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Alashe Nelson founder of EZ VIP came to The Shark Tank seeking $150,000 for 15%. EZ VIP is an OpenTable for NightLife which allows user to purchase bottle service, a VIP table, etc via their technology. Their value proposition is access and convenience. Mark Cuban initially opted out because he wasn’t sure he could get into this business. Kevin O’Leary also quickly opted out.
Robert Herjavec offered $75,000 if Daymond John got in. Daymond John said he’d put in $75,000 along with Herjavec but wanted 45%. Alashe said it was not enough and countered with 18% for $150,000. Daymond said he’d sweeten the deal by putting recording artist Pit Bull in as a brand ambassador. At this point, Mark Cuban re-entered saying he’d do a deal with Daymond John if Robert gets cut out.
Robert Herjavec got pretty upset about this, but Cuban responded he simply didn’t care and said it was personal. Herjavec said he was sick of Cuban just coming in to deals like this.
Daymond John said he will cut out Herjavec like a “scurvied dog” and went in with Mark Cuban. At this point, Robert Herjavec and Kevin O’Leary partnered to offer $150,000 for 25% of the company. Daymond John offered $150,000 for 30% of the company to counter and would bring an A List artist to the table. Kevin O’Leary and Robert Herjavec countered with $150,000 for 20%. Barbara Corcoran who opted out said that Alashe needs to think about who he’d have fun with as an investor and therefore should kick Herjavec and O’Leary to the curve.
Ultimately, Alashe chose Cuban and John because of the brand value they could bring.