Adam and Desiree Haller came to the Shark Tank in hopes of securing $50,000 in exchange for 13% equity in their company, SubSafe. Adam, who is a fisherman, realized the need for a product to protect his sub and snacks from becoming soggy in his cooler when he would be out on the water for several hours. This husband and wife duo decided to create a BPA free, waterproof, and crushproof container that will protect your lunch from taking on water. The SubSafe product can also double as storage and protection from important dry goods such as keys, cell phones, and wallets. Because the product can float on water, it will keep its contents safe and protected at all times. This product is perfect for tailgating, camping, boating, beach days, etc.
Will this water-proof product stay dry in the tank? #subsafe #SharkTank
— Shark Tank (@ABCSharkTank) January 28, 2019
SubSafe is offered in multiple sizes to safely store a 6″ or 12″ sub. It is specially designed to be flat on one end to allow the container to sit upright to double as a cup or bowl if needed. The patent-pending product has caught the eye of a major sub shop who has contacted Adam and Desiree about a potential partnership for a special promotion they would like to run. This is peaks the interest of a few of the Sharks, however, they are mostly concerned about the low price of the product, lack of breadth of the offering and the market size and opportunity for this product. There is also concern about the actual product’s name and marketing.
The Sharks are concerned about getting their money back and aren’t exactly sure how to structure deals with SubSafe. Mark Cuban and Charles Barkley decide to go in together on an offer to SubSafe. They offer Adam and Desiree $100,000 for a 25% stake in their company. Their plan is to invest in marketing the product. This Shark combination is particularly powerful for SubSafe as they will get a fisherman with Charles, who understands the need for the product, and a digital market in Mark who can sell the product. SubSafe accepts their deal and officially go into business with Mark and Charles.
What do you think of Charles and Mark’s investment in SubSafe? Would you purchase this product? Sound off in the comments below!
For a full summary of this episode, check out this article. Shark Tank airs on Sundays at 9:00 PM EST.