ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

‘Shark Tank’ Showdown: How AI Startup Bot-It Ruled the Battle of the Billionaires

Bot-It, with its innovative approach to automating various online tasks, sparked a lively debate about the role of bots in modern consumer culture. 
PUBLISHED NOV 10, 2023
Cover Image Source: YouTube | Shark Tank
Cover Image Source: YouTube | Shark Tank

In a thrilling turn of events on the latest episode of ABC's "Shark Tank," Maurice Bachelor, the lead software engineer behind the Los Angeles-based company Bot-It found himself at the center of a heated bidding war between two industry heavyweights, Mark Cuban and Michael Rubin. The AI-powered startup, with its innovative approach to automating various online tasks, sparked a lively debate about the role of bots in modern consumer culture. 

Sharks on Shark Tank | Youtube
Sharks on Shark Tank | Youtube

The episode unfolded with Bachelor and his founding partner Joel Griffith presenting the Bot-It website and mobile app, emphasizing its AI capabilities that enable users to streamline online tasks ranging from scheduling appointments to securing elusive concert tickets. The duo addressed the elephant in the room, acknowledging the controversial nature of their business, particularly in the context of how bots have disrupted the sneaker and live events industries. Michael Rubin, the CEO of sports retailer Fanatics, underscored the severity of the issue, highlighting the massive financial impact of bots attempting to snatch up sought-after products. He expressed his concern, stating, "We have probably billions of dollars of products that bots try to buy from us each year... Bots come to get everything." Kevin O'Leary chimed in, raising a poignant question about the moral implications of supporting such endeavors.

Kevin O'Leary | Getty Images
Kevin O'Leary | Getty Images

Maurice Bachelor and Joel Griffith, co-founders of Bot-It, were quick to address the skepticism surrounding bots. In their pitch, they emphasized that their technology aims to combat cheaters and give real people an advantage against faceless bot armies. Griffith explained, "We want to help change the perception of bots amongst consumers. Bots aren’t always the bad guys. You can have one too."

Their argument struck a chord with Michael Rubin, who highlighted that most bots on Fanatics' platform are large-scale operations aimed at acquiring new products for resale at a premium on third-party platforms. Empowering consumers with bots could level the playing field, making sought-after items more accessible and affordable. Rubin declared, "I’d rather disrupt myself than have someone else disrupt me."

Pexels | Photo by Tara Winstead
Pexels | Photo by Tara Winstead

The 'Shark Tank' investors were keenly interested in the potential of Bot-It. Mark Cuban, always quick to spot an opportunity, was the first to make an offer. He was particularly intrigued by Bot-It's artificial intelligence platform which could carry out tasks in a matter of seconds. Cuban put forth an offer of $150,000 in exchange for a 20% equity stake. However, Michael Rubin wasn't about to let this opportunity slip away. He approached Cuban and inquired, "Would you have me as your partner?" Cuban responded with a resounding, "No, I like this. I want these guys all to myself."

Mark Cuban | Getty Images
Shark Mark Cuban | Getty Images

As Kevin O'Leary aptly put it, a "Shark fight" was underway. Rubin decided to make his move offering $50,000 for a 15% stake in Bot-It, valuing the startup higher than Cuban's initial offer. Caught amid this billionaire bidding war, Maurice Bachelor and Joel Griffith made an unexpected plea. They urged Cuban and Rubin to join forces and create a joint deal. In a surprising turn of events, the billionaires agreed to collaborate, offering a substantial $300,000 for a 30% ownership stake in the company. After some hesitation regarding the equity share, the Bot-It duo accepted the offer, sealing the deal.

The elated Bot-It team expressed their enthusiasm, recognizing the immense potential of having two industry giants on their side. "This is the most important day of the Bot-It life," Bachelor exclaimed. "To have both of those Sharks on our team right now is going to take us to the next level." The electrifying battle between the titans of business underscored not only the growing significance of AI in the tech landscape but also the critical role of startups like Bot-It in reshaping the narrative around the use of bots in the modern world. As the company sets its sights on the future, it is clear that the "Shark Tank" showdown has only marked the beginning of an exciting journey for Bot-It.

MORE ON MARKET REALIST
While the contestants believed they had the truth backing them, they also had great obstacles.
5 hours ago
The guest who expected the item to be worth $1,500 was visibly shocked after learning its true value.
13 hours ago
IHOP is a go to place for many who crave pancake in America and many turned up to defend it.
16 hours ago
Even the host, Drew Carey didn't believe what just happened and had to take a few steps backward.
18 hours ago
There have been instances when guests even lost their balance and gasped after the price was revealed.
1 day ago
Retail chains like Costco are usually reliable but sometimes, the products can be quite concerning.
1 day ago
O'Leary was told by the entrepreneur that he will rethink his decision when he sees graffiti anywhere.
1 day ago
The enthusiasm of contestants is seen both during games as well as celebrations that follow.
1 day ago
The case that could've been a waste of time actually made her day with a hilarious moment.
1 day ago
Drew Carey knows how to get the most out of a hilarious situation and that's exactly what happened.
2 days ago
People have also pointed out glitches on screen, showing how carefully they observe details of production.
2 days ago
Things have become a little weird on the show lately, with unusual questions popping up on the screen.
2 days ago
Dogs usually don't get a say in courtrooms but not every courtroom has Judy Sheindlin as the judge.
2 days ago
US-based Apple product owners could get paid per device if the settlement is approved.
2 days ago
The customer who was influenced by the "Tips for Jesus" movement, left everyone disappointed.
3 days ago
Baseball cards are highly sought after especially if they are vintage, which is what these were.
3 days ago
While some viewers on TikTok advised the woman to sue the fast food chain, others were divided.
3 days ago
The big wheel requires some skill and strength while a lot of it is about luck in the end.
3 days ago
Classic musical instruments might be out of circulation but they could still fetch a high price.
4 days ago
He even walked up to the contestant and made a gesture to slap them after an incorrect answer.
4 days ago