Kyle Donovan was featured on Season 9 of
Shark Tank iFork Update
- Entrepreneurs: Kyle Donovan
- Business: Utensils
- Ask: $100,000 for 5% equity
- Result: $100,000 for 15% equity
- Sharks: Barbara Corcoran
Kyle told the sharks that he was lucky enough to receive a 500-store test run with Walmart with his iFork product kit. This initial test generated enough revenue for Kyle to file several design patents for his product as well as a pending utility patent.
The sharks believed that the true magic of the product wasn’t necessarily with the iFork as much as it was for the beverage storage container that rested under the plate. Kyle told the sharks that when he takes it to retail, his hopes are that it can retail as a kit for around $15 or $16.
Barbara Corcoran was the first shark to express interest in making an offer. She decided to offer $100,000 in exchange for 20% equity. Barbara also placed a contingency that would require Kyle to redesign the packaging and the product. Mark Cuban had a list of concerns about the product so he decided to drop out. All of the remaining sharks dropped out, which forced Kyle to consider Barbara’s offer.
Kyle managed to convince Barbara to do the deal in exchange for 15% equity. Barbara would partner with iFork and pledge her money so long as the contingency is met within a given timeframe. Let’s transition now and see whether the company has survived since its appearance on
Our iFork update from
You can find the other company updates from Season 9 Episode 15 here:
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