'Shark Tank' contestants came up with Nikola Tesla-like science experiment — walked away with $500K deal
Any sort of advanced technology often captures the attention of Sharks, and such was the case when two contestants came with a science experiment for their pitch. During an episode of 'Shark Tank' Season 11, Eric Goodchild and Jake Slatnick, the founders of Aira, introduced their Freepower technology, which had the ability to charge numerous devices all at once without any precise placement. Goodchild and Slatnick's innovative idea was inspired by Serbian-American inventor Nikola Tesla, well-known for his contributions to the design of the modern alternating current electricity supply system.
Goodchild and Slatnick appeared on the ABC business program with a gigantic Tesla coil to showcase how it worked, and all five Sharks, Mark Cuban, Kevin O'Leary, Lori Greiner, Robert Herjavec, and Daymond John, were pretty impressed. In the episode, Goodchild and Slatnick were seeking $500,000 in exchange for 7% of their company. During their pitch, Goodchild and Slatnick claimed that their wireless chargers can hold several devices in any configuration and charge them all. The duo also claimed that they had created the future of wireless charging. As Goodchild turned on the Tesla coil, the panelists loved watching electricity shoot out of the massive device and couldn't control their excitement.
As per Market Realist, Herjavec asked, "Eric, did you actually build this?" to which Goodchild responded, "Yeah, I built this coil in high school, it's been rebuilt like five or six years." Herjavec repeated, "You actually built this?" In his response, Goodchild went on to say, "Yes." Soon after, Cuban questioned the duo, "Are you familiar with U-beam and what the energist is doing as well. They're two competitors. I happen to be an investor in that doesn't take the same approach, it's fully wireless from any point in the room to be able to distribute using sound-based technology. I still think that there's a strong chance you guys get leapfrogged, so for those reasons I'm out."
Herjavec further inquired, "Okay. Do you have a final product? Do you have any licensing deals? Do you have any sales?" to which Slatnick replied, "So we already have our first licensing partner. They're one of the largest companies in the space. They put in their first order last week for 33,000 pieces." Hearing that number, Greiner asked, "What is that retail equivalent?" to which Goodchild responded, "So it's up to our licenses, but we could get between four and ten dollars per unit, but they were so excited about the technology that they prepaid the royalties on all 33,000 units."
Eventually, Herjavec offered the duo $500,000 for 10% of their company. Following that, O'Leary and Greiner teamed up and offered $500,000 as a loan, at 9% interest and 15% equity. However, the two Sharks later dropped the loan when Goodchild and Slatnick revealed that they didn't need credit. Goodchild and Slatnick asked Herjavec, O'Leary, and Greiner if they would consider teaming up to pay $500,00 for a 15% stake. All parties agreed, and Goodchild and Slatnick sealed the deal.
