Shark Bait - Episode 803
Shark Bait - Episode 803
Shark Tank Season 8's, Episode 3 featured Night Runner 270, Raising Wild, Tekdry and The Cookie Kahuna. Below is summary of the intellectual property owed by each company and which were funded by a shark.
Headlights for your running shoes! This product is a pair of light weight, water-resistant LED lights that clip on to shoes and illuminate the area 30 feet in front of a runner with a 270 degree light beam.
Doug Storer, co-inventor, states that he has a utility patent pending in the United States claiming the product's adjustable clip, bi-lateral symmetry and rechargeable battery. There are no patents or patent applications currently published at the USPTO. This is not surprising given that utility patent applications don't publish until 18 months after filing and design patents don't publish unless the patent is granted.
Previously, a trademark for NIGHT RUNNER was applied for without the 270 (See 86/492,247 NIGHT RUNNER) but this application was abandoned. Doug states that NIGHT RUNNER 270 is now being used as the source identifier. Additionally, he mentions another product that was planned on the episode, NIGHT SHIFT, for those who work in the dark and need to illuminate their steps for occupational safety.
Renata and Doug Storer came in seeking $250k for a 10% stake in the company. With four out of five sharks bidding to be an investor, the company played their cards with Robert being chosen by the company to invest $250k for a 15% stake plus $100k as a loan.
RAISING WILD
Raising Wild sports a line of swimwear that allows for full day comfort in and out of the water. The owners have an established domain name but have not pursued federal trademark protection for their brand.
Raising Wild was picked up by Barbara. In exchange for $100,000 and credit lines of cash, Barbara now has a 50% stake in the company. Her offer was contingent on the suits being offered for $99 and the suits being named after
Now that Raising Wild has financial backing, expect a federal trademark registration to be filed in the near future. Additionally, Raising Wild could consider filing for design patents for their swim wear.
TEKDRY
Fig. 3, US 8,689,,461
Did you drop your smartphone in the toilet? TekDry built a machine that slowly heats up wet devices until all the water evaporates. Available at Staples stores, the services costs $69 but if your phone doesn't work after getting dried out, there is no charge.
TekDry, LLC was founded in 2014 and raised 2.3 million to get the business going. They spent a portion of that on intellectual property.
TekDry, LLC has an impressive patent portfolio. TekDry, LLC has issued US Patent 8,689,461, pending U.S. patent application US2014157619, and an impressive international patent portfolio
A review of the U.S. issued patent claims indicates that the thermally conductive beads may be an important aspect of this products intellectual property.
Additionally, TekDry, LLC has trademark registrations US4,648,740 for their logo and US4,648,737 for their mark TEKDRY.
TekDry, LLC was seeking $500,000 for a 5% share of the company. A lone shark Kevin (aka Mr. Wonderful) offered $500,000 as a loan at 13% interest plus 5% equity. The offer was confidently accepted by TekDry, LLC.
The Cookie Kahuna
Wally Amos, aka "Famous Amos," was a recipe for success in the 1970s. Unfortunately, Wally lost the right to use his Famous Amos name on cookies when he sold the business in 1988. The Famous Amos cookies you buy now are not the original recipe!
In order to jump back into the cookie business with his original cookie recipe, Amos is starting a new brand. His trademarks includes a logo USSN 86/881,081 used as the letter K in cookie and THE COOKIE KAHUNA, US Reg. No. 4,791,512.
Interesting, Kahuna means wise man in Hawaii. Wally only pursued his trademark application THE COOKIE KAHUNA after THE COOKIE MAN (USSN 86/085,023) was rejected by the United States Trademark Office.
Wally came in asking for $50,000 for a 20% stake in his business. The sharks turned him down largely because he could not use his formerly owned trademark FAMOUS AMOS! Therefore, he was not capitalizing on his prior good will but building an entirely new brand.
