Shark Tank gets its most deluded entrepreneur yet
It's always fun to see inspiring stories and cool products on Shark Tank, but the show's occasional disaster pitches are especially entertaining. This was certainly true of Lindsey Laurain's pitch for EZPZ. Despite having an intriguing product, she screwed up by overvaluing her company and not taking the advice of the Sharks.
Plenty of parents would be happy to pay good money for a product that would prevent their kids from making a huge mess at mealtime. But can such a product generate tens of millions of dollars in profit? According to EZPZ's Lindsey Laurain, the answer is an undeniable yes! The Sharks, however, disagree.
Laurain raised several eyebrows when she entered the Tank, dressed in a questionable outfit and full of unbridled enthusiasm. She shared a ridiculous movie that featured a group of kids with normal dishes being way crazier than your average child. When presented with EZPZ mats, these kids miraculously transformed into well-behaved youngsters.
As ridiculous as the EZPZ video was, the initial pitch was far more ludicrous. Laurain asked for $1 million with a mere 5 percent in equity. This is one of the most optimistic pitches of the season, and it means that Laurain believes EZPZ is worth $20 million.
Despite having one of the least convincing pitches of the season, Laurain managed to attract the interest of a handful of Sharks, who were impressed with the quality of her product. Kevin O'Leary was initially one of the most dismissive of the Sharks, but he eventually made a very generous (and possibly foolish) offer: $1 million for 5 percent equity. However, if Laurain cannot secure $10 million in sales within a year, Mr. Wonderful gets 20 percent equity.
O'Leary wasn't the only Shark silly enough to make an offer. Barbara Corcoran promised Laurain $1 million for 5 percent, but with the following stipulation: The money would be delivered in regular installments over the course of four years. Neither of these pitches were evidently good enough for Laurain, who turned both Corcoran and O'Leary down.
Suffice to say, viewers were not impressed with Laurain, although a few did speak favorably of her product. The rest, however, referred to her as deluded and out-of-touch.
With a good pitch and a more realistic outlook, Laurain could accomplish great things with EZPZ. She could have scored an amazing deal from the Sharks, but instead, she walked away empty-handed.