As a show, Shark Tank gives entrepreneurs a chance to turn their dreams into real businesses ⁘ the same dream that even Cummins had when she asked for $55,000 in exchange for 30% of her company. Mark Cuban was ready to invest, but Herjavec jumped in with a better offer ⁘ more money, plus a salary. So, given the perks, she chose him. But things turned out quite different for her, as she added via Looper :
After six months of silence, when he finally responded, the offer had changed. The deal never went through, completely changing the vision she had for her company.
Megan Cummins was a young designer who turned a college project into a growing soap brand. She believed that going on Shark Tank would take her product to the next level, and for a moment, it definitely looked like it would. Robert Herjavec offered her $55,000 and a salary, asking for 30% of the business. So, she obviously accepted the offer.
However, several months passed, and Herjavec didn't reply to her emails or calls. When he finally did respond, he changed the deal completely and now wanted 50% of the business for the same money. Cummins turned it down, and while another investor stepped in later, it wasn't enough. So, ultimately, You Smell Soap shut down just a few years later, in 2016.
While she had to shut down her soap business, over the years, Cummins has tried her hand at other businesses as well. She started a fashion jewelry company called Sparklepop and also began running Megan Cummins Designs.
In fact, he also backed out of deals with companies like AquaVault and Zero Pollution Motors, which also fell apart after he made offers on the show. Even among the other judges, he has the lowest follow-through rates. In many cases, he either backs out later or changes his offer completely, and in a world where small businesses rely on fast funding, delays can do some serious damage.
So, it's a reminder that not every Shark plays fair, and Herjavec's friendly TV image doesn't always match his business moves behind the scenes.
More details: See here
No comments:
Post a Comment