Entrepreneurial Experience : Venture Team Update: MistoBox Swims with the Sharks
By Eller College
Kevin O’Leary offered Meis and Riley $75,000 for 25 percent of the company while Mark Cuban debated. Then O’Leary raised the stakes by giving the team 30 seconds to convince Cuban to invest before retracting his offer.
Cuban told them he’d need more equity, and they countered with a 30 percent stake: the deal was done.
Riley and Meis were part of a team that developed MistoBox in the top-ranked McGuire Entrepreneurship Program. They were selected from among 36,000 applicants to pitch their innovative business idea on Shark Tank.
Swimming with the sharks was a breeze for Riley and Meis, since they have already run with the bulls — literally. It was part of their study abroad experience in Spain. A year after returning to the UA, the two were paired with Collin Crowley and George Andros in the McGuire Entrepreneurship Program. The team was given an assignment to come up with an innovative business idea. They loved coffee and wanted to figure out a way to get delicious coffees — from the best roasters — into more people’s homes. MistoBox was born on graduation day in 2012 after a successful Kickstarter campaign.