3 Shark Tank Flops That Hit It Big

It doesn't take a deal from ABC's "Shark Tank" to be tremendously successful.

In many cases, the airtime exposure provides small businesses with enough of a marketing push to take a giant step in the growth of their brand.

Here are three "Shark Tank" products that made millions even after walking away from the show empty-handed.

Coatchex

Coatchex founder, Derek Pacque, turned down a $200,000 offer from Mark Cuban after pitching his mobile coat-check system.

Pacque's idea was to create a "ticket-less coat-check system" that matches a persons face to their belonging. Cuban's offer was for a 33% stake, but Pacque believed his company was worth around $2 million.

Since then, Coatchex has been featured in airports, hotels, and clubs, as well as events like Mercedes Benz Fashion Week, New York Fashion Week, and the Super Bowl.

Copa Di Vino

Despite two separate appearances on the show, Copa Di Vino founder, James Martin, failed to reach a deal with any of the sharks.

Martin's product is a single-serving, plastic container of wine packaged in seven different types with a resealable lid.

In Martin's first appearance on the show, he asked the sharks for $600,000 for a 30% stake of the company. He walked away with nothing after a $600,000 offer for a 51% stake of the patents from Kevin O'Leary.

In a rare second appearance, he turned down an offer of $600,000 for a 30% stake of the company.

Martin told ABC that his company had made $25 million in revenue in 2016.

Ring

Founder Jamie Siminoff pitched Ring, formally known as Doorbot, as "caller ID for your front door."

Siminoff's product allows smart phone users to see who is at their door from their phone. From there, they can decide if they want to "accept" or "decline" the visitor with a FaceTime-like system.

Siminoff sought $700,000 for a 10% stake in the company. O'Leary offered a $700,000 loan, only to take 10% of all sales until the loan was paid off, and to collect a 7% royalty on all future sales plus 5% of the company's equity.

Siminoff walked away only to gain $5 million of sales through the airing of the show alone. Since then. Ring started a home security revolution and the company was sold to Amazon for $1 billion.

How Can You Get Shark Tank Money Without Giving Up The Equity?

Shark Tank is great, it provides tremendous exposure for small businesses with a chance to partner with some of the best entrepreneurs on the planet. Each one adds their experience and value along with world class connections. The draw back is that they take equity or a royalty (Mr. Wonderful) that could be expensive as you continue to grow.

If you are looking to partner with someone, my advice is to make sure they add a ton of value to your business in areas that you're weak in. You should conduct full due diligence on the person you're looking to partner with. If everything checks out, make the deal as long as you're getting equal value (money & contribution) back.

If you don't have someone to partner with, or you need financing to grow your business, go to www.SproutLending.com Sprout is a small business finance marketplace that will give you access to Business Loans, Lines of Credit, Merchant Cash Advances, Invoices Factoring and SBA Loans. This will help you get the financing you need to grow and expand your business with sensible financing without giving up any equity!