Mark Lin, founder of Slimeyhoney has developed a fun and interactive product that can help reduce stress and anxiety. It’s a company that develops slime of course! Mark’s company makes non-edible slime that looks and smells like real food. Let’s see if Mark Lin can secure a deal with the sharks for $150,000 in exchange for 10% of his company’s equity. Stay tuned for an important Slimeyhoney update too!
Shark Tank Slimeyhoney Update
- Entrepreneurs: Mark Lin
- Business: Slime
- Ask: $150,000 for 10% equity
- Result: $150,000 for 20% equity
- Sharks: Daymond John
With more than one hundred different slime variations already available in Slimeyhoney’s online store, there’s certainly no lack of options for interested customers. The biggest liability and setback that Mark was facing was that he was still developing everything out of his own home.
The cost to make any particular slime typically costs between $2 and $4 per unit. In terms of a price point for customers to purchase these slimes online, most of them range from between $10 and $16 for a single unit of scented slime.
Mark Lin shocked the sharks when he told them that his lifetime sales were in excess of $1.2 million. Kevin O’Leary admitted that the product was wild, but he threw out an offer of $150,000 for 30% equity, this offer occurred while Daniel dropped out.
Lori Greiner also dropped out. Daymond John decided to offer $150,000 for 25% equity, but Mark Cuban dropped out.
Mark Lin had two offers and decided to try and negotiate the equity percentage down to 20%. Both sharks agreed, but Mark decided to partner up with Daymond John for $150,000 for 20% equity.
Now that we’ve covered the negotiations, let’s cover the Slimeyhoney update!
After appearing on
With Daymond on his team, the future seems bright for our next Slimeyhoney update!
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