ChocoBlock (1)

"Hello Pixius. My name is Ja So, and I'm seeking $500,000 for 10% of my company ChocoBlock."

The first pitch in the history of Pixiu's pit began with those words. Ja So unveiled his company's logo with practised ease for the whole world to see.

ChocoBlock's logo contained a double meaning: a chocolate bar with a stop sign cleverly integrated into it. The sharp-witted Pixius quickly realised what this company truly was.

"Pixius, we all suffer from cravings, the largest in Korea being chocolate. What if I told you that ChocoBlock allows you to indulge in those fancies whilst losing weight."

Walking towards the props without losing eye contact, Ja So lifted a ChocoBlock bar, displaying it to the Pixius, who were enticed by the opening statement.

"ChocoBlock comes in four flavours, each as amazing as the last, our best-seller classic, brownie, salted caramel and hazelnut."

Ja So approached the Pixius carrying four plates he had prepared beforehand. At this point, Ja So's expert presentation skills had lured them in.

"Although I can talk as much as I want, the person you trust the most is yourself. I have prepared some samples for you to try."

Although Ja So was stunned by Nari's beauty for a moment, he quickly recovered, moving to the enchanting Iseul and the scary-looking Hak Dong.

Finally reaching Clyde Nevis, Ja So couldn't help but notice the dazed look on his face, yet he ploughed on placing the sample platter before retreating.

"So Pixius, if you want to have your chocolate and eat it, then come and take a bite of ChocoBlock."

Finishing his presentation in a tidy matter, Ja So was met with polite applause from the Pixius, triggering a smile on his face.

Nari was the first to break the silence in the Pit, wearing a smile that seemed to fill the room as she spoke.

"Wow. What a presentation. You did a good job selling the product. And in all honesty, the chocolate bar tastes amazing."

Hearing Nari's praise, Iseul took her first bite out of the sample tray in front of her. Knowing it was a health product, she expected a mediocre taste. However, her eyes widened on the first bite.

'Even compared to other normal chocolate bars, it doesn't lose out in taste.'

As a mogul in the food industry and the face of multiple confectionery products, Iseul's pallet was extremely refined.

'If this is indeed what he advertises, I can't miss out on this.'

Regaining her composure and watching Ja So beaming from Nari's compliment, Nari launched the first round of questioning.

"Now Ja So, whilst I concede this ChocoBlock is indeed tasty, you can't simply brush over the statement you made in your pitch."

Iseul narrowed her eyes as she stared at Ja So, who was now wearing a severe expression showing he knew the question she was going to ask.

"You claim that this chocolate bar triggers weight loss, and such bold claims make me nervous. Tell us the science behind your confidence."

Nodding his head at the predictable yet logical question, Ja So moved to another prop covered by a sheet of fabric, unveiling it with a smile.

The Pixius leant forward in surprise at what was hidden behind it, an item that every Pixiu recognised and consumed daily.

'Coffee?'

Seeing the surprised reaction on their faces, Ja So capitalised on their surprise to begin speaking, grabbing their attention once more.

"That's right, the secret to our product lies in the drink that 70% of Koreans consume daily, coffee.

It is a scientifically recognised fact that coffee speeds up the human body's metabolism, resulting in a slight weight loss."

A look of scepticism began to appear on the faces of Hak Dong and Dam Iseul at Ja So's words, yet they let him keep speaking without interruption.

"We identified the molecule within caffeine that triggers weight loss, isolated and amplified before introducing it into our chocolate."

Pointing towards the sample trays in front of the Pixius that were now mostly consumed due to their quality taste.

"As you can see, this doesn't affect the taste of the chocolate, and the other negative effects of caffeine aren't present."

Seeing that Ja So had finished with his speech and Iseul remained silent, the titan King Dong leaned forward with his fingers folded together.

"You know my family has a saying that I've always abided by when it comes to business, 'if it sounds too good to be true, it probably isn't.'"

With these wise words, Iseul nodded in agreement. There was a reason Hak Dong was worth $300 million.

Even Nari agreed with this sentiment; although she appeared naive when handling money, she was extraordinarily intelligent and rational.

"So if you want someone to believe the impossible, you must provide proof that surpasses that impossibility."

As Hak Dong finished his lecture, Ja So simply nodded his charming expression, not faltering once despite the accusation of fraud.

"Of course, I wouldn't consider making such a claim if I didn't have the evidence to back it up."

When the tension reached its pinnacle, Ja So pulled out a certificate that quelled any doubts Hak Dong and Iseul were having.

In his hands was a certificate of authenticity from Goryeo Labs, arguably the most reliable clinical trials laboratory that every Pixiu, excluding Clyde, had used themselves.

"We have verified data from Goryeo labs that users of our ChocoBlock experienced a reduction of calories exceeding those in the chocolate bar."

Handing Iseul the certificate of authenticity, Nari walked over to Iseul, and Hak Dong leaned towards her.

'It's the genuine article; I need to get my hands on this product.'

Scrutinising the document from top to bottom, Iseul, who had worked with Goryeo tens of times, recognised it as a match.

"It's real."

The short confirmation from Iseul caused a flicker of competition in both Hak Dong's and Nari's eyes. Although they were less focused on the food industry than Iseul, with such healthy food in front of them, they were ready to fight.

Nari, now wearing a serious expression, spoke to Ja So in a tone that showed she was now serious about investment.

"$500,000 for 10% of your company gives it a total valuation of 5 million dollars; how come you came up with this figure." 

Every Pixiu, including Clyde, who now seemed awake from his daze, flipped open their notebooks in preparation for the figures. Ja So began recalling the figures he had memories of beforehand.

"As a relatively new company that only launched at the end of last year, I understand a $5 million evaluation may seem high; however, I believe our figures justify it."

Under the anticipating gazes of the Pixius, Ja So paused for a moment as he prepared to put the finishing touch on his presentation.

"In just three months since launch, we have done $200,000 in sales through Coupang (Korean Amazon) and are on course to do $1 million this year."

These eyebrow-raising figures caused the scribbling of the Pixius to intensify slightly. Nari, feeling somewhat confused, turned to Ja So.

"So based on everything I hear, your company is souring. Why are you here on Pixiu's Pit? Is it just for the exposure?"

One of the biggest flaws with America's Squid Tank was sorting companies genuinely seeking investment and those just seeking exposure.

Identifying what Nari was suspecting him of, Ja So dismissively shook his hands, and a look of disbelief plastered on his face.

"Of course not; if ChocoBlock were satisfied with just $1 million, I wouldn't be here. I intend to build a nationally recognised line of healthy snacks throughout Korea. In order to do that, I need to enter retail, which is where you guys come in."

Iseul had heard such an answer hundreds of times when it came to food products, causing her to nod her head in agreement.

"It seems you truly appreciate the value a Pixiu can bring to your company, Ja So."

At this point, the Pixius were all poised to make an offer to Ja. So, only one more thing needed confirmation. Hak Dong paused his scribbling to ask a critical question.

"What is the landed cost for a unit, and what do you sell them for?"

More than anything, Hak Dong was concerned about whether the company was truly profitable or just bleeding money. Ja So quickly responded with ease, showing he anticipated such a question.

"Total production cost is $1.30, and they sell for $4 with a net profit of 70% when considering all other factors."

'Even his profit margins are impressive; he has no debt, good revenue, and a revolutionary product. Is this really the first episode of Pixiu's Pit?'

Iseul, who had been weighing all aspects and risks of investment, could hardly believe the perfection of the opportunity in front of her. 

"Well, I'm sure everyone here is interested in investment, so let me get the ball rolling with an offer."

Putting down her pen, Iseul spoke words that drew all attention in the room to her. Both Nari and Hak Dong were waiting for the offer she would make.

"Out of all the Pixius here, I believe I'm the one you really came here for. The doors I can open in the food industry are incomparable to what the others can."

Despite the arrogant nature of Iseul's words, even Hak Dong could only nod internally. Iseul's food monopoly was one of the most impressive in Korea.

"The value I can bring to the company is greater than any monetary incentive the others can provide. However, I need a larger slice of the pie for that value."

The room seemed to freeze as everyone waited with bated breath for the figure Iseul would quote. Even Ja So, who had remained wholly composed throughout, slightly wavered.

"I'll give you the $500,000 for 30% of the company, and your product will be in every E-mart by tomorrow."

Faced with an offer far harsher than he originally requested, Ja So glanced at the other Pixius, hoping for a better offer.

"You can look around all you want. I'll wait, but you must consider who you are missing out on."

Confident that no one else in the room could provide a better opportunity for growth than her, Iseul leaned back into her chair, unbudging.

"Are there any other offers, Nari, maybe?"

Even though Ja So had come to the Pit hoping to get a deal with the food queen, Iseul, he was still hoping for someone to offer his original figure.

Nari slightly wriggled in her seat as the focus shifted to her; not confident enough to try and snake Iseul's deal, she turned to another Pixiu.

"Clyde, you've been quiet this whole time. What are you thinking?"

For the first time since the beginning of the ChocoBlock pitch, the room's focus shifted to a man dressed in casual clothing. Clyde Nevis.

Seemingly unfazed by the pressure on him, the room waited for Clyde Nevis, the most mysterious Pixiu, to speak. His lips parted slowly, and words that caused the temperature to plummet came out.

"I think you are nothing but a two-bit scam artist and a disgrace to the industry. What gave you the gall to come onto this show and serve us this trash."

Spitting out words laced with venom, Clyde picked up his remaining sample and launched it towards Ja So.

The jaws of everyone in the room dropped at Clyde's sudden outburst; the man who had been silent up to this point had gone insane.