Sharks slam ‘stupid’ pitch: ‘I’m sick of it’
A TRIO of hopefuls on tonight's episode of Shark Tank are left to squirm after their product, a beer-buying app, fails a basic test run from the show's most ferocious panellist.
The Beerpal app promises 'Australia's cheapest beer at your fingertips,' and the blokes behind the app front up to the show full of confidence.
"We have a product that every Aussie needs to use," says Paul Cameron, backed up by business partners Sam and Seth.
"Nobody's going to think this is a bad idea."
Beerpal allows users to find "where your favourite beers are on special, instantly." Enter in your favourite beer brands, and Beerpal will tell you where to buy them nearby for the best price.
It's an impressive pitch, but the Shark Tank panel of investors have reservations.
"So are you a tech company or a beer company?" asks Dr Glen Richards.
"We're a tech company," says Cameron, a pronouncement that earns him a nervous sideways glance from his business partners.
As the pitch wears on, investing guru Steve Baxter gives the app a test run - and he's furious.
"I put four out of five of my (favourite) beers in this app, and it found none of them. You can't do that. I had to put in a beer I don't quite like just to get an answer out of it," he tells them.
"This is not a working app. I'm not going to use this app again. If the answer to the question's an app, what the hell was the question?"
The trio's lofty $2 million valuation for a company that made $20,000 last financial year then proves the final straw for Dr Richards.
"I'm sick of tech guys coming in here, overpromising and underdelivering, giving me this stupid valuation based on hope," he tells them.
"We're not a tech company," Cameron interjects.
"Uh, you said we were," his Beerpal partners whisper.
So will any of the Shark Tank panel invest with the boys from Beerpal? Find out when the show airs tonight, 7:30pm on Ten.