Shark Tank Season 16 Episode 3 Recap: Mark and Lori Collaborate as Guest Shark Seals a Deal

On November 1, 2024, viewers tuned in for the third episode of Shark Tank season 16, which premiered on ABC on October 18, 2024. This long-standing business reality series showcases aspiring entrepreneurs pitching their ventures to a panel of seasoned investors, fondly referred to as “sharks.”The goal is to secure financial backing that can propel their businesses to new heights.

Originally adapted from the British show Dragon’s Den, Shark Tank made its American debut on August 9, 2009. Since then, it has inspired numerous international versions while maintaining the core concept of facilitating entrepreneurial funding.

Meet the Sharks of Season 16

This season features renowned investors, including Kevin O’Leary, Mark Cuban, Lori Greiner, and Daymond John. Notably, Mark Cuban has announced his plans to retire from the show following this season, making it a potentially pivotal moment for both the sharks and entrepreneurs alike. The show occasionally invites guest sharks, injecting fresh perspectives into the investment discussions and increasing the likelihood of securing deals.

Episode 3 Highlights: Pitches and Deals

The latest episode presented an exciting mix of pitches from four innovative companies: Sugardoh Hair Removal, Kobee’s Lip Balm, Doatnut Gluten-Free Doughnuts, and Yardsale Magnetic Ski Poles. Guest shark Kendra Scott, founder of her own Texas-based jewelry brand, made waves by successfully closing a deal that caught Kevin O’Leary off guard. At the same time, Mark and Lori collaborated on an investment in another venture.

Yardsale Magnetic Ski Poles

Kelly McGee and Cristina Ashbaugh, the co-founders of Yardsale Ski Poles, were the first to make their pitch, seeking $200,000 for a 10% equity stake. Their revelation of a 75% profit margin piqued the interest of Kevin O’Leary and Kendra Scott. However, Lori Greiner suggested they seek an investor with a skiing background and chose to exit the negotiation. Despite some initial reluctance, Kendra countered with a $250,000 offer for 10% equity plus a $5 royalty until her investment was recouped. The founders accepted, securing a deal that surprised many.

Kobee’s Lip Balm

Next up was Kobe Harris with Kobee’s Lip Balm, seeking $300,000 for a 6% share. The sharks were impressed by Kobe’s journey, having launched the brand during his college years. Despite the enthusiasm, Kevin ultimately proposed a 20% stake instead, which Kobe declined.

Sugardoh Hair Removal

Aliyah Marandiz introduced the sharks to Sugardoh, a hair-removal wax made from natural ingredients like sugar and citrus. Although she sought $500,000 for a 5% stake, the sharks initially responded positively to her impressive revenue growth, from $50,000 in 2020 to $6.5 million. However, Aliyah disclosed a significant debt of $1.5 million, which deterred the sharks from proceeding with an investment.

Doatnut Gluten-Free Doughnuts

Kimberly Aguirre pitched her gluten-free donut company, Doatnut, seeking $100,000 for a 10% stake. Made from organic oat groats and naturally sweetened with monk fruit, the sharks saw potential in the brand’s growth through direct-to-consumer sales, despite the logistical challenges. Ultimately, Lori and Mark were both impressed by the concept, opting to join forces and invest $200,000 for a 30% equity stake.

What’s Next for Shark Tank?

Catch new episodes of Shark Tank every Friday on ABC, with the next episode slated for November 8, 2024. Stay tuned for more entrepreneurial excitement and potential investment opportunities as the season unfolds!

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