‘Shark Tank’ contestant gets called the ‘worst’ after a glitch ruins his pitch — but still lands a big deal
Being on 'Shark Tank' may seem easy on the surface, but standing in front of seasoned Sharks can leave even the most confident tongue-tied. That’s exactly what happened to Stephan Aarstol in Season 3. Aarstol sought $150,000 for 10% equity in his start-up, Tower Paddle Boards, which sold stand-up paddle boards. Though he started his pitch strong, a glitch in his presentation slide caught him off-guard, causing him to stumble over his words, followed by an awkward silence.
Shark Daymond John tried to nudge him to start afresh and asked, "Can you tell us more about it?" Though the founder replied with a solid "Yes," he struggled to put it together and told the Sharks, "Stand-up board is one of the fastest-growing water sports in the world. My company is so easy, you can do it with your friends, you can do it with your child, and you can even do it with your dog." But it didn't land well with the judges. Kevin O'Leary couldn't help but quip, "Don't worry, it's only the biggest moment in your life." The other sharks were also not forgiving. Not only did Barbara Corcoran tell Aarstol that he was "the worst presenter" she's ever met, but she also compared him to an Irish mythological creature looking to steal her gold, as reported by CNBC.
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According to Shark Tank Recap, Aarstol later collected himself and started once again and completed the pitch; however, by that time, Barbara Corcoran, Robert Herjavec, and Daymond John had already opted out. And despite the gaps in the presentation, O'Leary made him an offer of $150,000 for 50% equity, which was turned down by Aarstol. Surprisingly, there was something that Mark Cuban saw in the founder that no one else did, and he made him an offer of $150,000 for 30% equity, but with a contingency plan that included the first right of refusal on any of his future businesses.
Though O'Leary tried to rope in Aarstol once again, this time with a reduced equity of 25%, Aarstol had made up his mind and sealed the deal with Cuban. Fortunately for him, luck was on his side. According to the aforementioned outlet, in 2015, the Tower Paddle Board became the 239th fastest-growing, privately run company in America in a report shared by Inc. Magazine. It also generates an annual revenue of $7 million and has now expanded its reach into many other accessories, which are available on its official website.
Speaking to a local news outlet, KOMO 4, Aarstol reflected on his 'Shark Tank' experience and said, "It's a little intimidating; you've got a lot to remember too, so that's not my strong suit." As for Cuban's part, he told Success, "I'm a business builder. I take small things and make them big things." He also mentioned that investing in the Tower Paddle Boards was one of the best deals he ever made on 'Shark Tank.'
