Shark Tank Season 12 Episode 1 Recap
Shark Tank Season 12 Episode 1 aired on October 16, 2020 and featured Touch Up Cup, Spark Charge, GarmaGuard, and Rumpl Blankets. Series regulars Kevin O’Leary, Mark Cuban, Lori Greiner, and Daymond John appeared on the episode along with guest shark Blake Mycoskie. The Season 12 premiere a heated moment that you won’t want to miss, as well as a couple of deals with the sharks. Below is a full
Shark Tank Season 12 Episode 1 Recap
Amazon productIf you’re in a hurry, below you’ll find a quick recap of Season 12 Episode 1 of
- Pitch 1: Touch Up Cup
- Result: $200,000 for 25% equity deal with Blake Mycoskie
- Pitch 2: Spark Charge
- Result: $1,000,000 for 10% equity and 4% advisory shares deal with Mark Cuban and Lori Greiner
- Pitch 3: GarmaGuard
- Result: No Deal
- Pitch 4: Rumpl Blankets
- Result: No Deal
If you keep reading, you’ll find a more detailed summary of each pitch.
Touch Up Cup
- Entrepreneur: Carson and Jason Grill
- Business: Sealed cup for leftover paint
- Ask: $150,000 for 10% equity
- Result: $200,000 for 25% equity
- Shark: Blake Mycoskie
In the opening pitch of
15-year-old co-founder Carson quickly impressed the sharks with his knowledge of his business and ability to pitch the product mostly on his own. Touch Up Cup has earned $220,000 in sales in the last two years and $70,000 year-to-date at the time of the pitch. Carson told the sharks that they estimate $400,000 in sales on the year by the end of 2020.
All of this information was enough to interest guest shark Blake Mycoskie, founder of Toms, followed by Daymond John. Below are the two offers made by the sharks:
- Blake: $200,000 for 25%
- Daymond: $150,000 for 20%
Prior to negotiations, Daymond actually offered Carson and Jason $200,000 for 17.5% to undercut Blake’s offer but revised his deal when he realized that no one was working full time on Touch Up Cup. After the change in offer from Daymond and some failed negotiations with Blake, Carson and Jason accepted an offer from Blake Mycoskie for $200,000 for 25%.
SparkCharge
- Entrepreneur: Joshua Aviv and Christopher Ellis
- Business: Portable battery for electric vehicles
- Ask: $1,000,000 for 6% equity
- Result: $1,000,000 for 10% equity and 4% advisory shares
- Shark: Mark Cuban and Lori Greiner
During the second pitch on
This business model is mostly due to the high cost of production, as one unit costs $2,500 to make. Joshua and Christopher then lease a unit to a company for a $1,000 deposit and $150 a month fee going forward, meaning it will take 12 months to break even. This is enough to dissuade most of the sharks, but Mark Cuban and Lori Greiner are both interested and decide to go into a deal together.
By the time it’s all said and done, Mark Cuban and Lori Greiner agree to invest $1,000,000 into SparkCharge for 10% equity and 4% advisory shares.
GarmaGuard
- Entrepreneur: Bianca and Peter Badawy
- Business: Natural disinfectant for clothing
- Ask: $100,000 for 10%
- Result: No Deal
- Shark: None
Bianca and Peter Badawy appeared on
Regardless, without this claim, GarmaGuard has made $476,000 in sales since it launched just 18 months ago and is on track to do $500,000 in sales in 2020, with 20% of sales being profit. Further, GarmaGuard retails for $12.99 and only costs $1.85 to produce. Despite all this, none of the sharks offered Bianca and Peter a deal, saying they thought they’d be better off in the long run without an investment.
Rumpl Blankets
- Entrepreneur: Wylie Robinson
- Business: Environmentally friendly blanket for the outdoors
- Ask: $600,000 for 4%
- Result: No deal
- Shark: None
Shark Tank Season 12 Episode 1 came to a close with the final pitch from Wylie Robinson, founder of Rumpl Blankets. These are environmentally friendly, light-weight blankets that are designed for outdoor use. Each blanket is made using 60 recycled plastic bottles and the company offsets 100% of its carbon footprint each year. But wait, things get even better — in 2020, Rumpl Blankets will have a total of $8 million in sales.
Amazon productEach Rumpl Blanket costs $25 to make, is wholesaled for $50, and retails for $100. Despite good margins, Wylie revealed that his company is only making a 5-6% profit on its annual sales. Meaning the $8 million in sales only equals $400,000-$480,000 profit. In addition to all this, Wylie revealed that he has over $3 million in the bank from previous donor rounds, causing the sharks to question his motivations for coming onto the show.
Wylie manages to defend his motives, sharing that he needs help with securing licensing deals in the sports industry. Blake Mycoskie, Kevin O’Leary, and Daymond John all offer Wylie a handful of different deals, structured in various ways. At one point, Blake and Daymond even team up, offering Wylie $600,000 as a loan at 10% interest in exchange for 5% of all sales for 2 years and 10% equity. Alternatively, Kevin O’Leary offered Wylie $600,000 as a loan for a $10 royalty on every sale until he makes $1.8 million in return, plus 4% equity.
After everything is said and done, Rumpl Blankets leaves the tank without a deal from the sharks, as Wylie wasn’t interested in a large royalty and was unwilling to give up so much equity in his company.
For more Season 12 episode recaps, check out the links below:
- Shark Tank Season 12 Episode 2 Recap
- Shark Tank Season 12 Episode 3 Recap
- Shark Tank Season 12 Episode 4 Recap
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!