Danny Grossfeld discovered a Ready-to-Drink Hot coffee, ready when you are. His company called HotShot has a hotbox that keeps the cans of coffee hot twenty-four hours a day.
The Shark Tank investors say they have to try the coffee, and they think it tastes good.
Danny has been working on HotBox for six years to get this right, and two million dollars to get it to this point. He has yet to go to market. He put half a million dollars into the product with the other money coming from friends and family.
HotBox is now testing in stores
Stores are now willing to commit to doing a test. Movie theaters are very interested.
Entrepreneur: Danny Grossfeld
Ask: $300,000 for 10% equity
Companies in this episode: Rent Like a Champion, Hotshot, Windcatcher Technology, Stem Center, S.W.A.G.
Season: Season 7 Episode 706
Sharks: Mark Cuban, Chris Sacca, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 01/30/2015
What do the Shark Tank Investors say about HotShot
- Mark Cuban doesn't like the business, but he likes Danny. Mark says that he will try the coffee in Landmark Theaters. Danny asks about getting the coffee in the arena at the Mav's.
- Chris Sacca tells Danny that his wife Crystal is an investing partner, and she got him into a deal with Blue Bottle Coffee. He feels it is competitive so, he is out.
- Kevin O'Leary has a rule if you can't make money in thirty-six months, you take it out back and shoot it.
- Lori Greiner said she is out, and she thinks that Danny needs to be out as well. Mark Cuban tells her he needs to keep going.
- Robert Herjavec says if he wants a coffee, would he buy that, or keep driving? And, we have a lot of coffee shops that Japan doesn't have.
HotShot after Shark Tank
Danny did not get a deal in Shark Tank, but he did get a deal after the show from private investment. The coffee is now on the market, and he said he perfected his business plan from what he learned during his pitch.