'Shark Tank' contestant ignores Daymond John's offer as the judge calls his line of work 'overrated'
Like most investors, Daymond John is known for his sharp business acumen, which has earned him a seat as a "Shark Tank" judge. It's natural for him to be confident about his choices on the show, but sometimes, overconfidence could be his undoing. The celebrity investor showed that tendency when he called a US Air Force personnel’s line of work “overrated.” After that, the Air Force personnel did not pay any heed to John's offer despite repeated attempts.
The entrepreneur, Tom Burden, sought $200,000 for a 10% stake in his company, Grypmat. His product was a silicone-based tray designed to keep tools and other items in place on a slippery-sloped surface. He came up with this product while working as an F-16 mechanic in the US Air Force. He claimed that keeping his tools in one place while working on planes was a hassle, as the smooth, sloped surface meant that those tools would just keep falling off.
Burden claimed that aircraft mechanics would use all sorts of things to keep their tools in place, like rugs, muffin trays, and even urinal cakes. As a result, he came up with Grypmat and, within 10 months of launching, had made $400,000 in sales. The sharks loved the idea, especially guest shark Sir Richard Branson, who said that the entrepreneur was an everyday person solving an everyday problem.
The first offer he received, however, was from Daymond John, who wanted 25% of the company for $200,000. But, he did not see its application only in aviation. Instead, John saw it as a product that would be good for infants and hospitals. The entrepreneur said that he believed the product to be big in the aviation industry, and that’s when John made his mistake. “I think aviation is so overrated,” John said.
Not just that, he cut Burden off while he was speaking to make his point. This might have put off the entrepreneur. More offers started coming in from the likes of Robert Herjavec, Sir Richard Branson, Mark Cuban, and Lori Greiner. John reduced his ask to 15% equity, but even then, Burden simply was not interested. He had instead made clear that he wanted to work with Branson as he had a lot of experience in the aviation industry thanks to Virgin Airlines.
The entrepreneur ended up suggesting a deal that was agreeable to the sharks. He wanted multiple sharks in on Grypmat and asked Branson, Cuban, and Greiner if they’d be willing to give him $360,000 for 30% of his business. This was an acceptable offer for all parties involved, and a deal was struck. Perhaps John might have gotten in on this as well if he hadn’t cut the entrepreneur off and called his line of work overrated.
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