When Barrett Jacques and Crom Carmichael stepped into the Shark Tank, they were ready to show the world what their business was all about. They were passionate about their product and believed that it could change the way people look at olive oil benefits. However, the entrepreneurs didn’t come away with a deal. The Sharks were skeptical of their claims and ultimately didn’t take a bite.
The entrepreneurs created a line of Choleve Shark Tank bars that have a proprietary ingredient called Choleve in them. The ingredient works to block fat from being absorbed in the small intestine. Choleve can be found naturally in tea, but the pair figured out a way to extract it and make it 20 times more potent. The entrepreneurs believe that their products can help people reach their weight loss goals and also lower their cholesterol.
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The duo went into the Shark Tank seeking $500,000 for 20% equity. They were unable to convince the Sharks that their product is a legitimate way to achieve health and wellness goals. The Sharks were concerned about the valuation and didn’t like the fact that there was no evidence of traction.
The Sharks were right to be skeptical of the company and their claims about the product. Eventually, the company ran out of money and it is no longer available on the market. While many people are wondering about the impact of this on the health industry, it is still too soon to know how this will play out.