'Shark Tank' contestants get a life-changing deal from Kevin Hart for finger-friendly chopsticks
Guest judges on “Shark Tank” are usually known for their business acumen, but once in a while, a celebrity walks in and impresses everyone with their ability to spot potential. Kevin Hart may be known as a funny man, but he is also a smart businessman, and decided to invest in a product that impressed and amused him at the same time. He chose to back a firm that made chopsticks that can fit on a person's fingers, hence solving a problem that a lot of people struggle with.
The entrepreneurs behind it were Kevin Choi and Edwin Cho, who sought $200,000 for a 10% stake in their company, Snactiv. The product was created by Choi during the pandemic as he was working on his laptop and snacking at the same time. He would pick up and eat his snacks with his bare hands, lick his fingers, and then use those same fingers on his keyboard. He also said that he often wiped his hands on his shirt.
All the sharks, including Hart, laughed as he demonstrated this. The Snactiv product worked as chopsticks controlled by one’s fingers to pick up snacks. That way, the user's hands, shirt, and keyboard would remain clean. The beauty of the product was in its simplicity.
The entrepreneurs revealed that they had a utility patent pending and had $187,000 in sales after five months of operation. Of them, 50% came from the international market. More specifically, Asia. Kevin O’Leary saw value in the business and made an offer. However, it was an aggressive one as expected.
Mr. Wonderful offered the $200,000 but wanted a royalty of a dollar per unit until he was paid back $1 million and a 10% stake in the company. The royalty aspect was the issue as far as the entrepreneurs were concerned. However, they soon had a second offer on the table from Kevin Hart and Lori Greiner. They offered the same amount for 20% of the company.
“As a personality, I think the idea of marketing behind this product, that's what I do very well. I market. I know how to reach consumers,” Hart said before making the offer with Greiner. Mr. Wonderful did not want to be outdone, so he made two counteroffers. His final offer was $200,000 for a 5% stake in the company with a royalty of 50 cents per unit until he made a million.
However, the entrepreneurs probably did not want to get involved with a royalty structure and proceeded to accept Greiner and Hart’s offer. “Let’s go talk to our partners and give them a handshake,” the comedian said after getting the deal done.
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