Fashion mogul Daymond John only regrets letting one million-dollar idea slip through this fingers this season on the series.
“I got beat out of a patent for a slipcover for a baby’s crib, where you can clean the covers,” he admits to the TV DivaGal. “I got beat out by Barbara Corcoran, and I really had wanted to sink my teeth into that one.”
Slipcovers aside, Daymond is “very happy” with the business ideas he plans to invest his hard earned millions into, though he admits he won’t stay in business with everyone who pitched him.
“If they weren’t a great person, but they had a patent or a business that I want to buy, I’ll try to buy them out of it.”
Daymond has some advice for any future entrepreneurs who come on the show to pitch their grand idea, and want to stay his partner.
“Know your business in and out and do not over-value it. It’s about having a proprietary idea or patent, or having sales,” he instructs.
“If you’ve put in $1 million, but are only making $50,000 in sales, be up front about it. That’s where people lose deals with the Sharks because they over value the company.
“Keep the vision real, get your foot in the door, get a strategic partner, get some funding and take it from there,” he suggests.
“When a person is great, they have a patent and they have sales, I’m all over it.”
One company that’s on the right track with the FUBU CEO?
“I love TC Pets. They are little stuffed plush animals that kids can put goodies and stash stuff in them. They’re cute and adorable,” says the father of two.
I’m sure his girls will be loving him for that one!
Shark Tank, season finale, airs Tuesday at 8 p.m. on ABC.