Mark Cuban called an entrepreneur 'liar' on 'Shark Tank' — she still walked away with a $350,000 deal
Over the years, many budding entrepreneurs have pitched their innovative business ideas on 'Shark Tank.' During their time on the show, some of these creative startup owners win over the esteemed sharks with their impressive pitches; meanwhile, others walk away empty-handed. In 2019, Lisa D'Amato of 'America's Next Top Model' fame appeared on an episode of 'Shark Tank' Season 10 to pitch her children's bib and food container brand, Dare-U-Go. At that time, D'Amato told the sharks that she watched the ABC business program and cited her company's market statistics, which upset Mark Cuban, and he called her a 'liar.' Even with the setback, D'Amato bagged a deal in her kitty.
As per a report by Market Realist, Cuban yelled, "Lisa, you lied to us. You said you watched the show. One of the things we repeat over and over and over again is that one of the worst ways to sell in ‘Shark Tank’ is to come in and talk about how big a market is and (that) if you only get one tiny sliver of a percent, it’s a lot of money for you." In the past, sharks have often called out entrepreneurs who have used market sizes to predict their company's potential, and D'Amato made the same mistake.
For the unversed, Dare-U-Go is a dishwasher-safe bib that contains three compartments that parents can fill with different snacks for their children. If a kid is unable to finish the food, then the parent can simply fold the bib to create a sealed storage container. In the episode, D'Amato, who rose to prominence after appearing on cycle 5 of 'America's Next Top Model,' in 2005, impressed the sharks with her numbers as she stated that her company sold $100,000 worth of products in three months. Soon after, D'Amato mentioned that she shells out $2.68 to make one bib and sells it for $22.99.
Elsewhere in the episode, D'Amato broke down in tears while narrating her story of overcoming an eating disorder. “When I was young, I had developed an eating disorder, and modeling didn’t help. I got through it all, and I’m the mom I never had, and I couldn’t be more proud about it," D'Amato shared on the episode, as per Inc. Cuban was touched by D'Amato's story, but he backed out after hearing her global market statistics. At that moment, D'Amato was seeking $350,000 for 10% of her Los Angeles-based company.
Shortly afterward, Kevin O'Leary offered D'Amato $100,000 cash plus $250,000 as a loan for a 15% stake. When Lori Greiner and Robert Herjavec pulled out of the deal, O'Leary raised the equity to 30%. Then, Barbara Corcoran made an offer of $100,000 cash plus a $250,000 loan but stated she wanted 50% equity. However, Corcoran dropped the equity to 35% and sealed the deal with D'Amato. After hugging Corcoran, D'Amato exclaimed, “A lot of times when you go through tremendous struggle in your life, you feel very alone. So when someone like Barbara connects with you, it’s an amazing feeling.”
