Additional Coverage:
- ‘Shark Tank’ judge Mark Cuban offers better deal to contestant just to cut off ‘greedy’ Kevin O’Leary (marketrealist.com)
Mark Cuban Outmaneuvers Kevin O’Leary in ‘Shark Tank’ Bidding War
“Shark Tank” viewers know the investors can be cutthroat, not just with entrepreneurs, but also with each other. While sometimes they collaborate, other times sparks fly.
A recent episode showcased this perfectly, with Mark Cuban swooping in to snatch a deal from Kevin O’Leary, aka “Mr. Wonderful.”
Entrepreneur Alexander Simone, founder of ProtoBev, a rapid wine-chilling device, entered the Tank seeking $100,000 for a 5% stake in his company. Simone explained that ProtoBev uses a special “pronto gel” to chill beverages in just 30 seconds without dilution, preserving the optimal taste.
He demonstrated the product, emphasizing the importance of proper wine temperature. He noted the device retailed for $129, with a production cost of $22.
However, with ProtoBev still in the production phase and limited sales history, most Sharks were hesitant. Daymond John, Mark Cuban, and Robert Herjavec all bowed out.
O’Leary, ever the opportunist, saw an opening and offered $100,000 for a whopping 50% equity. With Lori Greiner also out, Simone seemed cornered.
He countered with 20%, but O’Leary was unmoved.
Seeing an entrepreneur being squeezed, Cuban stepped in, criticizing O’Leary’s aggressive offer. He encouraged O’Leary to offer more money for the same equity.
The two exchanged barbs, with Cuban ultimately making his own offer: $100,000 for 25%, contingent on Simone securing an additional $100,000 in funding. Simone quickly accepted, leaving O’Leary empty-handed.
Despite the on-screen excitement, the deal with Cuban ultimately fell through. ProtoBev, unfortunately, struggled to bring its product to market and is currently inactive.