Shark Tanks is a great platform for entrepreneurs to gain popularity and very few ones are able to get money from investors. Turning a offer from Sharks is not a easy decision for anyone but doing so has helped some startups in long run. Today we sharing 5 popular startups which failed on the show, either by not getting any deal or one they couldn’t agree to. They may not have gotten Shark money, but they’re better than those who cracked deals.
1. Ring
Founder Jamie Siminoff felt very sad after getting rejected on Shark Tank. No one believed in his idea, “I needed the money, we were out of money at the time.” And just wasn’t the money — Siminoff said after getting Amazon’s offer. “I can’t count the number of people who didn’t invest in this, who said ‘no,’ the number of people who said it was going to fail. I don’t think Excel could hold the number of records for it.” he added. Ring was rejected for funding on Shark Tank and now has been bought by Amazon for 1 billion dollars(Rs 6500 crores).
Also Read: Startup Rejected On Shark Tank Bought By Amazon For Rs 6,500 Crore
2. Eco Nuts
Eco Nuts sells soap nuts. The founders asked $175,000 for a 15% stake in the startup, but the best offer they managed to get offer of $175,000 for 50 percent. The founders did not want to sell half their company and today Eco Nuts has grown to $1 million in annual sales.
3. CBS Foods
Chef Big Shake wanted to sell a 25% stake in his company for $200,000, but got no such offer. After this the revenue grew to $5 million a year, and Mark Cuban said later that missing on Chef Big Shake was one of his biggest Shark Tank mistakes.
4. Proof Eyewear
Proof Eyewear was started by Brooks, Tanner, and Taylor Dame and they sold handcrafted eyeglass and sunglass frames from sustainable wood. The 3 brothers went on Shark Tank in and were offered $150,000 for a 25 percent stake in their company. They wanted to sell only 10% but countered with a 20 percent offer for $200,000. The startup now sells products to retailers in 20 countries with the estimated annual revenue of $2.5 million.
5. CoatChex
Founded by Derek Pacque, CoatChex was famous because it eliminated tickets using mobile phone numbers, social media handles, and a snapshot taken on the spot.
Mark Cuban offered $200,000 for 33 percent stake in the company, but Pacque hoped $2 million, so he said no. After this, his system has been used at airports, the Super Bowl, and New York City’s Fashion Week and is a $600,000 company today
