Additional Coverage:
- ‘Shark Tank’ contestant who was just 11 years old made judges fight to close a deal with him (marketrealist.com)
11-Year-Old “Shark Tank” Contestant Sparks Bidding War
A young entrepreneur made quite a splash on “Shark Tank,” captivating the sharks and sparking a bidding war. Eleven-year-old Carson Kropfl pitched his company, Locker Board, a compact skateboard designed for easy storage and portability. Kropfl, a skateboarder and surfer, recognized the common problem of bulky skateboards and cleverly designed a smaller, rectangular-shaped board that fits easily in lockers and backpacks.
Having already sold over 230 units and generated $10,000 in revenue in just nine months, Kropfl impressed the sharks with his initiative. He sought $60,000 for a 15% stake in his company. While Lori Grenier declined to invest, citing the need for further growth, three other sharks were eager to make a deal.
Mark Cuban kicked off the bidding with an offer of $60,000 for a 20% stake. Sir Richard Branson, clearly charmed by Kropfl’s entrepreneurial spirit, quickly followed with a competing offer of $65,000 for the same equity. Robert Herjavec, hesitant to see the young entrepreneur give up so much of his company, proposed a loan of $60,000 at 8% interest.
Ultimately, Kropfl confidently accepted Branson’s offer, even boldly inquiring about the billionaire’s plans for the company’s growth. This display of fearlessness further impressed the sharks, solidifying the deal and leaving everyone impressed by the young entrepreneur’s poise and business acumen.