'Shark Tank' contestant gets a massive $1 million deal from two judges for his photography product

The entrepreneur might not have hoped to get so much money but he wasn't going to say no.

PUBLISHED 3 HOURS AGO

Screenshots showing Mark Cuban and the entrepreneur on "Shark Tank" (Cover Image Source: YouTube | Sony Pictures Television)

"Shark Tank" has opened up people of all age groups and backgrounds to showcase their entrepreneurial instincts and go all the way with innovation. One such entrepreneur not only had incredible products but also a solid and successful business model. It was so impressive that four out of the five sharks offered the entrepreneur deals. A couple of the deals that he received were worth a million dollars, and the entrepreneur chose to work with two sharks.

The founder, Jeff Overall, sought $500,000 for a 10% stake in his company, PolarPro. He mentioned that the company makes innovative accessories for photographers and videographers to help them take some fantastic pictures and videos. Among the products he showcased, one was a selfie stick that could charge your phone once attached, and another was an action camera case with a built-in battery dock.

Screenshot showing the entrepreneur. (Image credit: YouTube | Sony Pictures Television)

Then there was a set of three lenses for drone cameras, which was the one that impressed Mark Cuban the most. The lenses were polarizers and neutral density filters that make the shots captured on a drone’s camera look a lot more enhanced than usual. The lenses were also quite hardy and could serve as protection for the drone’s camera if it happened to crash into an obstacle.

Overall had asked for a big valuation, but he had the numbers to back up what he’d asked for. The year prior to taping, his company had earned a revenue of $2.8 million and was on track to make $5.6 million in the year when the episode was being shot. However, the entrepreneur later said that he had earned a profit of only $300,000 from it.

Screenshot showing the drone camera lenses. (Image credit: YouTube | Sony Pictures Television)

Overall used up most of his profits in R&D as he wanted to create new products and improve upon what he had at a fairly quick pace. So, by the time any other company copied his products, he would have three new ones. The sharks were all impressed by the entrepreneur. Kevin O’Leary was the only one who did not offer a deal, since he believed that the industry was quite tough to be successful in.

Cuban was the first one to make him an offer, and he was giving Overall exactly what he had asked for: $500,000 for 10%. Lori Greiner offered the same deal later on. Daymond John wanted to work with Cuban, but upon being rejected, he offered $500,000 for 15% equity. Robert Herjavec, however, believed that the entrepreneur needed more money. He teamed up with Cuban to offer a million dollars for 20%.

Screenshot showing the sharks. (Image credit: YouTube | Sony Pictures Television)

John also did not want to be left behind, and he said he’d offer $1 million for 17.5% of the company. However, the entrepreneur decided to sign a deal with the Cuban-Herjavec duo, much to John’s disappointment.