When the Rent Like a Champion episode of “Shark Tank” aired in 2015, Drew Mitchell and Mike Doyle’s business had already been around for almost a decade, having started in 2006. As such, the pair of entrepreneurs enter the Tank with plenty of evidence to show the Sharks that the idea for the company was sound, and, more importantly, profitable. With that context, the duo proposes $200,000 in exchange for 10% ownership of Rent Like a Champion.
Mitchell and Doyle’s offer doesn’t necessarily scare the Sharks off, but they face several hard-hitting questions relating to the business. One important matter concerns the viability of Rent Like a Champion against a massive competitor like Airbnb, while another addresses the possibility of damages to rental homes. The entrepreneurs do their best to assure the remaining Sharks that Rent Like a Champion caters to an alternative audience and that damage payments are minuscule compared to sales.
It isn’t long before Lori Greiner drops out, but several remaining Sharks are interested in making a deal with Rent Like a Champion. In fact, the business later became one of the rare “Shark Tank” companies to actually have the Sharks match their proposed deal with no further negotiations. Ultimately, Kevin O’Leary offers $200,000 for 10% ownership, before guest investor Chris Sacca swoops in and convinces Mark Cuban to go in with him for the same deal. Mitchell and Doyle accept the offer from Sacca and Cuban, leaving the Tank victorious.
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