Foreign First into the tank two mates Keen to Knock the cricketing establishment for Six I'm Adam and I'm Lee and we're from Adelaide and we think we have the Must-have item for summer to pitch to The Shark Tank It all started after a long day of beach Cricket with our friends and Lee turned To me and said what about this as an Idea and I thought it was a brilliant Concept that we genuinely couldn't Believe that no one had done it before We've invested everything into this hard Work time and money It all comes down to this moment Thank you [Music] Hi my name's Adam Dubrow and I'm Lee Warren we've come to the Shark Tank Today asking for a 280 000 investment And for that we're prepared to give a 20 Equity stake in our business Foreign I'd like to introduce you all to The cricket cooler Very clever very clever He meant down the beach playing Beach Cricket with family and friends We'd use anything as a substitute for Wickets We use bins bodyboards deck chairs Whatever we could find on the day really It was a few years later and I was down
The beach with Adam And we're playing Beach Cricket that day And I said to him afterwards why don't We put a set of stumps on a cooler and The idea of the cricket caller was born The cricket cooler itself has a set of Stumps at the front which rotate Forwards and backwards so they act as The stumps when you're playing Beach or Park cricket and then they act as the Handle when you're Wheeling to and from Your destination it has cup holders in The back for the wicked keeper and the Batsman oh nice oh that's genius Does it keep being cold it absolutely Keeps beer cold did you bring any proof Of that He's thirsty we didn't bring any proof But you can take one of these home you Can put your own beer in it later So we spent a few years now working on Development we've secured patents and Trademark Protections in most cricketing Nations around the world And we're at the stage now where we've Got a product where we can stand beside At high quality and the most cost Effective way So could you tell me the offer again so It's 20 for a two hundred eighty Thousand dollars less than eighty So how have your sales been okay so we We launched in September on an online Campaign so we got our Factory to
Produce a thousand coolers we learned in A couple of weeks that wasn't going to Be enough so we put the factory back Into production for 5 000 coolers we've Now sold four thousand coolers At what price We're selling for 89.95 what do they Cost you to make mate our landed cost is Around forty dollars plus GST forty Dollars You own 100 between you now we have a Silent partner as well oh How much is that so we split 33 each of The silent partner is 33 right so you're Offering 20 of the whole company correct So therefore all three of you will be Diluted back What else have you done where have you Come from what's your backgrounds before You started this yeah look both sales we Originally met each other working for Calvary sweps I still continue to do Some sales Consulting work and Lee is in Sales as well When you're going to work into this Business full-time is there a Tipping Point at the moment this is it is fairly Light touch in a lot of ways right so we Put a lot of time to work into this we Work 78 80 hours a week when we take our Day jobs and we take this day jobs about 150 000 so we can live on that Yeah families come first However this comes second
You want us to put in 280 000 bucks for 20 of the company and you're not going To work on it full-time unless you can Go from your current wage right now into A wage in this business on an equivalent Level if you want to be a diet Entrepreneur it's actually something That says you're not an entrepreneur You you want safety and you want no risk No I I know due respect I disagree We have taken a significant amount of Risk to get it to this point if we're Going to invest in a business that You've asked us to Value 1.4 million Dollars you've got to buy into this guys Yeah right and honestly ripping out 150 000 bucks a piece in the early stage That just to me says I want to transfer From a comfortable job to a comfortable Job It might be shocked to understand what At least mean I know some of the others On this panel actually lived on what They're building their businesses And in equivalent terms there's a Damself less 150 000 bucks It's really not about we can't be Bothered in a heartbeat we would love to It's about our current circumstance and It's managing that yeah I know but going Because I must have been I'm in his Camp Right um We had a point in my business in the Early days where we needed more capital
And the only thing like most Australians Is was our family home we sold our Family home we moved into our office I Was sharing a bedroom with my kids I Never took a salary for three years and My first year salary was thirty thousand Dollars and the only reason I did that Is because every cent needed to go into The business to grow it It also needed every second of the Waking hours that we had so focus and Execution deliver results Reality if you're not working the Business and what it requires you to get In that business is a warning sign for Me that I've been booked similar things In the past before and I promise not to Do it again Would it change your decision if one of Us committed to that Said I'd never again invest in someone With that attitude Sorry guys I'm out Look for us this is not about having a Product that we don't think we can make Money out of this is about getting Access to some working capital so that We can produce enough coolers to fulfill Our demand I think for me it's something That I'm not going ah I've got to have It And also that that real Um someone in it full time and then how That works with cash flow
And for that reason I'm out [Music] You mentioned patents we've got patents Approved in Australia New Zealand And then we've got trademarks for the UK South Africa New Zealand Australia have You got the patents for India we've got A patent pending in India So we fired it in 2008 in India Um still waiting We're hoping that it comes through we Understand Hope's not a strategy but you Know it's a it's a challenging Market in Its own right so we are waiting for for An approval what worries me is I'm Nervous about silent Partners I don't Know And India of course is the biggest Cricket Market in the world and there's Uncertainty there so for all those Reasons I wish you luck but I'm out I'm concerned this could be a one hit Wonder I'm looking to invest in businesses that Have recurring revenue and long-term Future success There's not enough certainty so for Those Reasons I'm out And there was one then there was one I'm looking for people with passion And you tick that box I'm looking for people who are Persistent and there's no doubt you've Done that with your r d
You have a product that will make people Laugh and that's what we need more than Anything Now interest interesting position that I Know somebody who runs the largest Promotional company in Australia And they are always looking for the next Thing To take to their clients So I am going to make you an offer of Some sort I will give you or I'll offer you There's never a gift this is always an Investment Eighty thousand dollars for twenty Percent with a 200 000 loan for a Licensing deal So you get your two hundred and eighty Thousand dollars cash which you need but The licensing deal is dependent on a Volume sale So it effectively will appear to you Like a loan So the 200 is they keep they use that For stock for the licensing deal they Need the money to get the stock and they Need the money to get additional Manufacturing but they need the money Right now I introduce them to just one person I Can make that money back be a 20 Investor and we're all sweet which which Is it might be a very short-term thing Which is a it's a good deal for you
Like it's a fantastic deal yes [Music] I think we can We don't want to devalue our business we Genuinely feel as if we've we've valued It accurately we we honestly do you're Not going to take it [Music] We generally feel like we're valued it Accurately now I think we'd be Comfortable with that deal but at a 10 Equity in the business on go So my offer is 20 for 80 000 with a two hundred Thousand dollar loan You're most welcome to take a moment can We take a moment yeah of course I Appreciate that I think yeah Essentially a interest-free loan Over two years we're going to make a Killing the next two years but 20 a lot I have no doubt you'll get your money Back on this product the question is What happens next yeah and you might be A one-hit wonder yeah I might introduce Them to one or two people that get some Big sales yeah you know it's a fun Product I've played Cricket on the beach I've used all the stuff Gentlemen welcome back thank you thank You We've had a deliberation outside as you Are aware and Naomi we really need the
Capital now we're going to make a bucket Load of money for you and for us and We've got yourself a deal [Music] [Applause] Thank you congratulations [Music] We kept battling Williams probably not Necessarily the shark that we thought Was going to show the interest that they Did but well the rest are really happy To to have the investment really happy To have that partner on board as well
