Jaws dropped on Tuesday’s Shark Tank when Steve Baxter offered to buy one budding entrepreneur’s business, lock, stock and barrel for $1.5 million.
However, Andrew Leary, the face behind seatbelt-safety app Buckle Me Up, called Steve’s bluff and rejected the offer, holding out for more money – a ploy that did not wash with the investor.
Andrew described the idea as a device that ‘clicks onto your seatbelt buckle like an E-Tag’.
Big money: Jaws were dropped on Tuesday’s Shark Tank when Steve Baxter offered to buy one budding entrepreneur’s business, lock, stock and barrel for $1.5 million
The device is paired with a free smartphone app that alerts the user if anyone in the vehicle had unbuckled their belt.
The idea seemed to resonate with shark Andrew banks, who recounted a close call he had in the car with his son.
‘I can remember driving down, 30 years ago, with my five-year-old son in the back and i turn a corner and suddenly the back door of my car opens and my son, who is five years of age, has taken his seat belt off because his hat has fallen on the floor.’
Upping the ante: Andrew Leary, the face behind seatbelt-safety app Buckle Me Up, called Steve’s bluff and rejected the offer, holding out for more money – a ploy that did not wash with the investor
He continued: ‘He grabs hold of the seat belt, I’m hitting the brakes, and I get out of the car and he;s under the back wheel and it’s this far away from going over him and I will never forget that vision.’
Sharks Janine Alis, Andrew Banks, Glenn Richards and Naomi Simson baulked at the fact the investment only entitled them to the business name to the license for the IP.
However, Steve shocked the floor when he asked: Would you sell the whole company?’
Relatable: The idea seemed to resonate with shark Andrew banks, who recounted a close call he had in the car with his son.
Too risky: Sharks Janine Alis, Andrew Banks, Glenn Richards and Naomi Simson baulked at the fact the investment only entitled them to the business name to the license for the IP
Steve then offered Andrew $1.5million for 100 percent of the company to to which Andrew replied: ‘I want to thank you for the offer but I want to see counter offers.’
With none forthcoming, Andrew tried to up the ante, asking Steve if he would consider $2 million for 100 per cent which brought the whole deal to it’s knees.
‘No, I’m not going to negotiate against myself,’ Steve replied.
No deal: Andrew tried to up the ante, asking Steve if he would consider $2 million for 100 per cent which brought the whole deal to it’s knees. ‘No, I’m not going to negotiate against myself,’ Steve replied