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Sharks are a big deal, as they are the ones giving entrepreneurs the opportunity to turn their dreams into reality. That’s why aspiring business owners go all out to impress them on the hit show. From clever pitches to creative ideas, they’ll do whatever it takes to catch the Sharks’ attention and make them happy.
The same, however, cannot be said for Jeff Witten, the founder of CoinOut. He essentially went one-on-one with Kevin O’Leary in a bold exchange that ended up going viral on the internet. Here’s what went down.
ThisShark Tankcontestant shut down Kevin O’Leary, and the Internet couldn’t stop cheering!
Kevin O’Learyis a tough nut to crack onShark Tank. He didn’t earn the name Mr. Wonderful for his charm, he has built a reputation for being blunt, tough, and nearlyimpossible to impress. While most entrepreneurs crumble under his intense scrutiny, Jeff Witten, the founder of CoinOut, wasn’t one to back down.
When Witten pitched his idea in Season 9, Episode 23, O’Leary was intrigued but didn’t go easy. He warned Witten he’d get“crushed”in the market and grilled him on how his product was any different from big-name financial players.
“You’re an ahole, Get the fk out of here!”: In the History of Shark Tank, Only One Pitch Got Kevin O’Leary So Mind-Numbingly Mad He Started Cursing on Live TV
Instead of backing down, Witten doubled down, holding his ground and giving Mr. Wonderful a taste of his own medicine. As O’Leary interrupted again, Witten shot back with a calm yet firm,“Kevin, with all due respect, let me finish.”and confidently continued. And thus created the moment that will now live on the internet forever.
After Jeff Witten’s pitch, Barbara Corcoran offered $250,000 for 15% equity, with a condition to secure 700 retailers by the end of 2018. With only half the year left, Witten did not take that risk. Kevin O’Leary then countered with $250,000 for 25% equity, while Robert Herjavec offered the same amount for just 15%, but only if he could land a successful partnership with a major retailer. Ultimately, Witten accepted Robert Herjavec’s offer, but only on one condition,
I have one contingency. We do the deal. Kevin can’t use the product
Both the audience and the Sharks were totally impressed by his determination. Seeing him confidently take on the big Sharks, handle tough questions, and stay cool under pressure made the whole pitch fun to watch.
What happened to CoinOut postShark Tank?
While it may have seemed like a done deal onShark Tank, the agreement between CoinOut and Robert Herjavec never actually came through. Looking back, it is probably something Herjavec regrets, especially considering CoinOut’s massive success post-show.
Shark Tank Really Needs to Drop a Gimmick Entrepreneurs Use to Fool Everyone Except Kevin O’Leary for Funding
In May 2021, CoinOut was acquired by Informed Resources Inc. What started as a coin-based plastic card to get rid of pesky coins, evolved into something much bigger. By the time the episode aired in 2018, CoinOut had rethought its entire business model.
In a 2022 interview withColumbia Magazine, Witten admitted this about hisShark Tankdeal,
Lucky for us, in retrospect, since it would have been terrible from a valuation perspective.
After filming, CoinOut shifted its focus to cash-back rewards, ditching the physical cards in favor of scanning receipts with phones.
Despite fighting for his product onShark Tank, Witten ultimately“coined out”in the end, stepping away from CoinOut as CEO in April 2022 to pursue new adventures.
Shark Tank is available to stream on Hulu.
Watch the full clip here:
Sampurna Banerjee
Articles Published :1802
Sampurna Banerjee is an Entertainment Writer at FandomWire, and she’s written over 1,700 articles! She covers everything from celebrity news to the latest superhero buzz, streaming shows, and fan theories. If it’s trending in pop culture, Sampurna’s probably already on it.When she’s not working, you’ll probably find her rewatching The Office (again), getting into debates about Marvel’s timeline, or diving deep into Christopher Nolan movies for the hundredth time. She’s not just writing about entertainment, she’s living it.
