Lori Greiner found herself outpaced in a Shark Tank bidding war when billionaire Mark Cuban went all in over what he called a ‘10-year-old dinosaur.’ The heated exchange unfolded as the sharks vied for a promising business idea, with Cuban’s $6.5B net worth giving him an undeniable edge.
Greiner, known for her savvy deals and sharp instincts, couldn’t match the aggressive offer Cuban put on the table. Despite her attempts to stay in the game, Cuban’s strategic bid showcased why he remains a dominant force in the tank. In the end, it was Cuban who sealed the deal.
A 10-Year-Old Product Faces Its Last Chance: Jeffrey Miller’s Shark Tank Gamble
When Jeffrey Miller pitched Cool Wraps on Shark Tank, it wasn’t just about gift wrap—it was about redemption. His shrink-wrap gift bags, perfect for awkwardly shaped presents, had seen the spotlight a decade earlier but faded due to funding woes. Seeking $100,000 for 40% equity, Miller walked into the tank with big dreams and a product he believed in.
The Sharks, however, smelled trouble. A 10-year-old product with no traction screamed “risky.” But Miller’s live demo of the shrink-to-fit bags sparked curiosity. Lori Greiner saw potential but wasn’t sold on his vision. Instead, she threw him a curveball—$150,000 to buy the entire company outright. Greiner asserted,
You make $150,000. The risk is mine because I’m really not sure. I don’t like that for 10 years it sat, but I’m willing to take the gamble. You can continue to do other things. You don’t have a 10-year dinosaur, and it becomes my problem or my success.
That’s when Mark Cuban swooped in. Cuban offered, upping the ante to $250,000 for the whole company, plus a 3% royalty:
I’ll tell you what, I’ll give you $250,000 for the whole company and a 3% royalty, but it’s yes or no right now.
The tension was palpable. Jeffrey Miller, visibly flustered, made the call. Mark Cuban got the deal.
Despite the Shark Tank hype, Cool Wraps struggled. The deal with Cuban never closed, and while the product found brief success online and abroad, it couldn’t sustain momentum. By 2022, Cool Wraps disappeared entirely—its website and social media ghosted.
What started as a comeback story for Miller ended as a cautionary tale. Sometimes, even with a Shark in your corner, the waters can be unforgiving.
How Lori Greiner Built Her Fortune: From Inventor to Shark Tank Boss
Lori Greiner didn’t just show up on Shark Tank rich—she built her fortune from the ground up. It all started in 1996 with a $300K loan and a genius earring organizer. JCPenney loved it, and boom—debt gone. From there, Greiner patented her way to the top. Over 120 patents, 1,000+ products, and a crazy 90% success rate. QVC made her a TV queen with Clever & Unique Solutions by Lori Greiner, but Shark Tank took stuff to the next level.
On the show, she bet big on Scrub Daddy, Simply Fit Board, Sleep Styler and more. Together, they’ve raked in $300M+. Greiner kept it real: “I never set out to be a millionaire. My driving force comes out of a creative need. I love creating products and sharing them with others.” That’s how you boss up.
Watch Shark Tank on Hulu & Apple TV.
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