Narrator: Tonight
on "Shark t*nk"...
Sharks, which of you
are ready to...
Both: ...jump in
and make a big splash with us?
What are your sales?
$400.
Oh, that sucks.
You're making zero.
We put all of our money,
we got a HELOC loan,
$300,000 on our house.
Dang. You're coming in
here to solve a pain point.
You don't have one.
Myers: Everybody
who I went to said
there's no way that
you can make this.
So what's your vision?
What's your dream?
Protecting my investors.
That's the biggest mistake
that you can possibly make.
It's also a bloody distraction.
♪♪
Narrator: First in
the t*nk is a tool
that makes beauty
products more effective.
♪♪
Hi, Sharks. My
name is Dawn Myers.
I'm from Baltimore, Maryland,
and I'm asking for $150,000
for 10% of my company.
Okay, guys, as you can see,
I have a head
full of crazy curls.
But unlike Beyoncé -- and
I saw you at that concert...
I was there. ...I do
not wake up like this.
Okay, for me, it takes about
three hours to do my hair.
You heard that right. Wow.
For people with highly
textured hair, it's beautiful,
but it's complicated.
It takes forever, it
makes travel impossible,
and it takes all of this
to get the job done.
But not anymore.
That's why I developed The Mint,
a patented 3-in-1 styling system
that makes the process
of styling curly hair faster,
easier, and healthier than ever.
This is how it works.
You simply load your pod.
Think of them as coffee pods,
except for your
styling products.
And you let The Mint gently
warm and condition your products.
That's where the magic happens.
Then you streamline
the process of detangling
and applying your liquid
products to get the easiest,
fastest, most juicy
curls of your life.
Sharks, this isn't
just about beauty.
We're solving a deep pain point
in the lives of 50
million Americans,
and we plan on making a
lot of money while we do it.
So, Sharks, who's
ready to create a world
where curls and kinks are
catered to with The Mint?
Grede: Fantastic. Thank you.
So, I have curly hair. Not
that you'd know today. I know.
It took me exactly six
hours to get ready for this.
That's right. But
it's the same thing.
So you're going to
say that this can work
on any hair texture
imaginable? That's right.
So, I very specifically
designed this
to work on 4C hair.
That customer is
super underserved.
They spend the most
money in the market.
Yes, they do. They're the
trendsetters in the market, right?
So I wanted to make sure that
they had a product
that worked for them.
However, what we've seen
is that people with looser curls
can benefit from this
technology as well.
Emma, what's 4C hair?
So, 4C hair is when you've
got, like, the most like curl --
like the most coarse
hair texture, right?
So it's like the super,
super curly hair.
But what you're saying is
it's actually going to, like,
pull the curls out, right? Yeah.
It's just that it's
a styling tool.
That's right. And
just to be clear,
the product that's
going in the pod,
currently, you don't sell.
What you're
selling is the tool...
That's right. ...with
an empty pod,
and then I'm putting
in my own product.
That's exactly right. Got it.
Alright. I just want to be clear.
Can I buy multiple serum
cartridges from you?
You can. And in
addition to that,
we're also in talks
with Major Strategics
about co-branding those
pods with their products.
How much do you
sell it for, Dawn?
We sell it currently for $400.
What?! $400?!
I know. Come on, give it to
me. Give it to me. I'm ready.
I'm ready for it, Sharks.
You are Dyson prices.
What is happening here?
So -- So there's a story here.
I bet. Cuban: I bet there is.
O'Leary: A hell of a story.
Right now, we're charging $400
because we had such a
small batch of products.
Obviously, our COGS were huge.
Greiner: How many
was it? It was 100 units.
Oh, well, that's nothing.
Oh, wow. Nothing.
So it was really
difficult for us to do.
What does it cost you
to make just 100 units?
So to do 100 units,
it was $120 per unit.
But now we've got a
handle on assembly,
so we've got another
batch in China
right now that's
on its way here.
For that batch, we're
looking at a $60 landed cost.
Oh, nice. You brought that down.
Why? Because we're
able to offshore --
Are you going to
keep the price at $399?
No. So -- But wait. But wait.
You said you've sold out, right?
Yes. So if you're
only getting them
in relatively small batches,
why would you
not keep the price?
That's a really good
question. Of course it is.
So we want to focus
on this pod, right?
The real seller of
this is this bottle.
No, I know, but it's
still a limited number.
So I get the more of these
you sell, the more pods you sell.
Yeah. But how much
does the pod sell for?
We're selling them in batches
of six on a subscription basis.
They're $6 apiece,
and $36 per month.
As you guys know,
hardware is hard.
It's really expensive.
It took us $1 million
to build and test and
prototype and test --
Oh. It did? $1 million?
Yes. Oh, talk to us about that.
Oh, I could absolutely see it.
How did you get that money?
Oh, what a question. Can
I tell you the whole story?
Yes, please. Please do.
Okay, so I do not come from
a beauty or an engineering
or a manufacturing
background at all.
I'm a lawyer by training,
but hair has always
been an issue.
So when I was a little
girl, my mom is Black,
but my stepmom wasn't.
And so when I would, you know,
leave to go to my dad's
for the summer holiday,
I would leave the
house looking great.
And then I would go
over to my dad's house
and he didn't know
how to do my hair,
and his wife didn't
know how to do my hair.
And so I would just have
like a ball of fluff on my head
for the rest of the
summer. [ Laughter ]
What people sometimes
don't understand is that
this hair issue is really,
really emotional for
this consumer, right?
It affects our
confidence. Right.
It affects how we
walk in the world, right?
Fast forward to 2017.
Guess what I'm watching?
"Shark t*nk." "Shark t*nk."
And it's the episode
with Tara Brown
and the Sleep Styler.
Oh, the Sleep Styler, yeah.
Yes, and so what I said is,
"What if I build something
for this pain point
that I know nobody is serving?"
Put together this really
rudimentary prototype,
and I started applying to
accelerators and incubators
and pitch competitions.
Everybody who I went to said,
"There's no way that
you can make this.
Regular people don't make
tech-enabled hardware."
I got so many
no's, so many no's,
and it's taken five years
to build this product.
I ended up selling my home.
I eventually would liquidate
my 401[k\ so that
we could build this.
O'Leary: That's how you
got the million. You're all in.
I'm all the way in. Do you
own the business 100%?
I do not. We raised $1 million
in venture-backed funding.
And, Dawn, how much did
you sell in equity for the million?
Yeah. So we have
convertible notes.
Once those notes convert, I
will still have 72% of the company.
Good for you. Wow.
Okay. That's pretty good.
Greiner: You are amazing.
You are a dynamo.
O'Leary: Let's talk
about the business.
Yes. You're planning
to sell them for what?
So with this smaller
COGS, with $60 COGS,
we're planning on
selling at $200 per.
Why $200 when you were
getting like -- Didn't you test...?
Yes, but we want to rope people
into this pod
subscription. No, you don't.
Not when you make
that much money.
Yeah? Right. It's not
like a $10 difference.
That's cash in pocket. This
is really helpful. Thank you.
Dawn, I think you're going to
figure out what you're going to
sell it for pretty quickly.
You've got to get
a lot more units.
I think you need a Shark
with hair, on this deal.
[ Laughter ]
So... Basically.
...I'm going to do the
graceful thing and bow out,
but I have a feeling that this
might work out for you today.
Thank you. That means a lot.
Herjavec: Dawn, you're a
phenomenal entrepreneur,
but it's really not
my space. Sure.
I just don't know a
lot about the product.
Thank you for teaching
me about it, but I'm out.
Well, you are so impressive.
Oh, my gosh. I mean,
honestly, you are.
I have one major
challenge for me.
I am in the midst of working
on a type of device for hair,
which I am concerned would
be a conflict of interest... Oh, no.
...if I go to this.
For those reasons, I'm out,
but I will be watching. Thank you.
Ooh. More encouragement,
but no money. [ Chuckles ] I know.
Yeah, I'm sorry. I
have a conflict. It's okay.
If I didn't, I'd be in.
Dawn, so, just talk me
through this for a second.
I just need to hear what is
the plan for this business.
Because you've
only sold 50 units.
That's right. So
we're early stage,
but we're early stage
and we're sitting across
the table from Procter &
Gamble and L'Oréal right now.
But what are those
conversations?
Yeah, so they want to
do a strategic partnership
where we co-brand these pods.
So the model here is
that you're going to, like,
have this piece
of hardware... Yes.
...and you will sell a
co-branded product-based pod
that is going to be the
insert into it. That's right.
So we would come onto your site,
I'd buy the piece of
hardware, and then I'd be like,
"Oh, I use X, Y and Z product.
I'll do that, that, or that."
Exactly. It's a revenue
share, fundamentally.
That's right.
That's exactly right.
It's also a bloody distraction,
and that's the bit that's
getting me right now.
Okay. I just want to be
really honest with you...
Please. ...because I actually
see the need for this product.
When you've got curly
hair, you are so specific.
When I do my curly hair, I use
like five different products in.
A bit for the ends,
a bit for the middle,
something for the roots. Yeah.
I'm turning over,
and then I have
my stage one and my stage two.
It's just a whole drama
arena, right? Yeah.
And I just think with
something like this,
this should be what
you're talking about. Okay.
Like, to do the other
thing, like maybe in five,
six, seven years' time, but
you need to get out there,
establish that this is
the thing for curly hair.
Then we can talk about all of
the other stuff. Period. End of story.
Period. I just don't feel like
you should muddy the waters
at this early stage. That's
really good feedback.
That's really good feedback. And I
get how other investors will tell you
you want renewable revenue.
Boy, but you sell these pods,
then you have an ongoing
subscription revenue stream,
and that's all marked -- No.
When you are
disrupting an industry,
focus on the disruption,
because then you hope
somebody comes to you and says,
"Let us pre-fill them
and sell them for you."
So much great advice.
Is there an offer coming?
I think we should make an offer.
O'Leary: Alright. Alright.
♪♪
♪♪
Narrator: Three Sharks are out.
Emma and Mark are
Dawn's last chances for a deal
for her hairstyling tool
company, Richualist.
I'd really like to
give you an offer,
because I just think
you're so spectacular. Oh!
And I just understand this.
Like, I know that I would go
home and use this product.
Me, too. Like, I
completely get it.
As does Mark. We've
been discussing it over here.
Yes. So you asked
for $150,000 for 10%?
Yes. And I think that
we would be willing
to offer you that $150,000,
but we'd need 20%
of the business.
O'Leary: Wow. But
you get two Sharks.
[ Laughter ]
Oh, my gosh.
Oh, my gosh!
Well, what do you say?
♪♪
I'm just saying. Thank you.
In the spirit of
protecting my investors...
We have investors
at an $8 million cap,
and I came into the t*nk --
There's a difference
between a silent investor
that's just writing you a check
and somebody who's
probably already saved you
a lot of money
and a lot of effort.
But it's your choice to make.
It is my choice to make.
Well, do you have
any flexibility?
I'm not feeling that flexible.
You're not feeling
that flexible?
I'm not. I'll tell you why.
Because I just know what is
happening with this business.
And you are going to have
to go out, raise more cash.
We're going to be diluted,
and I feel like the value,
I mean, it's sitting
right here in front of you.
Okay, so what are
you going to do?
Ahh...my friends, in the
interest of doing my best
to protect my investors,
would you be willing to do 15%?
No, but we can do the
extra 5% as advisory shares.
That works, Mark.
It seems they don't
have any flexibility.
I am going to make this deal.
Obviously, I'm making this
deal. Yes, you are. Yes, you are.
Yes! Of course.
Boom goes the dynamite.
Oh, my God. Oh, my God!
So good. Emma,
thank you so much.
Thank you! I'm so happy for you.
You're amazing. You're so
amazing. What an amazing girl.
You k*lled it. Oh, man!
And, Lori, I would not be here
if you hadn't made
that deal with Tara.
Thank you for seeing
women's innovation.
Thank you for supporting her.
Thank you for
supporting me indirectly.
Oh, my gosh. I'm humbled,
and thank you for sharing that.
That means the world to me.
Thank you. Thank
you, guys, so much.
Grede: Congratulations, my love.
Good job. What a sweetie.
I got a deal with Mark and Emma.
I'm so excited to get started.
I've worked so hard
for so many years.
I've bet on myself,
and now that Mark and
Emma are betting on me, too,
I know we're gonna blow this up.
Narrator: Earlier this season,
made a deal with Robert Herjavec
for his innovative
umbrella for two, The Duo.
A second hidden,
adjustable handle
so that two people
of different heights
can share the umbrella
at the same time.
Let's see what he's up to now.
Wellen: There is no competition
for an umbrella with two handles,
because simply no
one's ever done it.
As a kid entrepreneur,
it's challenging because
while you get a lot of credit
for starting at a young age,
a lot of people won't
take you seriously
just 'cause you're a kid.
The truth is, you really need
a team to get things done.
We've now become
a very important part
of the umbrella world.
I'm so happy to have a
partnership with Shed Rain.
They make over 15
million umbrellas every year.
When I aired on "Shark t*nk,"
we just had one prototype.
Now we're doing our first
order of 10,000 umbrellas.
We've also been able to
secure commitments from Target,
REI, Nordstrom, and Macy's.
Plus, you'll be able to buy The
Duo on Amazon and Shed Rain.
For me, being an entrepreneur
has nothing to do with age,
so for any kid entrepreneur
who's interested
in starting their own business,
you have nothing to wait for.
Go for it.
Students: "Shark t*nk"!
"Shark t*nk"! "Shark t*nk"!
Herjavec: One of the
greatest things about our show
is we see young
kids who we inspire.
Earlier this year, we held
a high school sweepstakes
where four students
got to do a video chat
with their favorite Shark.
I was just trying to win
pins, and I got a trip to L.A.!
And one grand-prize winner
gets to come to Los Angeles
to see us film live.
And today we're at
Nathaniel's high school
to talk to students
about entrepreneurship.
This is going to be awesome.
Inoculate yourself
against failure,
because that's the
number-one thing
you're going to have to
deal with as an entrepreneur.
I love the overwhelming interest
that these young kids have
towards entrepreneurship,
and "Shark t*nk" really
is a big reason why.
You now have the
power of social media.
And not only that,
you're all masters of it.
O'Leary: You're never too
young, and I think it's great
to encourage
these high schoolers
to start a side hustle
while you're in school.
This is an empowered generation.
They can start businesses
right out of their basements
the "Shark t*nk" way.
There's so much
hope in this country,
and I just think people
want to do better,
and we just give
them that platform.
Herjavec: 15 years
of making dreams
and magic come true for
kids and all kinds of people,
and it's so gratifying to
be a part of something
that does good in the world,
and let's do it for
another 15 years.
All: "Shark t*nk"!
♪♪
Narrator: Next up is a product
that takes multitasking
to the next level.
♪♪
Hello, Sharks. My
name is Mark Tsigounis.
I'm a US Navy veteran
from Truckee, California,
and today I'm seeking
an investment of $150,000
for a 5% stake in Hibear.
Now, insulated
bottles are fantastic
for, well, carrying water,
but they're really not so great
if you're trying to make any of
your own beverages on the road.
This...
is the all-day adventure flask.
You can craft all your
favorite beverages,
from cold brew to cocktails.
Sharks, let me show
you how it works.
This one's in pour-over mode.
Just add a coffee
filter, coffee grounds,
a little hot water in the top,
boom -- pour-over coffee.
If you're decanting
a bottle of red wine,
there's a screen in the
middle that'll aerate your wine
and catch you the sediment
that you don't want in
the bottom of your glass.
Shaking cocktails?
Ice in the bottom, cap
on your cocktail shaker.
Fill the top with margarita,
head to the barbecue.
Hmm. This is the filter basket.
This is for tea,
infusions, and cold brew.
Just fill it halfway
with coffee grounds,
screws to the center
of your cocktail shaker,
and then fill the
top with water.
And 12 hours later,
you are crushing
super strong cold brew.
[ Laughter ] This
is the thermal core.
This is for keeping beverages
like beer and white wine cold
without diluting them with ice.
Also doubles as a muddle
so you can get smashy
with limes and mint.
The sleeve is removable
so it doubles as a mug
for friends and dogs.
Greiner: Wow. Grede: Amazing.
And everything nests neatly
inside, so there's no clutter,
and it's simple enough to
be your everyday water bottle.
So, Sharks, who's ready
to join us on an adventure
that turns each day
into a celebration?
I don't think you're doing
enough with the product.
Thank you! Is there
no more features?
Just when you thought no one
could do anything more
with a water bottle...
Yeah. ...you just created
something so innovative and unique.
Thank you so much. Yeah. How
did you come up with them, Mark?
So, I spent 15
years in retail finance
and decided my life
needed a change.
I was a thru-hiker on
the Appalachian Trail,
hiked 2,186 miles
from Georgia to Maine.
Cuban: At once? 107 days.
Wow. Yeah, yeah.
You're on this trail... Yeah.
...and you say, "I need the
James Bond water bottle."
Because you're hiking so far,
the things that you
carry need to do more.
But, Mark, this is not
just for serious hikers.
This is for any camper or
anyone, right? Boom. You got it.
Yeah. It also makes
the perfect corporate gift
because you can
customize this thing.
You have seven
different color blocks here.
You have the under
art. We can do the box.
So, how much does
it cost you to make it
and what do you sell it for?
So, our cost of
goods will be $15.50,
and then the artist series,
which you all have here,
is $95.
Wow. Mark, how
does that actually
compare to other water
bottles that are on the market?
It's expensive as hell.
That's a fantastic question.
So on the top end of the
market right now, you have, uh,
$59 for like a 36-ounce Yeti.
Okay. So we're on the top end,
but you're getting
of anything else
that's out there.
This is the most premium
you could possibly charge.
It is the most premium.
But we operate in three
different channels --
D to C, retail, and
corporate sales.
Break it up for us. Corporate
sales are 40% of our business.
Greiner: Really?
What are your sales?
Collectively, we've
done $745,000 of sales.
Wow! Oh, hello, dear.
Over which period?
So we launched on
Kickstarter in the year 2020.
We delivered in 2021.
What did you do last year?
Last year we did $320,000.
So next year I'm projecting
that we'll do $1 million.
And then we're going to
launch Amazon next year.
Oh, you're not on Amazon?
We're not even on Amazon.
Did you raise any money?
Is there a debt on the
business? Yes. Yeah.
So right now we
have $200,000 in debt.
So you need the cash now. Yeah.
I want to go back to the
numbers for a second
because you said retail
is a significant portion of --
No, no. I'm sorry. So,
retail only represents
Still, that's a chunk.
So the margins are pretty good
if you're just selling
direct to consumer.
Why do you need retail at all?
A few reasons.
Retail is extremely
valuable to a brand that's new
because consumers
aren't familiar with it. You --
Part of what you need to do
is just you need
to be next to, like...
I'm going to argue that. ...all
those other outdoor brands.
Mark, you see this
on a retail shelf,
you have no idea what it
does. What it does. Yep.
This says absolutely
nothing. Yes.
So you have to be
able to demonstrate it.
I'm arguing to you -- and I
want to hear what you say.
I'm pushing back a little
bit. Yeah, yeah, yeah.
The plan is to
actually sell this direct
to consumers at full margin,
because online
you're able to explain
what you just did
here on "Shark t*nk."
Yeah, of course. Otherwise,
I would look at this and say,
"This is the most expensive
water bottle I've ever seen,
and it makes no sense
for me to pay $95 for it."
Yeah. Yeah. And at the same
time, they're not paying you
and you're giving margin
away to a rep in the middle.
Yeah. You're
making $0 in retail,
and a lot of grief and misery.
I mean, our
markup is 2.13, like,
in a retail environment, or 50%.
So you have to stay in retail?
Not that I have
to stay in retail,
but why wouldn't I be
there when it's just another --
'Cause I want to make
money! I'd like to make money!
Kevin, but you forget
his numbers, right?
He pays 15 bucks for
one of these, right? Yeah.
That's your cost. He's
got good margins. Right?
So if he just walked in
and said, "I'm selling to retail
for $30 and it cost me $15,"
we wouldn't argue a whole lot.
But what percentage of
your business is retail?
Why are we even
talking about this?
It's a quarter of the business.
Greiner: Mark, so what's your
vision? What's your dream?
Like, let's understand
what you feel is right
for your business. Yes, so...
what I want to do is, is
we want to expand the line.
But you're not
profitable yet, are you?
No. We're not. Why do
you want to expand the line
before you make money on
this thing? Well, let him explain
what he wants to do.
We want to fill
in the price point.
Because just like
in -- in luxury goods,
they have a model that's
called good, better, best, right?
Like, not everybody's
going to go out
and buy, you know,
the thousand dollar bag.
But you have to
establish -- Look, Mark.
You've invented a
really interesting product.
Yeah. And you're trying
to figure out how to sell it.
Yeah. And the challenge
you have right now
is that it's too complicated.
Online, actually, you'll
make it a little bit easier to sell
because they always show
the product comparisons.
Yep. But I think it's
going to be really,
really hard to scale a lot.
And so for those
reasons, I'm out.
By the way, do you know
your customer
acquisition costs online?
Um, the last paid
ads that we did,
our customer acquisition
costs through Google was $52.
If that's true, we're
not making any money.
Per order.
Per order. Yeah.
Mark, I really admire
what you've done,
but it's a little bit
early stage for me.
I think you're still trying to
figure out the product market.
So for those reasons, I'm out.
But I wish you the
best of luck with it.
Thank you, Emma. Appreciate it.
I'm just a straight
numbers guy on this deal,
and tell me if I'm wrong
anywhere in this
stack of numbers.
Sell it for 100 bucks.
Customer acquisition
cost was $50.
Leaves me with $50.
I got to make it. Call it $15.
Yeah. Leaves $35.
That's the whole model.
So I would prefer to just
have a guy stand in front of me
saying, "I make $35
every time I sell one.
That's all I'm
going to do for you.
You just have to
give me $150,000,
and I'll make four, five,
six X on your money."
But I didn't hear that story.
I'm not into this deal. I'm out.
Mark, uh, I really,
really like you.
I've been trying to
get my head around it.
I think it's a novel product,
but it's a fanatical product.
Wish you all the
best, but I'm out.
Yeah. Greiner: Um...
there's a million water bottles,
and you were very clever.
Props to you for having
made something quite unique
and, I think, very smart.
But I'm not ready yet to
invest. But I wish you good luck.
So I'm out.
Okay. Herjavec:
Very clever, Mark.
Yeah. Good luck.
Thank you so much.
Taking my water
bottle and going home.
[ Laughter ]
It's been a magical journey,
and it doesn't stop for me here.
And I can't wait to engineer
and do new and
exciting products for --
for not just adventurers
and outdoor enthusiasts,
but for everybody.
♪♪
♪♪
Narrator: Next up is an
innovation to help ensure
you always safely
feed your baby.
♪♪
Hi, Sharks. I'm Veon.
And I'm her husband, Sean.
We're from Fort
Lauderdale, Florida,
and we're seeking $150,000
for 15% equity in our company.
[ Baby crying ] Honey, hurry!
The baby just woke
up and it's feeding time.
Grab the fresh
bottle I just pumped!
I have no idea
which one is good!
Oh, no. How long
has this one been out?
Check the Sticky Note!
Sticky Notes. Right. Yeah.
Sticky Notes?!
They're everywhere!
Everywhere
except for the bottle.
Sharks, breast
milk is liquid gold,
but it doesn't last forever.
So to make sure your
baby has fresh, safe milk,
you've got to track how
long it's been sitting out.
So parents are left manually
tracking their expiration times.
We used to use Sticky
Notes, spreadsheets.
Even the back of our
hands. But, Sharks,
pumping breast milk takes time,
and buying formula costs money.
That's why we
created... Both: Veba.
A smart baby bottle monitor
that attaches to any
bottle and tracks expiration
of breast milk or formula.
Here's how it works --
you simply prep the milk
and slide the Veba
onto the bottle.
From there, it tracks the
temperature around the bottle
at all times and sends an alert
when the milk is expiring.
Parents can even
track the expiration time
by shaking the bottle.
It automatically
detects feedings
and sends that
information back to the app
so parents always know
that baby is eating enough.
So, Sharks, who's ready to
shake up the baby industry
and milk this deal?
In front of you, Sharks,
are the Veba devices
and baby bottles for
you to take a look at.
I remember these days.
We have spent two years
actually developing the product,
building it, and we
launched five weeks ago.
Congrats. Wow.
Thank you very much.
And our son was
actually the inspiration
for coming up with the idea.
During postpartum, I was
juggling work, you know,
taking care of the baby,
doing so many things
and having to track
my breast milk manually.
And then one day, after spending
I lost track and
had to throw it away.
So give us how long the
shelf life is of mom's own milk.
So four hours at
room temperature.
In the fridge, it can
stay for up to four days.
But the catch is that once a
baby drinks from the bottle,
the saliva mixes with
the milk and accelerates
the expiration time.
At that point, you've
only got two hours
to use the leftover milk.
You can't put it back in
the fridge and extend it?
No. You don't put
it back in the fridge.
Well, you know what? That
explains a lot about my kids.
[ Laughter ]
That just sucks.
Yes, and so that's also
why it's so important
that we can detect feedings
because it automatically changes
the expiration time for parents
so they literally don't
even have to think about it.
You have to break this
down for me a little bit.
As a mom of four kids,
I've never, ever had
an issue around this.
I'm not quite
following the need.
So, it is a big problem.
So the number-one
thing is that also women
who are under producers
are not even producing
milk enough to feed
their baby for one day.
So that's also a pivotal
time where it matters
if you have to throw
a bottle of milk away.
But do I need multiple devices,
then, to keep on all the
different little vats of milk
that I have in my fridge? Yes,
so it would require
a device per bottle.
How much do these
cost? What does it all cost?
It's $89. $89.
What does it cost you to make?
It's $45 right now.
I'm going to be able
to get that down 30%.
Does it come with one or
multiple bands for that price?
It's just one band.
Veon: Just one band.
And let me go back to just
a basic about this product.
Yes. I've just pumped
this. Here's my bottle.
I'm going to now
put this on the bottle.
Yes. And then what do I do?
So you just hit the
button on the device
and it immediately starts
tracking the elapsed time.
Okay, so that's it. Yeah.
So in the app that
we've developed,
they're able to see how much
time is left across all bottles.
It's also temperature.
So, if breast milk is
exposed to over 95 degrees,
it accelerates the
bacterial growth.
We're from Florida, where we
know there's only one season
all year long. 95 degrees.
Yes, if we're on the go,
if we're going to the mall,
that device, if we leave
the bottle in the car
or even if we're
at the playground,
it'll actually ping your watch
and tell you the breast milk
is no longer safe to consume.
It has expired.
You're going to
need multiple devices
to make this
actually make sense.
Our average customer's
purchasing two at a time.
You mention customer.
Let's talk about this,
because it doesn't
matter what we think,
it matters what the
customers think.
What are your sales
like? Yes, absolutely.
So we, as I mentioned,
launched five weeks ago
and we have $3,000
in sales since launch.
How many users do
you have right now?
So, we have a total of
about 70 users on the app.
How much money have
you spent to get to this point?
That's a total of
$350,000. Oh, wow.
We put all of our money.
We got a HELOC loan,
$300,000 on our house.
Dang. We put
everything into the app
and in creating the product.
And so that took about
two years of development
and also, most
importantly, safety testing.
So, guys, what is
the plan from here?
What are you going to
do with the 150 grand?
So, for that amount, we
want to put into marketing.
For us, if we can activate
that base with marketing,
that's going to put
us -- and scale us.
We have $178,000 worth
of merchandise ready to go.
Yes. How many units?
There's 2,000
units. 2,000 units.
Yes. And we're selling
them from our garage.
Boxing them up, getting
them out to customers.
Have you raised any
money? Yes, we have raised.
We have a signed SAFE for
$1.5 million from a private investor.
Wow. And outside of that,
we do have the first
investor from Techstars,
and we just signed a
private investor last week.
-That's a lot of support.
-Wow.
I'm gonna just be
really honest with you,
because I have four children,
and you have these
plastic baggies,
you write on the
baggies, you defrost,
it goes into the fridge.
For a cost-conscious mother,
$89 and needing 2 or 3 of
these ain't that great either.
So it is great,
because in total,
if you add up the $5 per ounce,
talking $90,000 a year.
You're presuming that
you're actually wasting 100%.
Yes. Your device isn't stopping
breast milk from going bad.
It's alerting. Right.
So you've still -- you're not --
you're not getting
rid of the problem.
You're just creating an alarm
for when the problem
is about to happen.
To me, this just feels like
another unnecessary purchase.
Thank you, Emma. I --
Honestly, I just want to say,
for those reasons, I'm out.
I cannot wrap my head around it.
Thank you, Emma. I
do appreciate it. Yes, sir.
Herjavec: I have
five-year-old twins,
and I don't remember
this as a problem.
And I remember
a lot of problems.
So for me, I'm out.
From a mom's perspective,
I can understand where
Emma's coming from.
From the absent-minded
dad perspective,
I can see the value.
But you're being way too
literal in trying to sell this.
Okay. Right?
You're trying to make
this about saving money.
Don't. Yes.
That's the biggest mistake
that you can possibly make.
But during that emotional time
when you're trying to get a gift
for a new mom for
their baby, perfect.
Go to places for baby showers,
where people
who buy the gifts --
But all that said, it's
really not a fit for me.
Yeah. So for those
reasons, I'm out.
Yeah, I do want to
also add that the feature
that's been the most
popular with our customers
is the Find My Bottle feature.
Are people losing bottles?
Oh, yeah. They end up
in the most random places.
Well, a baby just chucks it.
Yeah, we find bottles
under car seats.
You should search,
Robert. Maybe you have.
O'Leary: Let me
take a s*ab at it.
This narrative you're
having right now
is exactly the challenge you
face in acquiring customers.
It is worth also saying
we've been approached
by big box retailers
already, actually.
Oh.
At this point, you don't
have the margin for retail.
But look, that's
your own decision.
I would not do that,
but... Yeah, so --
...it doesn't matter what
I think because I'm out.
Yes. Thank you so
much. Thank you, sir.
And Lori?
I think that for
first-time parents,
they're going to want this more
per se than second-time parents.
But you are so
early, I mean, for me.
Yes. I wish you good luck.
I think you're lovely, and
I love what you've done,
but it's just not an
investment for me at this time.
I'm sorry. I'm out.
Thank you so much. Awesome.
Well, thank you, everyone.
-Good luck.
-Good luck to you.
Congratulations for
what you've done.
Good luck, you guys.
Thank you. Thank you.
♪♪
We didn't get a Shark today,
but we're very confident
in our product. Yes.
And, you know, we hit everything
that we wanted to say,
and so we walked
out of there confident.
And we know that this is just
the beginning for Veba babies.
♪♪
I love the product.
I hate the margins.
I'll give you the $75,000.
I don't want any equity.
I want a dollar from every jar.
Ohh.
A dollar?
Silence, please.
The first royalty deal in
"Shark t*nk" history was mine.
Wicked Good Cupcakes.
I want a dollar from every
jar until I get my $75,000 back.
Which means you
have to sell 75,000 jars.
Alright? And then I want it
to drop to $0.50 in perpetuity.
Whew!
How was I going to
get my money back?
And it hit me. Bing! Royalty!
Come to mama!
[ Laughter ]
It changed the world forever.
All the other Sharks copied me.
They begged me
for that brilliance.
I like my deal,
and I'll sleep tonight
with a cupcake beside me.
[ Laughter ]
♪♪
Narrator: Next up
is a family business
with an easier way for
kids to have fun in the water.
♪♪
Hey, Sharks, I'm Ashley.
And I'm Karen, her mom.
We are from Goodyear, Arizona,
and we are seeking $200,000
for 5% of our business,
Splash Place Swim Goggles.
Sharks, that's how
quickly a fun day at the pool
can turn into a nightmare.
You're at the pool
and you have to deal
with upset kids because
their swim goggles break,
or they're just too tight
and uncomfortable.
And the worst part is, is they
tangle and pull out your hair.
I knew there had to
be a better way, Sharks.
That's why I created
Splash Place Swim Goggles.
Fed up with buying
my kids new goggles
that they wouldn't
even want to wear,
I got the idea to make my own.
But instead of using
harsh rubber straps,
I designed Splash Place
Swim Goggles with super soft,
stretchy fabric straps.
Wow!
As you can see, Ayden and Jayla
are having no problem
putting on their swim goggles
and there's simply no more
pulling and tangling your hair.
So, Sharks, which
of you are ready to...
Both: ...jump in and
make a big splash with us?
Greiner: Good job.
Aww. Well done, guys.
Ashley, are those
actually your kids?
-Yes.
-Aww!
Sharks, you all
have some samples
in front of you.
Thank you, guys.
Herjavec: Good job, guys.
-Aww!
-Aww!
Greiner: Good job,
guys. These are very --
I mean, just picking
them up immediately...
This is so soft, so stretchy.
You can tell, super comfortable.
I am -- Every time
my daughter puts the --
she hates it, screaming,
gets caught up in her hair.
That's my daughter. Yeah,
I'm always like, "Why
can't somebody invent
better goggles?"
Very clever. Here, they did.
Here, they did.
Grede: It's really good.
This is amazing for
kids. I'm doing the same.
Swimming lessons with
my children at the moment,
and it's a nightmare.
This is so good.
Herjavec: A nightmare.
So, Ashley, the innovation
is on this back strap.
Carson: Yes. Yep.
And why don't people knock
you off right away with this?
We are patent-pending currently.
Is there anything
else out there like this?
Not with a
swimsuit-style fabric.
And one thing kids
like, the designs.
We have like over 25 designs,
and they like that they can
choose their own designs. Oh, wow.
Herjavec: Well, the
designs are great.
I mean, you guys are great.
Tell us, how did you
come up with this?
Previously, I had a sewing
business that I had started.
Um, I had, um...
a son that passed away when
he was six weeks old. I'm sorry.
Oh, I'm so sorry. So,
one year after his passing,
my kids' dad, he suffered
like a severe brain injury.
And so I started the sewing
business during that time
to be able to
provide for our family,
and I also had to stay home
to be able to take care of him.
And so when we were
getting ready for a vacation,
my son brought me
his goggles broken
and I just didn't want to
go buy more goggles, really,
and so I, um, decided to
make my own strap for them.
Ashley, I'm so sorry to
hear that. Yes, Ashley, I just
wanted to say that, too.
Like, that is an unimaginable...
unimaginable pain.
So sorry for your loss
and for your hardship.
You turned it into
such a positive thing.
Yeah. Yeah, she's the
strongest person I know. She is.
Well, that's obvious.
So, um...what about sales?
So, lifetime sales
are $6.1 million.
Whoa! Yeah!
Now you're talking!
That just squeaked out really
quiet with really big news. What?!
Are you kidding?
Like -- Like, walk --
Walk us through the
sales. Over what period?
So, we started in May...
May of 2017.
What did you do
last year in sales?
$1.75 million.
Wow! Bloody hell.
And this year? What
will you do this year?
Um, we should do $1.8 million.
And are you profitable? Yes.
And how much are you making?
This year, we've
done $378,000 in profit.
-Wow.
-Wow.
How are you selling these?
How are you selling these?
We're on Amazon, and
then we also have a website.
And we're in a
lot of wholesale --
We sell internationally, and
also we're in swim schools,
a lot of boutiques, a lot of
resorts. Who did all that?
Greiner: Yeah. What's your team?
Is it just the two of you?
Yeah. Only the two of you?
We have 14 women,
stay-at-home moms,
that we contract with
them to make the goggles.
And then we have two
part-time employees --
So, you two are -- you two
are full-time running this thing?
And you're making them
just through contract--
contracted women
that are local to you?
Yeah, so they assemble...
Ah! That's amazing!
Grede: You're the
best. That's incredible.
And it's a win-win situation
because we help
them, they help us.
What do you sell
them for, Ashley?
Carson: So we retail the
regular goggles for $21.
They cost us
a little less than $3 fully
assembled, ready to go with.
With the sewing and everything?
Yeah. Oh, you guys are amazing!
Oh, my God, that's
just so amazing.
You need to write a
book on this. I'm serious.
Ashley, this is pretty good.
That is really good!
Yeah, we feel like, you
know, she's had a lot of tragedy
in her life, but
we felt that this...
Nothing tragic here.
This has been such
a blessing, you know,
to be able to provide for
her and her -- you know,
and then, you know,
we get to work together.
Every entrepreneurial ste--
Every entrepreneurial
stereotype that entrepreneurs
come in and tell us
that they can't do,
you just stood on
their head and did it.
You're making it
locally. You're profitable.
You're growing.
Both: Thank you.
Greiner: And, you know,
what's kind of lovely is you
both seem so humble about it.
Where was the first
sale? Online, or...?
Online, yeah. Online, yeah.
Just on your website.
How did you create
the awareness?
Greiner: Yeah. Like,
what marketplace?
We just launched our
website, and I shared it
on a moms, like,
Facebook group originally.
And we -- I don't know,
I think we probably had
Unpaid social. You drove
sales with unpaid social.
Our lifetime spend
on advertising
is less than $150,000.
Oh! [ Laughs ]
Unbelievable.
That's just amazing!
Grede: You two are unbelievable.
That's just crazy. So
what do you want the --
You guys are my heroes.
What do you want
the $200,000 for?
Um, we do want to make a
couple other molds of goggles,
and we are also, like,
negotiating with larger
brick-and-mortar
sporting goods stores.
Guys, who owns this company
between the two of you?
We own it 50-50.
And so you've never
brought in any other investors?
No. Good for you.
How much money
did you have to put in?
So we each put in about $2,400.
Then one of our first orders,
I loaned the business $4,000.
Wow. It's so good. So good.
You paid Mom back?
Well, guys, I don't know
how to add anything to this.
This is a -- This is pretty rare
for "Shark t*nk," because...
What's your weakness?
...usually you're coming in here
to solve a pain point.
You don't have one.
When you bring in an investor,
all of a sudden you've
got a new responsibility
because your
investors want returns.
And so, you know, that would
put a new pressure on you.
I don't know why you
would do that to yourselves.
You don't need anything.
♪♪
♪♪
Narrator: All Sharks are
still in, but Kevin questions
whether it's in Ashley
and Karen's best interest
to take on an investor for
their kids goggle company,
Splash Place Swim Goggles.
You're coming in here
to solve a pain point.
You don't have one.
You don't need anything.
I wish you the best
of luck, but I'm out.
Okay.Can I ask you,
what do you need?
So, you know, what -- what
do you feel is your weakness?
What do you need from a Shark?
Um, just the mentorship
as we, like, explore
going into, like, larger
brick-and-mortar.
I mean, we don't have
experience in that at all.
And whether that's
even a good idea,
because I know sometimes,
you know, big retail
isn't always the best.
And so probably
guidance in that.
Yeah, 'cause it's not like you
went through this
horribly tragic time
and built a $7 million
business on your own.
[ Laughter ]
I absolutely could not
love the product more.
I will be a huge customer.
As an investor, I
tend to look for things
that are going to be a
little more expansive.
I'm out.
Thank you. I appreciate it.
Listen, I just want to
be a part of your journey
because I think you're
amazing and I think
I can give you the value
add that you're looking for.
Um...
I'll give you the
$200,000 for 10%.
Okay.
♪♪
Yeah. What...?
Would you do 7.5%?
♪♪
I'll do 10%, and
I'll tell you why.
Because you really
want me to be invested.
You want me to be carrying you.
You do, guys. She
would be amazing.
My entrepreneurs call me
like anytime, day or night.
I'm there for them.
And that's why I think
it's worth it for me.
I want to feel good
about my time,
and I want to be able
to give you the best time.
Wanna do it? Yeah.
You have a deal.
You have a deal.
Yay!
Good one!
Thank you guys all so much.
Well done. Congratulations.
We were so excited to
have you. You are amazing!
Oh!
Congratulations,
guys. Thank you all.
Grede: Congratulations.
Carson: Our deal with Lori
is going to really be amazing.
We'll be able to grow and
have her expertise and wisdom.
It's going to be
really amazing. Yeah.
We did it! Aah!
[ Laughter ]
♪♪
♪♪
♪♪
15x19 - Episode 19
Watch/Buy Amazon Merchandise
Shows entrepreneurs making business presentations to a panel of five venture capitalists (investors in start-ups) called "sharks" on the program, who decide whether to invest in their companies.
Shows entrepreneurs making business presentations to a panel of five venture capitalists (investors in start-ups) called "sharks" on the program, who decide whether to invest in their companies.