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LARQ Asks for the Highest Valuation in 'Shark Tank' History - Shark Tank - YouTube
Channel: unknown
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hey sharks my name is justin wang
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i'm here today to ask for five hundred
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thousand dollars for one percent
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of my company lark
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[Laughter]
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have you ever noticed that funky smell
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coming from your reusable water bottle
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i bet you have and if you're like most
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people you do what we call
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the sniff test
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the average reusable water bottle
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contains more bacteria colony
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than your dog bowl or toilet seat no
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wonder they stink
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and it's no wonder it's so tempting to
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reach for a single use
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plastic water bottle the result over one
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million of these guys are consumed
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every single minute and that's no good
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for your health
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and even worse for the environment
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that's why we invented the lark bottle
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the lark bottle is the world's first
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self-cleaning
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water bottle that purifies water on the
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go
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with a simple press of a button and in
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just 60 seconds
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the lark bottle activates our patented
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uvc led technology
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pure abyss to eradicate 99.99
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of harmful and odor-causing bacteria
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viruses
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and mold the results pure water from a
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pristinely clean bottle
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so sharks who's thirsty for a great deal
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just want to be clear i heard you
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properly 500 000
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for one percent that's great robert
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congratulations it's the highest
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valuation ever requested in the shark
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tank
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you seem like a reasonable human being
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tell us why it's not by the way in all
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your teammates see i have a couple of
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these
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oh you do yeah great so that's awesome i
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do but what's the market opportunity
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that
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justifies this so it's a huge market big
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water is a real thing
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it's a 300 billion dollar market
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worldwide
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of which reusable market is only seven
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percent it is growing
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i tried to square off of single-use
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plastic water bottle several years ago
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i bought several reusable options and
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sure enough they ended up in the back of
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the cabinet or in my gym bag
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they would collect mold if it sat in my
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car it would get stinky
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so it's the self-cleaning part the cell
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spray and purifies
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it looks to me like you have a uv light
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in the top can you explain
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how this works and what it does this is
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actually an optical system
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that's designed to reflect the uv light
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inside so simply you press this button
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the uv light turns on my co-founder is a
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phd
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in physics from caltech he's engineered
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this to bounce to optical light
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throughout the bottle so then how many
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minutes does it take
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to do that we have two modes our normal
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mode is 60 seconds and then we have a
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venture mode which is three minutes so
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if you want to take it to
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a developing country or camping or
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you're just somewhere where you don't
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quite trust the water
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justin is it safer than boiling water it
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would be the equivalent of boiling your
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water for like 20 minutes
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really competition are you the only one
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that has uv
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activation and cleaning we launched in
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october of 2018
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we're the first owned one on the market
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we have about 10 patents both utility
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and design around this product and other
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products but
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there are copycats out there that we're
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pursuing potential legal actions for
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right now
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so justin why is it worth 50 million
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dollars
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so we launched this product in 2018 so
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we've been on the market
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for a little almost two years under two
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years and
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in our first full year in 2019 we did a
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little over five and a half million
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dollars in sales there you go
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in the last 12 months we've done over 9
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million dollars
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this year we're planning on doing 14
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million dollars what are you going to
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make on the 14 million
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so we brought on our first outside
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venture capital round earlier this year
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in january and we
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leaned into growing the business so this
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year we're
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expecting to lose about a million
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dollars justin how much did you raise
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6.7
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at what valuation at a 31.7 million
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dollar valuation
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so just let's talk real business you've
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only raised 6.7 how much do you have in
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the bank
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uh i have about 6.5 okay so you really
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haven't had to spend anything good for
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you right
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yeah what did these retail for the one
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you have right there is 95.
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i paid 95 for this yeah holy crap
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