CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Peter and Margaret Powell convinced fellow 'boatie' and Shark Tank 'shark' Glen Richards to take the plunge with them on their business journey.

Peter and Margaret have been married for 30 years and the couple from Cairns have spent 17 of those, and their entire life savings, working on Catch N Release which is an innovative product that is designed to pull up stuck boat anchors.

Margaret was 'volunteered' to enter the Shark Tank on her own and she was asking for a $200,000 investment for 20 per cent of the business from the five sharks who either fund or "maul" the startups and inventors who are looking to take their ideas to the next level.

Greencross founder Dr Glen Richards, internet pioneer Steve Baxter, Boost Juice founder Janine Allis, RedBalloon founder Naomi Simson and investor Andrew Banks all showed interest until it was revealed their patent has only three years to run.

Business is business, and all the sharks withdraw with the exception of Richards, also a boating enthusiast from North Queensland, and he offers Peter and Margaret $200,000 for the whole business, so they can get their retirement back on track. Read more

Ben Hall - Business News Australia - 28 June 2017