CoinOut Entrepreneur SHUTSDOWN The Sharks & Treats Them As "Equals" | Shark Tank US
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- čas přidán 23. 01. 2023
- Jeff Witten is seeking $250,000 for 7.5% of his service that lets you scan receipts for cash back, called CoinOut.
From Season 9 Episode 23
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CoinOut Entrepreneur SHUTSDOWN The Sharks & Treats Them As "Equals" | Shark Tank US
/ @sharktankglobal
Sharks and entrepreneur: arguing
Barista: 👁👄👁
😂😂
8:56 when they film her looking around lmao
This is why you have your assistants leave after the demonstration lol
Hahaha the emojis just killed me
lol
This dude came prepared with tons of confidence, he stood up to Mark, Kevin, and Barbara and he still left with a deal, congrats to him
The one that he was seeking was still outrageous tbh
@@vasudevjs24680😊
To you, it looked like confidence, to me it looked like arrogance
@@vanmamawannabe6360- I'm sure there's a thin line between the two. Most people in comments thought confidence though. But yeah, probably a thin line.
it depends on what you appreciate more. money or a mentor ?? let it sink @@vanmamawannabe6360
He was sooooo prepared. He had an instant comeback for every objection. Impressive.
He went to law school...
Corporate lawyer
@@UncleHashywhy are you saying …after like it’s a bad thing? going to law school doesn’t just make you come up with good comebacks. he researched the market and found wholes in the sharks arguments. you don’t need to go to law school for that
@@grieddit’s *holes btw and law school does help.. when your in court you’re literally arguing why you’re correct. Or why something is wrong. It goes back to the same thing, thorough research and being educated on what you’re talking abt.
@@griedd nope going to law school makes you gigachad like harvey
He is an attorney. Of course he has confidence and the ability to control the room.
This dudes confidence and resilience is what kept him in the game.
I think it could have done the opposite too.
Good for him tho
Truuff
Of course. They had objections and he overcame them. That’s how a pitch works. Many of them would have just said “yeah sorry I suck” lol.
However. I don’t see how this succeeds lol
What did you expect lawyer 🤷🏾♂️
@Cringe City isnt that with your debit card though? Not cash/coins
one of the most confident entrepreneurs on the show who didnt take it too far and become arrogant. great representation on how to respectfully stand your ground
Kevin was being such a dick to him lol
Great example of how to stand your ground with being arrogant or insulting. I think he gave Kevin exactly what Kevin gave him and didn't take it any step further.
"Confident"???" hmmmm i wouldn't go that far. The part where Barbra asked this pitcher to meet her certain guidelines in terms of making profit, and this entrepreneur said pretty much "NO". Indicates his uncertainty in his OWN business. I wouldn't call that "confident".
Everyone complain about Mr. Wonderful so bad.
Is this literally no different than fkn coinstar?
This is how you pitch. Prepared, logical, completely understanding the product and the game you are in.
Come to India and learn about UPI and you don't have to run into this much of complications!
@@sauravsen98 India !!! the scammers, no thanks.
I love how they just had the cashier awkwardly standing there thru negotiations
he would celebrate and hit her later.
Bro just HAD to get that last dig at Kevin out before the deal lmao this guy is a legend.
LOL
That guy is an absolute legend. He was so good at standing up for himself he would be an amazing lawyer.
Lmao
He controlled the room the entire time. His confidence is wicked impressive.
He should have gone with his corporate lawyer route.
@@dejamike88 definitely or apple offer
they were all in his frame
@@aperkins07 he makes 12mil annually now lmfao, I think this was the better choice.
He controlled the room and lost half of what he wanted to
He is not only solving the problem of keeping change, but also helping cashiers who always have issues with returning coins to customers.
yes
But really, he's creating a no friction loyalty program that benefits the stores and helps them have their customers coming back to them... It's insane value and I can see this becoming HUGE
One of the first times Barbara's actually contributed in terms of giving credit to the entrepreneur, AND making an offer for a business she feels will succeed
Not really that actually hurt him , that’s what made mark get out because she praised him the reverse psych won’t work on ego maniacs
She made an offer only to say "Im Out" 10 seconds later
I heard she called in to a radio station later that night to say she’s out.
The two most impressive bits for me was:
1. Being clear in saying when a condition wasn't in his own best interest.
2. Communicating that Kevin just didn't show any real interest in the business - and that that couldn't be solved by money.
Good to see an entrepreneur stand their ground firmly and fairly.
And the jab at Kevin in the end really sealed the deal
precisely
@@Culvey
That that is so true
It's a shame it just isn't a good product.
People like this scare me. I think this is a horrible idea. Cash is going away. There is already a solution via credit cards. Why would people who use cash want some of their money to be digital. It sounds delusional to me.
Back in 2021 the company was acquired for an undisclosed amount, but his annual revenue was $12 million. Heads up for this guy who knew what he was up to
Without Robert! He never finalized the deal 😢😂
@@plasticstuff69 It seems like so often this happens. I read it all the time in comments, it's incredible how often the deals fall through
With 3% being transactional, and the need for at least one new tablet and software at every location and maintenance, plus the extra expense for the companies now having to hold on to EVEN MORE CHANGE, plus who knows what else, to get $250/year out of a company and that already have a better relationship with the people who put their change in the tip cup........... I don't see it. The ol' undisclosed amount routine.
@@viacomsspy5439 that's not true a lot of marks deal fall through also
@Kevin Dunlap you don't see it but they were bought out by someone so.....
Gotta give it to Kevin for "mostly" always laughing off whatever joke or insult is thrown at him.
This is what we call head-to-head. The confidence level is mindblowing!
He had a rebuttal for every point the sharks threw at him. He had his numbers. Respect 🔥
You are always going to have quotas, and every day you have them at work. If he was sure enough to spout it out to get someone else's money, then he should have already been sure that he believed in it. More so. He was well spoken, that's all he really had. He's a corporate attorney. Rebuttals also need to be effective. He wasn't effective enough to CONVINCE venture capitalists that his product was solid enough to invest in. It doesn't matter what he did later or before. That's why he went there in the first place.
He didn't have ant rebuttal except for more BS🤣🤣
He didn't have any numbers in the first place lol
He was rude though lol
he’s worked in the boiler room before.
I've never seen anyone step up to Mr. Wonderful like that, good on him.
He had a point against Mr Wonderfool.....this guy should be kicked out of shark tank immediately after the way he defended scam bankman fiend
@@sayandebnath6445 don't you mean scam bankrupt fraud
@@sayandebnath6445Why are you so pressed about it though? I don't get why people take it so personal when the sharks challenge their company. If I was confident in my company and or product then I could take criticism and questions about it
Boy if Sam was being bankrupt...he prolly has lots of stolen money in stash
@@Naturefan354 kevin didn't ask him questions ya donut. He just insulted him.
I actually love this idea. It's rare that I pay in cash, but when I do I would absolutely use this.
Honestly I think his confidence & strong demeanor is what got him the offers. I don’t think he was going to get any offers if he didn’t stand his ground. Good for him.
Kevin had me dead when he pointed out the girl who was looking at the entrepreneur with fear, and she started laughing 😂
When??
@@stepupthriftingstore7024 at start of episode when kevin starts saying your gonna be crushed to thatguy
3:22
I thought the girl was his wife
Looked more confused at such an odd statement. and gave a pity smile.
Hey man, gotta give the guy props for standing his ground.
He was on his way to becoming a corporate lawyer lol darn right he could stand his ground with facts
Standing his ground? More like talking bs🤣🤣🤣🤣🤣🤣
i would never do a deal with such a stupid guy..hate his attitude hate his character but the product and tech is good.
I don’t. He didn’t stand his ground. How many stores can you do 700. Ok deal contingent on 700 stores. No I can’t do that.
He didn’t even try to negotiate that. “700 is our goal and I believe we can hit it; but for a formal deal would you agree to 600 by the end of our first year?” He just stepped away entirely. Also his evaluation was nuts; his business has no value yet; just potential. 250k for 15% was fair
It's much easier (and smarter)
to stand your ground once you're pitch has gotten a few sharks circling.
Bro came and clutched a 1v5😂
I love this guy. Let your nuts hang. Be confident and don’t let people walk on you but do it all with respect/character.
So refreshing to see an entrepreneur stand up to the sharks without attacking them back or feeling salty about their comments, I'm sure he'll be successful no matter what he does, very confident guy!
he did! $12 million in annual revenue.
You had me in the first half NGL
@@I_have_the_suds no doubt he was salty lol he looked and even spoke salty and joked Kevin cannot use his product bc he didn't say anything nice about it hahahahaha.... but yea fosho he handled it well but was still salty
Indeed!
Yeah and the background in corporate law probably helped.
This guy came prepared. He didn't come for just the money - he knew what he wanted. How many times have I seen business owners get:
- bullied by the sharks
- speaking over them
- not allowing them to justify
- having the last word
This guy was quick and knew his operations. Literally called out Kevin stuck it up to him in the end. Kudos!
it was a a very risky investment with hardly any evidence it will be successful.
What does your penultimate sentence even mean? It makes no sense.
@@encycl07pedia- I think it should have read "Literally called out Kevin _and_ stuck it to him in the end." Called Kevin out and, in the end, (1) got the deal anyways then (2) lobbed a small mostly good-mannered "f u" in Kevin's direction lol.
Yes but the product sucks.
why?@@T12J7
Mark went from saying "Cash is not going away, nobody is thinking that. 2:33" to "Here's how you solve this problem - I give you my credit card! 5:00" in a matter of minutes, it's actually crazy to see.
Literally what I thought lol
That's not what he means, he's saying that using a credit card easily avoids this problem if they would like to, and it's easier to just use a credit card than to transition to another service.
You completely misunderstood what that means
@@jalenbrunsonfan Yes!!! I have no need for this.
Mark Cuban is a liar.
He was impressive. He followed the mantra "Power is something you take". He stood his ground.
I can’t believe after literally taking a beating from the sharks, Kevin in particular, he still managed to come out with a deal. What a man.
I am surprised that Mr. Cuban wasn't interested in the deal.
Deal didnt go through
I think you should look up what literally means
@@austensiegler8556YES!!! This is one of, if not THE most overused AND misused word I hear these days! And I mean that quite literally, ironically enough... 🤦
@@bubzilla6137 What if hes not literally using the world literally
Barbara: "I have one contingency, if we make the deal Im out"
Roflmao
😂😂
🤣🤣🤣
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
😂😂😂😂😂😂😂😂😂😂😂😂
He beat kevin at his own game. Kevin usually negs the f out of the entrepreneur, makes them feel worthless and then comes in with low ball valuation to scoop the company for cheap. This guy stood up to him and showed him that if he thinks that product is bad, then perhaps he shouldn't be involved with it.
Jeffrey Witten is impressive. He was prepared and knew how to befittingly pivot when he felt cornered. One of the few who could stand their ground when against the odds. Props to him!
Such a thin line between being rude and resilient. This guy nailed it!
HE RIMMED THAT SILVER LINING
Agreed, it's all about knowing your facts, your worth, and how you say things. Dude gave a negotiation masterclass
This is one of the best shark tank episodes ever! That dude was not backing down! And did not give the sharks the power they wanted, he did it all professionally with no emotional nonsense. A real talent, hope his business goes far.
What do you mean he didn’t give power lol he backed down from not going over 12.5%
@@liamczyzniejewski9852 The sharks aren't in the position to move, they're already billionaires
Given the other offer on the table, if he wanted the deal he'd take the 15% so that's what he did. Being too pushy when negotiating with a shark on their final offer could risk losing the deal and it's happened to plenty of people on ST before
Sure the concept is great (loose change really sucks) but they could tell the logistics might not work out and they weren't guaranteed or promised they would, so kind of a disadvantage there
He sold and abandoned this business and the deal with Robert didn't close.
@@adingdingdiiing6740 all I'm hearing is he got a big payday
cringe tf idiotic -_-
People talking about his confidence, but what makes him stand out are his communication skills altogether with the ability to articulate his thought process crystal clear. You can hear it in his voice when he talks; he sounds like top CEOs e.g., Mark Zuckerberg, Jeff Bezos, Shou Chew, Sundar Pichai, etc., which has various tones to communicate emotions even though it sounds monotone.
Its good the deal actually ended yp falling through because they sold to a large consortium that does market data for large retailers north of $50M
Barbara saying “because you’re rich” was the realest thing she’s said
Lol, poor people don't like carrying coins too.
@@superkamiguru7985I do
That's actually not true though. I'm not rich and I still hate having to carry around coins. I am sure most people feel the same regardless of how much money they have.
I felt the moment he was touching his wedding ring, he had to dig deepdown to convey all the strenght into him to respond to all these sharks coming at him. Such a strong young man! Well done!
His spouse must be so proud of him!
His father in law would not invite him to Thanksgiving
He was just fidgeting with the closest thing while he kept his hands together in "presenter mode" the whole time. I also fidget with my wedding ring all the time without thinking about my wife. Thinking that he was touching it to gain strength or whatever is something you made up in your mind.
HE WAS ANNOYING.
cringe tf idiotic -_-
LMAO them zooming in that barista's face is taking me out 💀😆
Intelligent, very well spoken, control over his emotions, great idea, this guy’s great. Plus, the looks are just that extra push.
Robert didn’t close the deal post the episode but the company became a success and was acquired by a larger group. Kudos to the founder. Confident and brilliant
Why is Robert even on the show
So he lost everything than
@@danielflores9014 he sold everything and the got the bag bozo
@@xxgorvexx sometimes it is strange that people do not understand the concept of a business deal, all deals are not final until after the pitch when they are able to verify the documents and other aspects so people still have time to back out. Rob is a long-term shark on the show because he is a successful businessman and it is his money he invests in these people, he got to back out if it was not the way it is supposed to be. The person also got exposure regardless so it is a win situation, not a loss for the entrepreneur.
@@danielflores9014the end goal for most startups like this is to be sold to a larger company. It was acquired by a data analysis firm who definitely paid crazy money for it.
I think being respectfully confident goes a long way with the sharks. He had to battle, he had to put a couple in their places, yet he did it with professionalism and without any ill-flavored conflict.
Love the conviction, preparation, and he has the facts to back it up.
Props to him, what a fighter with class.
I can’t believe this but watching this guy stand his ground inspired me. He seemed nervous when he walked in but he dug his heels in. Respect my man !
Yah he progressively gained his footing.
I still don't get it, if I don't want coins I use card, if I'm a cash guy I don't use cards linked to online accounts, where's the market?
@@rmac3217chances are if you use cash, you have SOME form of online payment. I highly highly doubt there are many walking around with no bank accounts
@@rmac3217it’s 2023. Go get a card and bank account. Otherwise there IS no market for someone like that, and not only that but you wouldn’t be the consumer this business is looking to provide services to.
A fiver is substantially easier to carry around than coins to make £3.47, you see?
There’s no existing world where I would ever trust Kevin O’Leary
😂😂😂😂😂😂
If Kevin puts up an offer he believes he’s going to get you enough profits to get his money back.
The only problem is that maybe in the long term you would end up with a worse deal than with other sharks.
Did somebody say *P E R P E T U A L R O Y A L T Y* ?
That’s lunacy. Kevin is by far the most disciplined investor on the show and well-respected in the VC world. I would partner with him in a heartbeat
@@robbiewhite2351Kevin O’Leary shilled for FTX even after it was abundantly clear that SBF was committing fraud
Loved the fact that he took a stand and was clear on what was working for him and not working for him and was super confident ✨
Insane confidence from this guy
Thank you for not spoiling the outcome in the video's title.
He doesn't think that businesses will use their program. Most places already have their own loyalty program and it does not make sense to pay for another program.
This guy is so incredible and SOLID. Love how he handled and managed these Sharks.
Lawyers are good at that 😂
@@That_one_introvert. Hahaha!
Dude… I love this guy
Dude this guy is a legend
He handled the whole thing like a pro
His last act on Kevin was hilarious 😂 well done young entrepreneur 👏
the shot at kevin at the end was great
Eh It also makes him sound immature though. It sounds like he can't take criticism without getting all pressed and is just angry that they all where not excited about his company except Robert, who never closed the deal BTW
@@Naturefan354 if kevin can give it he can take it. And that was a funny and well timed joke. And the deal fell through, sucks to be Robert because he cleared 10 million in 2021.
@@topshelfdustin3060 where did you find the $10 million number from?
@@scottcamuto8410 I saw 10 and 12 quoted on different "after the shark" websites. I took the lower of the two, but I didn't note where. Just google the company and "after the shark"
Brilliant...stood his ground and like concrete didn't move bravo!🎉
The company was valued at $3.3 million during its pitch on Shark Tank. Since then, it has been acquired by IRI Worldwide, but the value of the acquisition is unknown. However, the company has generated $12 million in sales in 2021, indicating that its net worth has likely increased.
It's because he studied law that he's that confident. Big props.
I was nervous for him. I thought his confidence would make him lose all deals. Good for him, wish him the best.
if his confidence would put an investor off then the ivestor is to sensitive lol
He CONTROLLED the room!
This guy is a winner, straight up. Doesn't matter if CoinOut works out or not. He's gonna be successful one way or another. He's a future shark.
I admire this guy's confidence in his business. Never seen someone who didn't emotional nor get arrogant and stood their ground like that. AND cut down Kevin. Huge Kudos to that dude
First time ever I heard someone give Kevin right back on his face and stand tall and get a deal. Awesome. Loved it.
Arguing with the sharks this way, is how it's done, fighting for your own business and having a fierce back and forth just shows how much he is willing to make it succeed....
He was assertive, respectful and confident and held his own. I don’t call that cocky.
Amazing. Whether he's on point or off the wall, the dude gave the best presentation and negotiation ever.
I'm impressed. To have that kind of control under that kind of pressure is phenomenal. Well done.
To be fair he is a lawyer
This guy is 100% confidence and not so much ego with an empty head. I love his invention.
Wish I could see how it’s going with this business and this shark that came in With all kinds of confidence in most respectful way and got a deal 🦈👏
Might be one of the best entrepreneurs to come on the show. Congrats to him. Definitely hope I get a chance to use this when I’m stuck paying with cash
He sold for it about 12 million
@@coalhouse1981lmao fr?
Dude went toe to toe with them and left the tank with scars, but not dead. He was awesome
Lawyers are good at that
So glad he stood his ground! They are not better than others
No they r. That's why they r sitting there. It's just that the young is also better than the average guy..
They literally are
What a likable confident guy.
that guy is brilliant you can tell he was trained to be a lawyer
For someone not doing any of the talking, that barista got the most screen time in the history of shark tank
Seriously. Who was she? The way the camera kept cutting to her I wondered if she was the guy’s wife or sister or something.
🤣🤣
😂😂😂 i’m crying haha leave goodie alone
Man, this dude has courage!!!
I love when they are not scared to stand up to the sharks. Remarkable, and he got a deal
This guy was ready. He's one of the most prepared Shark Tank candidates that I've seen. It almost feels like the Sharks want to kill it in the egg because they're afraid it might harm their business. I like it, I think the sharks are off and scared.
Scared? He’s concept just copying off how VISA and MASTERCARD works. Why do I need to use that BS app in my shop while I can accept visa Mastercard and Amex customers for same fees?
They know that man is going places
“if we do the deal, kevin can’t use it” I love that
He has a great idea and they wanted to break down his confidence in order to get him to accept what ever they offered.
This would have work more in countries outside of the United States where credit card/debit card is not used by many people.
Update: CoinOut grew to annual revenue of $ 12Mn in 2021 before getting acquired by a major data and customer loyalty group. Definitely a success.
He stood up to those loan sharks really well. Good job
🤣🤣🤣🤣🤣🤣🤣loan sharks
He did stand his ground very well.
He sold the company for 99 mil
This guy was in control of the entire moment. He was like the host of the show.
I love him for that. I hope his business went up afterwards.
Now that's how your stand your ground and negotiate properly. In my previous sales job, I learnt the power of mirroring which this guy used brilliantly. Mirroring : Calling out and acknowledging the objection thrown at you, followed by why you think your case is strong and then ending up with an ask.
The fact that this guy attended Law School explains a lot about his confidence and vision
Barbara was spot on in her comments @ 5:37 and Jeff was a cool cucumber for the way he presented himself with-out being arrogant, mean, insulting or offended. Found out that the deal with Mark never went through but the company was purchased by IRI Worldwide in November 2021 for an undisclosed $ amount which had $12 million in yearly sales at that time and is still operating to date. There are 5 other companies now in competition with CoinOut.
Also their current app has nothing to do with what was presented on the show lmao
Wow! This should be required viewing for any serious negotiator. After I watched it 5 times I’m hoping I have absorbed his technique. Whether they liked him or not left with what he came for. How can one not respect the man. Good on him 👊🏽🏆🍾👏🏽
I heard this is very edited, really a lot is cut out
I agree. Its business not a find a friend party haha
Nah he didn't. Robert got what he wanted, though he didn't close the deal later on.
Mark : you're sitting in my seat Robert !!
I really like how that young man handled himself. Very nicely done. :)
My favorite part was when he shutdown FTX's Official Spokesman Kevin O'leary
That guy is very confident in his product. Kudos to him refusing an offer by someone who continually belittled his product & had no faith in it & cared nothing for its success.
fun fact: what mark cuban said at 6:07 is what the creator took on board straight after this deal. The deal with robert never went through and he reworked the product and sold it at a much higher valuation based on cuban's recommendations.
I salute this entrepreneur for his determination. If you want to be partner, don’t put conditions to throw all risk on your business mates.
True lawyer 😂👌he got away with all the replies by not raising his voice up and controlling his reactions
The company went on to make $12 Million per year then was bought by a big company for an “undisclosed amount”. Guy knew what he was doing
love this enterprenur.... he stands for what he wanted.
I have seen countless episodes and I’ve never seen anything like this. Hit the core of me. Motivated me.
Loved the way he trolled Kevin in the end 😂