Claire Corlett

Fish Food, Fish Tanks, and More
Mark Cuban’s Shocking Shark Tank Deal With Hydroviv After They Almost Blow It | Inc.

Mark Cuban’s Shocking Shark Tank Deal With Hydroviv After They Almost Blow It | Inc.

– Hi, everyone, I’m Emily Canal. I’m Ink Magazine’s
resident Shark Tank expert, and this is Tips from the Tank. (upbeat music) Eric Roy presented his company, Hydroviv, which is a line of custom-built filters for purifying water from your tap, and he went on Shark
Tank, seeking $400,000 for 10% of his business,
which he was inspired to do after the Flint, Michigan, water crisis. Eric did a great job. He had a really simple demonstration that just focused on lead and arsenic and getting that out of the water, which we all know is very,
very bad for humans to drink. And he had a small presentation. Handed out his filters. He didn’t get lost in the science of it and just gave them
everything that they needed and then they could move
on to the business plan. There were two main
issues with Eric’s pitch that the sharks had a
lot of problems with. One of them was the marketing. – I need help, sales, and marketing. – A management-level marketing person is just gonna wanna
spend money in new ways to prove their value. – Right now, we don’t
have anyone at our company who wakes up, thinking about
the marketing analytics. – How about you?
– You do. – [Eric] What the data are.
– You do. – That’s your job, you’re the head. – And it should be him, you know. He may be a small operation at the moment, but he’s the founder, and he
should be pushing those things, especially since he’s the person who knows so much about this problem and how his business can fix it. Guest shark, Rohan Oza, had
a lot of problems with this. He was concerned that
people didn’t really know about the problem of their drinking water. Yes, we are aware of Flint, Michigan, but that seems so siloed compared
to the rest of the country and how was Eric going to
get that word out to people that one, there was a problem, and two, he has a simple fix for it? So a couple of sharks
went out because of that. They really liked his idea. They really liked him, but
they saw a lot of problems in how he wanted to scale the business and market it to consumers. – So, I’m interested,
because I love products that do well by doing good. – Thanks.
– So I’ll make you an offer. I’m gonna offer you the
$400,000, but I want 20%. – Another one of the
problems with Eric’s pitch was he’s passionate,
and that’s really great when you’re going to investors and you’re pitching your business, but he got a little too tied up with the criticisms he was
getting from the sharks. So Barbara expressed a lot of
concern in the customer base, and Barbara’s saying she’s out. And he keeps focusing on
answering Barbara’s question about the customers. – There’s a couple things I
do wanna speak to Barbara. – She’s not–
– But I’m out. – No, no, no. – And you can just see Mark
Cuban getting so frustrated that he’s ignoring him. Mark Cuban has a really big ego, and he doesn’t want people
to wait on a deal offer. Thankfully, he ended
up re-focusing to Mark and was able to salvage that deal, but he really lost an opportunity
to negotiate with Mark. He could have maybe gone down to 15%, which is closer to his original ask of 10. – You have a deal, Mark. – Ah, at last. – The three main takeaways
from this episode are, one, if you’re targeting an investor, make sure you’re doing it right. We say this over and over
and over again on the show. Do your homework. If you watch the show,
you know that Mark Cuban doesn’t like it when you
entertain other deal offers. He’ll often go out. He has a big ego, and he
wants you to cater to that, so if you really wanna
do work with a shark like Mark Cuban, you need
to know how to respond to his deal offers. The second takeaway is
don’t get distracted. Lori was saying, you haven’t
heard from Kevin yet. You haven’t heard from Kevin yet. Meanwhile, Mark is
saying, hey wait a second, I offered you a deal. Why are you talking to Barbara
when she said she was out? In the end, that robbed him of
time to negotiate with Mark. The third takeaway is,
if you’re going to sell a solution to a problem, make sure you paint a very
clear picture of the problem. When Eric presented his business, a couple of the sharks asked about, okay, is this a massive
problem for people? How many people are actually
aware of this problem? We know about Flint, but is
this a problem outside of Flint? And that ended up being one of the issues for Eric and his business was that the sharks couldn’t see how he was going to educate people. Eric had a really strong product and a really, really strong pitch. He was calm, he was composed. He had really great visuals. I think if he could have just
honed those three takeaways, then he would have walked
out with a better deal than the one he got. I’m Emily Canal. That was Tips from the Tank, and remember, if you’re
selling a solution, make sure you clearly present the problem. (upbeat music)

7 comments on “Mark Cuban’s Shocking Shark Tank Deal With Hydroviv After They Almost Blow It | Inc.

  1. Hello Emily, congratulations on your new camera and your new microphone, we are getting there.

    Hear me out,

    1 dump the background music, dont lower it, dont change it, dump it.
    2 Speak louder, you got this girl.
    3 your format is confusing, one keeps wishing to get to see the whole segment,
    Try this:
    short intro with the points you want the viewer to pay attention too then shark tank full segment, then your comments. Or short intro then segment with split screen and pausing the video to comment as it goes.

    I know you read this, I will be watching.

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