'Shark Tank' contestant brings in football icon to promote his product and wins a $100,000 deal
“Shark Tank” often attracts celebrities among the guest judges, but sometimes well-known personalities also step in to endorse products being pitched on the show. One of those was American football legend Rob Gronkowski, was was there to support his brother Chris Gronkowski, who sought $100,000 for a 10% stake in his company, Ice Shaker. He also decided to beat the sharks at a drinking game while he was at it.
Chris brought all four of his brothers to the show, and the five of them squared off against the five sharks. The winner of the game would be the team that finished their drinks first. Each member would have to drink a cup of water and then flip the cup on the table so that it landed upside down. Then the next member of the team would have to do the same.
It’s safe to say that the Gronkowskis dominated the game and won. Once all the fun was over, it was time to talk business. Chris’s product, the Ice Shaker, was a stainless steel shaker bottle that would keep one’s drink cold, depending on what it was. Chris, like his brothers, was a fitness freak and used these bottles to drink protein shakes before a workout session. However, the reason he made this product was simply because he was tired of plastic shakers.
The sharks argued that there were already a lot of stainless steel insulated bottles on the market. That’s when the entrepreneur revealed that none of them had a sipper at the top. He did not have the best sales figures, but every single shark knew that the Gronkowski name was enough to push this product to massive heights. The only problem was that Chris did not want his last name on it.
“Why is your name not on it?” Barbara Corcoran asked. “I wanted to build a product that people wanted. I didn’t want it to be… every time Rob posted, it sold. "I wanted to make sure it was something out there,” the entrepreneur explained. The sharks might have understood the reasoning, but the reward for adding the Gronkowski name to the product was immense. Lori Greiner even gave it a new name - the Gronk Shaker.
All five sharks smelled an opportunity to make it big, and they all offered deals. Kevin O’Leary offered $100,000 for 20% of the company. Mark Cuban and Alex Rodriguez teamed up to offer the same deal. Corocran offered $100,000 for 10% while Lori Greiner asked for 15% for the same amount of money. The entrepreneur seemed a bit overwhelmed.
However, since Cuban and Rodriguez were the two sharks very well connected to the sports and fitness industry, it was no surprise that he went for them. He did negotiate to get the equity share down to 15%. All in all, it was a good deal for all parties involved.
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