Doug and Justin love being outdoors in Florida. They enjoy wakeboarding, fishing, boating, and just about anything that lets them be out on the water. When trying to find a device to use to relax and float in the water, they just couldn’t find the perfect product. Noodles and other floaties weren’t comfortable and didn’t allow them to really lay back and relax without spilling their drink. Do the sharks feel they need a new life preserver during Season 9? Let’s find out in our
Shark Tank Human Bobber Update
- Entrepreneur: Justin Rietema and Doug Schultz
- Business: Life jacket that doubles as a device for floating in the water
- Ask: $120,000 for 15% equity
- Result: $120,000 for 33.3% equity to Kevin plus an additional 10% to Mark with no financial investment
- Shark: Kevin O’Leary and Mark Cuban
Justin and Doug have unveiled two products in their Human Bobber company: the scuttlebutt and the bottoms up. Bottoms up is a lifevest that you can turn upside down to sit in and float around. The scuttlebutt is a floating chair.
Bottoms up has received approval from the coast guard and is the only dual-purpose product to achieve this approval. Kevin O’Leary liked the product and wants to use it in place of his foam chair at the lake. He offered $120,000 for a 33.3% stake in the business.
Mark Cuban felt he could market it on Amazon, but knew there was a lot of work to do. Lori Greiner folded her cards and went out. Robert Herjavec felt that this should be a licensing deal and dropped out.
Daymond John didn’t think it was a retail product and he couldn’t help them, so he dropped out. Mark said he would come in and work with Kevin, but he wanted 10% of the 33.3% without investing his own money. The new offer was $120,000 for 33.3% to Kevin, with Mark getting 10% additional equity.
Doug and Justin knew this was a crazy deal, but went for it anyway. Was it a good choice? At the time of our Human Bobber update, we found that they have expanded their product line on their website. New products include a floating tote bag that doubles as a floating chair, floating cup holders, leak-proof tumblers, and more.
You can find the other company updates from Season 9 Episode 5 here:
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