‘Shark Tank’ star Daymond John praises entrepreneur with ‘worst pitch’ ever for making a comeback
California resident Jason Woods returned to ABC’s popular series “Shark Tank” to re-introduce his improved product — the Kymera Body Board — to a panel of investors after fellow shark and CEO of Fubu Daymond John called it the “worst pitch” he’d ever heard. Woods was blasted by John for not having a business plan and sinking his own money into prototypes without securing a patent. At the time, Woods didn’t have any sales to back up his request for $250,00 for a 25 percent stake.
“You’re not an entrepreneur, you’re a want-to-preneur. In 10 years you couldn’t figure out how to go get a product and sell it. Find someone else to run the business, but it’s not going to be me,” Mark Cuban told Woods back in 2014, advising him to seek another partner, according to USA Today.
Despite the overwhelmingly negative feedback, Woods kept his dream (and his company) alive.
“Five years ago a kid with a dream wandered into Shark Tank and left empty-handed with a cold dose of reality,” Woods wrote on Facebook Friday. “This Sunday night he will return for a rare second chance to make a deal with a superstar investor.”
“Coming into the tank a second time takes guts. Welcome back, can’t wait to see this pitch! #SharkTank,” John tweeted during the episode.
Woods then detailed his company’s nearly $4,000 body board, which according to Kymera’s website, can travel at speeds up to 20 miles per hour and hold a battery charge up to two hours. He credited his partner, Adam Majewski, who manages the company’s operations, with helping him snag a deal with one of the largest boat manufacturers in the world.
This time around, Woods asked for $250,000 for a 5 percent stake in his company — noting that he has $350,000 in sales and a projected $2 million in annual sales, per USA Today. He also touted other Kymera products available that adventure seekers can reserve online such as an electric personal watercraft, kayak and surfboard.
“So we beat you down. You said we helped you. You come back and ask for $250,000 for 5%. This is how you thank me? Thank God you like me, right? Imagine if you were mad at me,” a stunned John reportedly joked.
John countered: $250,000 for a 10 percent stake. But then shark Robert Herjavec jumped in with $500,000 for 10 percent, and Woods happily agreed.
“Great to see an entrepreneur who didn’t let failure stop him from achieving his dream #sharktank,” Herjavec tweeted after making the deal.
Another fan praised Woods for “failing forward” and proving “he was willing to learn.”
Woods thanked the sharks for giving him a second chance.
“Redemption is the only word you can use. If you’re willing to give everything that you’ve got to what you believe in, you can make it happen. But it may take a long time and it may be harder than you think, but it’s totally worth it in the end,” said Woods, according to CNBC.