Mark Peterson designed the Gold Rush Nugget Bucket, and he’d like the Shark Tank to consider investing in it. He says it’s a new kind of gold mining kit.
He says that panning for gold used to involve hours of work for little reward, and little fun. With his bucket, he says panning for gold is more fun, and more profitable.
He’s asking the sharks to invest in Gold Rush Nugget Bucket and help him get it into stores.
For a $60,000 investment, Peterson is offering equity in the amount of 15%.
So far, his sales have all been online, and have amounted to $290,000 in the first 17 months. He sells the Gold Rush Nugget Bucket for $99.95, with 70% of that as profit. He’s invested nearly $200k in the product himself, and owns two patents on the design.
Mark Cuban was the first shark to bow out, indicating that it wasn’t his type of product. “It’s not the gold I pan for on a daily basis.”
Robert Herjavec was out next. “Mark, I think it’s cute, but it’s a hobby.”
Barbara Corcoran said she’d buy one for her husband, because it seemed like a cute, wholesome gift, but when it came to investing in the company, she was out.
Lori Greiner was fourth, saying that she sees the product as a kid’s toy, not a $99 product for adults.
Kevin O’Leary called the product “…so ludicrous, so frivolous, and so mindless that it has merit.” He offered $60,000 for 50% of the company, warning, “No flexibility whatsoever.”
At this, Herjavec was back in. He undercut Kevin’s offer, saying he’d give the asked $60,000 for 25% of the company. Cuban cut in to tell the entrepreneur he’d better grab the offer, before Robert saw all the dirt.
“You know, Robert, we’ve got a deal,” Peterson agreed.
Final Deal: Robert Herjavec invested $60,000 in Gold Rush for a 25% stake.
Photo: Gold Rush Nugget bucket