This story is part of a new series of features on the subject of success,Benzinga Inspire.
One of the Sharks featured on Shark Tankmay have broken one of his investment rules with a recent Shark Tank deal.
What Happened: Mark Cuban likes to invest in companies that have products he could see himself using or that could be used by the Dallas Mavericks, the National Basketball Association team he owns.
On a recent episode of Shark Tank, Cuban offered a deal for a company whose products hell likely never use.
Season 14, episode 15 of Shark Tank aired in early March and featured a pitch by makeup company Youthforia.
The company launched in April 2021 and had $2 million in sales prior to appearing on the episode, according to CNBC. The company had seen some levels of viral success thanks to TikTok and mentions of its color-changing oil blush that reacts and blends into customers skin. On TikTok, Youthforia has over 130,000 followers and over three million likes.
The Sharks liked the TikTok success and were also impressed with the companys founder and CEO Fiona Co Chan.
Kevin OLeary offeredCo Chan $100,000 for 20% of the company along with a $300,000 loan and a cut of distribution pay.
Its a bet on the jockey on this deal, OLeary said of Co Chan. Youre really impressive.
Co Chan wanted to hear from the other Sharks, with Cuban and Barbara Corcoran not putting out bids yet. Co Chan tried to lure them in by saying there was a launch of more shades of blush coming, which neither was thrilled about.
When you have something thats completely differentiated, you ride that, and you dont do anything else, because that just dilutes your efforts, Cuban said. Sometimes, you shouldnt listen to your customers.
Co Chan turned to OLeary and offered 5% equity for $400,000 and a 50 cent royalty for each unit sold by the company up to $500,000.
OLeary countered with an $800,000 offer for 10% equity and a $1 royalty on each unit.
This is when Cuban decided to step in, offering $400,000 for 10% without a royalty and said the reason he was interested in the makeup brand was because his daughters and wife would understand the product, which he didnt.
Cuban offered to wear the color-changing blush himself as part of demos.
OLeary countered with a $400,000 offer for 7.5% and a 75 cent royalty on sales up to $1 million.
Ultimately, Cuban got Co Chan to accept with his final offer of $400,000 for 8% and no royalties, which he offered just to prove a point and ended upbeating OLeary.
Related Link: Mark Cuban Made $18,000 A Year And Got Fired: 5 Things You Might Not Know About The Billionaire
Why Its Important: The company and Co Chan drew praise from the Sharks during portions of the pitch and after Cubans offer was accepted.
Herjavec and Corcoran, who sat out on the offers, said they were impressed with Co Chans negotiating skills.
Kevin, you have to get up and leave the Shark Tank, Herjavec said. Fionas taking your chair.
The offer for Youthforia that was accepted makes the first deal Cuban has ever done with a makeup brand, which could provide several lessons. Cuban has often stuck to his principles in investing in products that he would use himself or the Mavericks would use.
Hearing how much the other Sharks loved the company's CEO and the product going viral on TikTok, Cuban trusted in his family and made the investmentbecause he could see his daughters and wife using the product.
Youthforia is available on Amazon.com and also atUlta Beauty ULTA stores. While we wont likely see the makeup products at Mavericks games in the future, they could end up becoming a staple in the Cuban household.
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CARY, N.C. — Former major leaguer Mark DeRosa will manage the United States for the second straight World Baseball Classic, USA Baseball said Thursday.
DeRosa led the U.S. to the championship game of the 2023 tournament, where it lost to Japan 3-2 as Shohei Ohtani struck out Mike Trout to end the game.
Michael Hill, Major League Baseball’s senior vice president of on-field operations and workforce development, will be the team’s general manager, a position Tony Reagins held for the 2023 tournament.
DeRosa, 50, is a broadcaster for MLB Network. He had a .268 average with 100 homers and 494 RBIs over 16 major league seasons.
TAMPA, Fla. — Jo Adell became the third player in Angels history to homer twice in the same inning, Mike Trout and Taylor Ward also homered twice and Los Angeles routed the Tampa Bay Rays 11-1 on Thursday.
Adell led off the fifth against Zack Littell (0-3) with first first homer this season for a 3-1 lead and capped an eight-run fifth inning with a three-run drive against Mason Englert. Adell matched a career high with four RBI.
Rick Reichardt homered twice in a 12-run inning at Boston on April 30, 1966, and Kendrys Morales homered twice in a nine-run sixth at Texas on July 30, 2012.
Ward homered on the game’s second pitch and Nolan Schanuel hit an RBI double in the second.
Jonathan Aranda closed the Rays to 2-1 with a run-scoring single in the fourth off José Soriano (2-1).
Trout hit a two-run homer in the fifth against Littell and added a solo homer in the ninth off Hunter Bigge for his fifth home run this season and the 27th multihomer game of his big league career. Trout also homered in the July 30, 2012, game.
Ward also homered in the fifth, a two-run drive against Littell.
The government will fund any further local inquiries into the grooming gangs scandal that are deemed necessary, Sir Keir Starmer has said.
However, the prime minister said it is his “strong belief” that the focus must be on implementing recommendations from the Alexis Jay national review before more investigations go ahead.
It follows a row over whether Labour is still committed to the five local inquiries it promised in January, after safeguarding minister Jess Phillips failed to provide an update on them in a statement to parliament hours before it closed for recess on Tuesday.
Image: Sir Keir Starmer joins police officers on patrol in Cambridgeshire. Pic: PA
Instead, Ms Phillips told MPs that local authorities will be able to access a £5m fund to support locally-led work on grooming gangs.
On Thursday morning, Home Secretary Yvette Cooper insisted the “victim-centred, locally-led inquiries” will still go ahead, while a Home Office source told Sky News more could take place in addition to the five.
Speaking to Sky News’ Rob Powell later on Thursday, Sir Keir confirmed that there could be more inquiries than those five but said the government must also “get on and implement the recommendations we’ve already got”.
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The prime minister said: “Of course, if there’s further local inquiries that are needed then we will put some funding behind that, and they should happen.
“But I don’t think that simply saying we need more inquiries when we haven’t even acted on the ones that we’ve had is necessarily the only way forward.”
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Yvette Cooper speaks to Sky News
Ms Phillips’s earlier comments led to accusations that the government was diluting the importance of the local inquiries by giving councils choice over how to use the funds.
Sky News understands she was due to host a briefing with MPs this afternoon at 5pm – the second she had held in 24 hours – in an attempt to calm concern amongst her colleagues.
Review recommendations ‘sat on a shelf’
Sir Keir insisted he is not watering down his commitment for the five local enquiries, but said the Jay recommendations were “sitting on a shelf under the last government” and he is “equally committed” to them.
He added: “At the most important level, if there is evidence of grooming that is coming to light now, we need a criminal investigation. I want the police investigation because I want perpetrators in the dock and I want justice delivered.”
In October 2022, Professor Alexis Jay finished a seven-year national inquiry into the many ways children in England and Wales had been sexually abused, including grooming gangs.
Girls as young as 11were groomed and raped across a number of towns and cities in England over a decade ago.
Prof Jay made 20 recommendations which haven’t been implemented yet, with Sir Keir saying on Thursday he will bring 17 of them forward.
However, the Tories and Reform UK want the government to fund a new national inquiry specifically into grooming gangs, demands for which first started last year after interventions by tech billionaire Elon Musk on his social media platform X.
Image: Elon Musk has been critical of Labour’s response to grooming gangs and has called for a national inquiry. Pic: Reuters
‘Fuelling confusion’
Reform leader Nigel Farage said the statement made by Ms Phillips “was one of the most cowardly things I have ever seen” as he repeated calls for a fresh inquiry.
Robert Jenrick, the shadow justice secretary, also told Sky News that ministers were “fuelling confusion” and that the “mess.. could have been avoided if the government backed a full national inquiry – not this piecemeal alternative”.
Tory leader Kemi Badenoch said the government needed to look at “state failings” and she would try and force a fresh vote on holding another national inquiry, which MPs voted down in January.
‘Political mess’
As well as facing criticism from the Opposition, there are signs of a backlash within Labour over how the issue has been handled.
Labour MPs angry with government decision grooming gangs
With about an hour until the House of Commons rose for Easter recess, the government announced it was taking a more “flexible” approach to the local grooming gang inquiries.
Safeguarding minister Jess Philips argued this was based on experience from certain affected areas, and that the government is funding new police investigations to re-open historic cases.
Speaking on Times Radio, former chair of the Equality and Human Rights Commission Sir Trevor Phillips called the move “utterly shameful” and claimed it was a political decision.
One Labour MP told Sky News: “Some people are very angry. I despair. I don’t disagree with many of our decisions but we just play to Reform – someone somewhere needs sacking.”
The government has insisted party political misinformation was fanning the flames of frustration in Labour.
The government also said it was not watering down the inquiries and was actually increasing the action being taken.
But while many Labour MPs have one eye on Reform in the rearview mirror, any accusations of being soft on grooming gangs only provides political ammunition to their adversaries.
One Labour MP told Sky News the issue had turned into a “political mess” and that they were being called “grooming sympathisers”.
On the update from Ms Phillips on Tuesday, they said it might have been the “right thing to do” but that it was “horrible politically”.
“We are all getting so much abuse. It’s just political naivety in the extreme.”
Ms Phillips later defended her decision, saying there was “far too much party political misinformation about the action that is being taken when everyone should be trying to support victims and survivors”.
“We are funding new police investigations to re-open historical cases, providing national support for locally led inquiries and action, and Louise Casey… is currently reviewing the nature, scale and ethnicity of grooming gangs offending across the country,” she said.
“We will not hesitate to go further, unlike the previous government, who showed no interest in this issue over 14 years and did nothing to progress the recommendations from the seven-year national inquiry when they had the chance.
“We will leave no stone unturned in pursuit of justice for victims and will be unrelenting in our crackdown on sick predators and perpetrators who prey on vulnerable children.”