Jason Woods, a former "Shark Tank" contractor from Pleasantville, California, who was shredded by the Sharks during his first visit, returns to Tank for his shot to redeem with his line of all-electric water sports equipment. Adam Majewski is right. [Photo: EricMcCandlessABC]
Over the past 10 years, "Shark Tank" has seen many success stories and mistakes, but Sunday's episode offered a rare redemption for an electric propulsion board.
Jason Woods, Pleasantville, California, the inventor of the Kymera Body Board, was last seen in season 5, when the sharks ripped him apart to cast a prototype invention without marketable product or company.
"You're not an entrepreneur, you're a willing to be," said Shark Mark Cuban to him then. "For 10 years you couldn't figure out how to get a product and sell it. Find someone else to run the business, but it's not going to be me. "
" As you may remember, my last round of thought didn't go so well, "Woods said in a painful ride down the memory. Standing badly in front of the sharks, Woods and his company were in a much better place than they were five years ago. He took Cuban advice and collaborates with Adam Majewski, who runs daily operations.
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Majewski had seen Woods on "Shark Tank" and called him while the episode was airing. The two have struck out a deal and turned Kymera into a company that sold $ 350,000 this year, after the taping of the episode, with an expected $ 2 million in annual sales. Woods also developed prototypes for an electric kayak and surfboard that were introduced later.
Jason Woods seeks redemption at Shark Tank & # 39; with its line of Kymera electric water sports equipment. (Photo: Eric McCandless, ABC)
"I saw the product and said," I want it. I know other people want it. And I can see a market for this product, " said Majewski. "And I felt that the sharks might have been wrong."
Shark Daymond John, who at that time called Woods & # 39; s pitch the worst he had ever seen, is not talking words about Kymera's $ 5 million valuation: "So we settle down. You said we helped you "You come back and ask for $ 250,000 for 5%. How do you thank me? Thank God, you like me, right? Imagine if you were angry with me."
Valuation was too high and profits too low for shark Kevin O & # 39; Leary, wondering if he would ever get the money back. He decided to make them an offer that made the other sharks shake their heads in disbelief: $ 250,000 for 5%, with a trademark $ 500 of $ 500 on each board sold until he made $ 750,000.
"So when you bankrupt them, how are you going to get your money?" Shark Robert Herjavec said at some point.
"Why don't you just say no? "Shark Lori Greiner told Woods.
"I didn't want to say no until you know you had an offer," Leary said.
Fortunately, John had another offer: $ 250,000 for 10%, but Herjavec had an even better mind: He believed that they needed more than they asked for, and suggested $ 500,000 for the same 10% stake.
"Yes!" Woods immediately said to accept the offer.
I love the other chances, "Herjavec said. "I mean, it's one of those things that makes this country good. Everyone deserves a second chance."
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