Generally, Boost Juice creator Janine Allis is a pretty cool and collected business woman. But when it comes to entrepreneurs she thinks are pulling her leg, she has no qualms letting them know, which is exactly what happened on Shark Tank week.
Tension for Allis began when Melbourne-based entrepreneur Kjetil Hansen asked for an investment of $300,000 in exchange for a 25 per cent stake in his seasoning business, Deliciou.
The Norwegian born businessman boasted that his bacon-flavoured seasoning is a suitable substitute for vegetarians and has already created $60,000 in revenue this year this year.
Hansen then proclaimed that without investment, the business was set to generate $600,000 in profits by the end of this year and $5.8 million by the end of next year.
With the investment, though, Hansen boldly announced Deliciou would bring home more than $25 million in revenue next year.
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"Bullshit," Allis replied.
"Be careful. Don't throw numbers out like that when it's just really fanciful... there's not a hope in hell that you will be able to achieve what you're talking about achieving in that time frame," she continued.
The problems with the business and product were... well, let's just say many.
For starters, it's not dairy, nut or gluten free. Nor is it vegan, paleo or organic. And for good measure, Hansen doesn't own the IP for his recipe, the manufacturer does - meaning the business is essentially held at ransom.
"You don't own your IP, your supplier has you by the balls," Allis told Hansen.
"But they're bacon flavoured balls though, so it's not too bad," fellow judge Steve Baxter joked before bowing out.
Allis, Naomi Simson and Dr Glenn Richards were all also out, with Andrew Banks eventually opting to buy in at $300,000 for a 45 per cent stake.
"Well done, Kjetil," Allis said of the deal. "You are a lucky bastard."
Shark Tanks airs on Channel 10 at 9pm on Tuesday evenings.
