Shark Jimmy successfully closed 2 major deals within just the second episode of Shark Tank Vietnam season 5. His first deal on the show was a Million Dollars deal for a sandal startup, and the second one was a $430.000 deal for an AI robot arm manufacturer.

Shark Jimmy signed a 1 Million Dollars deal with Shondo sandal startup

Shark Jimmy’s very first deal on Shark Tank Vietnam

Rapper Ricky Star took everyone by surprise with his opening act for episode 2 of Shark Tank season 5. After his special performance, Shondo sandal’s founder and CEO - Mr. Trần Phạm Thông Hiệp made his appearance and called in 1 Million US Dollars for 10% of Shondo to expand his business.

Shondo has a history of 7 years in development, ever since 2014 with just barely $300 from Mr. Hiệp’s pocket money, Shondo has come a long way till nowadays with 2.5 million USD revenue, 1 million items sold, 20 flagship stores, and 2 factories. Shondo prides itself on 3 unique selling points: its special designs, the footwear’s potential market, and its point-of-sale system with hundreds of flagship stores and authorized dealers. The brand sees itself as a dynamic and modern brand of sandals for the youngsters of middle and high schoolers (from 12 to 25). With that target audience, Shondo has successfully attracted over 1 million followers nationwide to its fan page and social media platforms. Going on Shark Tank, Mr. Hiệp was looking for a million Dollars to open more factories, flagship stores, and storage facilities all over the country, as well as upgrade Shondo’s customer service and enhance its customer experience.

Interested in the future of the footwear industry, all of the Sharks started to ask many questions. Shark Jimmy gave out a challenging query “If your products run out of date, and are no longer trendy, what would you do?”, to which Mr. Hiệp replied that he would lower the product price and create many promotions for consumers. His answer is frowned upon by most of the Sharks, they worried that promotions would reduce the business profits, and form a bad habit for consumers, that customers would just depend on the promotions period and take a pass on the Shondo sandal newcomers.

In the end, 3 Sharks wanted to partner up with Shondo. The first Shark to join the bid was Shark Jimmy Lee, he offered 1 Million US Dollars for 45% of Shondo, and added “I’m an international businessman, I already have a lot of branches and companies in the USA, Europe, Singapore, and Hong Kong, I'll make your products go global.”. Second Shark Jimmy’s offer, Shark Bình also suggested 1 Million Dollars for 35% stocks. Shark Phú said that he evaluate the startup’s value by taking Shondo’s average profit for the last 2 years and multiplying it by 15 times (Price To Earning Ratio = 15). So with 1 Million Dollars, Shark Phú wanted to audit Shondo’s finance and take around 23% of Shondo’s stocks. Feeling the heat of the competition, Shark Jimmy lowered his original offer to 30% stocks for $1.000.000, Shark Bình and Shark Phú didn’t waver but suggested helping the startup with planning and business administration.

The 3 deals were so tempting that Shondo’s founder couldn’t make up his mind. He eventually decided to find his business partner based on The Sharks’ outlook on life. Shark Phú said that his hope and dream is to bring the products made by Vietnamese to the Vietnamese and further serve everyone around the globe. Shark Bình shared that his goal is to feel pleasant and happy with his life. Shark Jimmy was the one to make the difference, stating he doesn’t want to get too involved in the business’s matters, he wants to be a supporting companion to Shondo, and help resolve any of the startup’s difficulties. In Shark Jimmy's words “When I evaluate a business, I don’t merely look into the business’s products, I focus on the business’s leader, one that’s dedicated enough to always thinking about how to develop their business even when they’re sleeping or eating, one that always learning to improve and give out their best untiringly, and especially one who’s confident and has faith in everything they do.”. After carefully listening to the Sharks’ outlook on life, Mr. Hiệp decided to close the deal with Shark Jimmy Lee and take his offer of $1.000.000 for 30% of Shondo.

Shark Jimmy’s outlook on life and his criteria when evaluating a business

Shark Jimmy Lee closed a $430.000 deal to support his fellow Central region startup

The last pitch of episode 2 is a mechanic, robot and AI startup coming from the Central region of Vietnam - IMWI Technology Joint Stock Company. This startup was founded by Mr. Đoàn Hồng Trung, and it wished to call in either 300.000 US Dollars for 5% or 1.5 Million Dollars for 20% stocks.

IMWI Technology’s main products nowadays are the AI arms of Delta X Robot. The robot arms currently have 3 versions and 3 target markets are:

• The simple version 1 with open-source codes for educational facilities who wish to train students on the basics of a robot arm.
• The upgraded version 2 for Research & Development centers and startups to experience the concept and robot model of IMWI.
• The premium version 3 of Delta X Robot, this is the industrial version and the main product of IMWI for SMEs, individuals, and manufacturing companies.

Delta X Robot are competitive because of their Delta geometry structures, often found in technological chains for the function of sorting, picking and dropping objects. The most unique thing about this startup is its price strategy, according to Mr. Trung, the market price of a robot arm is extremely expensive, not suitable for individuals or small and medium enterprises. That is why he founded the company and created Delta X with a competitive price. IMWI’s revenue of 2021 is $176.000 with $65.000 profit, its customers come from 45 countries across the world, mostly from America and Europe, and one big manufacturing company in Korea. Mr. Trung wanted the investment to build more factories and build an ecosystem with all of his robot arm innovations. He wanted the Sharks to support him with bringing Delta X Robots into mass production and get them certificated, he’s confident that after just 1 or 2 years the company would be able to sell up to 3.000 products.

Lastly, the Delta X Robot arm creator emphasized that he built this company not just for himself but also for the people and workers of the Central region of Vietnam, he didn’t want to endure the situation where all the talents of the Central region are leaving their hometown for other cities. Four of the Sharks disagreed with his point of view, stating that factories and companies can be built anywhere as long as it’s convenient for the business’s logistics and supply chain management, they also offer to move his startup to the North of the country in order to merge with their existing facilities. Regardless, Mr. Trung still went on and rejected Shark Phú's suggestion of a partnership, where the mighty Shark would offer him all of the production lines, workers, and machines, he would merely need to focus on finding customers and selling the robots. After careful consideration, Shark Jimmy Lee shared sincerely “I want to assist you in the matter of administrating this business. I think that you are only passionate about technology, but not so capable of running a business yourself or launching a product globally on your own.”. Shark Jimmy also said that he loved his Central region fellow’s stamina and determination, so he would make a risky deal with the startup for 35% of its stock with 430.000 USD, and he would hold 35% profit until the company could raise its capital and bring his percentage down to 15%. Mr. Trung hesitated for a while, then eventually took the offer of Shark Jimmy. After the deal has been closed, Mr. Trung thanked the Sharks with their little portraits painted by the AI robot arm. The delightful gesture finally marked the ending of Shark Tank Vietnam season 5 episode 2.

Shark Jimmy invested $430.000 into the AI robot arm manufacturer - IMWI Technology for his love and support of the Central region startup

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About Shark Tank

Shark Tank is the most prestigious reality show for venture capitalists and startups. Shark Tank program originated in the US and has created a big buzz back home, ever since the show has been franchised by many countries around the world including Australia, India, Mexico, Columbia, Indonesia, Nepal, Malta, and Vietnam. Hence, Shark Tank becomes a global platform for future startups despite borders and generational differences. Shark Tank comes to Vietnam under the name “Shark Tank - Thương Vụ Bạc Tỷ”, bringing a whole new playground for Vietnamese startups and businesses.

With 4 seasons and dozens of broadcasts, Shark Tank Vietnam has brought the opportunity to improve and expand the business scale for hundreds of Vietnamese startups. The Shark Tank 2022 season 5 promises to bring potential investment projects for sponsors, as well as breakthrough and development opportunities for new talented entrepreneurs.

The second episode of Shark Tank Vietnam season 5 ended with the success of the following startups

• Sandal and footwear startup - Shondo: Shark Jimmy closed the deal with $1.000.000 for 30% of this company stocks.
• NFT marketplace startup - Vmeta: Shark Liên closed the deal with $50.000 for 5% of this company stocks + a Golden Ticket of $4.500.
• Dating app startup - FIKA: unsuccessful to convince the Sharks for an investment.
• AI robot arms startup - IMWI Technology: Shark Jimmy closed the deal with $430.000 for 35% of this company stocks.

Stay tuned for more exciting news and information about the million deals of Shark Jimmy Lee at papmall® Newsroom.