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Shark Tank season 16 premiered on October 18, 2024, with the second episode airing on ABC on October 25, 2024. Shark Tank is known for featuring investors, dubbed as sharks, who help new and old entrepreneurs seeking funding to reach the next step in their entrepreneurial journey.
Shark Tank was initially launched as an American iteration of a British show, Dragon's Den, on August 9, 2009, and it currently features Kevin O'Leary, Lori Greiner, Daymond John, and Mark Cuban as some of the sharks. The latter has announced his exit from the show after the end of season 16. The show features guest sharks in some episodes, providing fresh perspectives and increasing the chances of acquiring funding for the pitchers.
The latest episode features four pitches from companies like Top Sail Steamer, Life Raft Treats, BucketGolf, and RigStrips. The entrepreneurs will showcase their creative businesses in front of the CEO of Raising Canes’ Chicken Fingers, Todd Graves, and the sharks in hopes of getting some funding.
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What happened in Shark Tank season 16 episode 2?
The Shark Tank episode titled Chicken Scoop Adventure began with Danielle Mahon introducing herself as the CEO of Top Sail Steamer. Danielle proposed the idea of getting $350,000 for an 8% stake in her company. Danielle Mahon started her seafood steam pot venture in 2017 with a $57,000 loan.
She shared her experience of growing up and mingling with relatives while the seafood supper would steam without interruption. Sharks grilled Danielle on more details about her company, and she stated that they delivered everywhere in the country and had 8 brick and mortars while this year, the sales were projected to reach $5.7 million.
Todd made the offer straight off the bat with $350,000 for a 20% stake. Lori said she would love to partner with Todd in this deal, with a 10% stake going to each shark. After some hesitation and negotiations, Danielle agreed on the amount, with a 9% stake going to both Todd and Lori.
The next entrepreneurs were Cynthia and John David, the couple behind Life Raft Treats. They declared their desire to get $250,000 for a 5% equity in the company. Disguised as a fried chicken company, the sharks quickly realized after taking a bite that the product in front of them was actually ice cream.
The Life Raft Treats owners disclosed on Shark Tank that they had other products that resembled savory foods in sight but had ice cream inside. Sharks later learned that the company made only 5% off their $1.5 million sales last year. This deterred them from investing in the company, and all of them bowed out.
The third company to pitch in front of sharks was RigStrips. Steven Graf and Zhach Pham introduced the product and pitched it for $300,000 for a 7.5% stake. The product was designed for sports enthusiasts who want to secure snowboards and skis through a patented magnetic bar.
Todd mentioned that he was an avid fisherman and a skier, which tempted him to offer $300,000 for a 20% stake. The rest of the sharks bowed out, and after further negotiating, Todd and Rig Strips came to an agreement of $300,000 for a 15% stake in the company. After securing the investment, Zach expressed his excitement for the deal, which could take them to the next level.
"We're in a little bit of shock. We really wanted Todd. He's a fisher, he's a hunter. Raising Canes’ is doing one thing good which is blowing it up. That's exactly what we need," stated Zach.
The last ones to pitch in this episode of Shark Tank were Tyler Simmons and his sister, Jenny Simmons. Their company, BucketGolf, presented users with portable backyard golf games. Their initial pitch was $1 million for a 10% stake in the company. The sharks were surprised to know that the company made $12 million in sales last year, out of which they made a profit of around 15%.
Kevin and Daymond offered $1 million for a 25% stake and stated that in order to grow the business, distributors are going to get involved. Lori went one step ahead and offered $1 million for a 22.5% stake, while Mark Cuban went up to $1 million for a 12.5% stake. The BucketGold co-founders accepted Cuban's deal.
Shark Tank season 16 is available to watch on ABC, with the next episode scheduled to be released on November 1.
