James Pittman walks into the Shark Tank asking for $250,000 in exchange for a 15% of his company which sells air mattresses designed to fit in the back of pickup trucks. No really I'm not kidding. This product is made for people who own pickup trucks, go camping with them, and want to sleep in the back of their trucks as opposed to in a tent. And if you're thinking what I'm thinking, you are correct: That is one small market. However, believe it or not, the company has made over $400,000 in two years, and has that same amount in inventory. Now here's my question: The only real benefit I see in this product besides its durability is the built-in inflation system. It is very easy to use, and is all self-contained. So why target a niche market of campers when you could lower the price and sell to everyone?
Now here's my next question: What was Barbara thinking? She was willing to give him the full $250,000 for 50% of Airbedz, with a plan to put the product on QVC. I don't know about you, but something tells me that people who watch QVC don't own pickup trucks, and even those who do, don't wish to sleep in them. But she got lucky and he turned down the deal, which also saved Kevin O'Leary from a heart attack. And although I am happy that Barbara did not end up sending her money to die, I am concerned about Mr. Pittman, as his thought process and decision making skills are clearly lacking. Why in the world would you not accept Barbara's offer? She is giving you a chance to take your product to a level which you will never get to, and you turn it down? You are simply a lost cause to me until you seriously think about your decision and decide how you will rebrand your product and not try to sell only to the handful of people in your niche market. Overall performance: 3