DriveSuits are wearable recreational devices in transformer form. They transform a human into vehicular form. Drew makes the DriveSuits pitch on Shark Tank Season 4. He is asking for one-hundred-fifty thousand dollars in exchange for twenty percent equity. They go about ten miles an hour.
DriveSuits began as a costume that was up for sale to pay rent
He created the first DriveSuits version as a costume that he intended to sell to pay his rent. He appears in costume contests and has won around twenty-five thousand dollars. Drew wants to use the one-hundred-fifty thousand to create the next prototype suits and patent the suits.
Company: DriveSuits
Entrepreneur: Drew Beaumier
Website: http://www.drivesuits.com/
Ask: $150k for 20% equity
Companies on this episode: Voyage Air Guitar, PC Classes Online, Revestor, Ice Chips Candy
Season: Season 4 Episode 409
Sharks: Mark Cuban, Daymond John, Kevin O’Leary, Barbara Corcoran, Robert Herjavec
First Aired: 11/08/2012
Deal: Kevin O’Leary $150,000 for 30% equity provided a toy company agrees to license it.
What do the Shark Tank Investors say about DriveSuits
- Mark Cuban thinks that the other Sharks are wasting time, and they aren’t about a product yet. Mark wants to know how much they have made. He thinks that the toy companies are going to tie him up for six months while they come up with a plan. Mark wants to make him an offer. They will make twenty of them, hire an engineer to optimize the design, and then they will make business decisions because he is not a company yet. Mark offers $150,000 for 40% equity.
- Daymond John says it is too early to seek investment in Shark Tank for the DriveSuits brand. He is out.
- Kevin O’Leary says he needs a partner to build this. Why haven’t you taken this to a toy company? Kevin doesn’t want to think small, he will give him $150,000 for 30% equity and he makes it to a toy company. If they agree to work with it, they have a deal.
- Barbara Corcoran is concerned about the liability issues, and seeing her kids on the street with this would make her sick with worry, so she is out.
- Robert Herjavec thinks that Drew is too early, and he wants to manufacture the suits. He doesn’t have any patents, so he is out.
DriveSuits after Shark Tank
Drew continues to market his DriveSuits, but this time he is doing it under a new name, Robots and Cars Entertainment, Inc. The company features multiple costumes that it uses for promotional appearances. Drew uses the DriveSuits and Robots and Cars Entertainment, Inc. material to get on Television whenever he can.
Shows Drew appeares on include Shark Tank are American Idol, Let’s Make a deal, Discovery Channels, Daily Planet Canada, Rude Tube and Happy Valley.
Robots and Cars Entertainment, Inc. does not rent cars to the general public for consumer use, and they do not sale the DriveSuits. All appearances are done by their professional staff, which must mean there are insurance liability restrictions.
FYI, the deal with Kevin O’Leary did not close after the show. The liability looks like it got in the way.
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