'Shark Tank' contestants annoy Mark Cuban during pitch — but still end up with a life-changing deal

The entrepreneurs did not want to disclose their costs on TV, which Mark Cuban did not take well.

PUBLISHED 5 HOURS AGO

Screenshots showing Mark Cuban and the entrepreneurs. (Cover Image Source: YouTube | Sony Pictures Television)

Among all the sharks, Mark Cuban is one "Shark Tank" investor with successful investments in the world of sports, and he is naturally interested when entrepreneurs walk in with products related to it. But on one occasion, founders trying to make it big in the sports industry left him so annoyed that he didn't even make an offer. However, the entrepreneurs were still able to get a sweet deal from a couple of Cuban's fellow sharks.

The entrepreneurs were Greg Pope and James Pidhurney, who sought $400,000 for a 4% stake in their company, Chalkless. The product is one that enhances grip and is an alternative to regular chalk. The first thing that the entrepreneurs did during the pitch was to throw a baseball bat and perhaps break something on set. That was to show how important grip is for professional athletes.

Screenshot showing the product. (Image credit: YouTube | Sony Pictures Television) — Screenshot showing the product. (Image source: YouTube | Sony Pictures Television)

Guest shark Rashaun Williams tried out the product and said that it was so light that he barely felt it. He was also impressed by how well the product worked, as the entrepreneurs had asked him to turn a metal road backwards.

Unlike chalk, this product was not something that coated the layer of sweat or oil on one’s palms. It simply removed such substances altogether. The entrepreneurs claimed that they had made $740,000 from sales year-to-date at the time of taping. However, when they were asked about their cost to make the product, they said that they’d rather have that discussion off camera. But they did say that they had a 67% margin.

Screenshot showing Mark Cuban. (Image credit: YouTube | Sony Pictures Television) — Screenshot showing Mark Cuban. (Image source: YouTube | Sony Pictures Television)

Cuban did not like this at all. “So you don’t want us to work backwards,” he said. “If you say you have 67% blended margins, then they know. The fact that you gave us your blended margins but would not tell us your cost just annoyed the **** out of me. So, I’m out.” Williams, Barbara Corcoran, and Lori Greiner did not believe they could do a lot for such a product, and they all opted out as well.

Kevin O’Leary was the only one left, and for once, he did not make a bad offer. He said that he’d pay the $400,000 for 4%, but wanted a royalty of $2.50 per product until he made $4 million, and then the royalty would be 25 cents in perpetuity. This would give him the incentive to market it across all of his social channels, which could blow it up.

Screenshot showing Kevin O'Leary. (Image credit: YouTube | Sony Pictures Television)

Williams had said he was out earlier but wanted to join Mr. Wonderful and share the $400,000 and the royalty fee equally. With two sharks who had great connections and a deal that was not too far from what they had hoped for, the entrepreneurs knew they had struck gold. It did not take them long to say yes to that offer.