‘Shark Tank’ judges have a heated battle over a hat business — as one investor tried to steal the deal

Although all investors on "Shark Tank" are impressed by innovative pitches and even participate in some, it's rare for entrepreneurs to get more than one of them interested in financing their venture. But when they do, a battle to seal the deal for a lucrative business may turn into an all-out war between the sharks. The firm Noggin Boss managed to do that with a catchy product that investors were a bit too enthusiastic to finance.

Entrepreneurs, Gabe Cooper and Sean Starner appeared on Shark Tank Season 13 to pitch their custom oversized hat business, Noggin Boss. They walked into the tank with a flurry of people wearing their large hats. They told the Sharks how their products fuel the passion of sporting fans who love them all across social media. They claimed to be the only giant hat makers in the country that allowed customers to fully customize the products. Their ask was $50,000 for 25% equity in their company.

After revealing that the company had sold hats worth $30,000 in four months, they explained how they had sparked interest from a wide range of sporting events. They added that the Covid-19 pandemic interrupted their launch, which stifled their sales.

They explained that the hats cost $20 and were sold for $65. Gabe first made an oversized hat along with his daughter for a charity golf tournament and after getting a positive response, the founders knew that they had to bring it to the market.

At this point, Daymond John questioned why the company had sold hats worth only $30,000 if there was so much interest. The entrepreneurs explained that the biggest offers that they get are from promotional companies and licensing opportunities, which they don't know how to navigate. They further added that they couldn’t fulfill 95% of their orders as most customers want licensed logos on their hats but the duo was unable to obtain the rights, which is why they need a shark on board.

John was the first to jump in with an offer of $50,000 for 30% equity before Cuban hopped in saying that if the duo closed the deal with John, he could get them a deal with his NBA team, Dallas Mavericks. 

Following the offer, Lori Greiner dropped out, to clear the field. However, both Kevin O’Leary and Barbara Corcoran looked interested in making an offer as well. But, before they could do so, John turned up the heat asking the entrepreneurs to make a decision. "30% just take it right!" John said while O'Leary and Corcoran were still speaking.

"Careful wait! I'd like to make an offer," O'Leary said. "Guys over here, I have been trying to talk, over here please!" Corcoran added. However, John kept pressing the duo to make a deal. "Wait a second Damon why can't they hear other offers?" O'Leary said, with both John and Corcoran speaking over him. As the quarrel got noisier, the two entrepreneurs caved under pressure and accepted John's deal.

The deal turned out to be great for the company since months after closing it, Noggin Boss took the sporting world by storm. After a photo of Washington Commander RB Brian Robinson wearing a giant hat went viral, the company's hats started popping up everywhere, Front Office Sports reported. 

Several other sporting personalities, commentators, and presenters also donned the company's hats while appearing on television.