Shark Tank USA Season 16 Episode 02

Shark Tank Season 16 is back with Episode 2, bringing excitement and fresh ideas as the sharks dive into the latest pitches from eager entrepreneurs. In this episode, contestants are ready to showcase their innovative concepts and negotiate deals that could elevate their businesses to new heights. Join us as we explore the highlights of this exciting installment and see how these startups are making waves with their creative, solution-oriented ideas.

This season, the lineup of judges for Shark Tank features:

Mark Cuban:  Owner of Dallas Mavericks and the author of How to Win at the Sport of Business 

Daymond John: Founder, President, and Chief executive officer of FUBU

Lori Greiner: Known for the QVC show Clever & Unique Creations 

Kevin O'Leary: Founder of O'Leary Ventures

Todd Graves (Guest Judge):Founder of Raising Cane’s

Contestant 1 of Shark Tank: Topsail Steamer

Episode 2 kicked off with the pitch off Danielle Mohan from Topsail Island, North Carolina. He was there to seek $350k for 8% stakes.

What does Topsail Steamer do?

Topsail Steamers offers a unique dining experience with their signature bay buckets, packed with a delicious mix of fresh seafood,ouille sausage, red bliss potatoes, and their special homemade seasoning. Designed for take-home enjoyment, Topsail Steamers makes cooking easy for those who find it daunting. All you need to do is purchase a bucket, add two cups of water or beer, and steam it wherever you like—whether it’s at the beach, a tailgate, or a campground. With simple instructions, you can have a tasty feast ready in just 40 minutes using a burner or stovetop. The company provides seven signature pots in two sizes, and customers can even customize their buckets. They offer both shipping and in-store options for their products.

What did the shark say?

All the sharks were impressed with the delicious taste of Topsail Steamers. Shark Todd Graves pointed out that franchising might not be the best move, as franchisees likely wouldn't care for the business the way Danielle does, nor maintain the same quality of food. He also suggested that Danielle should consider offering her employees higher salaries to motivate them and boost sales. Todd ultimately offered Danielle $350,000 for a 20% stake in the business.

Later, Shark Lori proposed joining forces with Todd for the deal, asking for 10% each. Both sharks expressed their enthusiasm for helping to grow Topsail Steamers further. Although Danielle was initially hesitant, she negotiated for a better offer, and they settled on $350,000 for an 18% stake, closing the deal.

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Contestant 2 of Shark Tank: Life Roft

The next up in line was a very interesting startup, which was co-owned by a couple named Cynthia and John David. They were there to seek $250k for 5% stakes.

What does Life Roft do?

Life Roft creates a unique twist on ice cream with their "not fried chicken" ice creams. These treats are designed to look like chicken, featuring a waffle ice cream base with a chocolate pretzel bone, dipped in caramelized white chocolate, and rolled in cornflakes. They also offer a delicious dairy-free peach bomb made from peach sorbet. Another delightful option is their "not dog" ice creams, which are made with rich chocolate ice cream.

 What did sharks say?

The sharks were impressed with the unique frozen desserts, but not all were willing to invest. Shark Lori opted out because she had previously invested in a similar company, Frozen Framers, and felt that another investment in the refrigerated sector would create competition for her. Shark Cuban also withdrew, saying the business didn’t interest him. Shark Kevin was confused, noting that the company hadn’t yet taken off and chose not to invest.

The couple tried to persuade the sharks by mentioning they hadn’t yet spent on advertising, but that didn’t change any minds. Shark Daymond appreciated both the taste and concept but also decided against making a deal. Shark Todd liked the idea and wished the couple success but ultimately opted out as well, stating that frozen food wasn’t his area of expertise. He advised them to focus on one thing rather than trying to do everything at once, which he believed would lead to their success.

Contestant 3 of Shark Tank: RigStrips

Next up were Zach and Steven, the founders of Rigstrips. Their company specializes in outdoor gear designed for snowboarders and fishing enthusiasts. They were seeking $300,000 for a 7.5% stake in their business.

What does Rigstrips do?

The company offers innovative products that help hold snowboards, skis, and fishing gear securely in place using their “Snostrip” and “Sunstrip.” These magnetic and adhesive strips allow gear to lean against cars without sliding or scratching the vehicle, making it easy for outdoor adventurers to transport their equipment without hassle.

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What did the shark say?

Shark Cuban opted out, stating that he isn’t much of an outdoorsy person. Shark Kevin felt that investing $300,000 in a business valued at $4.5 million was a bit too much for him.

However, Shark Todd showed interest in the deal, as he faced similar challenges with his own ski and fishing gear. He was looking for a solution to secure his equipment without damaging his car or the gear itself. Although he thought the valuation of RigStrips was somewhat high, he offered $300,000 for a 20% stake. Shark Lori decided to opt out, saying she wasn’t excited about investing $300,000 for just a 7.5% stake.

The founders were hesitant about Todd's offer, so they negotiated for a 10% stake. Todd then countered with a $300,000 offer for 15%, and they successfully locked in the deal.

Contestant No. 4 of Shark Tank: Bucket Golf

The next and final contestant in line for season 16 episode 2 of Shark Tank was a sibling duo named Tyler and Jenny. Tyler is a scratch golfer and CEO of Bucket Golf, and Jenny is a 40-handicap golfer and COO of Bucket Golf. They were there to seek $1 Million for 10 % stakes.

What does Bucket Golf do?

Bucket Golf offers a golf kit that allows people to set up a golf game in their backyard or anywhere they prefer. Their kit includes golf clubs, golf balls, and buckets, making it easy to create a portable golf course. The sibling duo behind the company has continuously improved the product to enhance its portability, logistics, and affordability, leading to great success with their inclusive idea.

What did Sharks say?

Shark Kevin expressed interest in Bucket Golf and asked the founders why they needed $1 million. Tyler and Jenny explained that they were seeking funding to enhance their inventory and improve logistics. Kevin suggested they approach distributors to boost their sales and offered $1 million for a 25% stake, noting that distributors would also take a cut from each sale.

Shark Daymond matched Kevin's offer, promising to take the business global with his logistics and distribution expertise. Shark Lori proposed $1 million for 22.5% equity, along with a percentage of the distribution cut on sales.

Then, Shark Cuban surprised everyone by offering $1 million for just 15% equity. The sibling duo was hesitant and negotiated for $1 million for 12.5%. While Shark Cuban was initially firm, he ultimately countered with the same 12.5% stake after Shark Lori suggested it, leading to a partnership with Bucket Golf.

Conclusion

Episode 2 of Season 16 of Shark Tank was an exhilarating experience. Three out of four contestants secured the deals they had dreamed of, partnering with the sharks to boost their business growth. Although some startups didn’t get a deal, their passion and commitment were remarkable. Each contestant showcased a strong spirit and an unwavering drive toward their goals. Now, everyone is looking forward to the next episode to discover more innovative ideas and the enthusiasm of new entrepreneurs.

Read More: Shark Tank USA S16 E01