UCF Alumnus Lands $1.4 Million Deal on “Shark Tank”
UCF alumnus Gaston Blanchet, ’09 (right), appeared with business partner Jesse Potash on the Dec. 4 episode of ABC’s “Shark Tank,” where the entrepreneurs made a $1.4 million deal for their invention, Trunkster. (PHOTO: Trunkster Facebook page)
The popular reality television show “Shark Tank” gives entrepreneurs a chance to potentially secure a business deal with one or more self-made millionaires (aka “Sharks”). On each episode, guests try to convince the sharks to help fund their business ideas, in an effort to turn their innovative dreams into a million-dollar realities.
The Burnett Honors College alumnus Gaston Blanchet, ’09, and his business partner, Jesse Potash, dove into the unpredictable waters of the “Shark Tank” on the Dec. 4 episode, ultimately making a deal with two sharks for $1.4 million and 5 percent equity for their unique luggage invention, Trunkster.
The Trunkster, created for young professionals and other frequent travelers who live out of their suitcases, is available in two sizes, and incorporates a roll-top front, with TSA-compliant lock, instead of the usual zipper. It also features a built-in digital scale, USB charging station and GPS-enabled tracking system. In addition, it’s water and shock resistant, and comes with a price tag starting at $395.
The young entrepreneurs ran an incredibly successful Kickstarter campaign in 2014, which raised nearly $1.4 million — way more than their original goal of $50,000.
During the “Shark Tank” presentation, technology innovator Robert Herjavec was the first to express interest in the product, offering $1.4 million for 30 percent equity. Venture capitalist Kevin O’Leary offered to split the deal with Herjavec, but was denied, and instead offered $1.4 million for 37 percent equity, stating his offer was just as ridiculous as the Trunkster founders’ $28 million valuation.
Lori Greiner, the “Queen of QVC,” then explained how her experience and knowledge of other specialized retail items make her the best fit for the deal, and that she’d be willing to invest $1.4 million for 15 percent. Mark Cuban, billionaire owner of AXS TV and owner of the Dallas Mavericks, also expressed interest, but had a hard time justifying an investment at the valuation because of the many risks involved with a pre-sale company.
The two inventors then asked to step outside to discuss their plan of action.
Upon their return, the pair countered Cuban and Greiner, proposing the two Sharks split the $1.4 million investment in exchange for the original offer of 5 percent equity, with a guarantee of paying the investors back in full within 24 months. Plus, Blanchet and Potash assured the Sharks that if they failed to meet the deadline, they would double Cuban and Greiner’s equity (to 10 percent), in addition to paying them $1 per unit sold in royalties, in perpetuity.
Greiner immediately accepted the guys’ offer, followed by Cuban, and the fate of Trunkster was sealed with a deal.
