Sharks Throw Offers of $300K for Million Dollar Coconuts | Shark Tank AUS

my business is the fourth business that I've started some of the other ones weren't as successful as this but I know that my business now is gonna make the Sharks go crazy [Music] [Music] that's pretty Zayn talking Gallagher good tiding you can natively relax when we get into it leave him a line Steve he's so nasty [Laughter] okay when you're ready haja named Naomi Steve Andrew and Glen my name is Jake and I'm the founder of coconut bowls today I'm asking you for $300,000 in exchange for 10% of my business every year billions of coconut shells are discarded and burned his waste we reclaimed these shells and turn them into these beautiful bowls that people love eating from every single day hundreds of our customers are sharing photos of them using our bowls on social media and this amount of user generated content and exposure has allowed us to grow without focusing on paid marketing after selling our first coconut bowl in January 2016 we've now sold well over 100,000 units nonce while our main focus has been selling online our products are used and sold in hundreds of cafes and retail stores around the world well in our first year of trading we turned over $200,000 okay good job last year we grew by more than 500 percent to a revenue of almost 1.2 million dollars whoa and this year our organic growth is forecasted to push beyond three million dollars oh Jesus Lord I believe that there's never been a better time to be a prophet with purpose business that's us and with your help we can make sustainability sexy well thank you go Jay well congratulations great pitch just to summarize Jake you were looking for $300,000 for 10% so you're valuing your business at 3 million yes correct not a bad valuation for a brand-new business because your sales are impressive so it seems to me you've almost started a community and the coconut bowls happens to simply be the product around that community is that how you see it that's exactly right I started obviously the coconut bowls Instagram page I then created an Instagram page called vegan bowls and smoothie bowls because that's what people were creating in our product our coconut bowl branded account has overturned with the awesome followers we're on Facebook we're also on YouTube Pinterest and Twitter and we are coconut balls and all of those platforms let me show you yeah what people basically do with these coconut bowls yeah a latke no candle that's a candle Molly doesn't it it is well we actually began in Bali I came across a similar product but was being sold as like a souvenir to tourists yep I thought it was actually just better as a bra shell so I had a guy make them for me took them home in my suitcase and began selling him so they're not manufactured in Bali now there are they know so we actually reclaimed them from coconut farms in Vietnam we pay them to basically sort them by the size and the quality that we need and then we take them to our workshop where I employ local craftspeople to turn them into the bowls you know JK you doing good Steve how are you good things hey what does it cost you to produce one of these bowls a couple of dollars what are you so one for month we sell them for 1295 retail okay right if you're a really good entrepreneur you've already looked at the next 12 months what's the real profit for the next 12 months after paying yourself a salary I believe $600,000 truly and what are you paying yourself eighty thousand dollars okay and you've got how many team members I've been mindful and I've hired mainly contractors that's basically why I'm pitching for the money I think that it's time to build a team around me of people who believe in my product in my vision excellent Jake I have to be honest you went from a joke to someone's something serious because when I said here are went coconut balls really but Wow super impressive for such a short period of types and congratulations so with that in mind I'd like to offer you [Music] $300,000 for 28% kicks it off you're the only shareholder yes I understand the business I'll give you 300,000 for 25% it's the community I'm interested in and you I think you're really on to something I'll throw an offer at you based on the fact that I do know this space I've spent three years reinventing myself so I can support people like you and you have by 100% focus as a an investor and a supporter and a mentor because I don't have a day job anymore but here he also spends a lot of time on a fishing boat and every time I'm calling it's like COD here and Jake he hasn't he hasn't built a website that got to evaluation of six billion didn't I just say I was about to give you an offer and wasn't I rudely interrupted by a couple of parrots down the hill Green give the mic back to Glenn please thank you very much I like your style Jake you're good he's good he's good so let's give you the offer so these parents can work out whether they want to get a little bit more serious $300,000 for 20% of your business Janine's offered you 28% I've offered you 25% Glen's offered 20% Naomi what are you gonna do [Music] I'll offer you three hundred thousand for 18% [Music] and a half nice offer Thank you very stay what are you gonna do [Music] I'm out I'm not in this I don't give a toss about vegan stuff but as a word of advice you're gonna make me fight it out for listen tempeh Seng because you've got a great business may feel confident on 600 gram you're gonna go at a five times multiple you get a stitch him up for more cuz you're selling equity here right it's pretty valuable you look growth people who are out they have no voice cuz they're out right if you take if you take more than 10% you're doing yourself a disservice you can't hear them stitch these guys up for a single-digit when they're out they're out you've done you've so much better than any of these in the same growth rate so if you're not helping him you're not helping you make a decision if he thinks it's so incredible he's not cracking a check what I do vegan I don't do vegan now he isn't the classic guy that says I don't care if it's a widget if it's a good business I'll get it so if he thinks it's so bloody good he has a major an offer I haven't tried to rip you off your data and you haven't made an offer shut so you have to ignore anyone who's not prepared to put their money where their mouth is money talks right I'll revise my offer to 20% 300,000 for 20% I'll match Naomi's offer I need the same I'll be absolutely thrilled to have all four of you as part of my business I wouldn't categorically say I'm not gonna work with them okay if you accept her evaluation I'll go halves with her yes Andrew do you think that this is the kind of product that you could push into the states I love the whole community space its scalable its online and I'm absolutely convinced that myself from Janine can help you grow that so they're teaming up that's pretty sad don't you really want a good team that knows how to play unprepared together no me who is an absolute legend on working with lists of community and making sure you're maximizing your opportunities in those communities think you said two and a half seconds ago that you wouldn't do a deal with anyone so you just a flip flopper a common opportunist Jake is centering his thoughts after receiving multiple offers for his million-dollar coconut Bowl business so what's your decision Naomi and Glen have teamed up so have Janine and Andrew now they just have to watch I'm gonna do a deal janaina Andrew I am so pleased I'm very excited about what you do we throw you either gonna kill a I like food online it's gonna be good it's gonna be good can't believe it hey high five hey I like it making money changing the world coconut balls I who thought you'd do a deal to be honest my gut was telling me Janine just because of what she's been averaging with boost juice and Andrew with the proven success in America it was just too much meter to say no to let's change the world and make money I like it yes [Music] [Music] you

Channel: Shark Tank Australia

Views: 906,698

Keywords: best shark tank ideas, millionaire, most successful shark tank pitches, rejected shark tank, shark tank episode, shark tank pitches, top trending, shark tank show, shark tank success, most successful shark tank businesses, best shark tank pitches, the biggest deal in shark tank history, best idea on shark tank, biggest deals on shark tank, most successful shark tank, most successful people in the world, coffee pod manufacturer, $300K offer in shark tank, bidding war in the tank

Id: BqnxljUdl6o

Length: 11min 51sec (711 seconds)

Published: Wed Sep 02 2020