Are The Sharks Worth Less Than Slate's "Cool Guy" Investor? | Shark Tank US | Shark Tank Global

next into the tank is a grown-up version of a childhood favorite [Music] what up sharks I'm Manny I'm Josh and we are slate chocolate milk we're seeking 400 000 in exchange for 10 of our business sharks you can be the happiest version of yourselves if you Embrace who you are and what you enjoy Lori you can sing in traffic if it makes you smile Mark you can wear that hat if you feel like it's just and Kev my dad my guy you can do that workout because if it's exercise to you and who cares and sharks nice socks Cub that's why we can chocolate milk literally we are asleep the first lower sugar higher protein line of lactose free chocolate milks for adults we use a process called ultra filtration which allows us to filter out the natural lactose sugars for milk leaving us with a creamy better for you chocolate milk we paired that with a popular latte canning process which makes these puppies shelf stable able to be shipped to your doorstep sharks you can be a part of our chocolate milk Revolution so who wants to join us modern Milkman and give chocolate milk a Clean Plate let us try it yes lactose this will be a very short pitch if we can't and just so you know before we hand these out we have one can it's just a prototype though the can is just a prototype that means pre-sales right it does four million valuation huh or no Revenue please so what do you want to start with we're going to talk first so dark first okay first so this dark chocolate we are targeting the dairy alternative [Music] I do not like that at all Mark do you drink dark chocolate do you eat dark chocolate I eat dark chocolate you do yeah it's just I mean I didn't love it okay so when mock threw up on it I liked the clothes classic better than the dark actually that's fair so the classic should remind you of that chocolate milk that you drank growing up there's a distinct dryness after you swallow it on my tongue there's a little funky chicken thing going on there because I know what chocolate milk tastes like it's one of my greatest weaknesses and I would love to get away from the calories I'm hoping you're telling me this is a big alternative calorie option absolutely so we have 75 less sugar than chocolate milks currently on the market you could have three of our cans and that would equate to the amount of sugar and more or less calories so we have 130 calories in each of each one of our cans we have nine grams of sugar why is it so big so the protein baby half of consumers right now are decreasing the amount of sugar which is why we're playing on that Trend and increasing the amount of protein what do you make it for now yeah so right now we make it for 85 cents selling to a distributor what price 1.77 52 but they haven't sold yet so you'll be out at 3.99 at retail 299 2.99 you said it's a prototype so I would assume you haven't produced the product yet yes so we've done a pilot run but yet you have a big price on it so the valuation but I like it either I eviscerate you now or you defend it now right it is awesome what were you thinking so you have two ridiculously good looking Founders which is a huge part of the valuation only to Barbara so our our third partner was a food broker for 40 years and he grew the largest Greek yogurt company from 140 000 in sales to over 150 million in the Northeast alone that is one of the reasons it's worth 4 million he's invested in three other businesses that are all doing over 20 million in sales so he is a partner and he is basically our VP of sales so you don't you don't need a shirt because this guy was successful with other businesses we're worth this valuation yeah but not it's it's a non-sequitur it doesn't make sense so the reason why we talk that way is because of the relationships you know as good as anybody in the food world it's all about your relationships the way that we're getting it we've gotten in front of already four major retailers and we've been able to do that because of him but it's all about the product at the end of the day absolutely you can have a million connections but if people don't like the product or the test wait a second the plan that I come from it's all about the profits you don't have any you're asking us to pay an enormous price value it at four million dollars based on the fact that you got a cool guy that built another business who's working with you that we don't know about if you're worth 4 million I wonder what I'm worth I've got a lot of relationships I'm Mr Wonderful I got to be worth like four billion I would say no that's me Kevin it's ridiculous we know we're at the starting line we we just don't want that Bigfoot to crush you I know it's coming and I know it's going to happen it's going to be ugly I'm doing everything in my power to help you get us to that four million yeah you are so in fact you are now farther away than when you came in here I think there's something here that's like really wrong you haven't sold a thing but you're saying that I should give you four hundred thousand dollars I'm kind of a wish and a prayer do you realize how that sounds weird I think that we probably didn't frame the entire like where we are correctly I think that's probably something we did incorrectly if you'd come in with sales and other things and all of that you're just too early no absolutely it's just too early I'm sorry I'm out have you guys raised money already we have we raised about two hundred thousand dollars at what valuation around the 400 000 valuation so you sold half the company for 2 15 15 and he bought in and he gives us 10 hours a week we're gonna pay 10 times more than the super sales dude right I mean yeah yeah absolutely you're not even chocolate milk cockroaches you are single cell amoeba you are nothing yet it doesn't taste good enough you have to go to market you know you got to work on it and I want to be kind to you I'm working on a new nicer Mr good Lord and I'm having a really hard time with you containing myself but I'm smiling I'm out thanks for your attention thank you Kevin and just so you guys know we've done over 100 iterations well what you didn't provide for us is any proof that you surveyed 10 000 people but if you had said we've done this many taste tests we've analyzed it we've perfected it we find that people will pay the price right you basically went from a business planning concept to give us your money and that's really rough to ask any investor to do I think that's fair yeah because of those Reasons I'm out all right thank you guys you saw my reaction for a protein shake okay you're willing to accept that it's not the same I just don't think it's like oh wow this is amazing and I I just have to have it so for those Reasons I'm out all right thank you Mark okay Rohan beverage guy okay guys I like your guys energy I like your thinking of where you're going your proteins are your sugar's low but when I go with my gut on this and that's all we have to go with when you have zero sales yeah my gut on the product is it's just not there okay unfortunately I'm up I appreciate it go out and crush it yeah I appreciate it thank you for the time really appreciate it congrats guys good luck [Music] it was really just diving and evaluation super early didn't allow us to tell our story talk about our product talk about all the relationships that we have and it was a great learning experience because if we had to do it again we'd do it differently yeah and uh the Sharks were hungry let me tell you they're just hungry before you go don't forget to subscribe to the Shark Tank Youtube channel and click on that notification Bell to keep up with everything that's bubbling in the tank

Channel: Shark Tank Global

Views: 494,136

Keywords: Shark Tank, Shark Tank US, Shark Tank Australia, Kevin O’Leary, Barbara Corcoran, Daymond John, Robert Herjavec, Mark Cuban, Lori Greiner, Dragons’ Den, Money Tigers, Entrepreneurship, investment, reality tv, slate shark tank, slate shark tank episode, slate shark tank update, slate chocolate milk shark tank, slate chocolate milk, slate chocolate milk shark tank full episode, slate chocolate milk shark tank episode

Id: GX33DV-zR-I

Length: 8min 33sec (513 seconds)

Published: Mon Jan 09 2023