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Bryan Scott represents Noene, seeking a $100,000 investment in exchange for 10% of the company. It’ll take a lot to get the sharks around the $1 million valuation, especially given the newness of the brand to Americans.
Scott makes a good first impression with his demonstration, as the sharks are stunned to see how resilient the material truly is. He shares Noene’s plans, first focusing on selling insoles, eventually producing sports equipment, and more using the same technology. When breaking down the numbers, some sharks suddenly aren’t ready to run with Noene. It costs $6 to produce a pair, which the sharks find very expensive and is priced at $29.99. After Scott reveals that they have yet to sell any, Daymond John comments, “I should’ve put these things in my ears to avoid the shock.” Scott explains that the reason is because of his newness to the company, having been brought in only a few months prior. The $1 million valuation was based on the amount he and his three business partners have currently invested into the endeavor.
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Robert Herjavec, Lori Greiner, and Kevin O’Leary all go out, seeing too many challenges with the business model. Mark Cuban makes an initial offer of $100,000 for 20% contingent that Scott’s scientific claims are sound. He also wants Daymond John on board, seeing an opportunity to collaborate with one of John’s shoe brands. John alters the deal so that both investors can have 20% each, changing the offer to $200,000 at 40%. Ultimately, both parties agreed to $200,000 at 30% equity.
