Shark Tank Guard Llama Update
- Entrepreneur: Joe Parisi and Nick Nevarez
- Business: Handheld personal security device and subscription service
- Ask: $100,000 for 5% equity
- Result: $100,000 loan for 18% + $2/unit until repaid
- Shark: Barbara Corcoran
According to Joe and Nick, Guard Llama is a safety device that pairs with the average smartphone. If you find yourself in an emergency, all you need to do is to press the button twice and it will send a call to the nearest police department and call an ambulance for you. Both then receive vital details like your medical information, what you look like, as well as your approximate location via GPS.
Joe and Nick believed that Guard Llama can save a lot of lives. At the time of their presentation, the device already had a combined total of 2,000 users. These numbers included partners that use the service to help improve employee security.
After their presentation, the sharks had mixed thoughts about the product’s potential. Lori Greiner thought that the product would be great for universities. Meanwhile, Mark Cuban thought that it was flat out “horrible.” Both ultimately bowed out, with Mark thinking that there were just too many things that could go wrong with the business. As for Lori, she was concerned about potential liability issues.
Then, Kevin O’Leary made an offer of $100,000 for 5% on top of a 5% royalty until he is paid back $120,000. Guest shark Chris Sacca offered his thoughts about the company’s weak branding and non-proprietary technology.
Apparently, Barbara Corcoran liked the product enough to offer $100,000 as a loan for 20% with 2% per sale until she was paid back. The two tried to get Barbara to lower her equity ask to 15% but they ultimately shook hands on 18%.
Unfortunately, our Guard Llama update is not filled with good news. The company appears to have gone out of business after
To make matters worse, several customers and former employees have lodged complaints against the company and in 2019, Joe was arrested on drug-related charges.
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