'Shark Tank' founders drive a real van into the studio — and get the exact deal they wanted

Entrepreneurs always put their most creative foot forward when it comes to pitches on “Shark Tank,” and some of them leave the investors in awe. David Sodemann and Brett Ellenson decided to take things to another level by bringing an entire van into the sets, to showcase their idea addressing the issue of affordable housing. The duo was demonstrating how their product makes living on the move, out of a van, a comfortable as well as cost-effective proposition. 

The entrepreneurs asked for $300,000 for a 10% stake in their company, Boho Camper Vans. While living in vans is not a new concept, the entrepreneurs claimed that no one did it quite like them. The vans have every amenity imaginable, from running water and solar-powered electricity to a comfy bed and an outdoor shower system. Sodermann got the idea when he was a tourist in Maui with his girlfriend. They finished the whole trip inside a camper van and realized no one was doing it in Arizona, which is where both the entrepreneurs were from. That’s when he contacted Ellenson with his idea. 

The Boho Camper Vans could be rented at $200 per night, but the minimum duration had to be three nights. They cost $20,000 to build, and the whole thing is sold for $29,000. At the time of recording, the entrepreneurs said that they had five vans in their rental fleet and sold 12, half of which were used for living purposes by the customers.

At the time of recording, the entrepreneurs claimed to have made sales worth $493,000 the previous year, with a net of $195,500 in the last eight months. That year, they projected total sales of $800,000, and the year after, $1.9 million. The net sales of that $1.9 million were expected to be around a million. These numbers were impressive, but Mark Cuban still backed out as he did not believe he was the right shark for the deal.

Every other shark, however, wanted a piece of the business. Kevin O’Leary offered $300,000 for a third of the business, while Rohan Oza offered to pay the money for 25%. Barbara Corcoran offered exactly what the entrepreneurs wanted, which was $300,000 for 10%, but she offered $150,000 as cash and the other $150,000 in a line of credit. 

Mr. Wonderful wasn’t far behind, so he offered the full money as a loan with 9% interest payable in two years for a 7% stake in the company. Lori Greiner then came in with her offer of $300,000 for 20% and a charitable donation to the homeless. All of these offers were interesting to the entrepreneurs, but they decided to seal the deal with Corcoran as that was the closest to what they had asked for initially.