‘Shark Tank’ turns tense as Barbara Corcoran lashes out at Mark Cuban over surprise move: "I've had it now"
'Shark Tank' contestants go all out for a single deal from the investors on ABC’s hit business show. Some pitches from these entrepreneurs are so good, the Sharks battle each other to invest. During an episode of 'Shark Tank' Season 14, budding entrepreneurs Justine Tiu and Adrian Zhang pitched their company 'The Wobbles,' which aims to make learning to crochet easy and fun for everyone, in front of Mark Cuban, Kevin O'Leary, Lori Greiner, Barbara Corcoran, and Robert Herjavec. Tiu and Zhang impressed all five Sharks with their company. In the end, Cuban and Greiner teamed up and sealed the deal with Tiu and Zhang.
In the episode, Tiu and Zhang were seeking $250,000 in exchange for 5% of their company. During their pitch, the duo explained, "We make simple fun kits that teach you how to crochet, but instead of a boring potholder, you'll learn how to make adorable characters like Fred the rhino and Sebastian the lion. Each kit comes with step-by-step videos that teach complete beginners how to crochet. We see ourselves as an education company."
Soon after, Tiu and Zhang shared that most of their customers were adults. The manufacturing cost of one kit stands at $3; meanwhile, the company wholesaled it for $15 and retailed it for $30. Tiu revealed that she left her job at Google to learn crochet and start a business. On the other hand, Zhang switched from a career on Wall Street. Then, Tiu and Zhang told the Sharks that they started their crochet business with $200 worth of yarn in 2020. By 2021, their company did $5.3 million in sales. Along with this, they expected to close 2022 with $7 million.
Following that, the Sharks got down to business.O'Leary was the first Shark to make an offer of $250,000 for 10% equity to Tiu and Zhang. However, the duo wanted to hear the other offers as well. Shortly afterward, Corcoran hopped in with an offer of $300,000 for 10%." Then, Greiner entered the chat and matched Corcoran's offer. "I love this! I understand all of this, I mean I've been in this market so much, and I know how to get all the things you talked about from the licensing to the retail stores, I think you should be everywhere and fast because you are something that could really take off," Greiner said at that time.
Later on, Corcoran raised her offer to $350,000 for 10% equity. Considering the intense competition, Greiner reduced her equity to 8%. At that point, Corcoran made a surprise move and lowered her equity to 5%. Corcoran then proposed teaming up with Cuban for a joint deal worth $350,000 for 6% equity. Furthermore, Greiner and Herjavec also paired up and offered $450,000 for 6% equity. As per Market Realist, when Tiu and Zhang mentioned that they wanted to partner up with Cuban and Greiner, Corcoran yelled, "Oh, I've had it now! Oh my God!" Ultimately, Greiner and Cuban agreed to invest $450,000 for 6%, and Tiu and Zhang accepted the offer.
