Human Bobber is a company from Ft. Lauderdale, FL, founded by two entrepreneurs. Together they have invented a "personal flotation device" for the recreation market intended to be safe and relaxing. The floatation device is something that can either be worn as a vest in a traditional life vest fashion or as a diaper for relaxation.
The entrepreneurs have received Coast Guard safety approval for their product three years prior. This was necessary because the big box retailers would not carry the product with out it.
In the three years since starting the company, they have grossed $63,000 in sales.
This deal aired on Episode 9.05.
Making A Deal
This is an interesting deal for the Shark Tank. Essentially the deal breaks down as follows, for $120,000 Mr. Wonderful acquired 33.3% of the company's equity. However, Mark also came in on the deal, offering to provide marketing and back office services for the business for another 10% for which he paid nothing.
Because the value of these services is impossible to give a value for given the information that aired on the show, the Stats Shark has determined in Solomonic fashion that the entire equity take, split among the two sharks will be factored against the cash value invested. Thus, the bite is a fairly severe $522,863 off of what the entrepreneurs entered the tank believing their company was worth.