"It's gonna be expensive" — When Shark Tank investor Daymond John negotiated a deal with Tenikle

Hans Dose appeared on Shark Tank season 13, episode 9, which aired on December 17, 2021. The entrepreneur sought $200,000 in exchange for 10% of his company, Tenikle, which sells octopus-inspired suction mounts for cameras, tablets, and phones. The Sharks were impressed by the product but only two wanted to invest. Among them was Daymond John, who said:

"I believe in you but it's gonna be expensive because this is such high risk. But I'm gonna offer you $200,000 for one-third... Let's make it, let's make it an even 30."

Hans countered, asking Daymond if he would consider lowering the equity to 25% for the $200,000 investment. The Shark Tank investor, however, refused to budge. After some consideration, Hans shook hands with Daymond. He also had another offer from Robert Herjavec but rejected it due to its unfavorable terms.

After the deal with Daymond closed, he announced a strategic partnership with LitezAll's Cody Grandadam. Cody secured a $1 million retail order after joining hands with Tenikle. The company added a Bluetooth-enabled shutter remote to its line, making clicking pictures hassle-free.

As of 2024, Tenikle reportedly had over $5 million in lifetime sales. It continues to be in business with products available on Amazon and on their official website.

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"I'm out" — Tenikle's founder turns down Shark Tank investor Robert Herjavec's offer

While demonstrating the product, Hans highlighted its multi-functionality, explaining how it could hold phones, tablets, cameras, and more sitting on any surface. Additionally, like an octopus, the mounts' arms were waterproof and "super durable" and could even support the weight of a surfboard.

Impressed by the product, Shark Tank investor Mark Cuban asked Hans about its selling and cost prices. The business owner stated each unit cost him $6.08 to make, which he sold for $45. The Sharks were wowed when Hans revealed he had sold over 40,000 units, earning $1.3 million in sales.

The entrepreneur said he had written the patent himself while working as a designer at Hurley, a surfboard company. After coming up with the idea to combine a car mount and a tripod, he gave the prototypes to his family and friends and received positive feedback. Hans then started a Kickstarter and raised $172,000.

Soon after, he told the Shark Tank panelists that he had incurred a debt of $270,000 while upgrading his product. In 2020, he did $478,000 in sales, but $9000 last month since he ran out of marketing dollars. Hans further stated he had $111,000 in inventory.

"I have $39 in the bank," he added.

Shark Tank investor Kevin O'Leary was the first to remove himself from consideration, saying it was not a "situation" he wanted to put himself into. However, he praised Hans and his product. Lori Greiner followed suit, saying it was a crowded space to invest in.

Robert offered to pay the $270,000 debt and an additional $100,000 to "seed the new company." However, the "catch" was that he wanted 60% of his business. Robert explained he wanted Hans to bring in "real partners" who would run the business and added that their equity would come from his 60%.

Soon after, Daymond shared a personal anecdote, relating his experiences to Hans'. Since he believed in Hans, he presented him with an offer, seeking 30% of his company in exchange for the $200,000 investment. Mark refused to invest and said Daymond's offer was better than what he would have proposed. After some thought, Hans decided to turn down Robert's offer and said:

"Robert, it is a legitimate offer and I really appreciate your offer. It would just break my heart for how much I've put into it and for those reasons I'm out."

After turning down Robert's offer, the business owner negotiated and finalized a deal with Daymond.

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Shark Tank can be streamed on Amazon Prime Video.