Here’s some of the most successful Shark Tank products. Elizabeth Keatinge has more.
They may not be Indiana Jones, but two brothers found their own buried treasure on tonight’s “Shark Tank.”
Jared and Sean Bingham run Adventure Hunt, an organization that hosts citywide treasure hunts where the prizes can include tickets to Panama.
Teams of two to four record themselves completing challenges that range from breaking an egg across their heads to doing yoga on a raft in the middle of the lake. They then upload these videos to Instagram to unlock a treasure map that leads to a chest buried somewhere in the city.
“You put your mind and will to the test as you solve clues guiding you to the buried booty,” Jared said.
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The Utah natives brought a pair of past participants to the tank to demonstrate some of the challenges – from walking across a slackline like a tightrope performer to digging up a chest buried in a sandbox. As if she was a stereotypical high school bully, one challenger told the other, “Assume the position.”
“This is for you, Adventure Hunt,” the other yelled as she gave him an atomic wedgie to the sound of underpants ripping.
The two weren’t the only ones to demonstrate some of the potential challenges. Shark Robert Herjavec decided to get in on the fun. Fortunately, it didn’t involve ripped underwear, but slipping on the slackline did leave him flopping into the sandbox for a face full of sand.
“What a great start to the pitch!” Herjavec said, clapping. “Now is there a real business? Do you have sales?”
Bethenny Frankel and Alex Rodriguez are joining Shark Tank as guest judges. Elizabeth Keatinge (@elizkeatinge) has more.
The answer was yes, $769,000 in the 18 months they’ve been in business. On average, the business attracts around 300 people per hunt, with the buy-in price ranging from $32 to $99.
“The biggest thing that we need is a marketing expert who can come in and see what we’re missing,” Sean said when shark Lori Greiner asked what they sought in a business partner.
“I know what you’re missing,” guest shark Bethenny Frankel said. “You need to have this be a travel experience. You need to make everything more thematic and not just geared to gearhead adventure guys. You need wild girls nights.”
The brothers wanted $150,000 for a 10 percent stake Frankel offered them the money for 25 percent.
She grew increasingly agitated when the Binghams decided to wait for a better offer and was livid when Herjavec copied some of her strategies and offered the same deal.
With sharks Mark Cuban, Daymond John and Greiner out, the brothers tried to negotiate Frankel and Herjavec to a lower equity.
“I’ll do it for 20, but right now, no more BS,” Frankel said, but Herjavec decided to match her offer once again. “I don’t want to be partners with someone who doesn’t know my value. Like, you really should be taking this deal with me. I’m really good at marketing. I have incredible ideas and an army of women. When you get the women, you’re going to get the men.”
In the end, after a short negotiation, the Binghams decided to go with Herjavec, leaving a frustrated Frankel shaking her head.
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