Nubrella is a reinvention of the umbrella we all know and... love from a company out of Boston, MA. This "nubrella" can't be inverted and can be used hands free because it essentially sits on a user's shoulder's like an over-sized helmet. It even has a harness to keep it in place should the user want to ride a bicycle or do something more than look stupid.
The Nubrella has, in its lifetime, sold 3,000 units at $49 a piece though it's now selling for $29 per item. It is, of course, patented in the United States (because, what isn't) and is pending within the European Union.
Thus far, Nubrella has had $500,000 of investment by the entrepreneur and another $400,000 from outside investors.
The entrepreneur is in the Shark Tank looking for capital because he can't fulfill the inventory necessary to deliver on the purchase orders that have come in. The entrepreneur is straight up honest in admitting that he needs the money because he doesn't have any more. Despite no retail sales, Nubrella has orders from 47 different countries.
Proving, once more, your Stats Shark's theory that the surest way to get a deal is to have unfilled POs, Kevin Harrington and Daymond John team up to make quite the sharky deal. Together, they will take 51% of the equity of the business in return for the $200,000 the entrepreneur needs. This essential take-over results in a bite of just over $400,000!
But, because the entrepreneur is out of money and two sharks is better than one, he seems to reason that this works just fine for him and accepts it.