Did Autio get a deal on Shark Tank? Founder asked for a million dollars from sharks in episode 17

Shark Tank season 14 episode 17 aired on Friday, March 17, 2023, featuring four business pitches. One of them was Autio, a storytelling travel app.

Founder Woody Sears appeared on Shark Tank to showcase his business to a panel of sharks. He asked for $1 million for 5% equity, leaving the sharks surprised. Kevin O’Leary mentioned on the show that they have rarely seen entrepreneurs seeking such a high price.

While it seemed like an expensive storytelling app, Woody mentioned that they have got celebrity narrators and two big investors. Despite all efforts to convince the panel, four (out of five) sharks rejected Woody’s offer.

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Kevin O’Leary offered Autio a deal on Shark Tank

Shark Tank season 14 episode 17 consisted of five sharks in a panel — Mark Cuban, Barbara Corcoran, Kevin O’Leary, Lori Greiner, and Robert Herjavec.

Apart from Kevin, others backed out from offering a deal to Autio founder Woody Sears. The latter asked for a million dollars for 5% equity, which initially shocked the sharks. Kevin was ready to give the asked money to Woody with one condition, which was that he wanted 15% equity.

Woody stated that he would not agree to 15%. Kevin tried to convince the founder by stating that he is Mr. Wonderful and that he has over a million followers and a lot of elite contacts. He then offered 12% equity, and in response, Woody counter-offered 7%. Kevin came down to 10%, expecting Woody to agree to his offer. But the Autio founder didn’t budge from 7% and politely declined Kevin’s offer.

Hence, the Autio founder didn’t get a deal in Shark Tank season 14 episode 17.

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Reasons why sharks rejected Woody’s offer

After listening to Audio founder Woody’s pitch, Mark Cuban, Barbara Corcoran, Lori Greiner, and Robert Herjavec rejected his a million dollar for 5% equity offer.

Explaining the product, the founder stated that the app gives information and tells stories about the places the buyer is in. It tracks the locations through GPS.

Mark was not impressed as he felt that Autio was not providing any unique services as Google Maps can also do so if they add audio. He said:

“I am just not a fan, I am sorry. I think Google Maps and everything about it is obviously GPS trigger. It’s not a major stretch for them to add audio. So for those reasons I am out.”

Barbara then stated:

“I keep measuring the words 15,000 subscribers, 15,000 against I’d like one million dollars. That is to me like it’s crazy. I am out.”

Next in line was Lori and she said:

“You know I think it’s really cool. But you are very credible. A million dollars for 5% that just doesn’t excite me. So, unfortunately, I’ll be a customer, but I am out.”

Robert then spoke to Woody and said:

“It’s a fantastic idea it was really early, I would have taken a flyer on it because you never know. I don’t think consumers will pay for it. I think if it was a feature I got with something else absolutely immersive I would use it. So I think where you are at this stage, just not for me. I am out.”

According to Autio’s official page, the app was initially named HearHere. In 2022, it was rebranded to Autio. Its founders are Woody Sears, Bill Werlin, and award-winning actor Kevin Costner.

Kevin has lent his voice as one of the narrators to the storytelling travel app. Although Woody didn’t get a deal on Shark Tank, interested buyers can subscribe to the app online.

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Meanwhile, Shark Tank airs new episodes on Fridays at 8.00 pm ET on ABC and the next day on Hulu.