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Hydromax was presented by Chris Spencer on the Shark Tank and he was seeking $50,000 for 25% of his company (implied valuation: $200,000). According to Spencer, 14 million kids play football in the US and they die every year due to lack of hydration on the football field. Hydromax is a hydration system that mounts onto shoulder pads and is exclusively customized to work on shoulder pads. Spencer invented the Hydromax during his time in college as an athlete.
It likes a Camelback water thermos that runner and hikers use. The Hydromax costs $8.50 and sells for $49.99. The Hydromax had sales of $100,000 in 2007 but left to join a corporate job because of family responsibilities after getting married.
Dennis O’Leary said the gadget needs to be licensed and not sold directly. But opted out. Although he added he’d love to save kids especially when he can profit from it.
Daymond John thought the valuation of $200k was exorbitant and also opted out.
Barbara Corcoran also opted out as she didn’t have the right contacts or the time to invest in this business.
Foxworthy said it’s a great idea but he’s got to run the business. He offered $50,000 for 50% of the company. He thought it was a great way to help kids and that every concerned parent would buy this. And that once one parent buys on a team, everyone would buy.
Hydromax took the deal.