Barabra & Kevin FIGHT For A Deal With Tristen Ikaika | Shark Tank US | Shark Tank Global

[Applause] next up is an accessory line made from a unique recycled [Music] material hi sharks my name is Tristan Al iamai kanyo colani persons I'm from Oram Utah and I'm seeking $250,000 in exchange for 5% of my business sharks what if I told you that I stole a spoon from my mom's kitchen drawer created a ring and turned it into money-making Madness you probably wouldn't believe me but that's exactly what I've done here's the tea I travel all around the world collecting spoons and inspiration and I create customized collections based specifically on my experiences through my social media I do a drop once a month and guess what guess what Waters it sells out in minutes minut my drops created these online frenzies and when I say frenzies I mean I literally have people camping out in their work bathrooms fighting thumb and thumb just to try to secure ring before it sells out do you realize how crazy that is I just woke up one day and I was the ring freaking King this is because I have utilized the power of branding social media and the unique world of gen Z to build a fire brand off of myself sharks I am such a branding genius that I could even take a spoon that's been in Mr Wonderful's mouth and turn it into a work of art that any of you sharks would be obsessed with so shark who wants to put a ring on it and spoon with me let's see them sharks you each have your own customized press boxes in front of you you're going to open it and dump that cup of water behind the box with your name on it a it oh my God that is very cool thank you open it up see what's inside open it up yeah wow oh that is beautiful wow so this was a Press Box I did that is nice so you're getting a full experience that's a presentation these are all made spoons so that's where it started um and then it eventually evolved but when I was 12 years old I saw a family friend with a spoon ring and I told my dad I thought it was the coolest thing and he took me to the garage we literally stole one of my mom's spoons and we just beat it into a ring well I wore that ring for years um fast forward to when I was 17 and my dad had a heart attack um sorry I remember sitting there with him right before he went into open heart surgery and I just understood how short life was um he got through and things were really rough and then my mom got diagnosed with breast cancer no and in that moment I made a promise to myself that I was never going to be a burden to them I was going to do everything in my power to take care of them physically emotionally financially so I stole my sister's camera so I would use it to make money and I had this dream of traveling the world and I would just hustle and go on a trip and then be broke again and and I noticed a comment on one of my Instagram pictures that says does anyone know where Tristan gets his rings and I was like okay maybe I can sell some make some for the people who want them and then I'll figure out my next step and how long ago was this Tristan this was in 2017 so I went to the thrift store bought some 25 cent spoons threw them on my website and that night I sold out of 155 Rings wow and I made $4,000 and I literally thought I was ready to retire like I was coming for your chair right there um eventually I had to evolve bending thousands of spoon rings by hand wasn't a sustainable business model so I really focused on manufacturing I work with a supply chain company I design them start to finish 3D cabs all that we send them over they're made how many followers do you have on Instagram 70,000 then what about other platforms um I just started posting on Tik Tok I have 15,000 there fast forward to today yes what are your sales overall so sales overall are 2.1 million 2.1 for you what about year to date year to date 500 75,000 okay so people know drops is like you is a sale that you have and it's just a one-time sale and you put out your collection or whatever it is you're dropping and when they're gone they're gone they're gone absolutely how often do you have your drops so I have my drops once a month right now okay so do you sell outside of the drops at all um no and what's the average price of a ring $50 so for your last drop how many pieces and what was the total revenue from those pieces so I sold 3,200 units um and the revenue was 155,000 wow so when you do a drop how quickly do your rings sell out this last one was just about 24 hours I've had some that are like 20 minutes TR um you're unique I get it you're you're a oneman band I give you $250,000 and then you get run over by a bus how's that going to work out so you'd be out of money and I'd be so sorry for you but I need the most honest answer we've ever heard in the T I mean that is a problem here right yeah so right now it's a very lean team I'm really proud of myself for how far I've been able to take things I'm very resourceful so I think from watching the show literally from when I was 10 years old I think instilled in me to believe in myself no matter the cards you are dealt you're allowed to work hard so the challenge trist is how do you grow yeah right because if you do too many drops it kind of defeats the whole purpose of doing a drop yeah is it new lines is it new brands how do you scale this one would be a core collection that is a good introductory to the brand it doesn't take away from drops cuz I've worked so hard to build that hype and I want to be careful with it but I'm leaving money on the table when people come to my site and there's nothing to buy Tristan how old were you when you started the business I was and how old are you now 19 I was fresh out of high school and now I'm 22 I think that you have a very cool model here and this is a great business for you but I don't think it's investable for me I'm sorry I'm out you know I continue to evolve I really want to take this business as far as I can and reach the full potential with it it's obvious that this is a very emotional business for you absolutely um for me to give you an offer it would take a sufficient amount of your company the proper valuation and then I'm going to break your heart well I'm here to I'm here to talk um listen we we've all been here long enough and I know the proper valuation so I'm not going to insult you I'm out okay last year I did $720,000 in sales and I netted close to 60% of that like $44 ,000 so I understand that scale that margin won't stay the same for me it's I mean you solved your original problem but worried about being broke I mean I look at this as a really unique deal I mean you're it there's nobody else I'm I'm really intrigued so I'm going to make you an offer okay but it reflects the risk inherent in this deal yeah you know I have a lot more followers than you do maybe some percentage of them I can turn into buyers I don't know how many because I can tell you guys both hit the same demographic yeah definitely Abol definitely I'm going to give you the 250,000 has some uh terms to it I want to be your partner it's 50/50 I want 50% and you have to buy wait a second silence I don't need the noise Lord you're going to have to buy keyman insurance in case the bus does you in cuz I am worried about that okay and then I'm going to work with you to blow this up I have a lot of people I can work with to make that happen I've got so many businesses that are synergistic to what you do and he's going to take insurance out on you as well which that worries me too why is that good for me for you to get run over obviously you are the whole business not some of it you're 100% yeah okay I love that offer very creative of course you do but Tristan you know fashion is a very Talent driven business you've got to have the talent the eye the feel on both the product side and the marketing side right to Lor's point it's a great business for you but you you haven't really been able to communicate what's next what can you do to make this a 5 million or $10 million business because it's not just having more drops and more rings so this year I'm projecting 1.6 million on just the drops where the scaling will come from I think is the core collection of rings and then I really wanted to break into other categories and that category expansion will just make the brand bigger and wider and well are you ready to give somebody 50% for that think of the value I bring here you are in Shark Tank right in front of Mr Wonderful who gave you a fantastic offer uh 50% is too much um counter well you can coun you willing to go I have an offer for you okay I'll give you the 250 uh for only 20% I'll do it for 15% oh what a creepy guy wow wow Kevin down 35% why would you do that I just feel a real connection here you know the old style of the Renaissance period you remember the patron and the young artist that's how I feel about it now you're in a funding frenzy okay um okay so you got two sharks Wrapped Around Your Finger yeah Tristan I'll simplify it I I just don't see your path to scale in order for me to get involved I've got to see a path to 5 10 15 million in sales so for those Reasons I'm out okay um 250 for you're at 20 yes I am and you're at 15 okay um this definitely is you know what uh Kevin is willing to take a deal 5% under just to undercut me cuz he's a bastard that's the way he rolls no he's not he's Mr Wonder Kev you do it all the time there's nothing wonderful about you that's why that name is so Preposterous he's not the cool you want to be he's an animal he's after the buck it's very bad when you have to talk down your competitor I never do that with Barbara I I celebrate undercut your competitor you should know something the only reason she's here today is I bought her a new broom I'll tell you where I'll stick that [Laughter] broom listen I don't know why you'd give up 20 when you can do a deal for 15 that makes no sense oh okay um um the 5% is not going to change your life it really will not very expensive if you're a $20 million company 5% you won't even know you gave it yeah um what do you want to do Tristan okay um um Kevin you have a deal yes sir congratulations with the dra can't wait to work with thank you I'm really excited thank you so much good luck guys thanks for the R thank you I like that guy oh what just happened holy crap oh I a dream wow at the end of the day the deal with Kevin was the right deal for me because it was less equity and I'm really protective of everything that I've built but I'm really excited to just take things to the next level with him I know he is amazing at what he does and we'll just be unstoppable it does shot did you think he was going to take he deal with somebody who would take him off a life support to charge their cell phone oh God horrible you just wanted to win you went from 50 to 15 this was because you wanted to beat me out that's all there was no love there don't be a sore loser I'll send you a ring before you go don't forget to subscribe to the Shark Tank Youtube channel and ring the notification Bell to keep up with everything that's bub in the tank

Channel: Shark Tank Global

Views: 320,782

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, tristen ikaika shark tank, tristen ikaika, tristen ikaika shark tank episode, tristen ikaika rings

Id: ehgyV-g1br4

Length: 11min 50sec (710 seconds)

Published: Thu Apr 18 2024