Jay Kriner, the inventor of the BevBuckle, pitches Shark Tank to the tune of three offers for his beer holding belt buckle. The beverage holder is gimmicky, but he's already sold over 4,000 units coming into Shark Tank. His BevBuckle sales are over the past four years.
Season: 4 Episode 1
First Run: 2012/09/13
Shark: Mark Cuban, Barbara Corcoran, Daymond John, Kevin O'Leary, Robert Herjavec
Company: Bev Buckle – BevBuckle
Entrepreneurs: Jay Kriner
Ask: $50k for 10% equity
Location: New Jersey
Deal: Barbara Corcoran $50,000 for 51%
BevBuckle Shark Tank Product invented by Unexploded Ordnance Technician
Now, you might wonder how Jay Kriner came up with the BevBuckle when you find out he is an Unexploded Ordnance Technician. That means he disposes of unexploded devices all over the world. Jay could go Ba-Bam at any time. He has a child on the way, and he needs to start doing safer activities.
Fifty thousand dollars is the ask for ten percent of the BevBuckle. Jay's invention that holds the bear at waist level to keep the beverage close and hands-free. He thought of the invention in college so that he can keep his hands free.
The belt buckle includes a magnet to hold the patented belt buckle in place. Customers can choose the design on the face of the buckle that flips open to carry a beer bottle freeing up your hands conveniently.
Cost to manufacture each buckle is $10, and he is selling them for $35 up to $110, as of his Shark Tank pitch for the BevBuckle.
Shark Tank Investors bid for BevBuckle
Robert Herjavec thinks the BevBuckle is a great idea! He asks Jay what is the game plan if you get the $50,000. Robert Herjavec believes this is going to suck up a lot of time, and offers fifty thousand dollars for seventy-five percent.
Jay produces two envelopes for options to sell the BevBuckle. One is to outdoors stores and other retailers, and the other is to sell to sporting venues, specifically NASCAR tracks. None of them have written a check because Jay claims to have an issue.
He has a problem with the manufacturing plant. Twenty-Six percent of his recent order is defective from the manufacturer.
Barbara asks if he is going to work this business full time and Jay responds, I would like to, but something has to pay the bills. He needs $2-3,000 a month to work it full time after Barbara asks how much he needs to go full time. Barbara Corcoran says that she will make the offer of $50,000 for fifty-one percent, but he cannot use that money for a salary.
There are only 62 units of the BevBuckle in inventory at the time of the Shark Tank presentation. This revelation causes Mark Cuban to go out, saying Jay is working hard, but not smart.
Kevin O'Leary offers to give the $50,000 with no equity, but he gets a 12% royalty on all of his sales.
Daymond John tells him to take his coffee and place on the belt buckle because “Coffee is for Closure.”
Buy the BevBuckle
The BevBuckle is selling today, and you can get it on Amazon for $24.95. They give you free delivery in two days through Amazon Prime! Ordering BevBuckle through their official website will take you six to eight weeks for your order due to backups.