BEST PART OF THE PITCH: The Kiernans have been dealing with the issue of disappearing garbage can lids. This has led to numerous raccoons tearing through their trash. Retail stores want you to buy the entire trash can, so they don’t sell lids separately. That’s why Kevin created a water-resistant fabric replacement cover for the cans. The Last Lid clips to the handle and the couple claims their product is raccoon-resistant. They have no sales, but there are also no universal garbage can lids out there.
DO THE SHARKS BITE? Robert has no interest in this product. He’s out. Lori loves the passion Kevin and Melissa exhibit, but she can’t invest. Kevin doesn’t like the numbers regarding how much it costs to produce, what the retailers will need and the selling price. He’s out. Mark thinks this is a good product, but doesn’t think it is ready to blow up the marketplace. He’s out. That leaves Daymond.
THE RESULT: Daymond doesn’t like the $200k value attached to a company that has no sales. Kevin offers to raise his equity. Daymond will give him one shot to give him a good number. The offer is for a 60% stake, even though Melissa was thinking 50 would have been fine. Daymond accepts the offer largely because he found himself looking for a garbage can cover a month ago. Robert says he would have sold him one for a lot less than $40,000!