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'Shark Tank': Sparketh strikes contingency deal with Daniel and Barbara

Sparketh managed to score a deal with two sharks but it did come with certain terms and conditions

Art education is vital to children while growing up. Art allows them to express themselves, develop skills and encourage creativity. With the growing importance of self-expression, art proves to be the perfect outlet. And, for parents who are looking for a productive way to keep kids occupied, it's also respite. Enter Sparketh, the e-learning website dedicated to helping children learn art techniques, skills and styles. 

Childhood friends Tim Samuel and Dwayne Walker made their way onto 'Shark Tank', with the hope of impressing Lori Greiner, Kevin O'Leary, Barbara Corcoran, Mark Cuban and Daniel Lubetzky and walking away with an investment. 

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Tim Samuel and Dwayne Walker joined the show to secure $100,000 for an 8% equity. Samuel and Walker explained that they started with $500 that they invested in their business and worked relentlessly to get it off the ground, right from Walker smuggling Samuel into his day job's office to work on Sparketh. Sparketh went on to make $300,000 last year and they were hoping to secure an investment to work on their marketing and further improve their website. Samuel even had an inspiring story seeing that he suffers from sickle cell diseases and has a life expectancy of 30 years.

Now at 25, he is passionate about his business and wants it to grow. However, when it came down to brass tacks, Spaketh didn't seem to hold up. With a $160-lifetime customer value and the fact that they weren't able to hold down customers for longer than a year, the sharks weren't entirely sold. O'Leary pointed out that the company had a $1.25 million evaluation and yet, he still hadn't received an answer about how he would get his money back. To the sharks, the duo maintained that they could make a profit but yet had not done so, reminding them that business is not a charity and neither were they. Fans agreed with the sharks as well. 

"@ABCSharkTank NEVER come on #Sharktank and say you don't wanna make money. Cause an investor like Kevin is like? Why the (bleeeeeeeep) are you on this show? I love #ABCSharktank but one thing there are not is a charity." tweeted a fan. "Having a mission is GREAT, but without making money, you won't be able to affect change and further your cause. At that point, if you're just a mission and not making money - you're a charity, not a business. #SharkTank" added another. "Mr. Wonderful: "How would I get my money back?" These dudes: "This is more than just getting a quick buck back." I'm out. #SharkTank" tweeted a fan. 

However, despite most of the sharks backing out, Corcoran believed in the duo's potential and wanted to invest in their business. However, her offer came with its terms -- she expected 20% equity for $100,000, provided they prove that they can make a profit within 6 months. Lubetzky agreed with Corcoran and intending to mentor them went in on the deal with her. Fans agreed that it was the right move as it would help the duo recognize their venture as a business and treat it as such and not as a charity 

"#SharkTank Now you have 2 Sharks an incentive to make a profit @Sparketh Get to work…" added a fan. "As far as @Sparketh goes, I can only say "Whew!" I was about to dismiss these guys about not being entrepreneurs, but what @mcuban derisively calls "wantrepreneurs." I darn near said "I'm out" myself until @BarbaraCorcoran came up with the contingency offer. Good move. #SharkTank" tweeted another.

Catch the latest episode of 'Shark Tank' Season 13 on Fridays, from 8 pm ET to 9 pm ET. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.