Tuesday, May 13, 2014
Angel Lift: Raising the Upper Lip
Although the product was not yet available to the masses when it appeared on Shark Tank, Aaron claimed that Angel Lift did $3 million in sales and generated $1.2 million in profit, in the smallest live shopping channel in the country. At that point, he pulled out the patent-pending product to perfect the product and build out the brand.
Let me repeat that: He pulled the product out of the shopping channel while it was generating millions of dollars.
Well that was Sharks' question. Most entrepreneurs come into the Shark Tank looking for help getting sales, not telling the Sharks how they cut them off. As Kevin O'Leary put it, it's sheer evil to pull something out if it making money. Because this seemed very shady, Robert, Kevin, and Mark all went out one after another. Barbara went out for a different reason, which was that she felt it would be way too expensive to market because of the fact that it would need demonstration and infomercials.
The question is, why didn't all the Sharks make a deal with similar contingencies? If all they were concerned about was the shadiness and the unusual decision Aaron made to pull the product back, why didn't they just make the deal contingent on there being nothing unethical or wrong with the product? They all seemed amazed by the product's capabilities, so why not make the deal and do the due diligence?
Share your opinions in the comments section!