'Shark Tank’ contestant pitches wild transformer suit — but one missing detail nearly derails everything
A 'Shark Tank' contestant used a lot of creativity to build real-life-size Transformers-inspired costumes known as Drive Suits. During an episode of 'Shark Tank' Season 4, Drew Beaumier, a young entrepreneur from Burbank, California, introduced the esteemed Sharks Mark Cuban, Kevin O'Leary, Barbara Corcoran, Robert Herjavec, and Daymond John to Drive Suits, motorized vehicle suits that can take you from walking to driving in an instant. Before his appearance on the ABC business program, Beaumier had showcased his Drive Suits at various shows and contests, winning nearly five of them in the last two years and earning $25,000.
In the episode, Beaumier was seeking $150,000 in exchange for 20% of his company. During his pitch, Beaumier said, "Drive Suits are the first generation of wearable recreational devices and are unlike any other product available on the market today. Their main attraction is the function to instantaneously transform the user from a human or walking state to a vehicular or motor-driven form. With your much-needed investments and equally needed and respected business expertise, I see absolutely no reason why together we can't mark a new standard in children's entertainment and create a product that literally drives off the shelves."
Shortly afterward, O'Leary asked Beaumier, "How big is the box you sell this in?" to which the budding entrepreneur replied, "I have not yet begun selling them. The best thing I have in place is the trademark for Drive Suits. I have not been able to afford a patent. I had a provisional patent, which expired, but I didn't see it doing much good." Following that, O'Leary quipped, "Whoa! I don't like that."
According to New Atlas, when Herjavec asked about the speed of these Drive Suits, Beaumier stated that they attain a maximum speed of 10 to 12 mph. Following that, Beaumier revealed that it takes him around 50 hours to assemble one suit, which can be made to resemble a vehicle of the customer's choice. Speaking of a complete Drive Suit, it consists of a vehicle body, helmet, motor-equipped drive boots, battery belt, and charger. Then, Beaumier stated that the cost of one Drive Suit is $1,800.
Following that, the Sharks came down to business. Herjavec was the first Shark to drop out as he believed that there was nothing proprietary about the product, and with no patent in the picture, he had no interest in manufacturing the product. Soon after, John also followed Herjavec and felt that it was too soon to invest in Drive Suits. On the other hand, Corcoran stated that as a mother, she would be scared to see her kids in a Drive Suit. Later on, Cuban showed interest in Drive Suits and made an offer of $150,000 for 40% equity to make 20 unique units. Then, O'Leary jumped in and offered $150,000 for 30% equity with one condition. O'Leary wanted to negotiate a deal between Drive Suits and a major toy manufacturing company. Eventually, Beaumier thanked Cuban for his offer and ended up sealing the deal with O'Leary.
