'Shark Tank' contestant fails to get a deal simply because he kept arguing with the judges
Winning a deal on "Shark Tank" is a life-changing development for entrepreneurs, but going overboard with a pitch can backfire big time. This is what the founder of 'Besomebody,' Kash Shaikh, learned the hard way as he relied too much on the passion behind his business with no concrete numbers to back his claims. While he kept arguing with the sharks, they tore him apart by the end, forcing him to leave empty-handed.
In the episode, Shaikh entered the show seeking $1 million for 10% equity in his business. He made quite an entrance with a rap-like presentation, bringing out stars like Ninja Warrior champion Travis Bruer, Bollywood dancers, and Olympic soccer champion Christine Lily. He explained that his platform connected learners and experts like the trio to share knowledge.
Demonstrating how it worked, Bruer gave Robert Herjavec a “ninja lesson," and the Bollywood dancers shared a dance lesson with the panel. Meanwhile, Lily dribbled into the Tank for a soccer lesson, and everyone was wowed by the presentation.
Shaikh then explained that Besomebody allowed its users to engage in hands-on experiential learning directly from experts, fostering a strong sense of community. He shared that the innovative platform offers an alternative to online courses as users book "experiences" instead of pre-recorded lessons. He told the sharks that whenever someone booked an "experience," Shaikh kept 20% of the fee, and the average order value on the platform was $40.
While the presentation was great, the sharks appeared to be skeptical. However, Shaikh was persistent, claiming that he had gained 5 million followers, had trademarked the hashtag #besomebody, and organized 2000 meet ups.
However, the Sharks weren't sold. Daymond John was the first to express concern over litigation and the exclusivity of the experts to the platform. Mark Cuban, on the other hand, felt that 100% of the revenue was dependent on Shaikh, and he was only selling passion, and nothing more. When Shaikh kept trying to pursue Cuban, he snapped. "You're killing us. Did you bring a collection plate?" Cuban said after the entrepreneur dug back into his backstory. "Kash. Rule number one: the longer the backstory, the worse the deal. More preaching always equals less money for the investor. For those two reasons, I'm out," Cuban said in the end.
After Cuban, Barbara Corcoran was next to exit. After she barely got the chance to speak, she decided to drop out with a fiery response. "I find you enormously abrasive. You drive me nuts. I feel as though you can't listen. Could you imagine what kind of a partner you would make for me? I'm out," she told Shaikh.
Next was Herjavec, who felt like his "BS meter" was ringing, so he decided to drop out as well. Meanwhile, Lori Greiner felt that Besomebody was just another app, likely to fail, so she went out as well. In the end, it was all down to Kevin O'Leary, who decided to put the final nail in the coffin.
"Cash. Silence. I'm calling you out," he said as he got up from his seat to interrupt the entrepreneur. "In eight years of history, you're one of the first people to ever have six shots at this. Okay. You struck out on everyone. Zero. I'm out. See you, buddy," he added in the end.
According to the "Shark Tank" Blog, after the episode aired, Besomebody was sold to Utivity Holdings for an undisclosed amount. Utivity was then shut down due to a lack of demand.
More on Market Realist:
'Shark Tank' judges team up to persuade entrepreneurs to take Daymond John’s life-changing offer
'Shark Tank' contestant taunts Kevin O'Leary for being bald — still ended up getting a $75,000 deal
