Narrator: Tonight, Emma Grede,
founder and CEO
of smash-hit apparel brand
Good American
and founding partner of Skims,
returns to the t*nk.
It's not quite growing
at the speed
that I think it should.
I see a whole bunch of problems.
You're selling yourself
out of business.
"This is bad."
I'll do that deal.
I obviously would not want
to go through that pain again.
But I felt like
this is my purpose.
You are badass women.
Who's ready to bring
home the bacon?
- Whoa!
- Ah!
-Oh! -Oh, my gosh.
[ Laughter ]
♪♪
Narrator: First in the
t*nk is a healthy alternative
to a food that many
vegans miss the most.
♪♪
Hello, Sharks. I'm Beth Zotter.
And I'm Amanda Stiles.
We're from Berkeley, California,
and we're the co-founders of
the Umaro Protein Company.
The plant-based meat
category is exploding,
but everyone's using
the same proteins.
It's time for a sea change,
and we're building something
that can change everything.
This is Umaro, seaweed
that's been transformed
from plant to protein.
Wow. Seaweed is
surprisingly high in protein,
and it's one of the
fastest-growing plants on Earth.
Seaweed requires no
land, no fresh water,
and no fertilizer to grow.
It's a superfood for the planet.
We are pioneers at the forefront
of a new frontier in protein.
We're developing
advanced systems
in high-tech ocean farming
and precision protein extraction
that will unlock the ocean
as our future source of protein.
It's massive,
but none of that really
matters unless it tastes good.
- [ Chuckles ]
- Yeah.
So we're using it to create
America's favorite food.
It's the holy grail of
plant-based meat...
Sizzley, salty, delicious...
- [ Laughs ]
- Yeah!
- Bacon.
- I love bacon.
Umaro Superfood Bacon
is the first plant-based bacon
your dad is gonna like.
There's two kinds of
bacon lovers in this world...
The ones who like it crispy
and the ones who
like it soft and chewy.
Either way you like
it, we've made bacon
that's just like the real
thing and will blow your mind.
Huh.
Bacon is huge, but
it's just the beginning.
We're asking for $500,000
in exchange for a
Oh, I knew it. Wow!
In the future of protein.
Hello.
Who's ready to bring
home the bacon?
- Got to try it.
- This better taste good.
So what you have in front of you
is a classic American
sandwich... BLT.
BLT is made with
extra-crispy bacon.
But for those of you
who like it soft and chewy,
our bacon is pre-cooked.
On your left, you
have the bacon...
Ugh... right out
of the package.
And in the middle is just right.
The crispy's okay. The
chewy, not so much.
Oh, it's not...
Which one's this?
The chewy one that's
right out of the box.
I... Most people are gonna like the
crispy bacon, which is in the middle.
I love bacon. Don't love this.
Crispy's good. It doesn't
really taste like bacon.
No, the crispy one does.
I mean, it's salted, right?
It's got that cured taste.
Grede: Just try
it in a sandwich.
It's great in a sandwich.
Like, really good.
I think in your
sandwich, it's pretty nice.
So, you're 87
calories for two strips.
So compared to real bacon,
how many calories in
a strip of real bacon?
It's very similar.
So we have a...
We have a similar amount of fat,
a little bit lower protein,
but what we're going for here
is to get the... the juicy,
fatty texture of bacon.
What's your background?
Where did you get, like...
How did you come up with it?
So, first of all,
let me tell you,
my mission is to protect this
amazing planet that we live on.
My background is
in renewable energy,
and a few years ago, I received
a $5 million research grant
from the Department of Energy
to build and engineer
offshore seaweed farms for fuel.
I knew that animal protein
was a huge contributor
to global warming,
and I realized that seaweed
had an immense potential
to be a planet-friendly
source of protein.
And how did you
two find each other?
We're actually from the
same county in Virginia,
but we didn't meet until
we were in Berkeley,
and I went looking for someone
who was an expert in protein.
First off, my mission
is to reduce the factory
farming of animals.
And I think the best way
to do that is by making
plant-based foods
that are so delicious
people would rather eat
them than the animals.
So I earned a PhD
in plant biochemistry
to give me the expertise
to make top-of-the-line
plant-based food.
Cuban: How many other
competitors do you have?
We're the first and only company
to commercialize
seaweed protein,
and we have foundational
intellectual property
across the value chain.
We have patent applications
on the protein-separation
process.
We have patent applications
on using our protein
in plant-based meats,
and we have a patent application
on the fat mimetic
that we've made.
So you're not selling
this product yet.
This is a prototype.
It's a prototype.
What you have in front of you is
the first 500 slices ever made.
What does this cost to make,
and what do you sell it for?
Right. So we'll be
launching in food service.
Food service will
pay $18 a pound.
For comparison, food service
currently pays about $15 a pound
for real pre-cooked bacon.
Okay. We'll get
we'll get $12.60
from the distributor.
And right now, our cost
of goods is about $7.30.
We'll bring that down to $5.20.
Other people are gonna
have access to seaweed, right?
Right. And there's
others that are working on
an alternative process
that is similar to yours.
You just think your efficiency
of the protein is better?
Our patent applications cover
the use of seaweed protein
in plant-based meat.
You said bacon was
just the beginning.
So what else are you planning?
So we're really
excited to keep moving
in the breakfast-meat category
and also in other cured meats.
I'm really excited
to make pepperoni...
So you want to reinvent the
wheel and make it from scratch.
You want to make a sausage. You want to make
patties. Cuban: They want to replace the industry.
You want to do all that stuff.
We're gonna be one of
the giants in this industry
in the next decade. Herjavec:
Can I ask... Where you're losing me
is you're saying
the business today
is worth $25 million,
and you're not capturing for me
how you're gonna
get that market.
If I'm a consumer
and I walk into a store
and I see a soy-based
product and I see your product,
why would I pick
up your product?
No one is gonna make
anything close to as good
as our bacon...
So it's qualitative.
Because it tastes better. You'll
buy... ours tastes like bacon.
I don't know if it tastes
just like bacon, though.
It's a prototype. We're
gonna keep improving it.
[ Laughter ]
This is our first batch.
But with our first batch,
we've already gotten
a purchase order.
We're in conversations with
two additional restaurant chains.
I can't cross the
bridge to the $25 million
for a 2% investment based
on "our bacon tastes better."
I'm out.
We're at the early
stages of a revolution
in plant-based food.
The companies that
establish the leading products
in each category right now
will be giants in
the next decade.
And we will be one of them.
In order to do this,
you're gonna have to raise
a boatload of money.
We're currently in the middle
of a series "A" fundraise.
- For how much?
- At what valuation?
$25 million.
You two are two of the most
impressive women I've ever seen.
The thing that gets me is
the valuation at this point.
$500,000 for 2% of your business
just feels a little punchy.
You are gonna need to
raise a boatload of money,
and so I'm gonna
end up getting diluted
and diluted and diluted down.
So for that reason,
I'm out, but good luck.
Thank you. Thank you.
O'Leary: I will
make you an offer.
I'm not agreeing
on your valuation.
I understand this may
cause some heartache
with this "A"
round you're doing.
But I also bring a lot of value
in who I am and what I can do.
I'll do this deal for the 500K.
I'd like... 8%.
Alright, thank you. I'd like
to hear... Herjavec: Wow.
How much are you
raising in this round?
We're raising $10 million.
O'Leary: Do you have
any flexibility on the equity?
You willing to give up
more for the $500,000?
More equity for $500,000? Yeah.
Would you consider his 8%?
We'd do 8% for $1 million.
I'll do that deal.
Greiner: Listen, ladies... I'll
do that deal with you guys.
Wait, listen, listen,
listen. Look at me.
♪♪
Narrator: Two Sharks are out.
Amanda and Beth have
two offers on the table
for their seaweed-based
bacon company, Umaro.
But Lori also seems interested.
We'd do 8% for $1 million.
I'll do that deal.
Greiner: Listen, ladies... I'll
do that deal with you guys.
Wait, listen, listen,
listen. Look at me.
You are badass women.
I love badass women.
You blow me away.
You're so impressive.
I want to be on
this journey with you
really, really, really badly.
I would like
$500,000 for the 4%,
but I want to be non-dilutive
through the next round.
Cuban: So, guys,
my offer still is there
at 100... $1 million,
rather, for 8%.
And obviously, I have the
history in plant-based foods
and already have companies
that I can connect you
with that are my companies.
I would love to
have both of you. No.
Would you consider
going together? No.
Well, I will tell you this... I
have some major corporations
behind me that want to help me
with women in tech and
women just like yourselves.
And they are big
presence out there.
Everybody's got Look, that's...
So listen, we all
have something,
but you just have to see,
who do you want along
with you for the journey?
Exactly right. I'm gonna be
in it with my heart and soul,
in it to win it, three
badass women.
♪♪
[ Whispering ] What do you
want to... we can whisper.
What do you want to do?
I think we can't let...
[whispers indistinctly]
Mark, would you go to 7%?
Yeah.
Cuban, you have a deal.
We'll take it.
Appreciate it.
Thank you. Alright.
Greiner: Bummer.
Thanks, guys. Thank you.
Bummer! Thank you so much.
- Great job. Great job.
- Well done, you two. Congrats.
- Very impressive.
- Thank you.
Congrats. Good luck, you guys.
- Thank you.
- Thank you.
Stiles: Mark is a leader
in the plant-based space.
He's invested in a
number of other companies.
And so we're really glad
to have him on board.
Seaweed is the most
planet-friendly source
of protein around, and
our bacon is gonna be
the first of many products to
get seaweed onto the plates
of every American and
everyone in the world.
I would have liked to have
been along for the journey,
but you out-moneyed me.
Happens. It happens.
Grede: Damn.
Mark, the richy man.
[ Laughter ]
♪♪
Narrator: In season 12, siblings
Shirah and Michael Benarde
made a deal with Lori Greiner
for their drink-spiking
prevention product, NightCap.
Michael: It's a
cover for your drink.
But it's also a
super-cute scrunchie.
Let's see what
they're up to now.
Michael: When me and my
sister pitched to the Sharks,
our company had made
just $68,000 in sales.
Shirah: It's only been a
year since "Shark t*nk,"
and we have $2.1
million in lifetime sales.
Since "Shark t*nk," we've
added three brand-new colors
and the NightCap key chain.
Going into the t*nk,
Lori was our dream Shark.
She's helped us redo our website
and bring on another investor,
three-time Grammy
nominee Julia Michaels,
who is working with
us to bring NightCap
to music venues and music
festivals around the country.
Drink spiking is so
prevalent around the world,
and social media
gets to everybody.
Greiner: NightCap was a cause
that was so
important to get behind
and a product that I
thought was so important
for people to know
about and to own.
Listen, we're on a mission,
and the world's going to know.
Our social media presence
has grown tremendously.
We have over 420,000
followers on TikTok,
with over 175 million
views on our videos.
Michael: We took a deeper
look into our analytics
and noticed that
was coming from the UK,
despite zero ad spend there.
Unfortunately, we found
out that there's been
a national drink-spiking
crisis going on in the UK,
and we've had tons and tons
of bars, clubs, and universities
reaching out to us to
purchase our product.
We peaked as the number-two
women's accessory on Amazon UK,
doing over $90,000 in one month.
We were also on
"Shark t*nk," by the way.
- You guys were on "Shark t*nk"?
- Yeah.
Michael: We're so
grateful to "Shark t*nk"
because it's given us the
credibility as entrepreneurs
to be able to spread this
product around the world.
Shirah: When the idea
first came to me in a dream,
I didn't realize how big
the product would become
and how many
lives it would change.
We came into this with
no business experience.
So my message to
young entrepreneurs
would be, dream big
and you can do it, too.
With passion and drive,
anything is possible.
♪♪
Man: Alright, everybody,
stand by, please.
Here we go. We're
starting the pitch.
Stand by.
Narrator: Next up is a product
to aid a favorite
childhood activity.
Hi!
-Oh! -Oh, my gosh.
My name is Conor Lewis
from St. Louis, Missouri,
and I am the founder of FORT.
I am seeking $500,000
for 10% of my company.
Herjavec: Wow.
So, Sharks, my story
goes something like this.
My daughter and I were building
pillow forts in our living room,
and I found myself going,
"Don't take that
beige couch cushion!
That's Mom's favorite blanket.
Not the dining room chairs!"
And spending all that
time cleaning up the mess
after she went
to bed, it hit me...
There's got to be a better
way to do this, right?
And that is where the
idea of FORT came from...
Storable, stackable, wipeable,
completely modular system
to build the
ultimate pillow fort.
But get this...
It's all held together
by magnets.
O'Leary: Ooh! [ Laughter ]
And as I like to
say, "Yay, science!"
So the best part about
building a pillow fort
is this part, which is...
Diving on it. Right? Is this.
Diving on it, absolutely.
So, Sharks,
who wants to save the
couch cushions of the world
and build the ultimate
pillow fort with me?
[ Chuckles ] Good job. I
think you win the points
for the world's best
dad, that's for sure.
But, like, what is
your background?
How did you come up with this?
So, I was working in
marketing, and unfortunately,
I lost my job during
COVID in April of last year.
I was wondering, like, what
am I gonna do with my life?
I had always wanted
to be an entrepreneur,
but there was just
this, like, huge fear
that I wouldn't be able
to take care of everybody.
And my wife has a
really good corporate job.
She's a CPA.
And I had just enough
money from severance.
I sold my car.
And I had this idea for
a magnetic pillow fort.
So, Conor, how are
you selling this product?
We're completely focused
on direct-to-consumer.
I ended up taking
a business partner
who owns 5% of the
company right now.
He has put in all the
operational equity. Okay.
He has the opportunity
to buy in up to 40%...
- Up to 40%?
- Wow.
What triggers that?
Revenue targets.
But hold on. Let
me get to the price.
So the price right now currently
is $499 for this
full set right here
you see on the far right.
It comes with 12 pieces...
Grede: $499?
Five cushions... yes
and 124 magnets.
$500?!
That's a lot of money.
That was one of the biggest
challenges we had early on...
- Still is.
- You think?
Absolutely, it is.
You're absolutely right.
So we launched on
Kickstarter in January 2021.
My claim to fame is
I sold $2 million of
products in 10 hours.
- Wow!
- Really?
- What?
- Wow.
Lewis: Yeah, $2
million in 10 hours.
Ended up doing $3.1 million
for the whole campaign.
Grede: Wow. We've done
$4.5 million to date, year to date.
And it was at that
price? At $499?
No, our average purchase
price was $269. Wow.
Have you delivered
on the Kickstarter?
We're delivering right now.
I have about 400
units going out today.
Let me talk about the
COGS for a little bit.
So, when we launched,
like I mentioned,
the average price was
shipping included...
Was around $269.
My original COGS were
around right at $200 landed
and then added a
$50 shipping charge.
The strategy was, first of all,
I wanted to be able to see if I
could actually sell this, right?
I knew it would be more
expensive than the competitors.
The magnets alone
cost $60 a unit.
Right. They're hugely expensive.
Why aren't you using
Velcro like everybody else?
Because we ran a lot of surveys,
and parents
unanimously hate Velcro.
Yeah, hair gets
stuck in it. Why?
So what we did was we sold
at a loss for the first day and...
At $269?
Yeah, with shipping
included, $269.
I'll tell you what parents really
hate is $500. Wait, wait, wait, Kevin.
Well, not only do they hate...
Kevin, let him finish. Let him finish.
Tell us your thought
process here.
- Yeah.
- Yeah.
What I realized was
that shipping obviously...
International freight.
Not only that, but of
course, this product is...
It's huge... huge to ship.
When I realized how
high volume I was selling...
I ended up selling almost
You know, it's
unbelievable, right?
You do like $2
million. So exciting.
The numbers are
rolling all day, right?
And I let codependency
set the price
and set what the
customer wanted.
After I realized I oversold
the first day, I was like,
"Oh, I have to work really hard
to sell the rest
of this campaign,"
and I didn't sell enough
to accommodate the cost.
But also, too,
what's important is,
is the people out there
that joined into your
Kickstarter, right?
They were excited
to get the product.
You let them dictate the price.
But then you had to
go back to the factories.
You had to figure out the
shipping and you had to say,
"Oh, my God, how
do I do this for $269?"
Yeah, we realized
we were in the hole.
We didn't know
how big the hole was,
so we started selling
at a high price point.
We sold $250,000 in
another 24 hours, right?
And this was in May, a few
At the higher price point?
- What price?
- $499.
So... So doubling the price...
And then we doubled the price.
Actually didn't hurt
you, you're saying?
No, we've been able to...
And we've continued selling.
Now we're selling a product
that no one has gotten yet.
We're currently shipping
out our Kickstarter.
I have 17,000 units coming
from overseas right now. Oh.
And no one has received
the product? 17,000.
So it's never shipped in yet?
Listen, I have a couple
of big concerns here.
Number one is
that you don't know
if this is gonna work, right?
You've got an enormous
amount of orders sitting there.
Nobody has the product yet.
You don't know what the
customer feedback is... Right.
If people love it, what your
returns are gonna be. Absolutely.
I mean, that is a huge
concern right now, right?
The good news is you
have their money first.
I do, and so this is
where we get to, like,
the international-freight
challenge.
The last 30 days, we've
had great suppliers.
I have an incredible
who all have, like,
totally gone to bat for us.
And I've found myself, like,
staring at the
numbers and being like,
"Oh, this is... this
is bad." It's a thing.
I'm assuming you've
burnt a lot of cash.
Like, yeah.
Incredible. How much?
Basically all of it. All of it?
You're selling yourself
out of business.
It could be put
that way, certainly.
I mean, it's a really
tough situation, right?
It is a tough situation.
And you're so, like, jovial.
Yeah, but this is super
hard. I mean, like, yesterday,
my wife literally, like, sat
on the steps in our house
and cried because,
like, this is hard. Oh, no!
You all have done this.
Yeah, it's super hard.
You've done this! You're
going to figure things out.
Like, you're that person
who's not gonna crumble.
You're gonna figure it out. Yes.
But at least you're being really
honest with us about what's happened.
I want to understand a little
bit more about your partner.
You mentioned you
brought a partner in for 5%.
And more importantly,
what triggers the 40%?
He will get 40%
if he and his team
are helping us get to
$30 million in revenue.
- Gross revenue.
- In gross?
- Gross sales?
- Yes. Yes.
What is it that he's
technically doing?
So, he has the
relationship with his supplier
that he's done tens of
millions of dollars with.
So he works with the factory.
- Yep.
- Okay.
He has full marketing
team, ad buyers,
and we both agree that this
hole that I have sunk us into
can be overcome in
the next few months.
O'Leary: Let me take a
s*ab at this, alright? Okay.
I see a whole bunch of problems.
Sure. I'm sorry.
Yeah. I mean, first of all,
your cost of goods
are way too high.
I don't understand
why in the world
you'd spend $60 on magnets
when Velcro's just fine.
I don't buy the story that
parents can't deal with Velcro.
Giving away 40% to
somebody for no cash,
which is your
number-one problem,
makes absolutely no sense to me.
I'm sorry, Conor. I'm out.
That's fair. Thank you,
Kevin. I appreciate that.
Conor, you're a great case for what
not to do as an entrepreneur, right?
Sure. People can learn a
lot from your experience.
And, look, I think you
can survive this. Uh-huh.
It's not bad that you
worked with somebody else
who didn't provide
cash, right? Mm-hmm.
Because expertise costs
you one way or another. Sure.
So getting their
expertise is fine.
But the trigger for their 40%
being set to sales means
that if any one of us invest,
the minute we close the deal
and we help you
get to $30 million,
we're diluted by
So for those reasons, I'm out.
Thanks, Mark. I appreciate it.
Conor, you know, this is
just not a proven business yet.
You've got all the
sales, but you might have
a 50% return rate, and
we just don't know that yet.
It's just not an investable
opportunity for me.
So I'm out. Yeah. I
appreciate that, Emma.
Yeah, so, I mean, it's obviously
a really challenging situation.
At least you're honest about it.
You know, I have to be, right?
It's not something I can hide.
Greiner: Well, no,
you have to be...
I mean, you're such a
good person, I can tell.
I would have been in on you in a heartbeat
instantly. Yeah. I appreciate that.
But now you've... you've
found someone else, it seems,
that's trying to get you
out of the hole. Mm-hmm.
So I think you have a partner
in there right now... Yeah.
That's doing a lot of the things
that I would have tried to do.
Yeah. So,
unfortunately, I'm out.
I appreciate that. Thank you.
So there's the story, you all.
There's still Robert.
There's still Robert?
You know, I think you have
a level of humility... Yeah.
That really comes
through. Thanks.
And I think people always
think to be a great entrepreneur,
you have to be arrogant,
you have to be full of yourself.
It's the complete opposite.
Lewis: Yeah. You've got
to learn in life all the time.
We're all learning.
I mean, I love that,
and I love the product.
I just... like, I'm...
I'm trying to talk
myself into it.
Sure. I...
It's a tough sell.
It absolutely is.
Conor, don't tell him
what's wrong with it.
There's humility, but
never put yourself down.
Never, ever do that. Okay.
Always believe in yourself,
despite the challenge. Yeah.
Robert, you can solve
his problem with $500,000.
You'd get 10%. I know.
I-I wish it was less money
'cause I'd love to believe...
Yeah. Yeah.
And invest in you,
but it's... can't get
there for $500,000.
Yeah.
I'm sorry. I'm out.
That's okay. I
appreciate you all.
This has been an absolute
honor. Cuban: Good luck, Conor.
Oh, good luck, Conor.
And it's been a wonderful
learning experience for me.
- Good luck.
- Thank you.
- Good luck.
- Bye.
♪♪
Lewis: [ Voice breaking ]
It's much more overwhelming
than I thought it would be.
I think they saw me.
They saw... they
respected what I did,
and they saw the very real
issues that I kind of created.
And so I-I think I'm
okay with that, you know?
♪♪
♪♪
Narrator: Next in the
t*nk is a company
that caters to an
underserved market.
♪♪
Hi, Sharks.
My name is Erica. I'm
from Iowa City, Iowa.
And I'm here seeking $100,000
for 6% in my
company, No Limbits.
Sharks, did you know
there are 14 million people
who struggle with
daily living activities,
such as dressing
themselves, due to a disability?
But there just aren't that
many options out there.
So I created No Limbits,
an adaptive clothing brand
with the mission of
increasing comfort,
confidence, and independence
in those who struggle with
clothing due to a disability.
We started with
pants for amputees.
They feature hidden zippers...
Oh, wow. Wow.
To make it easier
to dress and undress,
as well as make prosthetic
adjustments throughout the day.
We put in reinforced patches
to stand up to the
carbon-fiber parts
and mechanical
knees from prosthetics.
And we specially
shaped them to fit around
the extra bulk of a
prosthetic socket.
That's right, Sharks...
I don't put my pants on
just like everybody else.
I was in an accident
in 2018 and lost my leg.
Suddenly, I wasn't able to wear
what everyone else was wearing.
My prosthetic was bulky,
tearing holes in my clothes,
and I had to completely
undress anytime I needed
to make a prosthetic adjustment.
And I wasn't alone.
As we were building,
people with a variety
of physical challenges
were reaching out to us,
so we decided to add sensory
and wheelchair product lines
to our collection.
So, Sharks, are you ready
to help everyone live life
with no limits?
Greiner: Mm. Good job. Wow.
- Good for you.
- Thank you.
You took a negative and you
turned it into such a positive.
So, tell us about
what's up here.
So we have our
pants for amputees,
which are denim right now.
There are some
sneak peeks of joggers.
Oh, they're denim? Yes.
Oh, how exciting!
Just for you, Emma.
O'Leary: Wow. [ Laughter ]
She got pretty
excited about denim.
You said the magic word.
Emma, you actually have a sample
of our wheelchair pants.
So what those are... we have a
seamless back with no pockets.
They have zippers on the side
so it's easier to dress
while laying down,
and they have the
reinforced patches.
You'll notice the zipper
it starts on the ankle.
What... What are the
reinforced patches?
So most prosthetics are
made out of carbon fiber. Right.
The socket sits right
at the knee. Got it.
So when people
are walking around,
it wears holes in
their pants really quick.
Got it. Holes that
we don't want.
Exactly, exactly. Right.
No, the distressing
kind. I've got it.
Yeah. Also, you have a
sample of our sensory collection.
We developed a special
material that's non-aggravating
to those with
sensory-processing disorder.
It's knit, non-irritating.
It has a cool-touch feel.
And where you
manufacturing right now?
Bangladesh.
Erica, how big is this market?
Like, can you build a
sustainable business
at scale for this?
Absolutely.
The U. S. total
addressable market
is $2.6 billion.
You know, it's...
It's a huge market.
I've done a little
bit of work in this.
So, earlier this year,
Skims were Team
USA's Olympic sponsor.
And we also sponsored
the Paralympics...
Huh... which is actually my
favorite part of the Games.
So we've actually looked
quite a lot into accessibility,
specifically for
underwear and shapewear.
So what I really
want to understand
is more about the
technical aspect
of what you're doing differently
and what sets you apart,
'cause there's a ton
of competition, right?
Actually, not a lot in the adaptive
space. Not that much? Really?
And it is easier to obtain
IP on adaptive clothing
because it serves a
functional purpose.
So we're drafting
a patent right now
for the zipper on the
inseam of the pant
all the way, halfway
up the thigh. I love it.
But lots of jeans have zippers.
Like, what's different
about your zipper?
The construction
that it's hidden.
Just because it's
adaptive doesn't mean
it has to look adaptive. Got it.
And do you think you
will get that patent?
Yes, our patent attorney
was a former patent
attorney for Nike.
And what do the jeans cost?
Yeah, so we have an
$18 cost of goods sold,
landed in our distribution
center in St. Louis.
We sell them for $70 and...
- $70.
- Wow. That's a great margin.
Emma, what's that as
a price point for a jean?
Oh, that's very good. Is it?
It's, yeah, middle of
the market. It's cheap.
It's not like... it's
certainly not premium.
It's perfect. How are you
reaching your customer?
How do they know
you're out there?
So, right now, we have a
$14 customer acquisition cost
on Facebook.
Our digital ad spend
is doing really well
because people
share it and tag people
that they know who could use it.
But, actually, the method I'm
really excited about to launch
is tapping into healthcare
systems, clinics,
people who are interfacing
with these people
all day and every day.
Over 80% of people
who struggle with clothing
due to a disability,
the first or second
person they ask
is actually their
healthcare provider.
That's a great idea.
Tell me a little bit
more about you, though.
Yeah, so I was studying
during my accident.
I was on a internship
in Colorado,
and I got my dream job offer,
which was to be a
plutonium chemist
at Los Alamos
National Lab. Oh, wow.
- Really?
- Yeah.
- That's crazy.
- Wow.
What made you want to
be a plutonium chemist?
I just fell in love with it.
It was cool because it had
applications on the Mars rover.
I loved the idea of
discovering something new.
And then when I
was in my accident,
I was no longer
able to work in the lab
because it was...
It was dangerous.
I was on crutches
for a really long time.
And so I started
altering clothes,
and then it just snowballed.
That's great. I mean,
apart from the obvious,
how has the accident
really changed your life?
I mean, it opened
my eyes to things
that I never would
have experienced before.
[ Sighs ]
I obviously would not want
to go through that pain again.
But I felt like this
is my purpose.
Yeah, it's your calling.
And if I can make
this mean something,
then it was something that
happened to me for a reason.
I think the hallmark of our
business is that we talk about
never having to sacrifice
style for the sake of inclusivity.
So if you are in the
plus-size spectrum
or if you're a shorter
woman or a taller woman,
you don't want to
have to make sacrifices.
And so I think more optionality
everywhere in the
market is needed,
and that's what
I'm talking about
in this accessibility market.
It's huge. So for
me, this is incredible.
But back to the sales.
Give us the numbers.
What are you selling
at the moment?
Yeah, so I did $26,000
on my sewing machine.
And then I pre-sold $41,000
in the pants for amputees,
and that's the only thing
that we've put to market so far.
And is that pre-sold to
individuals online or to...
Half was to individuals,
and then half was
our purchase order
on the behalf of the VA... Ah!
For 500 units as a phase
one... So you may be able to...
with a letter of
intent for a phase two
for $100,000 in the
state of Minnesota
and to scale nationally.
- Oh, congratulations.
- My goodness.
How did you get into the VA?
They reached out to us.
They reached out to you?
- That's fabulous.
- Yes.
Erica, you are exactly
the type of person
that like to invest in.
You've got the product.
You've figured it out.
You've got purchase orders.
This is an absolute no-brainer.
Mark, do you want
to come in on this?
Yeah, I'd love to come
in. Let's do it together.
Yeah. Okay. Absolutely.
I am very happy with the 100K.
You asked for 100K for 6%?
Can you make 12%?
And you get Mark and me?
Would you do 100K for 10%?
I like that she's negotiating.
Give her the 10%.
Yes, you got a deal.
- Deal!
- Good job.
- Whoo!
- Was it too quick?
[ Laughter ]
That was unexp... That was per...
That was perfect. Thank you.
Oh, no, thank you.
You're such a sweetheart.
Don't cry. Don't cry.
Well done. You nailed it.
- Well done. Amazing.
- Your product's amazing.
You're gonna do a great job.
Thank you so much.
Good job, Erica.
You're gonna k*ll it. Thank you.
Thank you so much.
So cute!
Cole: [ Voice
breaking ] It's just been
a really hard road to get here,
and now I feel like
everything's gonna be okay.
There are very few moments
that you can point to and say,
"My life changed then,"
but, like, this is absolutely
going to be one of them.
I mean, you talk about
capitalism to have impact,
right? Yeah, that's it.
You know, just doing
it for the right reason.
Emma, you could not be a
more perfect partner for her.
Oh, my. We're gonna
make really cute jeans. Yes.
Perfect partner. Done.
♪♪
♪♪
Narrator: Next up is
a product inspired by
some of the world's
strongest athletes.
♪♪
Ready?
[ Laughter ]
Hi, Sharks. I'm
Kaycee from Florida.
And I'm Kaycee's best
friend, Bri, from Michigan.
We're seeking $300,000
for 15% of our business,
Apolla Performance.
Sharks, did you know
say that they
experience foot pain?
But we... have the answer.
Introducing the smartest
sock in the world,
Apolla!
[ Laughter ] Herjavec: Ta-da!
Using targeted compression
and sustainable yarns,
we have found the
Goldilocks zone for support.
Apolla socks have arch
support, ankle stability,
energy absorption,
and the option of grip.
They're as durable
as they are cozy,
and they feel like
hugs on your feet.
But this is not your
average compression sock,
and our highly engineered
design is life-changing.
Apolla socks help reduce
pain, fatigue, swelling,
allowing you to build strength
without restricting
range of motion.
Sharks, we are an
all-female-owned,
made-in-the-USA premium brand
that has built a community
of health and wellness.
So who wants to help empower
those that need a hand...
or a foot...
to do more of what they love
one step at a time
with Apolla socks?
- Good job.
- Amazing.
Nice theater. Good for you.
One moment before
we dive through.
So what's in front of you...
You have a sampling
of all six of our styles
in various colors and tones.
Now, the best
way to do it... Ooh!
If you've never done a
high-compression sock before...
Wow! ...you fold it in half,
get your thumbs all
the way into that toe,
and scrunch it up
nice and tight. I love it.
Then you have to pull
it on nice and strong,
completely covering
the ball of the foot,
then peel it on to
the rest of the foot,
then repeat on the other side.
Now... Robert! What
you are feeling with...
- Slow down!
- Gentle, Robert.
Good job, Peter Pan.
Jones: you're
gonna first be noticing
our patented arch
and ankle support.
- So, Robert?
- I love it!
Yes, patented! Yes!
It's incredible.
They really are, and that's
our first "wow" moment,
when people get
them on their feet.
- Lori?
- They feel good.
Next, you're gonna be noticing
he energy-absorption pads
that are knit in on the ball
of the foot and the heel.
Those have three
independent studies... Jump up!
Showing their efficacy
of reducing force.
And, finally, you will feel
that it's like a hug on your foot,
and what that hug is doing
is reducing the
injury-inducing inflammation
that causes pain,
swelling, and fatigue.
I feel the hug. Good.
What's the material?
Nylon and polyester.
And how did you come
up with the design?
How do you know
about all this compression
and, like, what it does?
Well... Yeah.
Let me tell you.
Apolla actually started to help
the toughest
athlete in the world.
Not hockey.
No, Mark, sorry, it's
not basketball players.
Is it mums?
- It is dancers!
- Dancers!
- Oh, duh.
- Oh, yeah, that makes sense.
Now, dancers have
twice the injury rate
from the knee down
as football players.
And I came up with
the idea in grad school
to use high-targeted compression
to create flexible support
that would mitigate what
causes 65% of dancer injury.
Are you a dancer?
And that's inflammation.
We're lifelong dancers.
Well, let me tell you!
Tell me! Tell me! [ Laughter ]
So, I actually have my
master's in kinesiology,
as well as in grad school I
got my certification... Ahh.
As a registered yoga teacher,
as well as national certified
strength and
conditioning specialist
and personal trainer. Wow. Wow.
Dance life gives you
creativity, grit, discipline.
But it's also a culture
that is riddled with injuries
to mind, bodies,
and souls. Mm-hmm.
And I was one of
those that suffered
and still cope with many
of my chronic injuries today.
Brianne, what... what is your
background? Greiner: Yes.
Yeah. So, like Kaycee,
I'm a lifelong dancer.
I have taught. I've competed.
I have danced in
L. A. professionally.
So, I danced for years
modern jazz and ballet.
[ Scoffs ] And you
know what it did to me?
It made my large
toe bone-on-bone...
Yes.
- From being en pointe and all of that.
So I wound up having to
have surgery on both big toes.
Painful.
So, yeah, I totally know.
I am the walking wounded
from years of dance.
Yeah. Wow.
And I want to speak
to what these feel like
because I'm the skeptic. Sure.
I've bought everything and every type of
shoe and all of that. [ Laughing ] I know.
They feel really good
because what's cool about them
is they're padded right here,
which, especially, I know
for women with high heels
and things like that,
you're just... you're sore
in the pad of your foot.
But then here, it
compresses tighter,
so you're giving a
built-in arch, right?
Yes, and it's... it
is a patented arch.
We actually have two
utility patents. Wow.
And we also have a
design patent on the style
that has the open
heel. That's great.
Our utility patent focuses
on our compression arch.
I consulted with
vascular surgeons, PTs.
My stepdad is a podiatrist.
I-I believe you on the sock.
Talk to me about sales, okay?
Oh, we have sold 120,000 pairs
since we launched
the company. Whoo!
- How many dollars, dollars?
- Wait. How long ago was that?
$4.1 million.
- 4.1?
- How much? How much?
$4.1 million since we
launched in August 2016.
- But what about this year?
- What last year?
Year to date, we've done
a little over $800,000.
Wow.
We're gonna do
another $800,000... Wow.
Headed into our busiest
months by the end of the year.
We have a fantastic return
rate of 2%, giving it the...
Is this direct to consumer?
Or you're selling in retail?
Direct to consumer and
is 85% of our sales,
only have a 2% return rate?
Can you believe that?
That's fantastic. No,
no, no, that's crazy.
So we're gonna get to 1.1
to 1.2 net sales this year,
but this is not the first time
we've broken a million in sales.
a million in sales,
and then the pandemic hit.
Our five-year plan of
eventually expanding
outside of the dance community
was immediately accelerated.
So we redid our brand,
our design... Everything.
Our packaging, our website
to be able to speak
to non-dancers
and still serve the
dance community.
So this year, this year. We did
this massive transition in one month
and we relaunched
in February. Wow.
We raised our prices
$2 to $7 per pair
without our customers
blinking an eye.
Wow. That gave us a 20%
swing in our gross margin
from 53% to 73%.
We have several KPI...
- Wow.
- Wow.
You deserve it. We... Thank you.
We have a 52%
returning-customer rate.
We now are going to
be profitable this year.
So as we continue to grab this mass
market... [ Sharks speaking indistinctly ]
we're gonna both profit.
How much do a
pair of socks cost?
They cost between
$6 to $10 per pair.
Wow. They retail between
$32 and $40 per pair.
-Oh! -Oy-oy-oy!
- Whoa!
- For a pair of socks?!
They're the best pair of
socks you'll ever own and...
Herjavec: Stop the
madness. They better be.
♪♪
Narrator: All
Sharks are still in,
but they are balking
at the high cost
of Kaycee and Bri's
compression socks, Apolla.
They retail between
$32 and $40 per pair.
-Oh! -Oy-oy-oy!
- Whoa!
- For a pair of socks?!
- Yeah!
- $4.1 million in sales.
Are you spending a lot
of money on advertising?
Yeah, where are you
spending your money?
It's marketing, so our
operating expenses
are about $40,000
to $45,000 a month.
You're selling socks for $40.
Well, one style is $40.
But the thing is, it's
not an ordinary sock.
No. Exactly. That's what
we're trying... Exactly.
You talked about
the dance community.
I, too, am a member
of the dance community.
You are.
I was a great dancer,
so I understand exactly
what you're talking about.
And I got to be honest with
you, I don't dance anymore...
Shamefully so. I should
be practicing again.
But, guys, I'm not
your Shark on this one.
I'm out.
Thank you.
Cuban: This is not
public knowledge,
but I got paid to
dance for the first time
in Folkways Pittsburgh...
What?! ...as a folk dancer, yes.
When I was 16.
That's amazing! No way.
- When I was 16.
- Who knew?
I also got paid to teach
dance when I was in college.
I knew that. Put that aside.
This product has
to be demonstrated,
and that's why it's been
so hard for you to sell
and why it hasn't gone viral.
I don't know if you get there,
so for those reasons, I'm out.
Understand. Thank you.
Thank you, Mark. Thank you.
Look, you're the real deal.
You know your numbers.
You have the background.
Where I'm struggling with...
I don't understand
why it's not more viral,
because it's an
incredible product.
You know, in my world...
In the dance community, it is.
And that's something we well
understand. Yeah, we're a well-known brand.
We're worn by all the top pros.
You name it... Emmy,
Oscar winner, Tony winners.
It's a smaller market.
It's not for me. I'm out.
But we have two people
that can get us there, so...
We absolutely
know without a doubt.
We would like to hear
from Lori and Emma.
Grede: My big, big
problem with this
is that you've been in
business for a long time.
It's not quite
growing at the speed
that I think it should.
Right, there's something
not quite connecting. Yes.
To me, it's just not
something that I feel
that I would be really
passionate about.
I wish you all the
best, but for me, I'm out.
Thank you, Emma. Thank you.
But wait, there's Lori. I want
touch on one thing, Lori, though,
is that we are growing at an
insane speed. We are growing.
We just closed Q2
at an average 100%
year-over-year growth.
Listen, I-I will tell you,
I am a person who
doesn't love socks,
but I'm a person who also has
lived the foot problems, right?
So I look at the two of you,
and you are so smart and fast.
I like people that move fast.
I like people that think fast.
You have all of that.
And I have to say, I have
sat here in high-heel shoes.
Look at this shoe.
I have sat here in this shoe
with that kind of
arch and incline.
And you know which
foot's more comfortable?
That one.
This one... not at all, hurts.
This one feels no pain.
Exactly.
These are fantastic... Eureka!
Fantastic socks.
But I think I understand
why you haven't sold
as well as you could.
And I think that I
can really help you.
You can. You can.
So for a girl who
doesn't even like socks,
wouldn't wear socks,
you have converted me.
O'Leary: Ooh. So I'm
gonna make you an offer.
It might not be
one that you like,
but I'm gonna make
you an offer. Okay.
So I'm going to
offer you $300,000,
but I want 25%.
Okay. Okay.
Lori, would you consider
coming down to 20%?
We are growing 65%. We
have so many great things.
We really want to do a
deal. Can you do 20%?
Here's the problem I love you,
but we have a lot to prove,
and we got to get
you into the homes,
like mass, mass, mass.
Yes. Yes.
And that's what I can do.
So I'm holding firm.
Okay.
♪♪
Lori, you have a deal!
Whoo!
Oh, my gosh! Yes!
And... Oh, and... and I will so
comfortably walk over in my sock.
[ Laughter ]
-[ Speaking indistinctly
] -I want to hug you, too.
Oh, my God.
They're so good! They're so
good. I don't know what to do!
- Thank you so much.
- Oh, my God, I love them.
Thank you from
all of our family.
Thank you so much.
- Appreciate the opportunity.
- Thank you.
Congrats, guys. Well
done, guys. Congratulations.
[ Both cheering ]
[ Humming ]
[ Laughs ] Oh, my God!
It happened! It happened!
[ Both crying ]
♪♪
Oh, my God. Oh, my goodness.
Oh, my God.
I don't want to cry
on TV. Oh, my God.
[ Both crying ]
We just got a deal
with Lori Greiner!
She's our dream partner.
We could not be more thrilled.
We have sacrificed.
Our kids have sacrificed.
Our husbands have sacrificed.
This is going to
change our life.
So there are not enough words
to be able to describe
to you what this means.
Thank you so much.
That is one of the craziest
experience of my entire life. Oh!
And we did it. I cannot
believe we just did that.
♪♪
♪♪
♪♪
13x18 - Episode 18
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.