Mike Barzman and Bryan O’Connell bring invisiPlug power strips and surge protectors into Shark Tank Season 5, looking for a deal with the Sharks.
invisiPlug comes in Light Natural, Medium Cherry, and Dark Oak. They are designed to match hardwood floor options. invisiPlug power strips are intended to blend into hardwood floors invisibly.
They have a design patent that is proprietary to the woodgrain pattern.
Mike and Bryan have sold $10,000 for 1,500 units at Costco, and have only been trading for six weeks.
invisiPlug Episode Statistics
Company: invisiPlug
Website
Entrepreneurs: Mike Barzman and Bryan O’Connell
Ask: $125,000 for 10% equity
Companies in this episode: Alaska Glacial Mud Company, invisiPlug, LockerBones, Balloon Distractions
Season 5 Episode 514
Sharks: Mark Cuban, Barbara Corcoran, Kevin O’Leary, Lori Greiner, Robert Herjavec
First Aired: 01/17/2014
Deal: Lori Greiner, $125,000 at 10% with a $1 per unit until she gets her money back, and then it is $.25 on every unit sold after that.
What do the Shark Tank Investors say about invisiPlug?
- Mark Cuban believes the big companies won’t get into it, but if you are selling a product at $14.99, it’s not going to be perceived as high end. He is out.
- Barbara Corcoran is the perfect customer for this product. She would like to buy three dozen, but why would she give you $125,000 to find out if you are going to do well in the company.
- Kevin O’Leary doesn’t believe the company is worth a million bucks when you haven’t started selling. He is out.
- Lori Greiner discovers that they are being featured in Oprah magazine, and decides to make them an offer for $125,000 for 10% plus a $1 per unit until the investment is back, and then $.50 for each unit in perpetuity on all each unit sold. They counter at $.25 until they recoup and then a $.05-10. She makes a final offer at $1 upfront, and at $.25 on each item sold.
- Robert Herjavec still thinks the design is not aesthetically pleasing to him because of the cord. He is out. Robert comes back in after listening to the deal they are working with Lori as they impress him. Robert offers $125,000 for 25% straight in, no royalty. They counter at 20%, and he says he will if they do it right now. Robert goes out because they would not make a decision.
invisiPlug after Shark Tank
The company is doing great, Lori Greiner made the investment and invisiPlug are in stores nationwide as well as on Amazon.