The return of Shark Tank Australia exposed television audiences to bidding frenzies, fancy underwear, a punching robot — and a strike landed squarely on investor Robert Herjavec’s jaw.
But it was an emotional gut-punch that anchored the episode, as Herjavec formed an immediate bond with STRYDA founder Thien Trinh and his story of business success.
The episode, Shark Tank Australia‘s first since the series last aired in 2019, opened with a feeding frenzy.
A pitch from skincare entrepreneur Davey Rooney, whose Boring Without You line offers an all-in-one solution to ‘combination’ skin types, secured immediate interest from the panel.
After offering a 20% stake in the rising business for an investment of $36,000, Herjavec, King Kong founder Sabri Suby, Oodie maverick Davie Fogarty, and Showpo CEO Jane Lu vied for Rooney’s handshake.
Eventually, the deal went to Fogarty, who expanded his initial bid for $36,000 and 30% of the company to $50,000 and 20%. The deal was sealed with both a handshake and a hug.
The show wheeled through pitches from portable projector firm Pixxie, which exited without investment and robotic boxing trainer Punching Pro, which successfully landed a jab on Shark Tank USA veteran Herjavec but no funding from the Sharks.
Underwear brand VANTA also left without a deal, after founder Patrick Cronin turned down two offers he believed undervalued the business.
The outcome could not have been more different for Thien Trinh, a Victorian podiatrist and founder of the cork insole brand STRYDA.
Trinh’s product, an insole with greater than 90% cork content and a distinct ‘metatarsal dome’, immediately snared the Sharks’ attention.
Trinh’s initial hope was to secure $50,000 for 10% of the business.
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Despite concerns from Fogarty that similar products already exist on the market — they do, Trinh admitted, while claiming none have the same balance of cork to artificial fixatives — every Shark but self-described AI expert Catriona Wallace wanted a piece of the brand.
His pitch was particularly notable for Herjavec, who asked Trinh to share his personal story.
Trinh, who was born in Vietnam, said his family emigrated to Australia under extremely harsh conditions.
His father, a serial entrepreneur, was imprisoned eight times before making it to Australia, with that experience giving Trinh “the tenacity to make this thing happen”.
“I come from a little village in the mountains of what used to be Yugoslavia,” a tearful Herjavec said in response.
“The reason we left: my dad was thrown in jail 22 times,” he added.
“The thing I always remember is he never complained. You know, when people make fun of us because we’re immigrants, and we have nothing, he never complained.
“I always remember, he said to me: ‘All you’re owed in life is an opportunity.’”
That tearful moment was not fabricated for the cameras, Trinh told SmartCompany.
“It was heart-wrenching in there,” he said.
“It was incredible. It was more than what you saw. It was palpable, it got me going.
“It was really raw, it was real.”
Coming from an immigrant background — or simply having a tough upbringing within Australia — “probably is the birthing ground for someone who is tenacious and is hungry to go out there and succeed,” Trinh added.
“You can go out there and find an opportunity, make an opportunity.”
Herjavec matched an offer from Fogarty and Lu, stumping up $50,000 for 45% of the business.
After a compelling bidding war, which saw Suby introduce a $2 royalty clause and Wallace respectfully pull out, Thien struck a deal with the four remaining Sharks.
They agreed to offer $50,000 in funding, split four ways, with 10% equity going to each participating Shark — and a $2 royalty split between the Sharks on each sale until the upfront capital was paid back.
“I am incredibly grateful to have had time with all of the Sharks and they were extremely generous towards me and my business,” Trinh told SmartCompany.
That would not be the end of the story.
Before the episode even went to air, Trinh said behind-the-scenes conversations with the production team helped STRYDA harness its full potential on social media.
Since filming, sales have exploded, with Trinh claiming to have customers in regions as varied as Cyprus and Finland, and major interest in both the US and UK markets.
That uptick changed the shape of the final deal.
“The final terms of the deal are with Jane Lu for 10% of my business,” Trinh said, with the pair already at work on new product ideas and expansion plans.
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“It was an extremely difficult decision and with a heavy heart, that I had to make a decision,” he said.
“Ultimately, I felt like I had to take my business head on with as much equity as possible.
“I want to make Jane, Davie, Sabri, Robert and Catriona proud, I will always be grateful for their help on my journey.
“Perhaps there may be room for us to do something exciting together in the future, I’m certainly open and hopeful for this.”
The Shark Tank Australia experience was “mind-blowing,” he added.
It has “changed my life, and my purpose, and my journey in this life as a podiatrist and as a person.
“I’m a very outgoing guy in real life but I actually don’t like the camera. So Shark Tank pushed me to get myself out there, and it absolutely gave me huge leverage.”
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
