Additional Coverage:
- ‘Shark Tank’ guest judge chases after contestants backstage with a massive deal in wild TV moment (marketrealist.com)
In a dramatic Shark Tank twist, a guest judge chased down two entrepreneurs backstage with a six-figure offer after initially rejecting their pitch.
Amanat Anand and Shubham Issar, founders of SoaPen, a company that produces pen-shaped soaps designed to make handwashing fun for kids, entered the Tank seeking $100,000 for a 10% stake. While the Sharks were intrigued by the innovative product, concerns over lackluster sales and the competitive soap market led all five Sharks, including guest Nirav Tolia, to initially decline.
The entrepreneurs, understandably disappointed, were seemingly headed home empty-handed. However, in a surprise turn of events, Tolia had a change of heart. Realizing he might have missed a good opportunity, Tolia, admitting to the other Sharks he’d made a mistake, literally ran after Anand and Issar as they were giving their post-show interview.
Interrupting the interview, a slightly breathless Tolia explained that he and his wife saw potential in SoaPen and offered a revised deal. Proposing a $100,000 investment for 10% equity, Tolia added a royalty component for security: a $1 royalty per unit sold until he recouped $200,000, at which point the royalty would cease.
The stunned entrepreneurs, still reeling from the initial rejection, happily accepted the offer. This unusual backstage deal proved that sometimes, even on Shark Tank, second chances come when you least expect them.