Guest Shark Kevin Hart might have just made his big debut on ABC's award-winning show 'Shark Tank', but the comedian not only managed to launch a bidding war with his fellow namesake Shark- Kevin O'Leary, but also teamed up with Lori Greiner and closed a $200,000 deal with Snactiv! Fans loved watching the bidding war between the two Kevins and more importantly appeared to be completely intrigued by Snactiv.
Snactiv is a simple finger chopstick tool that acts as an extension of your fingers. It can be worn on your index and middle finger and be used to pick your snack of choice using these chopsticks so that you can enjoy your favorite snack without getting your fingers greasy or dirty. The brand's founders Kevin Choi and Edwin Cho stepped into the tank seeking $200,000 in exchange for equity of 10%. The duo's pitch left the Sharks amused, but Mr. Wonderful was the first Shark to take the bait after he heard the brand's impressive sales numbers since their launch five months ago. It shouldn't come as a surprise that Kevin decided to make a royalty deal.
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Kevin made an offer of investing $200,000 in the business but in exchange not only 10% equity stake but also for a $1 royalty per every unit sold until he earns back $1 million and after that, there wouldn't be any more royalty but Kevin would still have the 10% equity stake in the brand. While Kevin was busy making his offer, Lori and Hart teamed up and made a joint offer of $200,000 in exchange for a 20% stake in the brand, which would be split between Hart and Lori.
Choi and Cho liked Kevin and Lori's offer but tried negotiating it for 15% equity instead. Sensing that the entrepreneurs were leaning toward his fellow Sharks, Kevin revised his offer and brought down the royalty price and even lowered the equity stake. Unfortunately for Mr Wonderful, Hart and Lori's offer was too tempting to pass up on, so the Snactiv founders closed the deal with them instead. Choi and Cho were over the moon at getting two Sharks on their team.
Fans too were pleased with the outcome and expressed their interest in buying Snactiv. A fan tweeted, "#SharkTank omg That was the best no brainer deal ever so far. @KevinHart4real is the perfect silly brand ambassador for #Snacktiv and now I want one!!" Another fan wrote, "@snactiv sounds like a great product. Love it. Just hope it’s not hard for me to learn how to use. Contests on their desk with @KevinHart4real and @LoriGreiner. Godspeed. @ABCSharkTank #SharkTank." "I’m a guilty of snacking while working at my desk this is great! Congrats to @LoriGreiner and @KevinHart4real #SharkTank," added a fan.
Another fan expressed, "Def need these bad boys for when I get the munchies #SharkTank." "I need those snacktiv things! #SharkTank," commented a fan. "I need that Snactiv now #SharkTank," seconded a fan.
'Shark Tank' Season 13 airs every Friday at 8/7c on ABC. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.
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