Shark Tank: TouchUp Cup Accepts $200,000 From Blake Mycoskie

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The Shark Tank is no stranger to amazing examples of entrepreneurship and innovation between parents and their children. Over the years the Sharks have witnessed many investment proposals from families, however, the children typically are not the ones talking business with the Sharks. When father and son, Jason and Carson Grill, came to the Shark Tank to pitch their patented product, TouchUp Cup, the Sharks were blown away by the professionalism and business sense that 15-year-old Carson displayed. Showing his ease with pitching his products and addressing all of the Sharks questions, Carson asked the Sharks to consider investing $150,000 in exchange for 10% equity in TouchUp Cup.

The TouchUp Cup is a product that Jason and Carson developed to help consumers store paint in their homes in an easier and more effective way. Rather than storing multiple paint cans with a small amount of paint in them, the paint can easily be transferred to the TouchUp Cup which contains a stainless steel mixer and an airtight seal to help keep the paint remain usable for up to 10 years. This low-cost solution for paint storage can already be purchased in over 4,000 locations, however, the Grills would like to partner with a Shark to help them scale and grow their businesses more effectively. Since Jason still works full time in medical sales and Carson is a full-time student, the Grills are hoping that they can find the ideal partner who will help them run their company.

Both Blake Mycoskie and Daymond John are interested in investing in TouchUp Cup, however, Daymond is very concerned about who will be running the day-to-day operations of the company because he can not run it. He also will not help them to bankroll purchase orders which is something that the Grills were hoping to find in a business partner. Blake is willing to help with purchase orders because he feels that it is in his best interest as an investor to do whatever he needs to do to support and grow the company. Because he feels that the company could use an additional cash infusion, Blake offers to invest $200,000 in exchange for 25% in TouchUp Cup. Daymont offered $200,000 in exchange for 17.5% equity. As an added bonus, Carson Grill is going to throw in three additional products that he has patented. After trying to negotiate with the Sharks to consider lower equity percentages unsuccessfully, they decide to accept Blake’s offer.

If you were the Grills, which offer would you have accepted? Do you think that they made a wise decision to partner with Blake over Daymond? If you were a Shark would you have invested in TouchUp Cup? Start the conversation in the comments below!

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