iFork is a company from Brooklyn, NY, that has invented a novel new locking system so that a person can hold a drink, a plate, and silverware at a party, all one handed.
The entrepreneur has created an entire system of disposible picnic flatware and cups that interlock through a system of slots. It was specifically designed to meet a need the entrepeneur saw when he went to parties and never seemed to have enough hands. He claims to have utility patents pending and issued design patents though he also claims that whoever attempted to copy his system would have a $3,000,000 learning curve to catch up on.
The product has been sold in a 500 store test with Walmart. Though the product sold out in just two weeks, moving 18.000 units and $26,000,000 in sales, it was not picked up again by Walmart because the entrepreneur was told that it was not a big enough brand to compete with the established companies.
The retail price for a pack of the product is $15.99.
The entrepreneur has been previously sucessfull, landing his first job at fifteen, opening his own photo studio at nineteen, and at twenty-six launching "Black Division of Buisness" an "urban" business magazine.
This deal aired on Episode 9.15.
Making A Deal
Barbara was sold enough on the deak that she refrained from some of her more shark-y tendencies. Rather than going for something extreme and asking for 50% (or more) in equity, the instead limited herself to just 15%. Unfortunately, because that was three times what the entrepreneur had originally offered, the bite was still a substantial $1,333,3333 off the original $2,000,000 value.
The Stats Shark always thought that this was a particularly neat idea and, since this deal aired, has kept an eye out for the product at New York area supermarkets. Unfortunately, he has yet to see it anywhere and his life is poorer for it.