“Don’t see the long-term vision:” When Shark Tank investor Daymond backed out from placing an offer to Aira founders

On Shark Tank season 11 episode 4, Aira founders Eric Goodchild and Jake Slatnick sought $500k for 7% equity of their business. The wireless charging company enabled a free form of charging with multiple devices on a single surface. They revealed that 33,000 of their products had already been ordered in bulk, which meant a promising future for the business.

Daymond John was the first shark to back out from investing in Aira, implying that future technological advancements change very quickly. This added a layer of risk. Hence, he was not ready to invest in a business like that. Daymond said:

"Listen I see tech moving so quick and I just don't see the long-term vision because things would constantly change so I'm out."

Mark Cuban had something similar to say. He stated that the founders could get "leapfrogged," and the uncertainty of the business was one of the reasons he decided to back out. However, Shark Tank investors Kevin and Lori, alongside Robert, placed two offers later, agreeing to a joint offer of $500,000 for 15% equity.

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Shark Tank investors Kevin, Lori, and Robert agreed to Aira founders' counteroffer

Shark Tank investor Robert Herjavec was impressed by the wireless charging technology that allowed the devices to charge on a surface instead. Robert predicted the company's success and stated it could be "a world-changing revolutionary technology." Then he mentioned that $500,000 for 10% equity was a fair offer given by him:

"Eric I think its really clever this could be one of those things that could be world-changing revolutionary technology. we'll build this thing together this is not a time to get a loan, Either you believe in this then you're going to...$500,000 for 10% I think it's a fair offer."

Lori decided to place a joint offer with Kevin of $500,000 as a loan at 9% interest and 15% equity. Robert was quick to share his opinion on Lori's offer. The Shark Tank investor told the founders that it wasn't the right decision for them to take a loan. Meanwhile, Lori mentioned what she and Kevin were bringing to the table:

"This is a tricky space right but you're very impressive, Kevin and I are going to give you an offer together."

Kevin chimed in, stating he would help the company become huge. He said:

"We will guide you to the extent you need on licensing we do a lot of licensing."

Robert, on the other hand, emphasized that taking a loan at this stage wasn't a wise decision. After that, the founders proposed that all three sharks come together for $500,000 for 15% equity, to which Lori, Kevin, and Robert agreed. Eric Goodchild and Jake Slatnick secured a deal on Shark Tank and, since then, have expanded their business.

As of 2023, it has been revealed that Aira founders have rebranded their company as FreePower, which has generated $8 million in revenue each year. They have partnered with companies such as Motherson and Tesla to incorporate their product into new cars.

Shark Tank episodes are available to stream on ABC.