Next up is Catharine Arnston of EnergyBits, seeking $500,000 for five percent equity.
EnergyBits delivers a boost of natural energy, without caffeine or harmful chemicals, according to their website. Their algae tabs work to eliminate fatigue and hunger and a bag of 1,000 tabs costs $120 on their website. Other products include RecoveryBits, VitalityBits and SkinnyBits. Arnston was inspired to create the algae bits out of a desire “to have an easier, faster way to be healthy and energized” and “make the world a better place” by providing healthy, natural solutions.
The taste goes over well with some sharks, but for the ones who chew them, not so much. The sharks seem skeptical of the algae tabs themselves, but move onto the business side. They have sold $1.5 million in six years based on “proper” branding.
Kevin O’Leary finds issue in her valuation, despite her evident passion. He goes out, followed by mark Cuban, who quotes the phrase, “The definition of insanity is doing the same thing over and over and expecting different results.” Lori Greiner worries about deceiving potential customers through the wording on the packing and goes out, as does Daymond John. Robert Herjavec believes she’s more of a preacher of algae and not a business person and goes out.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Social Media Reacts to EnergyBits’ Appearance on “Shark Tank”:
— iDefineTV (@iDefineTV) November 19, 2016
— Taylor (@taylorpolito) November 19, 2016
Apparently too many energybits are not good for you or your sales pitch! #SharkTank
— Michael Flament (@mikeflament) November 19, 2016
— Saboor Khan (@saboortweets) November 19, 2016
— shork tunk (@ShorkTunk) November 19, 2016
— cooliojones (@cooliojones) November 19, 2016
Would you try EnergyBits? Sound off in the comments section below!