Entrepreneur Terrifies Sharks With Litigation Plans | Shark Tank AUS
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- Опубліковано 21 вер 2024
- Steve Dunn pitches Leapin Digital Keys - An app that allows users to open their hotel door locks from their smartphone. Steve has pitched in front of a Shark before but will his new valuation secure him investment?
Company Website: www.digitalkey...
An international sensation, Shark Tank AUS features entrepreneurs pitching for investment in the Tank from our Sharks, five venture capitalists willing to invest their own money in exchange for equity.
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“Our competitor sells 30,000 a month” lol bring them in here then
His success depends on that patent, oof all the time they're going to spend in court if he does get it.
that's great if he can sue them into the ground, but it's a massive failure if he can't. so it really does depend on litigation.
@@JewTube001 Yep, Patent litigation requires a lot of lawyer money over the long-term to realistically pursue. Else you just spend years throwing good money after bad money just to fold anyway because the other guy can afford paying lawyer retaining fees longer than you can. You may be in the right, but it doesn't matter if you can't afford to see this all the way to the end. This guy has sold 11 units to date and the company he wants to sue sells 30,000 a month. Relying on litigation to catch up to their competitor is not the smartest idea at this point.
@gurpreet daliwell No. Because it would just be a deal, not a business. And not much of a deal if you can't afford the massive lawyer fees needed to defend your patent against infringement. Why would someone buy your patent when they can just steal it without risk of being sued?
Actually a good model, you don't need to sue or reach a trail you just need to reach a royalty deal with his competitor that's pumping out 30,000 units a month, you wouldn't even need to produce anything so having this weirdo as a partner would less of a problem and I think it's fair he gets a cut it is after all his invention.
I've never seen someone with such a soft, calm voice manage to be so abrasive at the same time. Truly an impressive feat.
never trust a seemingly calm person with a huge grin.
Hahaha that's the wonders of the world...
Exactly.
It's very easy actually engine can do it
I didn’t know Murr from Impractical Jokers started his own company
I'm here for this comment🤣
😂 so true
His voice got deeper lol
I was trying to figure who he reminded me of.... that’s it!!! Murr 🤣
😂
"Hey guys, I'm here offering you a 3% equity stake in a massively overvalued company which has only sold 11 door locks nationwide and may soon be going through a patent litigation process. Who's interested?" - Possibly the dumbest pitch ever lol
LMFAO
the company got picked up and is now partenered with Vodaphone and Apple. Seems this company is doing quite well
This company is swimming in money now. His pitch was dreadful but the actual COMPANY and idea was amazing
@@bawlzinyourjawz5919 A lot of these smart as hell inventor/entrepreneur are extremely socially awkward. Take a look at Musk on the JRE podcast.
I think it is just these guys are socially awkward because they spent more time in education that socialization.
I’ll invest i’ll give you three dollars for your 3% equity.
That guy looks like an alien who's made a human suit to wear and blend in
Looks like FAS to me.
Or a character from a Dr seuss book
He looks like he has a CGI upper lip to hide his mustache, like Henry Cavill in Justice League 🤣🤣🤣
Looks like he belongs in whoville
I am Hugh Mann.
That smug smile on his face the whole time drove me nuts
"I've been told I'm difficult to work with before but..."
This guy has been told multiple times exactly what is holding him back but still refuses to listen.
For real. "I've been told I'm difficult to work with, so here's my rationalization for why everyone but me is wrong" B R U H
Same kind of person who thinks acknowledging their own shittiness and blaming others for not handling it well is an acceptable way to be. "Im just blunt, and some people cant handle that," comes to mind
i mean he was nothing but polite and answered to the best of his abilities. and he's perfectly justified to correct their incorrect claims about his business or business plans. hes just trying to explain to them that his plan is not to litigate and the dude gets pissed at him.
these dudes get pissed every single clip ive ever seen of them
@@jsmith434w “he’s just explaining that he’s not planning to litigate.” That’s not even the issue. U missed the point man. The issue is that there’s a CHANCE that they’ll have to litigate. Before the sharks even sign up and before the business gives a profit. There’s already a huge problem and his attitude isn’t helping it at all. Why would they sign up for something that requires this much work?
@@jsmith434w oh, and they asked him how much is the value of the company since he wants $75k for 3% and he says “talk to my accountant “ Lol who would throw money at that???!!!
I think this guy was far too smug for his own good.
Smug faced
@@Paul-fq9pj Yep, for sure. 😄
Ms Starlight jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjj jjj JJ h John jjjsssb
In addition to have 6 other partners and not knowing his financials
@@lore_shards ☺👍👍
His attitude is the reason no one invested.
And they missed out because he partnered with Vodaphone in the UK the same year this was filmed
@@SiLoMixMaster they have enough money to live their lifestyle. They are mostly investing as they are seeking for excitement so working with that type of guy is off the table even tho they would make a profit :)
u spoiled it for me gg
On top of that, i just didn't get information but just excuses. I wouldn't invest just by those reasons.
Yaa attitude was a thing,but main reason was he couldn't provide numbers
An essential part of being a successful entrepreneur is having self-awareness to know when the room is not warming up to your style.
Especially potential investors in front of a TV audience.
To be fair he's the turbo-nerd that invented the thing, not a dedicated sales person/people person. At least to my understanding. He is difficult though.
Ask my accountant lol and raises eyebrows on top of it
Shady and greedy evaluation and sounds like he's trying to hide something.. Imo he just wanted exposure
@@birdie2010 I dont think hotel CEOs are watching shark tank looking for bussineses lol
Seriously what a joke🤦♂️
@@birdie2010 He striked me as a person who would expose, yes.
"Hey guys, I'm here offering you a 3% equity stake in a massively overvalued company which has only sold 11 door locks nationwide and may soon be going through a patent litigation process. Who's interested?" - Possibly the dumbest pitch ever lol
'You look like you would murder me in my sleep .. and for that reason I'm out'
😂😂😂
🤣🤣🤣👍
I thought I was the only one to detect a bit of a psychopath in him.
"I sold one to a boarding house". I thought he was going to follow up with "and my Mum bought one".
At least it wasn’t a halfway house
He’s a very slick talker. He does that thing politicians do where they don’t really answer your question.
Andrew is the BEST. Smart questions, great speaking with ppl, kind overall, respectful, but always gives fair, fatherly and helpful advice/ feedback. Zero arrogance comes across when he opens his mouth ☺️👍
He's got bad vibes around him. I just find him very uncomfortable.
Facts
Something is not right in his eyes. 😨
@@defundhollywood3259 I think it might be that he's smiling with his mouth without really smiling with his eyes, which comes of as insincere.
Yeah seems he's hiding something
Yes, I got that sense too. Something's off about this guy.
"He's looking a lot like Jafar from Aladdin, so for that reason, I'm out."
This comment made my day 🤣👌
If I was a Shark, as soon as he said the words "you would have to talk to my account" I would have gone out.
That was such a passive aggressive answer to them, like what the actual fck dude!! Are you Trying to get an investment?!
yeeeepppp
Yeah for real, why would someone show up to do a business deal without even knowing the basic status and workings of their own business? Imagine how easy he'd be to embezzle from if he doesn't even pay attention to his own accounting. I wouldn't trust the judgment of someone who's so glib about being naive like that, because to me (I'm biased from a healthcare background) best practices are important above all else.
I got a D in accounting almost a year ago (although admittedly I always get bad grades while learning a lot lol) and I have a crap memory, but even I cringed and said "NO DUDE" aloud when he was confused about the difference between equity and assets. BRUH IT'S ASSETS MINUS LIABILITIES, TAKE A CLASS
I'm wondering if hotels even like people walking in without a check-in. I can imagine it is also an important moment for hotels to verify everything. So it will not happen that a random person, who maybe hacked the system or something, walks in.
Most hotels in the US already have digital check-in and digital keys through their apps. Most have had this ability for well over a year now. Hilton brands have about the best integration of the big chains.
@@kem09030 Shark Tank Australia has ended in 2018. This video is be at least 2 years old.
I totally agree! For security reasons this technology won’t be a hit globally. Maybe only a few markets!
I checked into my Vegas hotel digitally
I agree, as someone who travels a lot id ra her check in and get a key then have to go thru the hassle of downloading a app and having to register and what not
Did he just say that if your phone battery is dead, just use your phone to make a room card?
:)
you do it before is dead, in case it dies
Before your phone dies, if you have those materials just laying around I guess
@@khl2445 then what’s the point of the product if you are using the card anyway
@@Sayieh Because you buy the ticket in the internet.. and prepare a card for your journey.
4:47 lookin into the camera like "you see why I didn't invest last time?"
Who goes to shark tank and offer 3% equity. When he said 3% equity I nearly fell of my chair.
Someone offered 1% for £100k+ at dragons den in the UK and they got some offers for investments
@A Tasty Cloud
That reminds me of the guy that has the answering call back service that pitched on dragons den asking the same equity, he very much did NOT get offers lol
At three percent he became the appetizer. RIP.
The scariest part of this is that the guy doesn't move his lips when he speaks.
Honestly his closing statement confirmed all comments regarding that he might be difficult to work with.
Ended up working out well for him, he is now partnered with Vodaphone and Apple.
"Hey my product is worth 2,500,000$"
How much product have you sold?
"11."
god damn funny 😆
He became partners with Vodaphone and is a millionaire now, even funnier
Bugatti Veyron:
"Hey, my product is worth 2.5m, wanna invest?"
"How many have you sold?"
"11.... at 2m a piece...."
It's not necessarily about how many you've sold, it's how much you've sold them for. Unfortunately, locks don't sell for nearly enough to have 11 be a good number lol
@@since1876 this guy's only making $10 per unit though
@@since1876 this guy's only making $10 per unit though
This guy is so arrogant like he has no clue how to run a business, he is just rude
He looks like he is about to shape-shift any second 😳
@@akeezey984 😂
Yeah, dude's making bank now
@@zaodedong9935, haven't even heard about this one, its been a year already
This music could make watching paint dry tense and exciting.
This guy his face looks like it's missing a moustache
Dude!!! I thought the same thing !!!
Omg same here. Took me too long to realize he didn’t have one.
💯 percent
TOTALLY!!!! I just commented above that he looks like Henry Cavill in Justice League, when Joss Whedon had to CGI out his moustache in reshoots 🤣🤣🤣
"how much your company worth right now?"
"what now?"
"Money? Yours? How much in your company?
"Ummmmmmm lol idek"
stupidest comment lol. why don't you write a book? you're putting words into peoples mouths anyway
@@bungalowbob9629 did you...not...watch the episode? the fuck are you talking about.
@@thecaptainsnark ignore him, he doesn't get it. there are always those type of people. they always start with lmaoo dogshit idea/lmaoo *emoji* you so stupid/stupid comment lol (or xD or something else to make it sound like the other guy said something silly and funny from how stupid it is)
“Intelligent individuals learn from every thing and every one; average people, from their experiences. The stupid already have all the answers.”
- Socrates
As soon as he walked him, his face had a smirk on it. The sharks saw that immediately and ever smiled once.
"Okay Murr now go in there and tell them your idea"
Murray should go in and pitch them the crotch watch lol
I honestly feel he was basing HIS valuation...on what his COMPETITORS were valued at....
Interesting idea but I'm slightly concerned about the safety issues surrounding this concept. Would've loved to hear his response and ways they've protected against that
Its nfc its just as secure if not more than using a standard key card.
This is literally just RFID doors. A lot of hotels already use RFID cards for their rooms. The only difference here is they have an app that lets you pull up the RFID info on your phone instead of having the hotel put it on a card. Walt Disney World resorts already do this with both your phone and magic bands. I'm not sure how he could get an enforceable patent on what is essentially just an RFID reader connected to a lock.
This would take so many jobs world wide eventually
traditional locks can be picked too, i've done it myself many times.
@Sarra Campbell over time though, since this has been introduced, will be the end of full time hotel receptionist front desk jobs eventually especially one you can do more with the apps and don’t need to talk about a single thing with a human.
"Sue" Killed it. Besides his creepiness
There is a reason to keep having the customer counter for checking in. One thing is to have some staff in the hotel recognize you. Otherwise, this means no one in the hotel management needs to know any customer in the hotel and everyone can walk in and out in the corridor and there will be a security issue there.
Face scanning ai will eventually replace that lol
The two big problems here are you cant patent the key or a digital lock itself (they both already exist anyway); the second is that it's a finite thing. You wait for hotels to be built, and hope they come to your vendor and not someone else.
nor can you patent adding an app to a digital lock. like literally none of his patents would hold up I think.
Yep
Peter would have ripped this guy apart had this been in DD.
And jenny would be out 🤣🖕
If this guy was on Shark Tank U.S, I have no doubt Mark or Kevin would have torn this guy apart too 😂.
"I'm happy to outline the current cal table of the company at any time (except for right now when you're asking for that information)"
This man is a snake. Anyone who gives him any kind of control or authority is a fool.
Parents are proud?
you could tell him that a nuclear bomb was headed to his house and he'd still have that giant smile on his face
This guy is so unlikeable the only reason I continued to watch was to see him get turned down and taken down. With his sarcastic and demeaning attitude it’s no wonder he hasn’t made more sales.
He was ridiculously passive aggressive to them. Prob the single most unlikable entrepreneur ever to come on Aussie shark tank. Perfect example how Not to get an investment and alienate investors.
He acted as if he was doing THEM a favor. Weird ego
@@pastelberru Yeah, that’s it - he did act like they were blessed to be in his presence.
Classic case of “your mouth getting you in trouble”. He’s completely unaware of how ignorant and passive aggressive he is… or is he? He may know exactly how he is and just doesn’t care!
"You have a patent and for that reason Im out"
This is literally just RFID doors. A lot of hotels already use RFID cards for their rooms. The only difference here is they have an app that lets you pull up the RFID info on your phone instead of having the hotel put it on a card. Walt Disney World resorts already do this with both your phone and magic bands. I'm not sure how he could get an enforceable patent on what is essentially just an RFID reader connected to a lock.
Sal and Q: Alright Murr now tell them you don’t know the value of the equity
😂🤣💀 hahahaha too true!
He was definitely only here to advertise that product on live tv. A very common tactic in the US version but haven't seen much of it on the AUS version
When you want something from someone, at least PRETEND to be humble or at the very least, a little likeable.
Arrogance is fine if you can back it up. This guy couldn't.
His statement at the 7:36 mark makes me believe he isn't there looking for an investor, his looking for someone to handle his payroll.
This so cringe i cant even finish watching. Im out.
He looks like he lives in Whoville. Where did his upper lip go?
2:14 LMAO he really doesn't have an upper lip. Dude really is a Who from Whoville
Needs that nose
US sharks would've pounced on it as soon as they heard "sue"
Yeah, about that.. im assuming you do not live in the US, nor have an honest clue on what your trying to joke about.
00:01 With Naomi already out The entrepreneur is about to start his pitch
I think that was the smuggest pitch i've ever seen. Seriously wish they had been harder on the guy
What's up with all this cinematic music which distracts the viewers
Editor wants to try out the new sound bank he purchased.
@@AlphaCentauri24 🤣
Thats how America Tv is, most other countries will try and replicate that feel
I hate the product....there are so many ways to hack it.
What are the ways it can be hacked? Not trolling just curious
Yeah. Unlike door locks that are 100% safe and pick proof.
you can literally hack any door
@@markusmuller560 most of those use rfid codes which are just frequencies so if you get it right, bingo bongo you're in
@@markusmuller560 A single $20 RFID skimmer could steal your room #, entry key, and possiblly even your payment info from 20+ feet away without you knowing. There are a few videos online that show how easy a little know-how can crack this stuff and why to provide good shielding against these kinds of tools. A single guy with a laptop and one of these skimmers in his bag could own the whole hotel with the slightest breach. Deviant Ollam owns a company that does specifically these kinds of things to consult on why this tech isn't NEARLY secure enough yet. I highly recommend looking him up.
The guy on the left has good reasons for out and sometimes always in
It's all over when Steve takes off his glasses
Bankruptcy is in his cards
How much equity you got?
Him - Yes
My corporate attorney told me 25 years ago that the average cost of a patent lawsuit in the US is over a million dollars. (And that was back then) So, say 4 companies jump your patent but, you can only afford to sue one of them...he said then, you have effectively forfeited your patent because you did not defend it by knowingly allowing 3 companies to continue to infringe. This can make your patent null and void. This means your intellectual property is gone. I decided to go a different route and, have never applied for a patent
This man has missed every opportunity for character growth in his life.
"You're being mildly combative". About the angriest you'll ever see a "Shark" get on Australian Shark Tank.
To be fair, "what's the value of the equity?" was a somewhat vague and unusual question from the Sharks and probably caught him off guard.
If you knew what a balance sheet looked like then you wouldn’t think it was unusual at all this man clearly spent zero time preparing himself
Granted it's not a question we hear too often on Shark Tank but he claims to have 6 other partners all brought-in at various valuation stages which opened the door up for her question.
I think the question was rhetorical because the value is determined by the offer which he gave as 3% for the amount of investment. So the lady was asking a rhetorical question that he had answered: 3%
It did seem strangely worded to me, but is response showed he had no idea what she was talking about... "You mean the assets?"🙄🤦♀️
LOL Accounting 101 , which any business person should know : assets = liabilities + owners equity. A CEO shouldn't be surprised by this and should have at least a ballpark.
The game plan here was to sue the competitor, hoping to get all rights to this electronic key. I think investors instead put money into a company to claim revenue for the product, without the whole ordeal of wiping out the guy who's several times stronger. It's probably also feasible to abuse the key system, depending on how exactly it works, among other potential security issues.
Sounds like the winners would be the lawyers in that situation. The sharks knew that.
Hotel keys have already worked off of reprogrammable rfid chips for decades already, no new security concerns there because it's already been an existing product before he ever made his app. Most programs already moved towards two factor authentication with mobile numbers so as long as his app isn't stupid and horribly made there is no new vulnerabilities. He to worry about on that end either.
He didn't invent anything tho so it'll be interesting to see him trying to claim his 'product' was stolen or his patent was infringed upon. It would be like if I put a horn on a kids tricycle then tried to sue anyone who did the same by adding any noise maker to a 3 wheeled vehicle... In this case he didn't invent any of what he's marketing, not the reprogrammable rfid tags (which hotels have been using forever already), nor some new and innovative mobile app that stores passwords, those have been a thing forever too and hotels already use a similar data base, they just didn't allow people to access the server with a mobile app before... Plus the whole reason we put rfid scanners and reprogrammers in a phone was to do exactly what he's trying to patent, no way any of it will hold up in court because people "copied" him...
4:47 Steve with the 😑 face he's like "can you believe this guy..?" lol
Tech tech tech, what about walking into a new hotel and talking to someone who then explains the layout of the building and what’s going on? Jesus we’re going into a depressing time
Ok boomer
11:21 - 11:35 In summary, the entrepreneur was like don’t ask me any questions, just invest.
He is clever, just made a free 10 min advert, that wont be taken down.
That is exactly what he’s doing. He has no intention in doing business. Just advertising !
Appearing arrogant and difficult to work with, not to mention lawsuit happy, isn't a great look lol.
Do people dislike front desks? They can make a big difference for a person that’s in a town or city for the first time. And even for guests who are knowledgeable, it is valuable to have some human contact.
I agree. Knowing faces and who to talk to if you need help is far more important than saving a little bit of time checking into the place.
@@Tie509 in fairness frequent business travellers would appreciate bypassing the front desk.
We’ll I’m short fat and ugly so people aren’t very nice to me and I tend to avoid them
"Whats the value of equity on your balance sheet"
*"Are you asking the value of my assets?"*
🤦♂️ this is accounting 101 people, please learn it if you open a business.
I don't understand it
But I'm also not trying to start a business so it's probably ok lol
@@CieraMychele assets= equity + liabilities. Basically assets include debt and credit so he was trying to figure out how much actual cash he had. Most people don't know what that is but in business, this is the most basic equation you need to know, especially if you are trying to get money from investors lol
@@venomkiler1 The question was about equity, not assets.
@@Eidolon1andOnly exactly. He replied asking him if the question is about assets, which is why I pointed it out 4:19
@@venomkiler1 Should probably start by explaining what equity is, then contrast that with assets instead of just explaining what assets are. 🤷♂️
if he came onto Dragon's Den, he would have been absolutely ripped to shreds.
Toward the end of the clip, the guy was trying to explain how to be an entrepreneur to the sharks...... They should listen if they ever want to be as successful as him😁
With his greedy evaluation imo he just wanted exposure.. And he's dodging questions..shady
The guy is sue happy too
I don’t want my hotel room to be remotely related to this guy
Disaster waiting to happen. And never trust someone with no upper lip
@@sarahreynolds6805 I have no upper lip 🤣 but still peng dough init 🖖🏼
How to snatch defeat, from the jaws of victory!
I swear this guy is Mark Wahlberg without hair!! 😂
Mark wahlberg is attractive and charming. This guy has about as much charm as a cactus tampon.
@@guesswhat-chickenbutt Ouch. Guess you hurt his feelings as much as the cactus tampon would hurt anyone using it 😬
@@mrfookayu theres just something about his arrogance that's offputting
I almost feel like he just got onto the Tank for publicity, not really wanting a deal or if someone did take the terms he offered, it would not dilute him and probably would up his valuation. Just didn't seem to be sincere. Ohhh, and only 11 in place... Yeah, that really showed a true valuation.... sigh...
This would be amazing as an alternative to the hotel card. When you check in the hotel adds your reservation to the app and you use your cell phone to open the door do your room.
Instead of needing an app for each hotel you would have a single app
Apple had passbook keys before this.
Wouldn’t be a lot easier to use a unique URL code? You pay for the code, the room door scans it?
I have enough concerns about safety in hotels. The thought of someone being able to create a key on their own increases that concern. I'm sure that safety measures would be put in place but they can fail, especially when a dishonest individual has time to sit down and work out a detour of the system. I can see there being self check ins, with a register of some sort taking the information from your phone and dispensing a temporary entry option, but this is something they could make an episode of CSI about.
Imagine a dishonest manager/desk clerk renting out rooms for cash without the owner getting a cut.
"We've sold 11 locks, our competitor sells 30,000 per month. Still you should invest in us, not in them."
No way I would put my money into someone so smug.
I don't know why the idea of suing someone who infringes your patent is so scary to them. Isn't that common practice?
He's clueless if he thinks he can sue people for using his patent before he owned the patent. Good faith usage is commonly upheld in courts IE anyone who purchased this lock system before he owned the patent did so to use the product, not steal the lock system technology.
He's arrogant & combative and there's something not quite right about him not wanting to provide business numbers. He reminded me of MLM/ponzi sellers.
Hilton hotel has this already for years in US
He's going to sue Hilton
JT Loh still haven't been sued and I doubt their patent will do anything if they don't have lawyers.
Would appear to be an absolute catastrophe for security. This guy won't get people to invest coming in with such extreme valuations.
there is confidence and going for what you want, and then there is rudeness
He basically played himself! A bit delusional and argumentative. I couldn’t trust him to do business with. I’d have to beat his ass!
I wish one of the sharks just said
“I don’t like your attitude and for that reason I’m out”
What arrogance and no sales? Ridiculous valuation? And hopes just for litigation just to earn money from competitors. Steve is right, this bugger is so difficult and defensive...
Now bugger off and get lost
You could hack into those rooms faster than one could blink.
"i feel like you should be on your hands and knees begging for my money, and because you're not im out "
I wouldn't get out of bed for 3% haha
He looks like the "I want to make you an offer you can't refuse" meme, lol.
Was this shot in 2015. The tech feels like it.
Covid: “And for that reason, im out”
I really like Steve, the way he expresses and explains everything
Isn't this simply using NFC? This is just one of the several uses of the NFC technology & can be done by absolutely anyone.
Its like saying I have taken the Bluetooth Technology & made a Bluetooth Wireless Headphone.
yep. he’s banking on peoples ignorance of the technology
This is literally just RFID doors. A lot of hotels already use RFID cards for their rooms. The only difference here is they have an app that lets you pull up the RFID info on your phone instead of having the hotel put it on a card. Walt Disney World resorts already do this with both your phone and magic bands. I'm not sure how he could get an enforceable patent on what is essentially just an RFID reader connected to a lock.
Yep but its a patent play
11:14 I truly am seeing Homer Simpson..
Dude was deceptive as hell the whole time.
This would be great in AIRBNB properties especially if AIRBNB recommended it and made the inclusion of this part of their site and booking process, but if there is litigation coming down the line, you could easily run out of money before a judgment comes in... doesn't matter if you would win the case if you no longer have the money to pay the lizards along the way