Additional Coverage:
- ‘Shark Tank’ star Kevin O’Leary says we will ‘take over the world’ after investing in sauce holder (marketrealist.com)
“Shark Tank” star Kevin O’Leary caught the entrepreneurial bug – the sauce bug, that is – and declared he’d “take over the world” after investing in a nifty sauce holder. The company, Saucemoto, pitched their simple yet ingenious solution to the panel of Sharks, winning over Mr. Wonderful with their entertaining presentation and the promise of dip-on-the-go convenience.
The three Saucemoto founders, Tony Lahood, William Moujaes, and Michael Koury, came seeking $45,000 for a 15% stake. While some Sharks, like Mark Cuban and Barbara Corcoran, were skeptical of the product’s potential, a bidding war soon erupted between Robert Herjavec and Kevin O’Leary. Herjavec initially offered $45,000 for a 40% stake, but O’Leary ultimately secured the deal, landing a 25% share after some intense negotiation.
The segment was filled with humorous moments, including a memorable exchange between Barbara Corcoran and Tony Lahood. However, despite the initial on-screen agreement, the deal with O’Leary ultimately fell through. Lahood later revealed on the “Everything Money” podcast that while they admired O’Leary and his team, they couldn’t reach an agreement on the final terms.
Despite the change of plans, Saucemoto has continued to thrive. The company still sells its sauce holders in a variety of colors and boasts a solid 4.6-star rating on Amazon, proving that sometimes, the simplest ideas can really stick.