*Kevin Hart was a guest Shark on ABC’s “Shark Tank” last Friday, and he denied an offer from a company called Candi, a social network allowing fans to meet their favorite celebrities.
Following the episode, Hart explained why he opted not to invest in the company, noting that “A lot of mistakes early on in my business career were made in that space,” Hart said, CNBC reported.
“All based off of, ‘Oh, said person has this many followers. If we get them to do this, then this is going to be a success. That’s not true.”
— Shark Tank (@ABCSharkTank) January 6, 2022
Here’s more from Black Enterprise:
According to CNBC, Keithan and Quiante Hendrick started their company in Chicago in April 2020. The married couple reported their “business made over $100,000 by connecting fans to influencers and entertainment stars via live video calls.”
“The talent — which reportedly included famous TikTokers to Grammy-winning artists like Chaka Khan — established their own fees for five-minute-long chats. The talent got to keep 75% while the Hendricks retained 25% of earnings.”
Per the report, because the company had no “traditional forms of marketing when filming occurred,” Candi’s promotional efforts are dependent upon “its 350 celebrities,” CNBC reported.
“The talent pool is going to guarantee your return, which is where I’m having trouble because these [platforms] have existed before,” Hart said. “The reason why they come far, few and in between in a place of success is because they fall apart.”
Hart called the couple’s pitch of $500,000 for 15% equity in their company “extremely aggressive,” per CNBC.
“We do regret the amount of the ask, but it was great just meeting Kevin Hart,” Keithan said, per the CNBC report. “Any time you have a guest Shark like that, that can give you such invaluable advice — I feel like we just got a free consulting session.