Next up are Will Smelko and Ronald Chang of Ora Organic, seeking $375,000 for five percent equity.
Ora Organic offers sustainable plant-based supplements. According to their website, they were founded “by and for healthy foodies to replace synthetic supplements with nutrients from organic & sustainable sources. That means omega-3 from microalgae and protein from plants!” Their collection includes probiotics, omega-3 sprays, proteins and organic powders. Products start at $29.99 for an acai powder to $49.99 for a protein powder.
The sharks agree the products taste good and they have done $415,000 in sales in less than a year. Robert Herjavec points out that the industry is highly competitive and goes out, followed by Daymond John for their “unrealistic” ask. Lori Greiner finds their marketing concerning so goes out as well.
Mark Cuban doesn’t like how dependent they are on being a “unique” brand alone so goes out as well. As their last hope of getting an investment, Kevin O’Leary offers $375,000 for 20 percent. They counter seven-and-a-half percent equity, which O’Leary again counters at 17 percent. Their final counter is $500,000 for 10 percent, which O’Leary declines. Ultimately, they decline to accept his offer.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
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Source: Business 2 Community