Best of Shark Tank TV
Shark Tank Two Entrepreneurs Want $500K For 5% of Their Technology Business - Best of Shark Tank TV
hello Sark's my name is tarik Rogers from Dallas Texas that's right and I'm
the CEO of bear tech and my name is Willie blunt from Columbia Maryland I'm
the founder of bear tech we are here seeking $500,000 for 5% interest in our
coli sharks we love the outdoors and nothing is better than hopping on my
motorcycle and taking a long ride problem is whenever I want to listen to
music it's nearly impossible and dangerous to reach for my phone to play
a song and me as a skier I wear gloves all the time and I run into the exact
same problems bear attack transforms any glove into the most convenient safe and
accurate remote control imaginable now your smart phone is always right at your
fingertips so sorry let me just get you to do me a
favor raise your hands for me now go ahead and tap your thumb and your
index finger together now go ahead and tap another foot that's not my song no
that's not mine either let's get one more there we go
give me the taps of some volume let's get me out there
all right with this technology now you can keep
your eyes on the road and the slopes but music is just the beginning now it's
just that easy to control any device imaginable from consumer action cameras
from military-grade equipments the possibilities are endless it is our
vision at all gloves will be powered by bare tech we are not just a product we
are a tech company and sharks with your help we can become a tech Empire now
who's ready to be presentation guys sharks Tariq will hand out some bluffs
you all and I'm going to show you how they work there you go all right thank
you ready there you go small size here thank you take packaging and with you
here and you can pass this out this is a modulus inside this big brains kind of
so sharks every powered by bear tech glove has six touch points each touch
point has receives a different command and causes the behavior that you seek
the thumb is your activation touch point so the act of touching your thumb to any
of these six touch points caused in action as demonstrated earlier volume up
volume down next in previous song answer reject calls or start and stop your
music on the back of every glove is a pocket in that pocket is where the bear
tech sync module goes you plug that into the glove and you're off to the races so
tell me where you're at now so we create the module and there are several other
iterations of this glossary you're only selling gloves right now we're selling
gloves and modules however our long-term play is not to be in the glove selling
business yeah we are not in the business of selling gloves we launched bear take
gloves because we need to prove this opportunity you are in the business
selling gloves today but you're only doing it to prove
the concepts he did was only giving a 2013 we actually long cream it's a bunch
of trade shows got lots of brains they wanted to have this power in their
gloves what happened was we realized it takes
him two years to go ahead design developing there prior to the
development lifecycle so we said we can't wait for that so in five months we
did what these companies say it would take them to do two years and how many
five months been 15 months we did a pilot and we sold about 1500 units why
do they cost they go between $200 and 275 we sold two hundred thousand dollars
worth of gloves in about 15 months so guys how'd you two start working
together what's your backgrounds we're cousins
second cousins I went to the Marine Corps and studied aviation electronics I
was riding for ever and I've always had the problem control my music and you
know in the Marines there's this monster we have if there's a problem you
improvise adapt and overcome about the problem so I called three and he was as
soon as I talk to about it he was like I'm in because he actually had the
problem that this would have solved while he was out on the slopes so after
that we got together my technical background and his business hairy
comments my need you put in I've put in five hundred thousand dollars
where did you get the 500000 I've had a lot of career at fortune 500 companies
but the last seven years of my career have all been in startups so they kept
money out of our pocket and put it in there how why is it worth 10 million
dollars I still haven't heard ok so what all we've been talking about now
consumer space we also have going on at this very moment military companies
started coming to us saying hey we want to control heads-up displays
night-vision goggles computer a disco an salon with the lux
the point is our market our people that wear gloves once you put gloves on if
inhibits you from being able to like you here's what I'm expecting you to say for
a 10 million dollar valuation I'm expecting you to go beyond gloves
because I gotta tell you I'm not super excited about giving you 500,000 for 5%
for a glove company I fear you're not gonna get a deal here just a glove
company but it's what I'm waiting to hear where do we go beyond glass
especially good like this for about 15 minutes trying to hear why you're worth
10 million dollars and it's not working
all sharks are still in but they question the 10 million dollar valuation
for Willie and Tariq's high-tech glove company Bayer tech I've been pushing my
fingers like this for about 15 minutes trying to hear why you're worth 10
million dollars and it's not worth we're putting an opportunity in front of you
that is going to AG that is going to get to at least 32 million we have a major
retailers that are starting to carry this let me take a crack at this I'm
looking at it this way no one else has brought it up but I might as well there
are other ways to interface with devices that don't require manipulation by your
digits okay because I've seen a helmet now that allows you to speak to a device
while you're riding it doesn't matter whether it's a car or whether you're on
a bike or a bicycle Shamir it is a very accurate what's your greatest strength
against voice activation one you can't you don't make any mistakes using this
product because you know precisely where you're touching your finger with voice
activation necessarily happened where you try to say something and if either
miss reads you and it understands something else and then you got up back
out of that command set to try to get back in and say what you know that's my
port and industrial that which song you figure I've turned off doesn't mean that
your option isn't a good one it could be an alternative it may be that the
markets passed you by I'm not gonna stick around to find out I'm out
because we'll make it the amount of time you have to wait for them to integrate
and then sell and then you still have an entire risk profile of not knowing if
they'll sell the risk reward is not there I'm out
like I think there's some merit here but honestly guys they're asking for a ten
million dollar valuation if you would have said maybe I have government
contracts a little bit different we're not even in the same universe I'm not
even gonna put out water out at that price so I'm out
guys to me what I was hoping you would say with the thick love was simply a a
carrier for the technology but it was one of many but every time anybody asked
you a question we always went back to the club Robert
is there any valuation that you would give these guys $500,000 what percentage
Ernie or something this company's worth look here's the first Terrance is there
a new for you you've developed the technology but when you come in with a
ten million dollar valuation we're gonna take it very seriously I don't want to
be in the glove business for ten billion dollars really well but you haven't
shown me how you're gonna get out the club business
I know thank you Robert the reason why we won't want to be in the glove
business so much is because we have learned from consumers they are very
particular about the gloves they wear so we can't carry a million SKUs on the
other different because it loves to make everybody happy I like you guys I think
you're smart I think this is a very clever application I like anything that
keeps you safer well though I think you really have something here that will be
appealing to the consumer and mave to the army and everybody else but you're
just at this point of figuring it out you're not really sure yet
Thank You Lori thank you for your service your service grass guys good
luck all right
there's ever a deal that tells you valuation matters is this no not at all
mark now why didn't you step up and write a check I'm telling you exactly
the kind of stuff you love to do
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