'Shark Tank' contestant tries to impress judges with stunts on pogo sticks — still doesn't get a deal
Businesses selling products that make day-to-day life easier for people often get deals on “Shark Tank.” But sometimes, entrepreneurs come up with ideas that just don't stand out, and don't even have a long-term plan to make them work. One such venture was a pogo stick business, and while the product wasn't an issue, the sharks refused to bite because of the lack of vision behind it.
The entrepreneur was a man named Brian Spencer who sought $500,000 for a 20% stake in his company called Vurtego Pogo Sticks. Spencer even got a couple of professionals whose incredible skills on the stick wowed the sharks. The entrepreneur believed that pogo sticks could be the future of extreme sports like skateboarding or cycling. The sharks believed the product was good, but the problem was the pricing.
Spencer had sold 7,000 units at the time of taping and had priced each at $330. After that, the entrepreneur revealed his goal with the business. “There is a competitor that uses rubber bands. The biggest pogo stick company in the world, by the way. They sell millions of pogo sticks every year. We plan on replacing them as the world’s largest pogo stick manufacturer,” he said.
Robert Herjavec was the first to point out that $330 was cheap for a specialty item. However, the entrepreneur said that he wanted to tap into the mainstream market instead of having a niche in the industry.
Mark Cuban shared his own two cents on the matter, and he focused on the image of the entrepreneur that also translates into the image of the business to its customers. “I’ll just tell you, you can be a victim of your own success,” he said. He believed that the business would lose its “cool and hip” image if it went into the mainstream market. “When you mass market, you lose a little bit of that,” he added.
Barbara Corcoran was the first to say no, as she did not believe the product was safe. Cuban also said no to making an offer as he did not believe the entrepreneur was being himself and trying to please everybody. Mr. Wonderful and Daymond John did not even believe that Spencer needed a shark. They also said no to making an offer.
Robert Herjavec was of a similar opinion as Cuban. “Brian, you are the ultimate in cool. Cool product, your hair is cool, you got the whole look. Everybody’s right. The minute you try to go mass market, it’s a guy in a suit selling on Wall Street,” he said. Eventually the founder had to walk away empty-handed from the show.
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