'Shark Tank' offers $400,000 to founder who had a simple water filter with one key difference

Every invention is born out of the need for innovation to solve everyday problems and that's how successful enterprises are built. With environmental and economic crises cropping up from every corner of the world, it's only wise for the world to move on toward a sustainable world. So, it's hardly a surprise that Mark Cuban is one of the people to make compelling investments in businesses that solve 21st-century problems early on. 

Back in 2019, founder Eric Roy pitched Hydroviv, a line of personalized water filters he developed in response to the water crisis that he faced in Flint, Michigan. The company makes consumer filters based on the water quality in customers' cities, which they identify beforehand. The filter removes any harmful substance including lead and arsenic. Roy, who worked as a chemist at the Department of Defense in Washington D.C, told the Sharks he expects to generate $325,000 in sales this year and reach $1.7 million next year. He came to Shark Tank seeking $400,000 for 10 percent equity.

The founder made a profound impression and Mark Cuban immediately understood that the invention could solve bigger problems. "Your product is not a water filter; your product is trust," Cuban told Roy about the key difference in his product during his pitch. "I'm interested because I love products that do well by doing good," he added. Roy's filter was special in quite a lot of ways. While other companies like Brita do deliver clean water, they do not remove all the necessary toxins, Roy told the Sharks. Roy decided to step up and do something after Flint, Michigan, changed its drinking water source from Lake Huron to the Flint River which led to dangerously high levels of lead. Roy then created filters that catered to Flint's specific purification needs in his studio apartment and donated them to the city.

He later worked on creating a business plan wherein he would assess a city's drinking water based on local water quality data, and then build a custom-made filter. The company now sells filters for $249 and replacement filters for $55 for subscribers and $65 for non-subscribers. The sharks liked his business offering but were also skeptical about how he planned to grow the business.

"What I've heard is that your customers have come from an authentic belief; they believe in your product and that you will protect them," Cuban said. "We want to get you out there scaring the hell out of people and getting onto shows and saying, 'I'm here to answer all your questions," he added before offering him $400,000 for 20% of the company, which Roy accepted without negotiating. "Now that we have [Cuban] on our team, I'm just speechless," Roy said at the end. 

However, after the filming process of "Shark Tank" and during the due diligence process, Roy said that while Cuban's team was "tremendous," they had different visions for the future of the company. The differences later led to Roy and Cuban parting ways. Having said that, the company is still in business and sells under-sink filters, shower filters, and refrigerator line filters, which are effective against PFAS, lead, arsenic, and other contaminants, directly from its website, according to Food Republic.