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Pavlok founder Maneesh Sethi's pitch on Shark Tank Season 7 Episode 29 raised eyebrows when sharks questioned the valuation as well as the proof of his claims. Maneesh was unable to convince the sharks, including Mark Cuban, about the legitimacy of his product.
The founder was seeking $500,000 for 3.14% equity for his product, a buzzer that can be tied on the wrist to help resist bad habits. However, Cuban was not satisfied with the pitch. Addressing his fellow sharks, he said:
"How could you guys be so gullible? You're using other people's studies. You can't be that stupid Robert to even think there's any legitimacy."
Shark Tank investor Mark Cuban called Pavlok founder Maneesh Sethi a con artist
After Pavlok founder Maneesh Sethi explained how his product worked, all sharks questioned the overall "legitimacy" of what it was based on. Maneesh defended himself, stating that there had been clinical trials to prove his point, however, Mark Cuban argued that the studies were evidence to demonstrate how aversion therapy worked. Cuban continued stating that there was no way to verify the claims made by Maeesh regarding the product and if it would actually work.
The Shark Tank investor expressed his frustration regarding Maneesh's statements about the product, stating he went "over the top" rather than simplifying its usage. Barbara agreed with Cuban and mentioned that Maneesh was overcomplicating things during his pitch. Mark Cuban further emphasized that it was not okay for Maneesh to bring clinical trials done by other parties as it did not validate the claims made by him.
He advised the Pavlok founder to not "rush" the process but rather invest money in gathering enough proof through his "own verifiable studies." The Shark Tank investor said:
"Look if you had verifiable proof, that all your aversion therapy can be well executed with your device, you wouldn't need to import other people's studies because with all the advance money you've got, you could have gone to any university and said you know what we don't want to rush it. We want to get our own verifiable studies in place so that no one can question us."
Robert agreed with Cuban's points and further mentioned the importance of having his own clinical trials to back his statements. According to Cuban, the device could have served as a "reminder" to other people, which was not included in Maneesh's pitch. He said:
"The one thing that kills a tech product is hypermiling because at some point you have to execute. If you would have just said you know what this is a reminder and everybody is different so we have different ways to remind you but you went so over the top with the nonsense. It is everything but a legitimate product. And for those reasons, I'm out."
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Despite the skepticism about the product, Shark Tank investor Kevin O'Leary decided to place an offer of a $500,000 loan at 7.5% interest for 24 months and 3.14% equity. Maneesh didn't accept this offer and left without a deal. As of 2022, Pavlok has been generating $600,000 in revenue every year and the product is available to buy on Amazon.
Shark Tank episodes are available to stream on ABC.
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