Shark Tank SA Episode 7 Summary

 

Three Sharks invest in vastly different businesses

Shark Tank SATonight in M-Net and Telkom SA’s pressure cooker episode of Shark Tank South Africa, two best friends from Durban convinced two of the Sharks to pair up and invest in their gaming business together, while a young female innovator from Cape Town had Shark Dawn Nathan-Jones fight to get her investment offer accepted.

Tamburai Cherume, a young woman who quit her job in the banking sector to become a full time entrepreneur came into the tank to pitch her business “One of Each”, a mother-and-daughter design duo manufacturing and designing luxury African print handbags. Tamburai’s bags are made from a combination of vibrant African prints, coupled with leather. Their design allows the owner to wear the bag one of five different ways, hence the name of her company. When Tamburai informed the Sharks that she started her company two years ago in 2014 with a capital amount of R1500 and to date they have generated a revenue of over R2 million, all five of them immediately sat up and stated paying serious attention. Having a unique product that appeals to a global market, Tamburai already has 15 stockists stocking her product world-wide too.

“I like you very much and I love women entrepreneurs. My question is: why would you come into the Shark Tank when your business is clearly doing so well,” Dawn asked. Tamburai answered that she desperately needs the mentorship to scale her business to the next level. But when Gil and Marnus started asking Tamburai to delve into the exact details of her company’s financials, the wheels started coming off as she didn’t know some basic figures off-hand. Despite that, Gil and Dawn both offered Tamburai deals, as they liked her and her business so much. In the end, Dawn’s financial offer was clinched by the fact that she told Tamburai that she would be moving to Cape Town and could be the most hands-on of all of the Sharks in helping her to grow.

The second deal struck in the tank tonight was with two friends from Durban, Kyle Haffendon and Michael Joubert, who were seeking a big investment in their company called “Augmentors”. Kyle and Michael have created an augmented reality game allowing two mobile devices to communicate with each other in order to allow their users to battle against each other in the game. They required capital from the Sharks in order to complete the development of the game, the aim of which is to bring socialisation back into online gaming with the introduction of special “trigger” cards that players are required to buy in order to advance further in the game. Impressed with the young men’s concept as well as their background as designers and developers, the Sharks showed some interest, although Gil Oved, who sits on the board of one of South Africa’s largest venture capital tech funds, highlighted that the introduction of the store-bought “trigger” stickers was a big flaw in their business plan.

Vinny pointed out that the two gamers could achieve the same ends by using a different type of technology, because he understood that they wanted to create rarity with this game. Dawn, Romeo and Marnus were all immediately out, but marketing guru Gil Oved proposed a deal contingent on the fact that fellow Shark and tech mogul Vinny go in with him. Vinny agreed, and naturally Kyle and Michael jumped at the once-in-a-lifetime offer from these two Sharks.

Qualified chemical engineer Willaim Kelly from Johannesburg was hoping to lure a Shark into a tank of his own making tonight, but unfortunately for him, it was a near miss. William’s company, Rydawi Fish Farms, is a concept that has emerged out of a brand new industry with no track record other than the one that he’s currently carving out as he goes. Having worked with fish for over 20 years, William jumped into the fish farming business recently when government granted permits 18 months ago for growers to farm with a commercially viable species of fish for the first time.

Accountant Marnus Broodryk told William and the other Sharks that he knows that the fish farming industry is growing at a rapid rate abroad, and, as a vegetarian, he believes that the world clearly needs an alternative for what’s happening in our oceans. Despite loving the numbers that a business like this could mean, ethically Marnus could simply not invest and as such, declared himself out. Gil asked William why the “big guys” are not buying into this farming sector and the only reason that William could offer was that at the moment, government’s permits are only valid for 5 years. Marnus chipped in again that aqua farms are growing a rate that is three times faster than normal agricultural farms on a global scale, hoping that one of his fellow Sharks would bite, but in the end they all deemed the business too risky to invest in at such an early stage, and sent William home without an offer.

Another entrepreneur who did not manage to win the Sharks over this evening was former air force weapons specialist Konrad van der Westhuizen with his own invention called the “Madkon Braai”. Konrad had invented a unique portable braai that comes in various sizes. It was originally invented for the 4X4 market but is currently being used by a wider audience. He came into the tank looking for capital so that he could expand his business in America. Incredulous, Gil questioned Konrad about the fact that the USA is one of the most competitive markets in the world, and as such, how he would ever be more successful there than here on home ground. Romeo also pointed out that we need to create jobs here in South Africa, instead of elsewhere. Unimpressed by Konrad’s lack of answers, all of the Sharks were quickly out.

To find out more about the businesses, especially if you’re interested in supporting them with an order or purchase, go to www.mnet.tv/sharktank or follow the conversation about the show on Twitter @MNetSharkTank with the hashtag #SharkTankSA.

Shark Tank SA, sponsored by Telkom SA, is screened on Sundays between 18:00 and 19:00 on M-Net 101. This corresponds with the timeslot on a Sunday when all DStv customers can get a taste of what’s available on M-Net 101, so if you’re not a DStv Premium customer, you can also go to channel 101 to watch Shark Tank SA. The series will also be available on DStv Catch Up and streamed live on DStv Now.

By Andrew Germishuys

Founder of SAMDB | Actor | Armourer | Tech Enthusiast With over two decades in the film industry, I'm a seasoned actor and skilled armourer. I hold numerous certifications in acting and filmmaking, complemented by degrees and diplomas in IT and technology, giving me a unique blend of creative and technical expertise. When I'm not on set or in the workshop, you'll find me immersed in the world of gaming and VR, fuelling my passion for cutting-edge technology. Connect with me: X / Twitter Facebook Instagram Mastodon Threads Explore my work on SAMDB IMDb