Shark Tank Season 16 premiered its latest episode on November 15, 2024, on ABC, bringing with it an exciting lineup of entrepreneurs ready to pitch their innovative ideas. This episode featured guest shark Rashaun Williams making his second appearance, joining the panel of well-known investors - Mark Cuban, Lori Greiner, Kevin O'Leary, and Barbara Corcoran.
Each shark brought unique skills and expertise to help the pitchers maximize their potential during the show. In episode 5, the standout products that secured deals and made it into the highlights were Creator Camp, Chalkless Athletes, Y'all Sweet Tea, and Chomp Shop. Mark Cuban and Lori Greiner teamed up to extend an offer to Chomp Shop, an innovative, kid-friendly tool designed for safe and easy cardboard cutting.
This inventive product was introduced by its creators, Max Liechty and Kausi Raman, two graduates of the University of Pennsylvania's Integrated Product Design program. Initially, the founders sought an investment of $250,000 in exchange for 5% equity in their company.
However, after the final negotiation, Mark and Lori ultimately proposed a deal of $50,000 for a significant 75% equity stake, demonstrating their confidence in the potential of Chomp Shop to make a splash in the Kid's market.
"Toy of Holidays"- Shark Tank's Lori Greiner promotes "Chomp Shop" on her Instagram along with Mark Cuban
Lori Greiner and Mark Cuban made a strategic investment of $50,000 for a remarkable 75% equity stake in Chomp Shop, an innovative cardboard-cutting tool that simplifies the process of creating intricate 3D designs. This product is specifically crafted to ensure safety, neatness, and ease of use, making it an excellent choice for children wanting to explore their creativity.
Captivated by the product's promising potential and market viability, Mark and Lori eagerly tested the tool, experimenting with it to design their unique and imaginative creations.
The two sharks, Mark and Lori, found the product promising and a hit in the children's market. After sealing a deal with the founder, Lori exhibited the functionality of the tool via her Instagram post, where she said:
"Is the toy of the holidays. All you have to do is take your cardboard, which we get every day because we're always ordering boxes. This is my wood shop, but it's totally safe."
The founders of Chomp Shop, Kausi and Max, made a memorable appearance on Shark Tank, where Kausi donned an imaginative cardboard knight costume, complete with a cardboard sword while Max transformed into a cardboard astronaut, featuring a perfectly cut space helmet with Chomp Shop.
Together, they captivated the sharks by showcasing the innovative functionality of their tool, highlighting its unique safety features and creative applications. Their enthusiastic presentation caught the attention of Shark Tank's guest Investor, Rashaun Williams, who expressed strong admiration for the product's potential and said to the founders:
"Hey, did you say this was for 44-year-olds?"
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Shark Tank Season 16 Episode 6 will air on November 22, 2024, on ABC
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