Capital M, The founder of Hoo-Haa headphones shocks Sharks at the Shark Tank Australia by offering 20% of his business at just 20$. This leads to value the company at only 100$.
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Capital M The famous Drummer
During his pitch, he emphasizes the fact that he fancied becoming one of the most famous drummers in the world during his childhood.
He states that he has had the chance to play top Grammy award-winning artists such as Lionel Richie, Rihanna, Ricky Martin, etc.
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Taking time to impress Sharks
He inspires all the sharks with his story and makes them laugh at the fact that it has nothing to do with his business Hoo-Haa headphones.
But Capital M goes a step forward and gives a live show of his drumming skills to make his point how it could be related to his product Hoo Ha headphones.
Untangling a ball of spaghetti The real problem with the headphones.
For a drummer like himself, Capital M had to undergo an irritating problem. Each time he wants to use his headphones when a backing track is played. But most of the time when he reaches his headphones, Its wires are tangled just like spaghetti. This problem needed a solution. So Capital M came up with the genius idea of his product Hoo Haa headphones.
Hoo Ha Headphones! But why?
Hoo Haa headphones can retract their wire in just a press of a button. That’s how Capital M came up with this name for his product.
Does this have patent?
According to Capital M, He has commissioned patents for the US & Australia. He has hopes to license this on above-market geo-locations.
18B USD market
Capital M tries to open up sharks’ eyes towards the fact of how big the headphone market industry is. According to him, it is expected to grow up to 13 billion USD to 22B by 2022.
Why just 20$?
Capital M wants to license his products, he thinks that sharks can play a bigger role than him in that process. That’s why rather than having the money he asks for a partnership with the sharks.
What he is looking for is a strategic partner to find the best way forward for his Hoo Ha Headphones company. That is why he offered only just e 20$ giving away 20% of his company.
Capital M is interested in sharing his IP with the sharks if they are getting on board.
He also thinks that approaching apple is a good strategy as Apple owns Beats.
But unfortunately, 2 sharks go out in the first moment itself.
However, Naomi finds it’s interesting that Andrew Banks also jumps in and shows his interest.
Andrew wants to split the deal with Naomi and asks Capital M to give away a stake of 40% for 40$ from Hoo Ha Headphones so they both can jump into the deal.
Capital M negotiates the deal to make it 15% each for 30$ giving away a total of 30% of his company.
What happened to Hoo Ha Headphones after Shark Tank?
It is not clear what happened to the 100$ business after shark Tank.
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