EZ VIP
DEAL
EPISODE SUMMARY
🕓 Air Date: January 20, 2012
Asking For:
$150,000 for 15%
Investor:
Mark Cuban, Daymond John (50/50)
Deal:
$150,000 for 30%
PRODUCT SUMMARY
EZ VIP is a web platform that allows users to pre-purchase admission tickets, bottle service, and select VIP tables at top nightlife venues, providing access and convenience to exclusive events.
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Background Story
Alashe Nelson, founder and CEO of EZ VIP, hails from Miami, Florida. Frustrated by the uncertainties and embarrassments of nightlife experiences, he envisioned a solution to streamline access to exclusive events. His background in the Miami nightlife scene prompted the creation of EZ VIP, aiming to revolutionize the way people access and enjoy nightlife events.
The Product
EZ VIP offers a user-friendly web platform where users can browse and pre-purchase tickets, bottle service, and VIP tables for exclusive events in various cities. Users can select specific venues, view available tables, and make purchases in advance, ensuring seamless entry and access to preferred amenities.
EZ VIP representatives can also assist users upon arrival, providing a personalized VIP experience. The service caters to high-end clientele seeking convenience and exclusivity in their nightlife experiences.
The platform currently operates in Miami, with plans for expansion to other major nightlife markets like Los Angeles, Las Vegas, and New York. Pricing varies based on the chosen venue and services selected, with options for individual tickets or table reservations.
How It Went
The company’s position before Shark Tank
EZ VIP has demonstrated significant success in the Miami market, with $90,000 in net profits and over $250,000 in gross revenue solely in Miami. The company has secured contracts in other major cities, indicating potential for further growth. EZ VIP’s clientele consists of high-end individuals seeking exclusive nightlife experiences.
The company’s current funding primarily comes from the founder’s investment and revenue generated from operations. EZ VIP has established partnerships with top-tier venues to offer premium experiences to its customers.
The Negotiations:
Alashe Nelson initially sought $150,000 for a 15% stake but received offers from Daymond John and Kevin O’Leary for $150,000 for 30%. Mark Cuban and Robert Herjavec made a counteroffer for $150,000 for 25%, with additional support in branding and technical services. A series of counteroffers ensued, with varying percentages and added incentives, including the involvement of an A-list artist.
Ultimately, Alashe accepted Daymond and Mark’s offer of $150,000 for 30%, emphasizing the value they brought to the table in terms of financial backing and industry connections. Despite last-minute attempts by other sharks to alter the deal, Alashe sealed the agreement with Daymond and Kevin, citing their combined expertise and support as pivotal for the company’s future success.
