This article was originally published by 2Paragraphs at: https://2paragraphs.com/2018/01/guard-llama-owner-explains-why-he-passed-on-100k-shark-tank-deal/
Guard Llama is a personal security handheld device that can clip onto a keychain or slip into a pocket. If the person carrying the Guard Llama needs emergency assistant, they tap the device twice to transmit their GPS coordinates to the police.
The founders of Guard Llama, Joe Parisi and Nick Nevarez of Chicago pitched their business (the device and app) on Shark Tank in April 2017. (They brought a live llama with them.) They went into the Tank seeking a $100,000 investment in exchange for 5 percent equity. They made a deal with Barbara Corcoran — $100,000 in exchange for 18 percent equity.
Parisi tells 2paragraphs that after the show aired, Guard Llama “passed on the deal…rather than pushing it through because it ended up being very one sided when things were said and done.”
Parisi also reported that since the show, Guard Llama has been “suiting up hotels in Chicago with panic button systems.” There is a new ordinance in several cities including Chicago (thanks to the hotel workers’ union) that requires hotels to provide employees panic buttons.
With increased news of sexual harassment cases reported in hotels, more cities are passing similar ordinances.