The Loctote “Flack Sack” bag changes the way people carry and looks after their stuff. Thieves can scan your credit card and steal your information by just walking past us.
Loctote “Flack SLack” has a padlock built-in. The Loctote bag is strong enough that a knife won't cut through. Adam and Don give the Sharks utility knives to try and cut the bag.
The Loctote bag retails for $179 and costs $79 in the United States. They ran a Kickstarter campaign and raised $895,000 and went to IndieGoGo and the sales added another half million dollars.
Loctote Creator Diagnosed with Cancer four weeks before pitch
Four weeks before doing the pitch, Don was diagnosed with cancer and has had two surgeries in between the time of the presentation and the diagnosis.
Company: Loctote
Website
Entrepreneurs: Adam McBride and Don Halpern
Ask: $150,000 for 5% equity
Companies in this episode: BootyQueen Apparel, Goverre, SeeRescue® Streamer, Update: Prx Performance
Season: Season 8 Episode 822
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/21/17
Deal: Robert Herjavec $150,000 for a 10% royalty of $10 per bag until $150,000 is recouped.
What do the Shark Tank Investors say about Loctote
Mark Cuban says the challenge is you have not defined how you are going to sell your bag. How are you going to get people to your website over an extended period? He is out.
Daymond John doesn't see the application; if someone slashing your bag threatens you, you need a Desert Eagle, he is out.
Kevin O'Leary has seen everything in Shark Tank, and he does not believe that they should go to WalMart. He should keep going with his current trajectory. Kevin makes an offer and is not negotiating. It is a take-it-or-leave-it deal. He offers $150,000 for 10% and a royalty of $10 per bag until $450,000. Don counters with needing a line of credit for large purchase orders and Kevin doesn't believe in the low-end product. Kevin doesn't want to do the deal if they are doing retail. Don thinks the agreement is costly, and he is in awe of his greed.
Lori Greiner likes that the bag locks and that you can't slash it, but how many people are slashing bags? And, the price point has her going out.
Robert Herjavec doesn't understand the fundamental need for the application of the bag. Robert says they have not been proven by the marketplace yet. He is out. Don countered Kevin O'Leary at $150,000 for a 10% royalty of $10 per bag until $150,000. Robert Herjavec says he will do that deal!
After Shark Tank – Loctote
Loctote re-engineered another bag and came in with a lower price point while maintaining the integrity of the “Flack Sack” bag.
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