a very good cook and the Sharks were very impressed by the quality of the meats he showed them naturally he also let them taste it so that the quality could be felt inside and out one of the ironies here was that he was only asking for a hundred and fifty thousand dollars and yet the Sharks felt that because of rivals on the market including the established brand Omaha they felt it would be a bit of a risk to invest they did suggest though that all one should focus solely on the mail order part of his business but didn't make him an actual offer you think that this would have crushed him but it didn't in fact because of his appearance on the show his business boomed in a major way he started to get more and more orders from people and that got even more customers into the room so to speak plus he used the advice of the Sharks via the mail order tip to expand his business in a meaningful way and he went from getting about a hundred and fifty thousand a year to one point four million a year that's a massive boom in profits no matter who you are later on after his success and business had grown he came back to shark tank and showed them how much he had improved in the two years since he was gone this led Mark Cuban to give him the investment that he wanted and something tells us that he didn't waste that opportunity he was given so as you can see even the rejected pitches sometimes get nudges by the Sharks to be better and that's why their business Giants and now so is Dave to go buddy vino so people are buying your wine because it's easy to carry absolutely and they're also getting when they're drinking my product they're also getting a don't come and tell me this is premium wine it's not it's just industrial wines so many pitches get rejected that it's hard to count all the failures these ones that bounce back in spite of the rejections have led to some interesting I told you so stories but one of the most revenged filled ones belongs to James Martin who was the founder and creator of copa de vino a wine company who not only made good wine but also made a special plastic container that could be resealed easily thus allowing wines to be more portable he went to Shark Tank to get an offer to expand his business but that's when things started going south for him first off he wasn't in the best of clothing he wore a heavy black sweatshirt that made him very uncomfortable looking under the baking lights of the show this turned James irritable when the shark started to make their offers including Kevin O'Leary who was in the wine business and saw great potential in James's business or at least the plastic container part james rejected every offer that came his way no matter the price or the benefits this proved to be a great decision as his sales went through the roof and he began to get 5 million dollars annually for his wine and in 2016 he was making 12 million dollars annually that's an incredible amount of money right so where is the revenge well the Sharks found out about this massive success he was having and brought him back to make another slew of offers but almost insultingly the offers made to him were really low I noted the profits he was getting annually and they weren't even close to that James though wasn't interested in any of their offers he was literally there to say I told you so ignoring the Sharks and sipping the wine that he made at the end he did a double Cheers move just to annoy Kevin O'Leary even further because he was the one that made the lowball offers during the first meeting and didn't like some of what he was doing was this a bit of a jerk move sure but come on you know that it had to have tasted as sweet as that wine one scan now sharks before you grill me with your questions I have a question for you Garrett ki and his pitch to the show was one that turned many heads mainly because before he even went to Shark Tank to ask for help he already had eight million dollars invested into his special app called scan which is a lot of money to have and been go ask for more the product was a special QR barcode that would allow people to find and research special things including how to get deals online for various items he even used it on the show itself to prove how fast and quick and easy it was to use the deal breaker though for the Sharks came when Garrett noted that he felt his software was worth 20 million dollars the Sharks didn't agree so they shut him down and then snapchat came in and made him a much better deal snapchat not only bought the app but all the tech that was part of it and they reconfigured the scan app to be their new snap code feature you know one of the most important things on the snapchat app anyway not only did snapchat do that they paid him an astonishing 54 million dollars in order to get it all which is 34 million dollars more than he said his company in tech were worth to the Sharks now Garrett and his family travel the world living the lap of luxury because of all the money that he made so you could say that it was a snap decision but one that paid off big

Channel: Comeback Central

Views: 410,970

Rating: 3.1601164 out of 5

Keywords: Deals The Shark Tanks Host, shark tank, mark cuban, robert herjavec, barbara corcoran, business, daymond john, investing, kevin o'leary, shark tank best pitch, shark tank biggest deal, kevin o leary, tv, shark tank full episode, shark tank deals, entertainment, shark, tank, shark tank season 8, shark tank fight, funny, shark tank best, shark tank investors, lori grenier, top 10, chris sacca, sharks, tv show, shark tank interview, Rejected Shark Tank Pitches That Made Millions...

Id: bleqU-nx4OY

Length: 12min 23sec (743 seconds)

Published: Sat Jun 22 2019