Shark Tank Pitch by Zip String Entrepreneurs Stephen Fazio and Austin Hillam appeared on Shark Tank in a bodyguard suit and with their product, Zip-String. They wanted $100,000 from the sharks for a 10% stake. Both of them did various tricks using this product, such as climb-throughs, corkscrews, etc.
All the sharks tried this product and they all found it very interesting, especially Robert. Stephen told that he uploaded this toy video on a social media platform and had 20 million views in just one day. It also appeared on the front page of Reddit in 2021. At that time, 10,000 copies were sold.
The product costs $6.35 to produce and sells for $25. So far, a total of $277,000 has been sold, after 200 million views, there have been fewer sales because of the problem with the supply chain.
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In Canada, Walmart is in talks to supply and sell the product at $14.97. Lori Greiner says it’s too early, so she’s out. Barbara Corcoran says there is nothing she can do about this, so she is out.
Robert Herjavec then made an offer of $100,000 for a 20% interest. Kevin O’Leary made another offer of $100,000 for a 15% interest. Robert declined the second offer of $100,000 for a 10% interest, which the founder had previously asked for.
Kevin O’Leary also offered $100,000 for a 9% stake. In the meantime, Mark Cuban said that he does not consider this company investable and therefore exits.
Kevin approaches Robert, and together they make an offer of $100,000 for a 20% stake. Austin said he would offer $100,000 for 15% equity, Robert said no.
Finalize: Robert Herjavec and Kevin O’Leary invest $100k in ZipString for 20% equity.
See also
- VoChill
- Long Table Pancakes
