‘Shark Tank’ contestants wow with drumbeat shoes — but walk away with no deal after tense pitch drama
Lei Yu and Tyler Freeman introduced ‘Shark Tank’ to DrumPants, one of the more innovative inventions that made it to the show. What made it even more special was that the product was just a prank and was meant to stun a few friends. According to Shark Tank Blog, DrumPants was a successful Kickstarter business, seeking $150,000 for 5% equity. The two contestants brought a set of “foot pedal” sensors that fit right in your shoes and two “drum pads” that are pocket-sized.
Interestingly, they happened to be Bluetooth wired. Making an appearance on the reality TV show that only talks business, the duo explained that the control box stores over 100 sounds, including drums, synthesizers, pianos, and guitars. On the other hand, it has a small speaker, along with various outputs, including an HDMI connection as well as headphone jacks. During their ‘Shark Tank’ appearances, the three guys also played the show's theme music on their DrumPants.
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While demonstrating how the newly-invented music instrument works, they even asked the judges on the panel to march to a drumbeat. When the entrepreneurs showed the product, they also mentioned that the company is pre-revenue. This made the Sharks ask about its price. Upon revealing that the company has an estimated valuation of $3 million, Kevin O’Leary instantly expressed that the amount is out of line.
The duo then added that they are predicting an estimated $220,000 in sales in 2014. Next, Lori Greiner stated that she doesn’t think the market is big enough to grasp the idea behind the product, opting out of making any investment. Mr. Wonderful was still in shock over the valuation. He expressed that he cares more about the cash, following which he opted out as well. Robert Herjavec then expressed that he is in for the game and offered the contestants $150,000 for 20% equity. Next, Daymond John asked if they were interested in licensing, and if the answer was yes, he offered $250,000 for 20% equity. Then, two sharks started fighting over a deal. This made Herjavec think it was a profitable proof of concept, and he reiterated the offer he had for the entrepreneurs. The two contestants then wanted some time in the hall to discuss amongst themselves.
After a commercial break, they were seen moving into the hall, and Mr. Wonderful was heard stating that nasty things happen when contestants step into the discussion hall. After a few minutes, Freeman expressed interest in moving ahead with John’s offer, but Yu was not in favor of the licensing deal. Once they stepped out of the hall, O’Leary was heard summarizing the offer. Freeman countered Herjavec’s deal with $150,000 for 15%. However, John took back his offer, opting out of making any investment whatsoever. The contestant then asked Mark Cuban what he thought, and the Shark expressed that they’re too deliberate, opting out of the deal. This then angered Herjavec and prompted him to take his offer back. Sadly, DrumPants went home with no deal at all.