Jay Leonard
Next up are Ranjith Babu and Akshita Iyer of Inirv, seeking $800,000 for eight percent equity.
Inirv is a smart stove kit that makes cooking easier and safer. According to their website, their mission is “to revolutionize the way you interact with your kitchen, and create an ecosystem that allows for easier and safer cooking.” Their smart knob and sensor hub allow for hands-free cooking and the ability to monitor the stove anywhere. The app also makes it simple to interact with the stove, set cook times, send cooking-related reminders and more.
Mark Cuban worries that it wouldn’t be protectable, but they have filed for numerous patents. Kevin O’Leary thinks it could be obsolete in three years. Cuban thinks it’s a “nice to have product” but he worries that consumers wouldn’t actually buy it. He goes out, followed by O’Leary.
Daymond John likes the product but worries about recouping his investment. He goes out. Robert Herjavec likes the idea of being involved in a seed round and offers $800,000 for 20 percent. They counter at 10 percent equity with two-and-a-half percent in advisory shares. Their counteroffer causes Herjavec to go out.
Lori Greiner says she loves the idea but doesn’t see a finished product. Despite wanting to be a part of the Inirv journey, she goes out.
Social Media Reacts to Inirv’s Appearance on “Shark Tank”
#inirv is a really interesting product. Can definitely market for child safety too. Think about the #auotmation for cooking#sharktank #product #innovation
— Sean Sullivan (@Sean__Sullivan) January 8, 2018
With all of these fires that have been going on and the deaths that are resulting from them, from what I see, @inirv seems like a NECESSARY Product! I HOPE they get a deal! @ABCSharkTank #SharkTank
— Elsa❤️⚾️ (@Elsa050467) January 8, 2018
I think the key for @inirvlabs would be to license it to oven manufacturers to make it standard or an upgrade at point-of-purchase. #inirv #SharkTank
— Novafan23 (@Novafan23) January 8, 2018
The Inirv guys do not want to get an offer at all. 800k for 8%? They haven't even sold any yet.#sharktank
— Clint (@irundownhill) January 8, 2018
They should have taken Robert’s deal. #Inirv #SharkTank
— Amy Naas (@AmyNaas) January 8, 2018
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to 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.
Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks 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 $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.
Would you use Inirv? Sound off in the comments section below!
Read more:
- Shark Tank: The Kooler Accepts Offer from Daymond John for $50,000
- Shark Tank: Ice Shaker Accepts $150,000 Offer from Alex Rodriguez and Mark Cuban
- Shark Tank: Lori Greiner Invests In STEM Center USA for $200,000
This article was written for Business 2 Community by Jay Leonard.
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Very good idea. Leisure world complex should be point of sell
I would have used it. I am sad they did not get a deal. It seemed like Robert did want to make a deal, and if Dr. Ranjith Babu had asked a question instead of framing it as a counter Robert could have said no and he wouldn’t be “out.” That would have been a good time for Ranjith Babu to consider and discuss it with his partner. I am not sure with the different cultures if the team did not know this nuance because his partner looked scared when he “asked” the question.
YES! I would absolutely be interested in buying this product! After caring for several loved ones who suffered with dementia, I truly understand the value of having a product like this available to family and other caretakers. Forgetting that they turned on a stove, and starting (or almost starting) fires is a common hazard with people suffering from dementia and Alzheimers. You should definitely promote the benefits of this product for the elderly and/or disabled.
Great idea. As people live longer and increasing portion of population is aged, this is great as old people forget stuff easily. Should be marketed to mom’s, and older people as well.
They’d be better off licensing the technology to stove manufacturers who could simply build it into their product. I would be more likely to purchase it if it came built into a stove. Yeah, I’m Mr. Wonderful. ;)