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Shark Tank UniKey Technologies Needs $100K For 33% Business Share - Best of Shark Tank TV
hello sharks my name is Phil Dumas and my company is
unity technologies and looking for a $500,000 investment for a 33 percent
equity stake my passion is access control I know that sounds weird but it
really is now the interesting thing about this market to me is is that the
key really has not evolved in over 1,100 years that's a long time but my product
yoona key is the revolution of the key I'm gonna incorporate your key into your
mobile phone and now you can take this big old bulky key chain and get rid of
it it's that simple let me show you how it works as long as I'm in rain to the
loss I can control it now I simply walk out of range and Mark if you could do me
a favor and just hang off my phone slash key for me you can see just a regular
user has no control over the lock they can only lock it it cannot unlock the
lock again so somebody leaves they can lock the
lock for you cool now if I come back into range you'll see I gain access
again this is me walking up I gain access to my lock it's that simple
now another unique thing about You Nakia is is by having the key on your phone we
can send and receive keys to and from other users on a one-time extended and
permanent use basis so if you have a friend coming to town he gets home
before you you can send them a one-time key if you have a maid service that
comes over every Wednesday from 2 to 3 p.m.
their key can work for just that period of time so you can rest assure they
can't get into your home at any other time and then obviously you can send a
permanent key to your spouse and your kids but more importantly at any time
you can delete these keys it's that simple so with your help your capital
and experience we can change the access control market thank you very much for
your time are there any questions feel very cool is that a retrofit to existing
keys or to have to buy a brand new lock brand new handle brand new everything
great question our technology is two bolts out two bolts in with a new lock
on that long to buy a new lock yes we have the
technology that goes into the lock I'm actually working with Black & Decker
right now use the regular original key on that lock if I want yes so if your
phone dies or you don't have it with you we recommend you keep a key laying
around or one of your neighbors you can just walk up and use the standards this
patented we have an all-inclusive provisional patent file which part of
the equity money that I'm raising is gonna use to take that into a non
provisional status is your strategy to license this technology to a
manufacturer that distributes locks yes so I'm working with Black & Decker on a
licensing structure of my technology their lock their sales their marketing
so what's the next step of Black & Decker I'm gonna drop this off tomorrow
and they're presenting it at their closed door executive meeting next week
so I have a basic question what do you sell it for the goal is to get it to
market at 149 to 199 and that's ultimately up to Black & Decker how they
decide to price it what about somebody just wants to use a key what do they pay
for a similar lock $30 so the difference is $100 should I be worried that it's
such a huge premium to an ordinary lock in this economy
absolutely not people are buying technology so feel I'm very interesting
I'm thinking this is fantastic thank you why not go to Black & Decker
raise the money from them for a one-year exclusive in the market they don't fund
the development they're happy to pay a royalty agreement now they're not my
only pony anything with a key anything with a password we can go to we
just need to further develop the technology and they're a customer that
really wants this technology and if they don't I'll be honest with you we can
take this to market ourselves and do very well on the Internet and your
dealings with Black & Decker what do you assume the royalty to be I want to go
for about a seven and a half percent of gross sales you've asked for $500,000
for a third of the business so you're telling me it's worth one and a half
million in total post money how did you come up with that value free money a
million dollars is very reasonable for a tech company with technology like this I
think mark can attest to that it's not outrageous post money 1.5
million how much more money you're going to need to get the first ones sold I
really need 1 point 1 million dollars to hit profitability now
the 500,000 is I'm calling round a and then there's an extra $600,000 trot you
want to let's be clear it doesn't get your profitability just simply get you
to end of proof-of-concept no the 500 does yester set 600,000 gets us to
profitability so how are you going to use that 500,000 okay the first 500 is
patent protection then I've got engineering so that's a
couple hundred thousand dollars we've got equipment that we need we need to
buy a blue tooth full development stack those cost a minimum of 50 grand
five hundred thousand that is the absolute minimum I can take it from
point A to point B and there's a little bit of cushion in there but to be honest
I'd like a little bit more a lot of money absolutely but for a
product like this don't think as you see a lot of people think because they're
sitting up here with us that that's easy that's a little I don't
think it's easy at all I haven't raised yeah it'll agree with
me on this yeah the entire value of this concept is hinging on a deal with Black
& Decker absolutely not okay that's one channel anything in access control we
can go into I'm not putting all my eggs in that one basket but it's a great
opportunity and they're extremely interested so my only risk is put some
money in develop it make sure it works I'm gonna make sure you get your money
back if I have to sell them all by myself how how are you gonna assure us
we're gonna get our money back I'm gonna make it happen Matt come from the
private equity field I'm actually at my degree in electrical engineering from
the University of Central Florida go Knights
okay I come from the private equity field but literally in the private
equity firm my title was VP of mih I made it happen
I love that alright look I'm in great pain right now
let me explain why okay you're very credible and I love your
story about making it happen and the fact you come from the private equity
world that's all plus on the negative side the housing market is a disaster
your product cost three times as much as the solution that goes in every door
today we've got a lot of development risk and if black & decker passes we
have to market this ourselves so there's a lot of angst I've got there's not a
lot of development risk everything I have planned out we know what we're
gonna do we're gonna hit bumps in the road we're gonna solve those problems
the new home market really doesn't buy key padlocks people put those on
afterwards so we're not directly linked but there's many different types of
deals in life this is one where I love the story but I feel the risk but I want
a piece of it so here's what I'm gonna do
I'll put $100,000 down you still have to raise four hundred thousand for other
sharks but I want the end deal to be for 50% of the company so ten percent you're
getting 100 grand sighs thank you very you have to raise the other 400 from us
so at least you've got $100,000 from the bank of tank right now it's better than
most people get and it starts the juices flowing my
friend it's an often thank you bill I love the fact that you love something as
boring as LOX I've been in Internet security for 28 years and I love it
nobody understands it but I love it it's born to everyone else except to me yeah
here's what I'll do I'll give you a million dollars for 75%
of it
you keep 25% but it's contingent on getting Black and Decker in
phil has a partial offer on the table from kevin o'leary but Robert has just
raised the stakes here's what I'll do I'll give you a million dollars for 75%
of it you keep 25% but it's contingent on
getting Black and Decker in let me tell you why I need Black & Decker I need
them to proof of concept but it's just a market absolutely but so a million
dollars these understand it's not our only customer oh did I say it's our own
market all right I'm saying we need somebody to step up prove the market so
we can go sell to other pin on very con million dollars seventy five percent you
keep 25% that's a lot of equity are they gonna ask for exclusivity in the
residential lock market whatever their market is the recámara negotiator is my
vertical lock so who cares you offered your a hundred thousand for ten percent
I mean it's you gotta get a five hundred thousand thank you and thanks actually
mine's far less diluted than his it is we just but it's still a lot at we know
I have an offer right because for whatever reason since we presented this
I'm gonna be annoyed every time I pull out my key for that one but I'm gonna
give you half of the $500,000 for 25% of the business if you get Mark Cuban and
buy the other 25%
thank you for your offer why don't you see what Mark has to say I'm waiting for
my bill two words great presentation thank you um I want
to be in this tech space really bad but I have some exit wounds from other deals
I've done I have a partnership with great product development people if we
use my people and have a deal with HSN we try to go right on there are are you
ready with an offer yeah 40% half a million dollars and then there was one
okay I'll make it easy thank you I get it so here's what I want to do and I'm
going to preface this by saying when I make my offer I also understand that
you're gonna have to raise another $600,000 so what I'm gonna do is Barbara
I love you but don't give me the butter it's not a good sign
this isn't your this isn't your wheelhouse but Kevin's strength is in
beating people up over the numbers and I like that about Kevin that's why they
call me mr. wonderful so Phil what I'm willing to do is I'm gonna take up Kevin
on his contribution and I'll provide $400,000 so in aggregate its $500,000
but assuming Kevin's willing to go along with this
I might we want 45% of the company
and I came in here wanting to do a deal with you mark I think this is right up
your alley but you to consider 40%
I'll split the difference at 42 and a half go hang on a sec hang on a sec key
thing and what mr. Cuban said you're gonna have to raise more money in his
deal and O'Leary still you're already diluted you've already gone down to 55%
what do you thinks gonna happen in the next round and they're pegging the value
of this business today not about a million bucks I'm giving you a higher
enterprise value right off the bat more cash twice the money and you're getting
25% all right would you be willing to come down on your equity I mean you're a
75% equity that's a massive number I understand that you realize almost well
you can't use mine you know where it hits so he's offering a million dollars
yeah but the point is you may need more than a million dollars we don't know
what's gonna have you know from your background in tech it's not about 2% 5%
right it's about the assistance you're going to get and the opportunity
understand so that's where it is and giving up more equity that's why you're
fighting for the equity right look 40% we have a deal
then how are you gonna protect me in the next round 40% and I'll give you two
seats on the board so you have control over the Board of Directors so it's a
balance of power what do you think yep that's a fair guy with two seats you
have two directors now no I am the only board of directors so you guys have
control of the board I have control of the stock it's a balance of power
Kevin I meant
I'm in as well you have a deal
done and done that's how we roll until 4-h there's a long view it's the right
deal do not negotiate black attack without me there yeah that's what he's
good at okay thank you so much I appreciate your
offer thank you so much nice job here today I really appreciate your offer as
well I like that it was a great deal family
what did he call himself a problem solver and he had a problem right in
front of me and he came up with a solution like that well mark I am
annoyed he couldn't have gotten rid of me no more gracious right why bring your
ride in on a broom
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