Next up is kidpreneur Jack Bonneau of Jack’s Stands & Marketplaces, seeking $50,000 for 10 percent equity.
Jack’s Stands & Marketplaces offers young entrepreneurs the opportunity to operate drink stands. They “set up all the dates each location, obtain the proper insurance, permits and provide you with your own stand and supplies so you can focus on greeting customers, selling, counting change, figuring out expenses, sales, profits and your tips,” according to their website. They offer children the chance to jumpstart their entrepreneurship journey by providing real-life experiences and business tips.
They have seven locations in Colorado and $15,000 in revenue for two mall locations. The kids get 10 to 15 percent commission from their stand sales. Kevin O’Leary likes the idea but is concerned over his possible lack of time with school. He goes out. Mark Cuban is impressed but also goes out for the uncertainty surround scalability and management. Barbara Corcoran thinks the marketplace isn’t the route to go and goes out. Lori Greiner says that he is amazing and “spoke eloquently,” however, she believes he needs to grow more. She goes out. Guest shark Chris Sacca offers $50,000 as a loan at two percent interest, contingent on drawing the loan down in stages and sharing his lessons through podcasts and videos.
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 Jack’s Stands & Marketplaces’ Appearance on “Shark Tank”:
Got to love passion of Jack's Stands & Marketplaces +the mission behind it. More articulate than most startup founders I've met! #SharkTank
— Ryan Lambert (@Lambies) November 12, 2016
Watching kids on #SharkTank, especially when they make a deal, gets me right in the feels.
— Reba S. Deyerle (@RebaDeyerle) November 12, 2016
— Lori Greiner (@LoriGreiner) November 12, 2016
— Barbara Corcoran (@BarbaraCorcoran) November 12, 2016
What are your thoughts on Jack’s Stands & Marketplaces? Sound off in the comments section below!
Read more: Are Marketplaces Worth The Cost?