Inside the "Shark Tank" with Kevin O'Leary to a Parent's Dream Tablet

Rebecca Jarvis reveals what's on her radar on Real Biz 6.12.2014
16:03 | 06/12/14

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Transcript for Inside the "Shark Tank" with Kevin O'Leary to a Parent's Dream Tablet
Hello and welcome to real -- I'm Rebecca Jarvis here in New York City and here's what's on our radar a new tablet for children teaches your top -- -- text. And edit their own home videos. Plus the secrets of ABC's hit show shark tank out for -- believed Deal or No Deal still making millions why they show so popular. Shark take investor Kevin O'Leary joins us with his latest venture -- book. Take a look first though at this adorable video. Yeah and okay. Yeah. Mary very cute adorable although if you are parent and you've heard this song. Infinite times maybe the kids are just cute but I'm -- -- -- the kids singing along to Disney's hit movie frozen. One of the top trends for tots is posting video of themselves on YouTube singing their favorite songs and now -- new tablet actually teaches your children. How to create and edit a video I wanna bring in the CEO of whose award winning now be tablet Jim Mitchell so nice to see you -- again here in the studio. And who -- -- way was named the most promising. Company in America the most promising company in America yes that's a lot to live up to it -- -- -- candidate it. We're gonna try -- we're gonna -- -- so this this. The ability for each child to edit a video that -- -- for example it's not like president put on the Internet. Do we really need us we did we do. I think it's inevitable rate because. You know -- always been posting videos on YouTube for a long time right and this is getting younger and younger. And so what we've done with the dream -- -- is tried to give them the tools. For what we're calling it is the next generation of creative heroes rightly so all those kids that were singing frozen and I have two daughters and Tom I tell you. I've got -- up to here with us. Com we -- just got to stop camera for and I say. Are you what those parents you just can't take another -- -- president and it's it's been it's been a lot it's been a lot but what is fantastic about it. Is the kids love this whole process they love to shoot video they loved it added it. They love to sing with -- and then share with their friends their grandparents and everyone else. And so we've done is that okay if kids are gonna do this we need to give kids the best tools possible. So in our and our new -- the dream -- for example we put holes we. Tools that allow that a professional of great tools right that are tailored to kids -- allow them to edit video allowing them to Photoshop. Allow them to sing -- -- -- the voices and allow them to do animation. So really allow intensive. Do all these creative things and then put it out. Did you see the YouTube video the -- that guy who created this YouTube video at the airport while his flight was delayed. They didn't see it and we see it went viral about more than three million people thought until -- check at camp but but this is essentially what the -- -- -- view is essentially what it looks like he was doing in the airport a lot of people were talking about that. How -- keep it secure though because privacy is such a big deal to adults kids. They don't real -- -- right we in what we've done. Especially with this version of the tablet is we've really beefed up the parents side to control side right because all parents. Parent differently and it's not my job. Or our job to you know parent kids with a tablet. So what we do as we give them the tools and then allow the parents the ability to. Teach their kids the right thing and easily in this -- straight to YouTube if the parents want them to. -- so they set it up in the settings ahead of time exactly -- you -- send -- to your friends -- to your grandparents. You know another good example is. I think -- you'd agree you cannot walk dentistry without seeing teens texting right right or. I've seen babies doing it online restaurant in New York City at scares me everybody here. But that's so kids want to communicate these days they wanna be instantly connected and they want a tax -- And so what we've also done with this is not only let kids do creative you know interaction. But also to communicate the way that they want to which is texting which is email which is photo sharing. But in -- -- a complaint which means parents -- for kids safe way. For them to send messages back and forth and then we even allow parents and to control that -- some parents are more liberal some parents are more strict. And so he even on your iPhone right parents and -- -- -- can grab their iPhone and they can say okay here's what I want my daughter my -- -- -- with. And then they can review all of the interactions. And they can come off. They want your tapping into that known desire when the kids says mommy daddy I wanna do that's. There is an answer -- it can be parental controlled what's the price point hasn't compared to an iPad. So this is to 69 so it's much less an iPad it's actually less -- I've had many and the big differences is everything is kind of brought together. And with kids in mind. Another great example is there's this huge trend now to taking real toys. So little -- and putting -- on your gaming console and then they appear in your game. So we're doing for the first time now is taking those those toys and action the first one as toothless write the star country -- dragon. He touch it to your tablet and then toothless becomes part of -- -- This and I try to do that with my TV when I was a little kid I would put pictures behind it but it never try to let the TV but out here in any imagination can create these things and there's technology -- -- -- Jim Mitchell thank you so much they presented it to be here. And now Hollywood step aside Silicon Valley is the new hot spot thousands of young people -- to the Bay Area with dreams of making it but building a successful business is few and far between -- it's not as easy as Mark Zuckerberg makes it look. And getting an investor is equal to winning the lottery. But appeared just starting out who -- -- tell -- the cold hard truth about making it. And Kevin O'Leary he's chairman of O'Leary funds with a one billion dollars under management. He's best known probably to most of -- as mr. wonderful. On ABC's shark take it's so nice to have you with us mr. what -- well. -- thank you very much it's great to -- here. What prized tuna boat's cabin when you started -- shark tank what was the biggest craziest thing -- -- behind the -- know what I learned was that all kinds of eclectic ideas may sound crazy originally. And then the war you think about it the bigger the possibilities become because all the sharks an expert I -- this out as well the last five years we've got. Nine to ten million people watching us and so when they see your product or service they like. A quiet -- -- millions and so we're creating businesses out of thin air that start from nothing in sales like grew -- To almost a quarter million people -- at every month that. Happen because of shark tank and that's the biggest surprise to me is what -- monsters platforms become. And having the time of my life is an investor is to have to apply these deals now they come to me just sit there and wait for -- It's incredible. The reached that you have with shark tank and I'm serious about this because -- cover business and economics at ABC news. There really isn't a day that goes by that somebody doesn't ask me about shark tank and in fact literally. On the highway -- I told someone I was interviewing you Kevin he had pitched me an idea to come before you on shark take which will talk about more -- but. One of the things about your show also is even deals they don't get done even when you guys say no thank you. Those businesses blow up. Yeah that's true we can really surprised the biggest surprise all of us and I -- I speak about Sony any BC and mark. Burnett productions as we had no idea that young children and kids and families would would attached to this. Because at least there's going to be business and you know sometimes businesses very boring and very vertical. Our fastest growing -- reviewers is nine to eighteen year old teens. I think it's wonderful it shows -- sit in America. That whole entrepreneurial spirit is still alive and I'm just thrilled to be part of it I can't tell you how many times nine year old girls run up to -- -- -- the there's chasing behind sink all of mr. wonderful -- so me and -- -- not me I just tell the truth get used to it. Nine year old girls telling you -- mean. Sounds like an interesting -- interesting sight to behold look I'm behind the scenes -- -- all of the -- where's the most competition behind the scene. Well in you know each ship that's what's unique about shark tank -- each of these sharks. Is self made they started their own businesses they've been operators they've created something from scratch so -- venture capital firm on steroids is nothing quite like it so. Between the plot of a sitting near anyone -- line. There's a lot of competition. Particularly if it's a product or service that you want to -- -- to decide. To let go and compete for myself lets out one -- invest 250000 dollars in a deal. -- -- mr. Cuban get in my way or Mickey barker or should I collude with that. Or should I figure out -- -- I take a little less but I don't eat as much so that's going on all the time we're always trying to figure it out and I think that's what makes the television -- -- engaging. We don't know ourselves what's going to happen we never seen the deal before you have. So it's all new to us and we're just figuring it out as we actually watch it unfold. I loved. And and clearly clearly millions of people love it is well. We're gonna talk about -- book at a second but I want to ask you about the deal in your mind that you didn't get your hands on. That -- kicked herself ever since that fell through. You know I've learned in -- never cry over spilled milk my attitude about this is if I don't get a deal that I wanted. And I said this many times on the show you're -- to me I forget about it because seconds later the next -- is coming through the door. I think -- a fantastic start to work with -- a lot to the table but if you don't do my Steele your debts and that's what I say and I need. -- but tell us about it. It looks amazing to talk to myself once in the eighties was a film editor photographer -- living doing that. The minute I saw a group -- I knew there was something really powerful there it's such a simple concept. It takes the hundred best photos in your -- flown. Every month which is basically your lights it's your family it's your like it's your girlfriend boyfriend husband -- -- -- turns it into a physical cataloged. Like this for two dollars and 99 cents and it comes in the mail every month. And what's proprietary about it is this -- This is what Ryan indentured dead because because it's a group -- patented it -- -- -- magazine. Silly shipping literally thirty plus cents is Kennedy to -- -- -- you get the whole thing. For 299. It was like -- bolts of lightning when I saw. Because who doesn't want their photos. But there's a shot of the sharks right there -- brought this with them right -- -- That's your neighbor want right Kevin. We want we want Iranian Brian right now Brian whiteman the founder and CEO of -- but. He's joining us as well here on -- is -- so nice to have you with us as well. Nice to be here you highlight this triple box you've got going here -- -- Up so Brian you're pitching -- and all the sharks on this idea what was going through your night. I will Wear white tonight we're we're very stressed out being in the tank is not easy date -- culture -- reason. And we knew we had an incredible product in the new. When they so we had offered it to all be excited in all the shark experts say and and they all wanted to jump in India part of -- -- why mr. wonderful. Well as watching the shows for last five years I always thought Kevin mr. wonderful sharpest so it just worked out. Absolutely perfectly. -- you -- your wife come up with a game plan beforehand that. Depending on who was gonna say yes and -- on you you knew exactly what you're gonna do. We -- worked out every possible scenario in -- margins in less interested at nights and most nights trying to think about it and how went down was nothing in the way we autos -- -- -- out. -- the biggest surprise. The biggest surprise was. When you didn't like it but we didn't know that you can buy programs and -- incredible feeling as we knew it had an incredible product. And it was incredible experience. After so so what. What some people might not realize about -- taken this is real money this is cabins money it's marks money all the sharks actually put their money into these deals. After the -- there's the second vetting process right -- -- you are the real deal when you get that money. Yes -- there's -- due diligence process and we went through it all and a lot of everything worked out perfectly. You know that the night that shark tank here we had 35000. -- -- subscribers. Into -- five months later -- 242000. Monthly paid subscribers. Incredible growth and and from every story I've heard from shark tank whether you win you lose if you don't get the money on the show that night they show -- -- You see that growth just skyrocket people are looking up on the website have heard some web -- actually even crash. Yeah we knew you were obviously well prepared you had a 100000 downloads the applicant first couple of days. So what's what's the end game for you and how do you work that -- -- kept it. Well then game is just to build an incredible product for customers and it is long as we do that we know -- -- keep the subscription growing. There's just no way. Anybody that sees our product that sees what you get for 299 a month per hundred photos. Would not want the product and we just want to keep developing our product and giving her customers. The best value possible. What would be your number one piece of advice to an entrepreneur or who -- to get on shark tank. -- be extremely well prepared spend the time spent hours and weeks the months. Getting all of your numbers together and know your business insight now. If there is secret -- you think there was a trick for you and your wife to actually get through -- a lot of people say oh I got a call from shark tank. But they don't actually make it on. Well as you know there's 40000 people had applied last year and that a little over a hundred -- -- here. And it just takes persistence and you've got to have a good product it and know your your business insight now. Well Brian thank you so much thanks for sharing your product grew -- Kevin O'Leary. Any last words of wisdom we want to hear from you what's your number one piece of advice to all the -- for viewers out there who want to make their business injury. Three things to remember. Number one be able to articulate your idea ninety seconds or less Ruble was able to do that it was so easy to understand what they did -- explain it in sixty seconds. Number to explain why you're the right person to -- -- business plan. And get this one number three know your numbers you come on the shark tank you don't know your numbers I will teach you a -- If it. We've seen it happen. Mr. wonderful Kevin O'Leary Brian -- -- book thank you so much to both of you for joining us really interesting stuff and best wishes to about the -- -- -- -- and thank you for joining us for real -- we hear from you. What is your favorite product you purchased after watching shark tank did you -- that night. Tweet us -- real -- with RJ and until next time this is Rebecca Jarvis from New York have a great one.

This transcript has been automatically generated and may not be 100% accurate.

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