Hilarious And Inventive Pitch Has The Dragons Howling | Shark Tank US | Shark Tank Global

Quick Flip, a company founded by Henry Gracie, introduces convertible outerwear that transforms into a backpack. Despite facing skepticism from some sharks due to a high valuation, Henry secures a $500,000 investment for 10% equity from Lori Greiner, impressed by his product and entrepreneurial drive.

Product Introduction

• 00:00:02 Henry Gracie pitches Quick Flip, a convertible outerwear product that transforms into a backpack. It uses ‘slide and bite’ technology to adjust the backpack’s size and security, and ‘Dry Flip’ technology for waterproof functionality. Quick Flip comes in various styles, including hoodies, crewnecks, and children’s versions, aimed at diverse customer needs.

Company Background

• 00:03:09 Henry's family has a background in Brazilian Jiu-Jitsu, with his grandfather co-creating the martial art. This background influenced his understanding of supply chains, which is crucial for Quick Flip. The company initially sold through online pilot tests, resulting in $200,000 in sales from 5,000 units in two and a half months.

Shark Tank Pitch

• 00:05:27 Henry seeks a $500,000 investment for 5% equity, valuing Quick Flip at $10 million. The Sharks question the valuation based on current sales and future market potential, with some concerned about the product's distinctiveness. The Sharks debate the viability of retail and licensing as future revenue streams.

Negotiations and Investment

• 00:08:27 The sharks present various deal structures, including offers from Kevin O'Leary for 25% equity and a $400,000 line of credit and Robert Herjavec for 15% with contingencies. Lori Greiner ultimately offers $500,000 for 10% equity, without contingencies, and Henry accepts. The deal highlights the importance of entrepreneurial spirit and innovation in securing investment.

Deal Conclusion

• 00:10:08 Henry accepts Lori Greiner's offer of $500,000 for 10% equity, concluding the Shark Tank segment. The deal is a testament to Henry's persuasive pitch, highlighting the potential of Quick Flip and his ability to garner investor confidence. He secured the investment, showcasing the successful culmination of the pitching process.