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Episode 9 of Shark Tank season 14 featured a common yet unique business titled ChessUp. Founders Adam Roush and Jeff Wigh introduced their product that teaches how to play chess.
According to entrepreneurs, both beginners and professionals can play chess on the smart chess board. Through STEM-based technology, the board will guide the player towards their next move.
In the latest episode, sharks were not entirely impressed with the concept of carrying a chess board when they could play online. Robert Herjavec and Lori Greiner were interested in investing in the business. Before Robert could even pass judgment, Lori sealed a deal with the founders.
Nor did he get a chance to offer a deal, Robert didn’t even get the opportunity to share his opinion on the product.
What deal did Lori make with ChessUp?
ChessUp founders Adam and Jeff appeared on Shark Tank with an offer of $3,00,000 for a 5% equity in their company.
They mentioned that their company started after the founders raised $1.7 million through Kickstarter. Both Adam and Jeff were planning on having $4,00,000 in sales this year and wanted to seek sharks’ help to get rid of debts.
Jeff stated that the company has two investors — one holds a percentage of equity, while the other has royalties. Listening to this, Kevin O’Leary backed out, calling the business “complicated.”
Mark Cuban mentioned that he would prefer online chess games over board games. He and Barbara Corcoran, too, didn’t invest in the company. The next shark was Lori Greiner, who seemed interested in the product but couldn’t understand what kind of offer she should make to the founders.
After understanding her concern, ChessUp founder Jeff offered a revised deal: “$3,00,000 for a 5% stake + a 3% royalty on sales until $4,50,000 is paid.”
Lori looked satisfied with the offer. Robert Herjavec was waiting for his turn at the time, as he was also impressed with the product. He was surprised to hear Jeff’s deal as the company already has an investor with royalty. Before Robert could make his offer, Lori said loudly that she agreed to Jeff’s offer.
Only time will tell whether Lori’s decision will work in her favor. Meanwhile, fans were not happy with the deal. Some thought it was a “terrible deal,” while others felt that the chessboard was expensive (around $400 per piece).
Did all the founders get a deal on Shark Tank in episode 9?
In episode 9 of Shark Tank season 4, sharks were presented with four business pitches — ChessUp, Garage Celebrations, ZipString, and ReadyFestive. All of them got deals on the show.
Lori made a deal with ChessUp founders Adam Roush and Jeff Wigh for $3,00,000 for a 5% stake, plus a 3% royalty on sales until $4,50,000 is paid.
Garage Celebrations entrepreneurs Bill Webster III (son) and Bill Webster Jr. (father) impressed Mark Cuban. He offered them a deal of $2,00,000 for 30% equity. ZipString founders Stephen Fazio and Austin Hillam made a deal with two sharks, Robert and Kevin. They offered the entrepreneurs an offer of $1,00,000 for 20% equity.
ReadyFestive founders Kristina Barnes and Elizabeth Voelker also got a deal on Shark Tank. They joined hands with Robert and sealed a deal at $2,50,000 for 18% equity.
All the products that were showcased in episode 9 were related to holidays and festivals. Viewers can watch the episode on Saturday on Hulu.
Shark Tank season 14 airs new episodes every Friday at 8.00 PM ET on ABC.
