Life-Saving Device's Demonstration Kicks Off Unique Bidding Situation | Shark Tank AUS

a husband and wife team hoping to reach a deal hello

shark

s my name is Lake my name is Vanessa and today we are betting a $300,000 investment for a 15% share of our product top safe talk safe is a safety switch designed to screw to hydraulic conversation tools Hydraulic conversation tools are used in a wide variety of industries, mining, construction, oil and gas, basically they are used to tighten any large bolt, it is not a bolt, it is too tight to fix with hand tools common, you basically make a rattle gun All of that, yes, it's like a hydraulic drive, but typically two people use hydraulic talking tools and that's where hand crush injuries can occur. 38 percent of workplace injuries are hand related, so we're looking at ways to make it safer and I want to say this has become an industry standard. where you guys are from our Perth, but what's cool, cool, awesome, say, oh right, yeah, yeah, right, so this gold section is a hydraulic torque wrench and the silver section is safe.

I've made it up a little bit on top to just make it easy for Luke. Yo, why did you come up with this? Basically one of my coworkers crushed the hand of a mechanical worker in the morning industry and in the last 10 years there have been a lot of hand crush injuries with this type of solving the problem with hand crush injuries. hands, if you are in a remote mining site, there is no medical care other than internal email, so I have to go to the doctor by plane, yes, you have to get an emergency plane to take you, there are huge medical bills, time inactivity, surgery. can be quite expensive in a slow rehabilitation process, how can you crush your hand with water?

To demonstrate what can happen to your hand. So what happens is user advice for people to use a tool, so one person will hold it. tool by placing it on bolts and then relying on a second person to operate the pump. Human error can happen so everyone can have my hands on this tool go put it on a bolt and they press the button so if your hands anywhere on this tool when it's turned on accidentally they crush your hands , so I'm going to put a trailer in there, stay back, Steve, so if I hold the stick, that's what happens, you control when the force comes on, yeah, you're all the way in. event control yes you get control over the tool okay mister safety switch so right now that little piece that you're putting on the tool doesn't exist right now this is the only safety valve in the world but actually there is no quiver land.

Nothing at all, where are your patents registered? Patent pending, isn't it in Australia and internationally? and his name speaks for sure has been registered as a trademark. Here is your client. Good morning. Oil and gas construction industry. Anywhere in the world, I would place a large metal bolt. Thank you. you explain where you got your two million dollar valuation. We have a distribution contract set at 800 units a year, basically if we achieve our 800 units a year with profit margins based on 12 month billing. Basically, the valuation, so give a distribution of around 800 units. So if you can look at the economics of cost and profit, it means that it will cost about five thousand five thousand five hundred dollars wholesale, and the cost to make about three thousand dollars seems like and that will come down if you get a really big production, has the potential to shrink, there's about a fifty percent profit margin you get from an Australian made stargazer right now, we've got a setup through the distributor and they'll get close. companies I already have contacts with 15 mining companies with whom they already do business, so they will approach all of them.

I'm sitting here. I will say that the business model sounds fantastic, but I don't know where I can help. so I think there's a better partner for you in these chairs than me, but just for that raise, I think you've done a great job and hopefully it takes off so you can save yourself from a lot of injuries, but for me, for this one. I'm well done, a lot of people think of ideas but don't actually do anything about it. You know, people driven by passion changed the world and that's what you're doing. I am not the right investor for you.

Looking at Vanessa, I have no doubt that you have the application where it will be used in the covered addressable market, you have relationships and contacts, you already have mining companies that help you, I mean, Franek, for the 30%, thirty percent of your company, so it is double the share capital you requested. I'll let you know that I feel well done. I mean, I think we all see public services. La Jeunesse is huge. No one deserves to suffer an injury or worse at work. So this is really good, so I'll keep thinking and wondering what Amy is doing.

I actually have a lot of faith in your product. I think there is a market and I love your passion and intention. No disrespect, you don't have one. a history of running a business like this and it's a complicated business inventing a product, solving a problem is one thing, making money is another, what I'm struggling with is, frankly, are you the people running the business or they should be. people to make sure the integrity of the product is correct and make money from it as an inventor as you should. I'm asking who should control the company.

Luke Goulston has invented a

device

to reduce hand crush injuries on mining and construction sites. Luke and his wife Vanessa want $300,000 for 15% of his business. Glen has made an offer, but Andrew has doubts, frankly, whether you are the person who runs the business or you should be the person who makes sure the integrity of the product is correct and makes money from it. "A proper inventor would sell 60% of his company and keep 40%, so he doesn't really control the company. I mean it became a standard for injuries. I wanted to reduce injuries and I believe in what do we do". what we're doing if we have the right help if that's what it takes, I would be prepared.

That's the coolest response we've ever had. we at 6% you cut me off then you have battery oil yes Mike I think it's great luke luke and vanessa are talking a lot without many offers coming up I believe in you it's that simple I only half believe. Him, you have my heart discounted like realities. I am happy with what you have told us. I support that, thank you, okay, so to get bored of them procrastinating, just say yes, turn one. I'll make you an offer four hundred. and fifty thousand for fifty percent sounds like a good deal and I'm teaming up with Stephen Glen to get this off the ground.

I hope it's the states and these two guys help him in Australia because he's going to need domestic help, he needs us. Help, there is a lot of work to do here. I've trained with nd on that one on my cable so you can make 450k for 50% of the three of us or you can make three hundred thousand for 30 percent with Glen on This is a very rare

situation

where we have offers on this scale on Shark Tank. You are in a

unique

and special position, but you have to make the call. Would you be interested in 50% of 500,000 with the three of them? you're negotiating I think the most important things at 50/50 okay Mike, I mean, yeah, we're getting ready to do it, we've got a deal, we don't want too many hands to end up like that tomorrow, thank you very much, those dreamers, I'm just getting started.

Having three of those guys just to be able to help us and guide us and see where it takes us and go out into the global market, yeah, be passionate like their dreams come true.