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RFID Goes Into the Shark Tank
Many RFID companies make mistakes that cost them money. They wouldn't survive on Shark Tank.
Lori Greiner: "Do you provide the tags as well?"
Robert: "What about software? Don't you need software to turn the data into useful information for the business?"
Edsel: "Yes, you need software. Again, there are companies in the market that already provide that."
Robert: "So, your customer has to buy the reader from you and then go to another company for tags and another for software, and probably another company to integrate the solution. That seems like a big risk."
Mr. Wonderful: "Let's get to the numbers. How much does it sell for, and how many have you sold?"
Edsel: "It sells for $1,000, and we have $3 million in sales."
Daymond: "Is that for the past 12 months?"
Edsel: "That's since we were founded four years ago."
Mr. Wonderful: "Your valuation is way out of whack. I'm out."
Mark Cuban: "My question is, what is your differentiation with other RFID readers on the market?"
Edsel: "We have a 20 percent better read range, so they can read a certain tag from 20 feet away, while we can read it from a distance of 24 feet."
Mark: "That's it?"
Edsel: "That's a very big deal. We have invested more than a million dollars to engineer this antenna so that it could achieve that extra read range."
Robert: "But does anyone need it? Where does having an extra 4 feet of read range matter?"
Edsel: "It's always better to have more read range."
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