A "monstrous" idea decried by Shark Tank judges

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The Sharks were also concerned about the simplicity of the product.

"You can not patent a simple s ** t!" Steve said on hearing that Loy had spent money for a patent. She clarified that this is "mainly for the material of which it is made" and that someone else could easily create a similar design from a different material.

The real downside, however, was the valuation of $ 2.6 million. severe response from the normally paternal figure of Andrew Banks.

"Is there a magical form to that, is there something we do not see?" he asked.

Loy said that she had "been to an accountant and he actually established my numbers". "He told me that I could sell at least 100,000 in the first year," she said, causing screams of despair among the Sharks

"I'm still waiting for the rationale for the valuation of 2.6 million Australian dollars ". I said. "You did your spreadsheet with your accountant, but do you have a purchase order?"

Loy confirmed that no. "When someone tells you that your business is worth $ 2.6 million, and that I do not have a firm order, you surely have that voice that tells you: "It looks like bullshit," he said, when asked why she thought she could sell 100,000, she said it was "something "unique to the market" and that sales would come "once I would have started selling the product."

"selling door-to-door and individually to pubs and clubs is basically off of question, it's too much for me to do it. "

Boost Juice founder, Janine Allis, was not satisfied with this answer." When you're an entrepreneur, when you're creating a business, nothing is too much, "she said.

Greencross founder, Glen Richards, is of the same opinion." What are great entrepreneurs doing, is running in Australia , lock up all "The pubs and clubs that are interested in this product, the next thing you have an open order for at least 10,000 of them," he said. who was the accountant. "He comes from a global firm," Loy said.

"Here's a message to these looters," Steve said. "Please, stop giving unrealistic assessments to contractors, make your bloody estimates."

Glen stated that she was a "classic entrepreneur" who "was pissed off" and had "a lot of activity without any performance"

really like the product, "she said. -he says. "If you had submitted this order with orders of $ 260,000, I would have really been interested."

The founder of RedBalloon, Naomi Simson, was not happy to learn that Loy had spent only $ 10,000 of his own money. "People often come to ask for our money as investors, but they do not put their hands in their pockets and do not risk their own capital," she said. "It's not the way I want to start a partnership."

Janine stated that Loy had just started her business trip and she could be successful. "But your accountant did you a disservice because you relied on him to give you advice as an expert and he gave you terrible advice," she said. "He made this pitch today for you, uninvestable."

With all the Sharks, Andrew had a last jab.

"If you believe anyone who gives you an appraisal of A $ 2.6m then I would worry about you as a business partner, because frankly it's a ridiculous evaluation, "he said.

After the launch, Loy was not discouraged.

"I guess I have a lot more to learn." I am a salesman, I am not a business person, so I need a hat to do it. Business, look at this space, you will see my product there. "