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Tonight, Candace Nelson,
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the founder of game-changing
dessert brand Sprinkles,
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00:00:04,387 --> 00:00:05,623
returns to the Tank.
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00:00:05,624 --> 00:00:07,159
Fishwife is tinned fish
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like you have never tasted.
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00:00:09,064 --> 00:00:10,833
It doesn't suck. Nice.
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We created the world's
only skateboards with brakes.
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It's dork factor six.
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00:00:15,644 --> 00:00:18,214
Who's ready to make their
wallets jingle jangle?
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00:00:18,215 --> 00:00:20,085
I'm worried that you're
not really making money.
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Are you profitable?
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I didn't make payroll yesterday.
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00:00:22,558 --> 00:00:23,559
Whoa!
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00:00:23,560 --> 00:00:24,995
You've got to get
out of your own head.
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How dare you do that?
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00:00:26,331 --> 00:00:27,901
We're gonna attempt something
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00:00:27,902 --> 00:00:29,539
that has never
been possible before.
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00:00:30,574 --> 00:00:33,445
You screw this up and
you'll sleep with the fishes.
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00:00:40,861 --> 00:00:45,870
First up is a fresh take
on an old-fashioned pantry staple.
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Hello, Sharks. My
name is Becca Millstein,
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00:00:56,458 --> 00:00:58,929
and I'm from Los
Angeles, California.
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I'm here today seeking $350,000
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in exchange for 4% equity
in my company, Fishwife.
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Way back in the 16th century,
the term "fishwife" was used
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to refer to the
wives of fishermen
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who sold their husbands'
wares at the market.
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Because their fresh fish
was so highly perishable,
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the fishwives gained a
reputation for being bossy,
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loud, and foul-mouthed.
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Here at Fishwife, we can relate
because we are unapologetically
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flipping the entire
seafood industry on its tail
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in a bold, beautiful,
and brazen way.
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Welcome to Fishwife, a
tinned seafood company
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that makes eating
delicious, nutritious,
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and responsibly sourced
seafood one pop of the tin away.
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We partner with
the best fisheries,
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farms, and canneries
all around the world
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to bring you incredible seafood
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that's ready to eat
straight out of the tin.
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Candace, if your childhood
was anything like mine,
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you grew up with stacks
of anonymous canned tuna
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collecting dust
in your cupboard,
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eating only tuna fish sandwiches
with mayonnaise and white bread.
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Not so nice.
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Here at Fishwife,
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we eat our tinned smoked
salmon over steaming rice balls,
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our smoked rainbow trout
stirred into fresh pastas,
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our Cantabrian anchovies on
good bread with great butter,
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and our slow smoked
mackerel over delightful salads.
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Fishwife is tinned fish
like you have never tasted.
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So, Sharks, who is ready
to dive into the deep end
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with Fishwife?
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In front of you,
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you have a selection of
our favorite Fishwife bites,
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including smoked salmon
with some crème fraîche
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on a potato chip,
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smoked rainbow
trout dip on a pita chip,
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a slow smoked mackerel onigiri,
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and a hand roll featuring
our smashed collaboration
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with Fly By Jing, a
Sichuan chili crisp brand.
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This smoked
salmon's very good. Wow.
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It's a flavor bomb.
- Flavor bomb.
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It is a flavor that smacks
you right in the face.
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Very good.
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- I like it.
- What do you think about that?
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Fishwife. Fishwife, baby.
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There's a lot of
people canning fish.
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Is there anything
different about your fish
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versus all the other fish?
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Okay, so first of all, did
everyone try a tin of fish
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straight out of the can?
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- No, I did not.
- I did not.
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Okay, pop
open one of those boxes.
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Okay, Becca, I've
popped the smoked salmon.
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- Amazing.
- I see the salmon in it.
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I'm going to try it.
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Yep. Have a little taste.
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It... It doesn't suck.
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It doesn't suck.
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That's not bad.
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- This is really good.
- This is amazing.
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- I mean, it's really good.
- It's so succulent.
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Tell me if you have
ever had tinned fish
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that tastes like that
straight out of the can.
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It's delicious. Do you
do any that are not in oil?
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So we don't do any
in water at this point.
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You know, we are a
premium brand, and...
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How premium? How much
are you selling these for?
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How premium? So, our core
line is going to retail at $7.99.
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00:03:56,217 --> 00:03:57,720
And your cost is?
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$2.09 on average.
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00:03:59,390 --> 00:04:02,429
And what we're
seeing in the category
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00:04:02,430 --> 00:04:06,437
is that the premium brands
are growing three times faster
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than the commodity
or conventional brands.
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00:04:07,908 --> 00:04:10,979
- Hot girls eat tinned fish.
- Hot girls eat tinned fish.
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00:04:10,980 --> 00:04:13,384
I don't know if you guys
know, but the TikTok trend
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is that hot girls
eat tinned fish. Yes.
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Tinned fish is blowing... Greiner:
And is that 'cause it's good for you?
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'Cause it's good for
you and it's delicious
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and people are doing really
elegant charcuterie boards.
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By the way, high end restaurants
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are now serving tinned fish.
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There are tinned fish
in champagne bars.
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Like, this is a huge trend. Yes!
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Becca, I just want to
point out something.
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Yes. So, you know, Kevin so
graciously said it doesn't suck,
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but I've noticed he has
not stopped eating it.
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And it's sucking less
every minute. This is pretty good.
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00:04:39,738 --> 00:04:43,310
Are you familiar with
conservas in Spain and Portugal?
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They have a long
tradition of tinned fish
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that's very elevated, that
we in America are not used to.
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Exactly. Correct? Okay.
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And that is where
Fishwife came from.
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So, I studied abroad in
southern Spain my junior year,
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and it was there that
I was first exposed
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to high-quality tinned fish,
or as they call them in Spain,
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conservas.
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What are your sales?
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2021... $750,000
in the first year.
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00:05:06,492 --> 00:05:08,461
$750,000? That's fabulous!
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How many SKUs? All D2C?
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00:05:10,199 --> 00:05:11,400
Okay, next year? 90%.
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00:05:11,401 --> 00:05:14,339
Next year was we grew
250%... $2.6 million.
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- Whoa! - Whoa!
- Wow.
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00:05:15,977 --> 00:05:17,847
And then this is our
third year in business.
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We're on track
to do $5.8 million.
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- Gow!
- Good for you!
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So we are selling
fish to the people.
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I thought you
were holding it back
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'cause you weren't
doing anything!
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You got to bury
the lede sometimes.
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Why wouldn't you
lead with that?!
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Distribution, please.
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How much direct?
How much to retail?
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00:05:32,243 --> 00:05:33,410
So today, it's 50/50.
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00:05:33,411 --> 00:05:35,147
How many doors
are you in? 1,300.
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We've got all these
lovely grocery...
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Regional grocery stores.
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00:05:39,090 --> 00:05:41,594
Whole Foods is our
first... Is going to be our first
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national retail partner.
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- Good for you.
- Congrats.
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00:05:43,666 --> 00:05:46,270
And that is why I'm here today,
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because we have locked in a
national expansion with them
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in April 2024,
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and you all know that's
gonna take a lot of cheddar
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to make sure we're successful.
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00:05:56,157 --> 00:05:58,327
Okay, so, Becca, I-I
think I've heard enough.
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This is a total commodity.
That's what it is.
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00:06:00,800 --> 00:06:03,505
So, the whole deal is
about executional skill.
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00:06:03,506 --> 00:06:05,676
Exactly. That's it. Either
you can execute or you can't.
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00:06:05,677 --> 00:06:07,412
- That's it.
- Yep.
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00:06:07,413 --> 00:06:09,249
I would never do
this as an equity deal
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00:06:09,250 --> 00:06:12,923
because it's all about a
commodity that needs cash.
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That's it. I'd bet, on you,
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I'd give you $350,000
as debt for 3 years.
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Have to pay
interest and principal
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on a monthly basis
back to me at 11% rate,
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00:06:24,380 --> 00:06:28,053
and I want 5% equity.
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Basically a schmuck insurance
in case this thing works.
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The whole deal is you.
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You screw this up and
you'll sleep with the fishes.
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No! Not the fishes!
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All Sharks are in,
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and Becca has an offer
on the table from Kevin
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for her tinned fish
company, Fishwife.
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00:06:53,071 --> 00:06:55,776
So at $8 million, you
believe you're gonna sell
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an average or blended average
of about 1.5 million units?
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00:06:59,116 --> 00:07:00,819
About that.
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00:07:00,820 --> 00:07:02,756
I'm gonna make you an offer.
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00:07:02,757 --> 00:07:07,800
I'll give you the $350,000.
I want 15 cents per can.
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15 cents per can.
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Yeah.
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For how long? In perpetuity?
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In perpetuity, no ownership,
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00:07:15,583 --> 00:07:18,621
but I will also be probably
one of the key advisors,
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00:07:18,622 --> 00:07:20,424
and then when you call
me, I-I'm working for you
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at the end of the
day. No equity?
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Um...
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I'll clear the
deck some for you guys.
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It's not a fit for me, but you
should be really, really proud
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of what you've done.
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Thank you so much, Mark. I
really appreciate it. You're welcome.
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Becca, I love you.
I love this brand.
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It's playful, it's
joyful, it's delicious.
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It's easy to get behind.
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00:07:38,496 --> 00:07:40,297
So I would like to
make you an offer,
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but I would also
like to bring in
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00:07:42,837 --> 00:07:45,575
my retail expert Shark friend...
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I'm doing it alone. Sorry.
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00:07:46,979 --> 00:07:50,217
Miss Lori. My gosh.
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00:07:50,218 --> 00:07:53,525
And... But let's not
celebrate just yet.
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00:07:53,526 --> 00:07:56,096
I love the product.
I think it's delicious.
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00:07:56,097 --> 00:07:59,068
I did a deal last year with a
company called Boarderie.
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00:07:59,069 --> 00:08:00,505
Boarderie. Yes. I saw that.
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00:08:00,506 --> 00:08:04,012
Yes, it's the most fantastic
cheese and charcuterie.
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00:08:04,013 --> 00:08:06,349
It's been an Oprah pick twice.
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00:08:06,350 --> 00:08:09,122
We're gonna hit this year
over $20 million in sales
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00:08:09,123 --> 00:08:10,992
in a year. Nice! That's amazing!
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00:08:10,993 --> 00:08:15,569
Now, I could totally see
this fitting right on our trays.
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00:08:15,570 --> 00:08:18,106
So, yes, I love this.
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00:08:18,107 --> 00:08:21,346
Lori, how about
$350,000 for 10%?
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00:08:21,347 --> 00:08:22,883
Yeah, I'll do that.
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00:08:25,288 --> 00:08:28,126
You're
getting two Sharks for 10%, $350,000.
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00:08:28,127 --> 00:08:32,168
Daymond's offering the $350,000
for 15% royalty just on fish,
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00:08:32,169 --> 00:08:38,581
and mine is debt deal, 36
months at 11% and I get 5% equity.
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00:08:38,582 --> 00:08:41,253
Which one do you
want to go with, if any?
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00:08:41,254 --> 00:08:42,823
Okay. Amazing.
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00:08:42,824 --> 00:08:45,461
Okay, I got to give
it up to my ladies.
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00:08:45,462 --> 00:08:49,904
Um, Candace and Lori, you're
both absolute experts and vets
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00:08:49,905 --> 00:08:51,774
in the product innovation space.
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00:08:51,775 --> 00:08:53,377
What am I, chopped
sardine over here?
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00:08:53,378 --> 00:08:55,281
- Pretty much. Pretty much.
- You're not chopped sardine.
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00:08:55,282 --> 00:08:58,287
- Fish pate.
- Mackerel, Kevin. Mackerel.
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00:08:58,288 --> 00:09:00,157
The truth is, I
am always looking
215
00:09:00,158 --> 00:09:02,194
to bring more women
investors on my cap table.
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00:09:02,195 --> 00:09:03,865
I have a bunch of amazing ones.
217
00:09:03,866 --> 00:09:06,336
10% for the 350K.
218
00:09:06,337 --> 00:09:10,277
So, this year, we're gonna
do $5.8 million, almost...
219
00:09:10,278 --> 00:09:13,317
You know, that's almost
twice as much as that valuation.
220
00:09:13,318 --> 00:09:21,318
Would you do the 350K for
6% with 1% advisory shares
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00:09:23,037 --> 00:09:25,675
to both of you,
vesting over two years?
222
00:09:29,149 --> 00:09:30,552
I think so.
223
00:09:30,553 --> 00:09:32,154
My gosh! I think
you got yourself a deal.
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00:09:32,155 --> 00:09:33,992
- Yes!
- My God! Yay!
225
00:09:33,993 --> 00:09:35,495
Wow. Yay!
226
00:09:35,496 --> 00:09:36,831
Whoo-hoo-hoo!
227
00:09:36,832 --> 00:09:39,235
Our first deal.
- So exciting!
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00:09:42,042 --> 00:09:43,811
So excited!
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00:09:43,812 --> 00:09:45,482
Congratulations, Bec.
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00:09:45,483 --> 00:09:48,220
Why didn't you just come in
and say, "Ladies, let's talk"?
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00:09:48,221 --> 00:09:51,894
I got... You know, you
got to hear everyone out, you know.
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00:09:51,895 --> 00:09:54,399
I think about it. That
was a good deal.
233
00:09:54,400 --> 00:09:55,368
Alright, good luck.
234
00:09:55,369 --> 00:09:57,238
- It's amazing.
- It's amazing.
235
00:09:57,239 --> 00:09:59,878
Thanks you. See you, guys. Bye.
236
00:10:01,280 --> 00:10:03,551
Whoo! Whoo!
237
00:10:03,552 --> 00:10:08,260
I just got a deal with
Candace and Lori,
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00:10:08,261 --> 00:10:13,236
two of the most incredible
women founders in the world,
239
00:10:13,237 --> 00:10:15,975
and now they are on
my team, in my corner,
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00:10:15,976 --> 00:10:17,746
helping me sling this fish.
241
00:10:17,747 --> 00:10:20,150
It's three fishwives
now, not just one.
242
00:10:22,222 --> 00:10:23,457
In Season 11,
243
00:10:23,458 --> 00:10:25,562
Natalie Holloway
and Max Kislevitz
244
00:10:25,563 --> 00:10:27,966
made a deal with Maria
Sharapova and Mark Cuban
245
00:10:27,967 --> 00:10:31,072
for their fashionable exercise
accessories company, Bala.
246
00:10:31,073 --> 00:10:32,008
You've got a deal.
247
00:10:32,009 --> 00:10:33,110
Done. Yes!
248
00:10:33,111 --> 00:10:34,480
Snake!
249
00:10:34,481 --> 00:10:36,584
Let's see
what they're up to now.
250
00:10:36,585 --> 00:10:38,286
The company's
changed dramatically
251
00:10:38,287 --> 00:10:39,523
since being on "Shark Tank."
252
00:10:39,524 --> 00:10:40,892
We've expanded the product line
253
00:10:40,893 --> 00:10:42,796
and we have over 15 products.
254
00:10:42,797 --> 00:10:44,500
Go ahead and grab your bangles.
255
00:10:44,501 --> 00:10:46,136
We also launched Balacize,
256
00:10:46,137 --> 00:10:47,939
an online fitness platform.
257
00:10:47,940 --> 00:10:50,077
And we expanded
internationally with distribution
258
00:10:50,078 --> 00:10:51,680
in more than 25 countries,
259
00:10:51,681 --> 00:10:54,586
including Canada, China,
and Western Europe.
260
00:10:54,587 --> 00:10:56,724
But growth is
not a straight line.
261
00:10:56,725 --> 00:10:59,630
During the pandemic, everyone
was working out from home,
262
00:10:59,631 --> 00:11:00,865
and that's what we
were banking on.
263
00:11:00,866 --> 00:11:02,268
But when the pandemic ended,
264
00:11:02,269 --> 00:11:04,338
folks went back to
gyms to work out.
265
00:11:04,339 --> 00:11:06,242
We found ourselves overstaffed
266
00:11:06,243 --> 00:11:08,180
with way too much inventory.
267
00:11:08,181 --> 00:11:09,783
We got in a dangerous position.
268
00:11:09,784 --> 00:11:11,520
We had to make
difficult decisions
269
00:11:11,521 --> 00:11:13,624
and get the company
back in shape.
270
00:11:13,625 --> 00:11:15,127
When we first went
on "Shark Tank,"
271
00:11:15,128 --> 00:11:17,331
we were selling $100,000 a month
272
00:11:17,332 --> 00:11:20,204
and had $1.2 million
in lifetime sales.
273
00:11:20,205 --> 00:11:21,607
Since we went on "Shark Tank,"
274
00:11:21,608 --> 00:11:24,078
we're now averaging more
than $1 million a month,
275
00:11:24,079 --> 00:11:27,084
and we have $64
million in lifetime sales.
276
00:11:27,085 --> 00:11:28,554
Those are crazy numbers.
277
00:11:28,555 --> 00:11:30,457
Did you ever believe
this would happen?
278
00:11:30,458 --> 00:11:32,294
Not in our wildest
dreams. It's insane.
279
00:11:32,295 --> 00:11:34,131
Every company will
have growing pains,
280
00:11:34,132 --> 00:11:35,568
but when the
founders are strong,
281
00:11:35,569 --> 00:11:38,608
their vision is strong, and
their product is exceptional,
282
00:11:38,609 --> 00:11:40,277
you know that they're
gonna weather through it.
283
00:11:40,278 --> 00:11:41,714
Yeah. That's cute.
284
00:11:41,715 --> 00:11:43,416
Maria's opened
so many doors for us,
285
00:11:43,417 --> 00:11:45,588
from athletes like
Serena Williams
286
00:11:45,589 --> 00:11:48,293
to brands like Reese
Witherspoon's Draper James.
287
00:11:48,294 --> 00:11:50,297
We've 10x'd our
retail footprint,
288
00:11:50,298 --> 00:11:52,903
which has led to our
biggest partnership to date.
289
00:11:52,904 --> 00:11:56,342
We're about to
launch in 1,700 Target doors,
290
00:11:56,343 --> 00:11:58,948
almost every target in America.
291
00:11:58,949 --> 00:12:01,520
To watch you guys go
from being this little company
292
00:12:01,521 --> 00:12:04,626
to seeing you in so many
stores, it's extraordinary.
293
00:12:04,627 --> 00:12:06,597
Bala will always
be our first baby,
294
00:12:06,598 --> 00:12:09,168
but since our last
update, we have two more.
295
00:12:11,608 --> 00:12:14,211
We hope that our
kids see our journey and realize
296
00:12:14,212 --> 00:12:16,884
it's okay to fail, as long
as you get back up again.
297
00:12:16,885 --> 00:12:18,353
And that's where success is...
298
00:12:18,354 --> 00:12:21,392
Being able to power through
and make it to the other side.
299
00:12:34,787 --> 00:12:39,095
Next up is a fun
solution to keep babies entertained.
300
00:12:48,648 --> 00:12:50,752
Hi, Sharks. My
name is Stewart Gold
301
00:12:50,753 --> 00:12:52,489
from Boca Raton, Florida,
302
00:12:52,490 --> 00:12:55,193
and today, I'm
asking for $75,000
303
00:12:55,194 --> 00:12:58,099
in exchange for
20% of my company.
304
00:12:58,100 --> 00:13:00,404
Sharks, when my wife elected me
305
00:13:00,405 --> 00:13:02,909
as the chief diaper changing
officer of our household,
306
00:13:02,910 --> 00:13:06,048
I had no idea the job
would entail so much kicking,
307
00:13:06,049 --> 00:13:10,591
screaming, wriggling,
thrashing, rolling, kicking.
308
00:13:10,592 --> 00:13:12,060
Changing my baby's
diaper almost felt like...
309
00:13:12,061 --> 00:13:15,100
Aah! I was
wrestling an alligator.
310
00:13:15,101 --> 00:13:18,373
It was a high
stakes battle to secure that diaper
311
00:13:18,374 --> 00:13:21,914
and avoid a swampy blowout.
312
00:13:21,915 --> 00:13:24,351
That's why, Sharks,
parents need a weapon
313
00:13:24,352 --> 00:13:26,824
as ferocious as their opponent.
314
00:13:26,825 --> 00:13:29,563
Introducing...
315
00:13:31,601 --> 00:13:33,036
the Dingle Dangle.
316
00:13:33,037 --> 00:13:34,539
That's great.
317
00:13:34,540 --> 00:13:36,510
The Dingle Dangle
is a no-squirm,
318
00:13:36,511 --> 00:13:38,848
restraint-free, baby
changing helper
319
00:13:38,849 --> 00:13:41,920
that gives parents those
crucial 30 seconds they need
320
00:13:41,921 --> 00:13:44,191
to change their
baby gator's diaper
321
00:13:44,192 --> 00:13:46,162
and avoid any
reptile dysfunction.
322
00:13:48,234 --> 00:13:51,707
But, Sharks, the most innovative
part about the Dingle Dangle
323
00:13:51,708 --> 00:13:54,646
is how it grows
alongside with your baby.
324
00:13:54,647 --> 00:13:56,583
So to turn the Dingle
Dangle into a lightweight,
325
00:13:56,584 --> 00:13:58,654
portable mobile for
your crib or stroller,
326
00:13:58,655 --> 00:14:01,359
you simply twist it
out of the headband,
327
00:14:01,360 --> 00:14:05,167
you twist it into the sensory
rod, and there you go.
328
00:14:05,168 --> 00:14:08,339
You've turned a croc that
snaps into a babe that naps.
329
00:14:08,340 --> 00:14:10,711
And finally, Sharks,
330
00:14:10,712 --> 00:14:13,249
you can twist the
rod out of the claw,
331
00:14:13,250 --> 00:14:16,088
you twist our friend
Ollie the Octopus off,
332
00:14:16,089 --> 00:14:18,794
and now you have our
friend Pete the Pufferfish,
333
00:14:18,795 --> 00:14:22,502
and you twist this into Pete,
334
00:14:22,503 --> 00:14:24,071
and you have your
baby's first rattle.
335
00:14:24,072 --> 00:14:25,975
- Aww, cute.
- There you go.
336
00:14:25,976 --> 00:14:28,179
- Aww, that's cool.
- Very clever. Very clever.
337
00:14:28,180 --> 00:14:30,785
So, Sharks, I just have
one question left for you.
338
00:14:30,786 --> 00:14:32,789
Who's ready to make
their wallets jingle jangle...
339
00:14:33,925 --> 00:14:35,628
with the Dingle Dangle?
340
00:14:35,629 --> 00:14:37,164
- Good job.
- That was fun. That was fun.
341
00:14:37,165 --> 00:14:38,534
- Great presentation, Stu.
- Nailed it.
342
00:14:38,535 --> 00:14:41,405
Thank you. So, you know,
just one question, though.
343
00:14:41,406 --> 00:14:43,376
What about the dork
factor of the thing
344
00:14:43,377 --> 00:14:44,546
hanging in front of you?
345
00:14:44,547 --> 00:14:46,282
Like, it's dork factor six.
346
00:14:46,283 --> 00:14:48,186
My wife could attest I'm
one of the biggest dorks
347
00:14:48,187 --> 00:14:49,889
probably on the face of
this planet. Good for you!
348
00:14:49,890 --> 00:14:52,327
So this is no surprise for her
or anybody else in my family.
349
00:14:52,328 --> 00:14:55,000
It's designed to look silly.
It's designed to look this way.
350
00:14:55,001 --> 00:14:56,803
This can be worn,
like to the club.
351
00:14:56,804 --> 00:14:58,039
Yeah.
352
00:14:58,040 --> 00:14:59,843
You could put a lamp
on the end of it, Daymond.
353
00:14:59,844 --> 00:15:01,947
What up, Lori? How you
been? How you been?
354
00:15:01,948 --> 00:15:03,316
Come on, baby. You
know what I'm saying?
355
00:15:03,317 --> 00:15:05,788
Hit me up later. Kev, give
me something, baby boy.
356
00:15:05,789 --> 00:15:07,224
Wow, it's even cool.
357
00:15:07,225 --> 00:15:09,562
Is this system,
like, patented at all?
358
00:15:09,563 --> 00:15:11,265
Yes. So, we have
filed a utility patent
359
00:15:11,266 --> 00:15:13,804
back in 2020 for the system.
360
00:15:13,805 --> 00:15:15,975
The headband with
the removable rod
361
00:15:15,976 --> 00:15:17,879
that goes into different
accessory products.
362
00:15:17,880 --> 00:15:19,114
What are your sales?
363
00:15:19,115 --> 00:15:22,989
So, in 2022, we had
$67,000 worth of sales,
364
00:15:22,990 --> 00:15:24,626
but we ran out of the
product immediately
365
00:15:24,627 --> 00:15:26,095
within almost two months.
366
00:15:26,096 --> 00:15:27,532
And that was 2022.
367
00:15:27,533 --> 00:15:28,934
2022.
368
00:15:28,935 --> 00:15:30,504
What did you sell
them for? How much?
369
00:15:30,505 --> 00:15:31,907
We sell them for $40.
370
00:15:31,908 --> 00:15:33,644
What do they cost you to make?
371
00:15:33,645 --> 00:15:36,082
They cost us $11.75 to make.
372
00:15:36,083 --> 00:15:39,054
Wow. And then, you know,
around $14.50 to $15 to land.
373
00:15:39,055 --> 00:15:39,924
That's not bad.
374
00:15:39,925 --> 00:15:41,493
Still, you gave us 2022,
375
00:15:41,494 --> 00:15:43,964
the first prototype
to product year.
376
00:15:43,965 --> 00:15:46,135
2023, what do you got in sales?
377
00:15:46,136 --> 00:15:49,776
So, we've done about
$40,000 in sales in 2023.
378
00:15:49,777 --> 00:15:51,045
We had our best
month this month.
379
00:15:51,046 --> 00:15:53,484
We did about $15,000 in sales.
380
00:15:53,485 --> 00:15:55,453
So, kind of, we've been
growing month over month.
381
00:15:55,454 --> 00:15:57,224
I'm a little concer... What are
the different use cases for this?
382
00:15:57,225 --> 00:15:59,763
I'm in the early childhood space
383
00:15:59,764 --> 00:16:02,334
with a sensory development
center called Play 2 Progress,
384
00:16:02,335 --> 00:16:04,071
and we work with
occupational therapists
385
00:16:04,072 --> 00:16:06,342
who are trying to
help develop kids
386
00:16:06,343 --> 00:16:08,379
in terms of their sensory skills
387
00:16:08,380 --> 00:16:09,716
and their motor development.
388
00:16:09,717 --> 00:16:11,318
When our founder is
working with children,
389
00:16:11,319 --> 00:16:13,624
helping them to sit
up, she's behind them
390
00:16:13,625 --> 00:16:15,961
and she really wants
something that's kind of projecting
391
00:16:15,962 --> 00:16:17,632
over them to keep
them entertained
392
00:16:17,633 --> 00:16:20,203
while she's trying to, you
know, engage their core muscles.
393
00:16:20,204 --> 00:16:21,405
What we did was,
if you look at it,
394
00:16:21,406 --> 00:16:23,109
sensory black and
white colors, as you know,
395
00:16:23,110 --> 00:16:25,046
is one of the first
colors the baby sees.
396
00:16:25,047 --> 00:16:26,248
Baby safe chime,
397
00:16:26,249 --> 00:16:29,188
so the decibel level
is safe for the baby,
398
00:16:29,189 --> 00:16:30,491
and then just the
swaying motion.
399
00:16:30,492 --> 00:16:31,893
So, it's all about sensory.
400
00:16:31,894 --> 00:16:34,064
So, we market it
first as a sensory toy,
401
00:16:34,065 --> 00:16:35,734
and, you know, we
had some traction.
402
00:16:35,735 --> 00:16:37,638
We kind of changed
our focus a little bit
403
00:16:37,639 --> 00:16:39,274
and we decided,
this is a toy, yes,
404
00:16:39,275 --> 00:16:40,376
but it's a gift, right?
405
00:16:40,377 --> 00:16:41,813
This is a baby gift.
406
00:16:41,814 --> 00:16:44,451
You're gonna do $80,000
in sales, it sounds like.
407
00:16:44,452 --> 00:16:46,590
We're projecting
about, I would say,
408
00:16:46,591 --> 00:16:47,892
$185,000 for this year.
409
00:16:47,893 --> 00:16:49,596
Will you make money on that?
410
00:16:49,597 --> 00:16:52,200
We'll make about
$10,000 to $15,000 on that.
411
00:16:52,201 --> 00:16:53,837
But you haven't paid
yourself anything yet?
412
00:16:53,838 --> 00:16:55,808
No. What have
you invested in it?
413
00:16:55,809 --> 00:16:57,712
About $150,000 into it.
414
00:16:57,713 --> 00:17:00,116
The founding year, 2022,
415
00:17:00,117 --> 00:17:02,588
you made $67,000 in
sales, you made no money?
416
00:17:02,589 --> 00:17:06,161
No, we lost $20,000...
Sorry, $32,000.
417
00:17:06,162 --> 00:17:07,297
Where's the cash going to?
418
00:17:07,298 --> 00:17:09,134
Because typically in
this type of business,
419
00:17:09,135 --> 00:17:11,840
where you're selling online
and you're making $25 a unit,
420
00:17:11,841 --> 00:17:13,042
you should be making good money.
421
00:17:13,043 --> 00:17:14,411
All the cash that, you know,
422
00:17:14,412 --> 00:17:16,248
we get from sales
goes right back in.
423
00:17:16,249 --> 00:17:18,520
It's been used to
fund more inventory.
424
00:17:18,521 --> 00:17:19,789
So, Stu, what, do
you need a Shark for?
425
00:17:19,790 --> 00:17:21,158
The $75,000 goes where?
426
00:17:21,159 --> 00:17:24,097
But why the push
for a Shark partner?
427
00:17:24,098 --> 00:17:25,333
I mean, your marketing,
428
00:17:25,334 --> 00:17:26,736
your expertise,
your connections.
429
00:17:26,737 --> 00:17:28,239
I mean, really, like,
one of the big things
430
00:17:28,240 --> 00:17:30,611
we want to go next
to is licensing, right?
431
00:17:30,612 --> 00:17:34,117
Right now, we're talking to
a... You know, to sports leagues,
432
00:17:34,118 --> 00:17:35,955
a league you're very
familiar with, right?
433
00:17:35,956 --> 00:17:38,727
How many other products can
you put the Dallas Mavericks logo
434
00:17:38,728 --> 00:17:41,365
and introduce that to a
baby at day one, right?
435
00:17:41,366 --> 00:17:43,336
Because you want to sell...
you want to sell it as a gift, right?
436
00:17:43,337 --> 00:17:45,440
We want to sell it as a
gift, and for dads especially,
437
00:17:45,441 --> 00:17:47,377
it keeps it in that dad
realm. You could license it.
438
00:17:47,378 --> 00:17:48,814
I mean, you could
do TV characters,
439
00:17:48,815 --> 00:17:50,784
you could do Peppa Pig,
you could do "Sesame Street."
440
00:17:50,785 --> 00:17:53,322
But, Stu, I'm worried that
you're not really making money,
441
00:17:53,323 --> 00:17:54,659
or you're not in a
position to make money,
442
00:17:54,660 --> 00:17:56,763
that you're losing
money on every sale.
443
00:17:56,764 --> 00:17:58,032
We're positive this month.
444
00:17:58,033 --> 00:18:00,269
I think as we ramp
up sales and our...
445
00:18:00,270 --> 00:18:02,541
You know, we keep going,
we'll... we'll be profitable.
446
00:18:02,542 --> 00:18:05,581
I mean, there's 3.5 million
births in the US, right?
447
00:18:05,582 --> 00:18:07,785
All we have to do is
hit a market saturation.
448
00:18:07,786 --> 00:18:09,321
If you say... Most these are...
449
00:18:09,322 --> 00:18:12,360
Don't do it. Don't give us
the 1% of a big number.
450
00:18:12,361 --> 00:18:13,597
That's the kiss of death.
451
00:18:13,598 --> 00:18:15,299
Let me get things going, okay?
452
00:18:15,300 --> 00:18:17,337
Every Shark has their thing.
453
00:18:17,338 --> 00:18:18,907
I've been doing
this for a long time.
454
00:18:18,908 --> 00:18:20,343
15 years of "Shark Tank."
455
00:18:20,344 --> 00:18:21,846
We all have
millions of followers.
456
00:18:21,847 --> 00:18:26,121
Very useful for
acquiring customers.
457
00:18:26,122 --> 00:18:28,325
The thing I'm missing is a baby.
458
00:18:28,326 --> 00:18:31,331
You know, my kids are grown up.
459
00:18:31,332 --> 00:18:33,102
You can have... You can
have one of mine if you want.
460
00:18:33,103 --> 00:18:34,839
I mean, I can get your baby.
461
00:18:34,840 --> 00:18:36,041
Look, I love you, Stu,
462
00:18:36,042 --> 00:18:37,945
but I'm gonna pass
on this one. I'm out.
463
00:18:37,946 --> 00:18:39,281
Thank you very much. I
really appreciate the kind word.
464
00:18:39,282 --> 00:18:41,051
You know what? I-I
think it's a great product.
465
00:18:41,052 --> 00:18:42,555
Thank you. I think
it's a lot of fun.
466
00:18:42,556 --> 00:18:44,659
I just can't see it scaling up,
467
00:18:44,660 --> 00:18:46,095
you know, to be big
enough to get my interest.
468
00:18:46,096 --> 00:18:47,665
So, for those reasons, I'm out.
469
00:18:47,666 --> 00:18:49,434
Thank you. That means a lot.
470
00:18:49,435 --> 00:18:51,171
I think this is a
fun product as well.
471
00:18:51,172 --> 00:18:52,340
It's a good business for you,
472
00:18:52,341 --> 00:18:54,512
but I don't believe
it's for me. I'm out.
473
00:18:54,513 --> 00:18:55,981
Thank you.
474
00:18:55,982 --> 00:18:57,852
I love the name. I
do think it's very fun,
475
00:18:57,853 --> 00:18:59,121
very memorable.
It's a great name.
476
00:18:59,122 --> 00:19:00,423
No one forgets a Dingle Dangle.
477
00:19:00,424 --> 00:19:03,295
No. As a product, I think,
you know, it's just limited.
478
00:19:03,296 --> 00:19:05,567
It's limited to a
certain time period.
479
00:19:05,568 --> 00:19:07,872
And for me, the
market's kind of small.
480
00:19:07,873 --> 00:19:11,378
And only for that
reason, I'm sorry, I'm out.
481
00:19:11,379 --> 00:19:13,215
Thank you.
482
00:19:13,216 --> 00:19:16,556
Stu, I was excited about the
sensory benefits of this toy.
483
00:19:16,557 --> 00:19:19,629
I think there are some really
interesting applications there.
484
00:19:19,630 --> 00:19:20,864
I think where you lost me
485
00:19:20,865 --> 00:19:23,369
was when you started
talking about licensing.
486
00:19:23,370 --> 00:19:25,541
I just... The... The vision
there is not something
487
00:19:25,542 --> 00:19:27,678
that I'm really connecting with,
488
00:19:27,679 --> 00:19:29,883
and so, for that
reason, I'm out.
489
00:19:31,286 --> 00:19:33,389
Are you sure? I think with
your guys' social media following
490
00:19:33,390 --> 00:19:34,625
and we'll be able
to blow this up.
491
00:19:34,626 --> 00:19:36,461
We get so many
five-star reviews.
492
00:19:36,462 --> 00:19:37,832
People love this product.
493
00:19:37,833 --> 00:19:38,934
It's for a segment of the market
494
00:19:38,935 --> 00:19:40,403
which is not paid
attention to at all,
495
00:19:40,404 --> 00:19:42,473
which is dads,
which is new dads.
496
00:19:42,474 --> 00:19:43,510
I think you're right.
497
00:19:43,511 --> 00:19:45,012
I really believe I'm
gonna be someone
498
00:19:45,013 --> 00:19:47,150
you're gonna look back on
and say, "I wish I took this deal."
499
00:19:47,151 --> 00:19:49,454
Stu, the Mr. Wonderful in me...
500
00:19:49,455 --> 00:19:52,393
And, you know, I love love,
I love children, I love family,
501
00:19:52,394 --> 00:19:54,331
but I also love royalties,
502
00:19:54,332 --> 00:19:55,366
And I'm thinking...
503
00:19:55,367 --> 00:19:56,636
No!
504
00:19:56,637 --> 00:19:58,940
You know, I'm just thinking
your margins are enough.
505
00:19:58,941 --> 00:20:02,481
He's about to dangle
a royalty in front of you.
506
00:20:02,482 --> 00:20:04,150
I can't help myself.
507
00:20:04,151 --> 00:20:05,654
I look at it, say
I'll do the deal.
508
00:20:05,655 --> 00:20:09,060
$75,000. I'll take
the 20% equity,
509
00:20:09,061 --> 00:20:11,064
but I want a buck a unit.
510
00:20:11,065 --> 00:20:13,225
I-I don't know how I'd get
my money back any other way.
511
00:20:15,140 --> 00:20:16,509
You got a deal, Mr. Wonderful.
512
00:20:16,510 --> 00:20:18,913
Yeah! Cuban: There you go.
513
00:20:18,914 --> 00:20:20,383
Wait, how long
of the... How long?
514
00:20:20,384 --> 00:20:23,422
I assume the
royalty's in perpetuity.
515
00:20:23,423 --> 00:20:25,459
It has to be.
516
00:20:25,460 --> 00:20:28,198
Well, you said $75,000... till
you get paid back your $75,000.
517
00:20:28,199 --> 00:20:29,702
No, no. I got to
get more than that.
518
00:20:29,703 --> 00:20:31,271
Sit back down!
519
00:20:31,272 --> 00:20:32,875
The dingle is un-dangled.
520
00:20:32,876 --> 00:20:34,077
Dingle dangle! Let
me finish the offer.
521
00:20:34,078 --> 00:20:35,647
Let me finish the offer, Stu.
522
00:20:35,648 --> 00:20:36,949
Let's start again, because I
wouldn't do that deal. Okay, sorry.
523
00:20:36,950 --> 00:20:39,087
Getting my money
back... That's not exciting.
524
00:20:39,088 --> 00:20:41,759
I'll take $1 a unit till
I get back $500,000,
525
00:20:41,760 --> 00:20:43,697
and then the royalty
just goes away.
526
00:20:45,167 --> 00:20:47,671
$500,000. Come on.
527
00:20:47,672 --> 00:20:49,274
Yeah, for a 75K investment.
528
00:20:49,275 --> 00:20:52,146
How... Wait, wait. But
will you still have percentage?
529
00:20:52,147 --> 00:20:53,516
Yes. Of course.
530
00:20:53,517 --> 00:20:57,023
Would you do it for... Get
paid back to $150,000?
531
00:20:57,024 --> 00:20:58,258
It's not enough.
532
00:20:58,259 --> 00:20:59,862
You'll still have 20%.
533
00:20:59,863 --> 00:21:01,666
- Yes, you will.
- I was out, remember?
534
00:21:01,667 --> 00:21:03,469
I'm trying to get
excited about it again.
535
00:21:03,470 --> 00:21:04,839
Tomorrow morning, I
have to wake up and say,
536
00:21:04,840 --> 00:21:06,810
"What? I did Dingle Dangle?"
537
00:21:08,279 --> 00:21:09,715
How about $250,000?
538
00:21:11,553 --> 00:21:13,389
$300,000, it's done.
539
00:21:13,390 --> 00:21:14,725
- You got a deal.
- Alright.
540
00:21:14,726 --> 00:21:16,629
There you go.
541
00:21:16,630 --> 00:21:18,098
- Alright, Stu.
- Good job.
542
00:21:18,099 --> 00:21:20,269
I'm gonna make you richer then.
543
00:21:20,270 --> 00:21:22,240
- Whoo!
- Congratulations, Stu.
544
00:21:22,241 --> 00:21:23,409
I love it. Thank you so much.
545
00:21:23,410 --> 00:21:24,745
Should we all shake
our Dingle Dangles?
546
00:21:24,746 --> 00:21:25,947
Yeah.
547
00:21:25,948 --> 00:21:27,618
Guys, thank you so much.
548
00:21:27,619 --> 00:21:29,321
- Congratulations.
- Well done. Good job.
549
00:21:32,829 --> 00:21:35,567
Kevin is the hard-nosed
businessman, and that's what we need.
550
00:21:35,568 --> 00:21:37,538
We want to be the name
in the baby business,
551
00:21:37,539 --> 00:21:40,878
and I think Kevin is the
perfect partner to get us there.
552
00:21:43,984 --> 00:21:46,021
Come on out, Richard!
553
00:21:47,625 --> 00:21:49,695
Wow. Getting good now.
554
00:21:49,696 --> 00:21:53,603
Wine & Design was my
favorite, favorite pitch, bar none.
555
00:21:57,277 --> 00:22:00,082
- My God!
- Aah!
556
00:22:00,083 --> 00:22:01,084
What?!
557
00:22:02,856 --> 00:22:05,459
- Just for you, Barbara.
- Just for you, Barbara.
558
00:22:05,460 --> 00:22:06,963
Everyone has their apron on.
559
00:22:06,964 --> 00:22:09,467
We've got our boas on. Barb,
I've never seen you speechless.
560
00:22:09,468 --> 00:22:10,971
I couldn't
stop staring at the guy.
561
00:22:10,972 --> 00:22:12,306
He was so good-looking.
562
00:22:12,307 --> 00:22:15,412
I had never been so close
to a young man in my life.
563
00:22:15,413 --> 00:22:16,949
My name is Heather. Ladies,
thank you for having me.
564
00:22:16,950 --> 00:22:18,486
We don't care who
you are, Heather.
565
00:22:18,487 --> 00:22:19,689
To you, dear.
566
00:22:24,499 --> 00:22:27,336
Next up are
three college friends
567
00:22:27,337 --> 00:22:30,342
who created a safer
way to get big thrills.
568
00:22:40,565 --> 00:22:41,699
What's up, Sharks?
569
00:22:41,700 --> 00:22:43,035
My name is Charlie Cannon.
570
00:22:43,036 --> 00:22:43,871
I'm Chris Goodhue.
571
00:22:43,872 --> 00:22:45,239
And I'm Carson Macdonald.
572
00:22:45,240 --> 00:22:47,511
Sharks, you've all seen
skateboards and longboards,
573
00:22:47,512 --> 00:22:49,380
and I know this is
gonna sound crazy,
574
00:22:49,381 --> 00:22:51,786
but not a single one has
ever had a brake on it.
575
00:22:51,787 --> 00:22:55,125
So we created the world's
only skateboards with brakes.
576
00:22:55,126 --> 00:22:58,298
We created VibeRide,
and we're seeking $250,000
577
00:22:58,299 --> 00:23:02,841
in exchange for 10% of the next
biggest skate company on earth.
578
00:23:02,842 --> 00:23:06,114
Sharks, bikes have brakes,
scooters have brakes,
579
00:23:06,115 --> 00:23:08,586
cars most definitely
have brakes.
580
00:23:08,587 --> 00:23:10,624
Everything with wheels
needs a way to slow down.
581
00:23:10,625 --> 00:23:13,496
But longboards and skateboards
have never had brakes.
582
00:23:13,497 --> 00:23:16,268
And that is such a tragedy
because riding down hills
583
00:23:16,269 --> 00:23:18,305
is supposed to be the best part.
584
00:23:19,809 --> 00:23:23,315
So, to demonstrate how game
changing this brake really is,
585
00:23:23,316 --> 00:23:25,452
we're gonna attempt
something that has never been
586
00:23:25,453 --> 00:23:27,958
possible before
just on "Shark Tank."
587
00:23:27,959 --> 00:23:29,628
Charlie's gonna
drop into this ramp
588
00:23:29,629 --> 00:23:31,499
and attempt to come
to a complete stop
589
00:23:31,500 --> 00:23:33,636
without dragging his
foot on the ground.
590
00:23:33,637 --> 00:23:34,872
Give him a drum roll.
591
00:23:34,873 --> 00:23:38,245
Alright, if I can't stop
before this stop sign,
592
00:23:38,246 --> 00:23:39,915
I am running
straight into Chris.
593
00:23:39,916 --> 00:23:41,085
Let's go.
594
00:23:44,793 --> 00:23:45,827
It's that easy.
595
00:23:45,828 --> 00:23:47,497
All you do is just
pivot your heel
596
00:23:47,498 --> 00:23:49,233
and press to slow down.
597
00:23:49,234 --> 00:23:50,369
Cool.
598
00:23:50,370 --> 00:23:52,006
And, Sharks, it's
not just about safety.
599
00:23:52,007 --> 00:23:54,277
In fact, that's not even
why we created the brake.
600
00:23:54,278 --> 00:23:56,716
Saving lives is just
an added bonus.
601
00:23:56,717 --> 00:24:00,122
We made this brake so we
could ride our dream wheels!
602
00:24:00,123 --> 00:24:03,161
So we could ride
any hill at any speed
603
00:24:03,162 --> 00:24:05,199
just the way that skating
should have always been.
604
00:24:05,200 --> 00:24:07,671
Without a brake, you
spend half of your ride
605
00:24:07,672 --> 00:24:09,240
just trying not to wipe out.
606
00:24:09,241 --> 00:24:10,376
And that's no fun.
607
00:24:10,377 --> 00:24:11,879
So, Sharks, let's get
out of the Stone Age
608
00:24:11,880 --> 00:24:14,985
and stop using the bottom
of our shoes as brakes.
609
00:24:14,986 --> 00:24:17,189
Which of you wants
to take a ride with us
610
00:24:17,190 --> 00:24:19,093
into the future of skating?
611
00:24:19,094 --> 00:24:21,397
- Good job.
- Alright. Good job.
612
00:24:21,398 --> 00:24:24,538
You may now reveal your
very own custom brake boards
613
00:24:24,539 --> 00:24:25,774
made by yours truly.
614
00:24:25,775 --> 00:24:27,209
- Yeah, baby!
- Gorgeous!
615
00:24:27,210 --> 00:24:29,050
There you go. That's
pretty badass right there.
616
00:24:30,651 --> 00:24:33,689
I see... You know, I've
been working out.
617
00:24:33,690 --> 00:24:34,992
Look at those muscles.
618
00:24:34,993 --> 00:24:36,562
Not big enough, but close.
619
00:24:36,563 --> 00:24:39,066
This is the world's
only skateboard with a brake on it.
620
00:24:39,067 --> 00:24:40,870
So, how it works...
You can spin the wheel
621
00:24:40,871 --> 00:24:43,141
and then press down
on this rear lever here,
622
00:24:43,142 --> 00:24:46,147
and it's gonna push these
arms out into the wheels.
623
00:24:46,148 --> 00:24:48,185
And the wheels have
brake pads on them.
624
00:24:48,186 --> 00:24:50,824
Super easy to use,
but it's also been tested
625
00:24:50,825 --> 00:24:52,226
up to 50 miles an hour,
626
00:24:52,227 --> 00:24:53,996
so experts are
gonna love it as well.
627
00:24:53,997 --> 00:24:57,203
We also have a few other
models. Let us show you those now.
628
00:24:57,204 --> 00:24:58,706
So that one's our pro brake.
629
00:24:58,707 --> 00:25:01,545
It retails for $149,
just the brake kit,
630
00:25:01,546 --> 00:25:03,616
and with the full
board for $259.
631
00:25:03,617 --> 00:25:04,751
And we got others.
632
00:25:04,752 --> 00:25:07,289
We have our next tier.
This one retails for $189.
633
00:25:07,290 --> 00:25:08,493
It's the exact same function.
634
00:25:08,494 --> 00:25:10,329
This one's ideal
for medium hills.
635
00:25:10,330 --> 00:25:11,532
This is our cheapest model.
636
00:25:11,533 --> 00:25:14,237
It's gonna come in
about $129 to $139.
637
00:25:14,238 --> 00:25:15,840
It's based off of
a scooter brake.
638
00:25:15,841 --> 00:25:18,513
Super easy to use,
great for casual hills,
639
00:25:18,514 --> 00:25:19,482
but it's gonna
allow us to get into
640
00:25:19,483 --> 00:25:20,717
that lower end of the market,
641
00:25:20,718 --> 00:25:22,721
especially after we've
polled our customers
642
00:25:22,722 --> 00:25:24,323
and see what they're
willing to pay for a board.
643
00:25:24,324 --> 00:25:25,660
And those price points
come with the boards,
644
00:25:25,661 --> 00:25:26,695
for all of them.
645
00:25:26,696 --> 00:25:28,064
So, what does it
cost you to make?
646
00:25:28,065 --> 00:25:30,870
Our margin's around
63% across all of them.
647
00:25:30,871 --> 00:25:34,277
How many people just buy
the brake for their own board?
648
00:25:34,278 --> 00:25:36,782
So, it's actually
about 50/50 so far.
649
00:25:36,783 --> 00:25:39,788
We actually expected
more just boards to be sold,
650
00:25:39,789 --> 00:25:41,825
and honestly, I'd kind of
like to sell the whole board
651
00:25:41,826 --> 00:25:44,130
'cause you make more money
when you sell the board, too.
652
00:25:44,131 --> 00:25:45,800
Can I ask a question?
653
00:25:45,801 --> 00:25:48,138
Why have skateboards not
had brakes to begin with?
654
00:25:48,139 --> 00:25:49,975
I know! I literally
have no idea.
655
00:25:49,976 --> 00:25:52,479
And I don't feel bad at all
when we take this entire market.
656
00:25:52,480 --> 00:25:54,685
That's from the perspective
of a mom with boys
657
00:25:54,686 --> 00:25:56,054
who I'm always worried about.
658
00:25:56,055 --> 00:25:58,224
Boards have been around
longer than we've been alive,
659
00:25:58,225 --> 00:26:00,897
and they don't have brakes. So technically,
you got a patent for this then?
660
00:26:00,898 --> 00:26:03,368
Yeah, we got patents. We got six of
them. How many? You got utility patents?
661
00:26:03,369 --> 00:26:05,305
You have six utility patents?
662
00:26:05,306 --> 00:26:08,478
Yes, and five of them... Alright.
Wait. I have to jump backwards.
663
00:26:08,479 --> 00:26:11,217
Who are you? Like, where
do you guys come from?
664
00:26:11,218 --> 00:26:12,721
Come on.
665
00:26:12,722 --> 00:26:14,691
So, I'll start. You know,
I've been an entrepreneur
666
00:26:14,692 --> 00:26:16,327
my whole life, since I was 14.
667
00:26:16,328 --> 00:26:18,966
You know, flipping
T-shirts, flipping scooters.
668
00:26:18,967 --> 00:26:21,070
I had a videography
business in high school.
669
00:26:21,071 --> 00:26:24,043
I knew a lot about cameras,
and I knew there was a place
670
00:26:24,044 --> 00:26:26,515
in the market for
affordable camera drones.
671
00:26:26,516 --> 00:26:29,387
So, I private labeled a line
of affordable camera drones,
672
00:26:29,388 --> 00:26:30,890
launched them online.
673
00:26:30,891 --> 00:26:32,861
Within the first two
and a half years,
674
00:26:32,862 --> 00:26:34,598
built a team of 23 people
675
00:26:34,599 --> 00:26:36,635
and sold over $15 million
worth of camera drones.
676
00:26:36,636 --> 00:26:38,773
What? My God. Wow.
677
00:26:38,774 --> 00:26:40,810
What, you sold
it for $15 million?
678
00:26:40,811 --> 00:26:45,152
No, I sold $15 million in
sales of camera drones.
679
00:26:45,153 --> 00:26:46,722
Sorry, let's take those back.
680
00:26:46,723 --> 00:26:47,991
No, I did sell the business
for $3 million, though.
681
00:26:47,992 --> 00:26:49,795
There you go. There you go.
682
00:26:49,796 --> 00:26:51,932
So, I had the idea
for these brakes.
683
00:26:51,933 --> 00:26:54,571
Carson was a dorm mate of
mine in an engineering school.
684
00:26:54,572 --> 00:26:56,407
I'm our chief design officer,
685
00:26:56,408 --> 00:26:58,779
so I have a background in
engineering and graphic design.
686
00:26:58,780 --> 00:27:01,350
So I oversee all the design
aspects of the company.
687
00:27:01,351 --> 00:27:04,256
And then I also... I worked at
the other company with them.
688
00:27:04,257 --> 00:27:05,660
So, I ran the warehouse.
689
00:27:05,661 --> 00:27:07,764
So, I have a ton of experience
in systems and automations
690
00:27:07,765 --> 00:27:09,634
and what it takes to
run a company at scale.
691
00:27:09,635 --> 00:27:11,505
So, and then I'm more
on the creative side.
692
00:27:11,506 --> 00:27:12,974
I'm the chief brand officer,
693
00:27:12,975 --> 00:27:15,546
and I spend a lot of my
time working with Charlie,
694
00:27:15,547 --> 00:27:17,216
just really creating
our content engine
695
00:27:17,217 --> 00:27:19,320
that's gonna drive,
like, organic growth.
696
00:27:19,321 --> 00:27:20,723
How old are you guys now?
697
00:27:20,724 --> 00:27:21,825
I'm 22.
698
00:27:21,826 --> 00:27:23,128
I'm 23.
699
00:27:23,129 --> 00:27:25,031
I'm 27. I'm... I'm the old guy.
700
00:27:25,032 --> 00:27:26,568
The old guy. Yeah, grandpa.
701
00:27:26,569 --> 00:27:28,004
Ancient. Ancient.
702
00:27:28,005 --> 00:27:31,144
I'm just looking at you guys
and thinking of my boys.
703
00:27:31,145 --> 00:27:33,348
Like, every night at
dinner, I just talk to them
704
00:27:33,349 --> 00:27:35,987
about finding their
passion and pursuing that
705
00:27:35,988 --> 00:27:37,256
because when you
find your passion...
706
00:27:37,257 --> 00:27:38,659
- Every night at dinner?
- Every night?
707
00:27:38,660 --> 00:27:40,362
You never work
a day in your life.
708
00:27:40,363 --> 00:27:41,798
No, I am a broken record.
709
00:27:41,799 --> 00:27:43,702
I really want them
to find their passion,
710
00:27:43,703 --> 00:27:45,773
and I'm so proud that you've
done that. Do they still live there?
711
00:27:45,774 --> 00:27:47,744
But is this
culture kind of like the
712
00:27:47,745 --> 00:27:50,215
"How dare you do
that? That's not cool"?
713
00:27:50,216 --> 00:27:52,687
If anyone's gonna
break that stigma, it's us.
714
00:27:52,688 --> 00:27:54,123
We live this.
715
00:27:54,124 --> 00:27:56,595
You know, I've been skating
since I was 10 years old.
716
00:27:56,596 --> 00:27:59,400
I was a semi-pro freeskier
out of Utah. - Damn.
717
00:27:59,401 --> 00:28:02,005
Nice. I'm a
surfer, I'm a skater,
718
00:28:02,006 --> 00:28:04,978
and I can backflip pretty
much everything. Nice!
719
00:28:04,979 --> 00:28:06,648
I'm a state champion biker
720
00:28:06,649 --> 00:28:08,886
and a semiprofessional
cliff jumper. - Wow.
721
00:28:08,887 --> 00:28:11,457
And of course, a skater. So...
722
00:28:11,458 --> 00:28:12,894
Let's talk about
the business. So...
723
00:28:12,895 --> 00:28:14,096
Yeah. Let's do it.
724
00:28:14,097 --> 00:28:15,265
What will your
sales be this year?
725
00:28:15,266 --> 00:28:16,568
What are they
gonna be next year?
726
00:28:16,569 --> 00:28:20,041
Right. So we opened up
for presale two months ago.
727
00:28:20,042 --> 00:28:21,912
It was pretty crazy.
Brand new.
728
00:28:21,913 --> 00:28:24,450
But all that to say, in
those first two months,
729
00:28:24,451 --> 00:28:27,757
we've done $150,000
in sales so far
730
00:28:27,758 --> 00:28:28,792
in a little over two months.
731
00:28:28,793 --> 00:28:30,128
That's not bad. Wow.
732
00:28:30,129 --> 00:28:32,934
So, we're gonna finish
the year at around $600,000
733
00:28:32,935 --> 00:28:34,003
just with this product.
734
00:28:34,004 --> 00:28:35,171
Wow.
735
00:28:35,172 --> 00:28:36,909
So, how much of your
money do you have in this?
736
00:28:36,910 --> 00:28:38,979
Because this is not cheap.
737
00:28:38,980 --> 00:28:40,883
I invested $1.2 million to date.
738
00:28:40,884 --> 00:28:44,524
Wow. Dang,
Charlie. You're all in.
739
00:28:44,525 --> 00:28:46,327
Pump yo brakes!
740
00:28:46,328 --> 00:28:48,364
Well, first thing I did... I
called up the only people
741
00:28:48,365 --> 00:28:50,703
who had ever successfully
made brakes before
742
00:28:50,704 --> 00:28:52,507
and I got everyone to sell.
In... In this same industry?
743
00:28:52,508 --> 00:28:54,744
Like, every single patent
on longboard brakes,
744
00:28:54,745 --> 00:28:57,249
I was able to buy, and I
spent $450,000 doing that.
745
00:28:57,250 --> 00:28:58,719
- Whoa.
- Wow.
746
00:28:58,720 --> 00:29:01,057
You guys are the
real deal, right?
747
00:29:01,058 --> 00:29:02,426
I'll give you the 250K.
748
00:29:02,427 --> 00:29:05,432
I'm a Shark, so I have to
ask for 15% instead of 10%,
749
00:29:05,433 --> 00:29:07,233
and you can tell me
yes or you can tell me no.
750
00:29:09,207 --> 00:29:10,943
Why do you want
15% instead of 10%?
751
00:29:10,944 --> 00:29:12,279
Because you asked for 10%,
752
00:29:12,280 --> 00:29:13,982
and so I figured I'd
have to ask for 15%.
753
00:29:13,983 --> 00:29:18,124
Okay, so, we'll give you
the 15% for $350,000.
754
00:29:18,125 --> 00:29:19,460
Cash is super important.
755
00:29:19,461 --> 00:29:21,598
It'll allow us to launch
these products I haven't,
756
00:29:21,599 --> 00:29:23,268
'cause I don't want
to pay for the mold.
757
00:29:25,306 --> 00:29:28,044
Okay, I'll do it for 12%,
'cause I'm a Shark, right?
758
00:29:28,045 --> 00:29:30,382
I got to be a Shark.
So, I'll do it for 12%,
759
00:29:30,383 --> 00:29:32,386
and then if we need more
cash 'cause you're growing,
760
00:29:32,387 --> 00:29:33,789
I'll put in more cash.
761
00:29:33,790 --> 00:29:38,264
Alright, $265,000 for 12%.
762
00:29:38,265 --> 00:29:39,868
$250,000 for 12%.
763
00:29:45,413 --> 00:29:47,082
Alright. Deal. Deal.
You got a deal.
764
00:29:49,054 --> 00:29:50,388
Thank you guys so much.
765
00:29:50,389 --> 00:29:51,858
Good job, guys.
766
00:29:51,859 --> 00:29:54,697
You guys are badasses.
So impressive. So impressive.
767
00:29:54,698 --> 00:29:56,033
For sure. Thank you so much.
768
00:29:56,034 --> 00:29:58,739
- Thank you.
- Well done, man.
769
00:29:58,740 --> 00:29:59,708
Thanks.
770
00:29:59,709 --> 00:30:01,511
- Let's go!
- Let's go!
771
00:30:03,215 --> 00:30:04,184
Thank you guys, all, so much.
772
00:30:04,185 --> 00:30:06,655
Thank you! You guys are awesome.
773
00:30:06,656 --> 00:30:09,359
Whoo! Let's go!
774
00:30:09,360 --> 00:30:12,299
Mark Cuban! Let's go!
775
00:30:12,300 --> 00:30:13,468
Yeah!
776
00:30:13,469 --> 00:30:15,606
It's so crazy because
I was a sixth grader
777
00:30:15,607 --> 00:30:17,309
and I saw "Shark
Tank" and I was like,
778
00:30:17,310 --> 00:30:18,645
"That's what I want
to do when I'm older."
779
00:30:18,646 --> 00:30:21,350
And, like, I'm not the
only one who thought that.
780
00:30:21,351 --> 00:30:22,453
That was all of us.
781
00:30:33,843 --> 00:30:36,681
Next up are
packable meals and snacks
782
00:30:36,682 --> 00:30:39,888
for adventurers that
don't compromise on taste.
783
00:30:47,036 --> 00:30:49,807
Hello, Sharks. My
name is Heather Kelly,
784
00:30:49,808 --> 00:30:53,147
and I'm coming to you from
beautiful Anchorage, Alaska.
785
00:30:53,148 --> 00:30:57,523
Today, I am seeking $250,000
for 10% of my company,
786
00:30:57,524 --> 00:30:59,026
Heather's Choice.
787
00:30:59,027 --> 00:31:01,163
Now, Sharks, I'm going to assume
788
00:31:01,164 --> 00:31:03,902
that most of you haven't
been camping before,
789
00:31:03,903 --> 00:31:05,338
but you might know the drill.
790
00:31:05,339 --> 00:31:06,908
You're sleeping in a tent.
791
00:31:06,909 --> 00:31:10,415
You're on the ground.
There's bugs. It's dark.
792
00:31:10,416 --> 00:31:13,689
But for one second,
I want you to imagine
793
00:31:13,690 --> 00:31:16,795
that I have invited you
on the trip of a lifetime.
794
00:31:16,796 --> 00:31:19,901
As we sit down around
the campfire at night,
795
00:31:19,902 --> 00:31:22,072
the first question
that you ask me is,
796
00:31:22,073 --> 00:31:23,609
"What's for dinner?"
797
00:31:23,610 --> 00:31:26,848
So, I also want you to imagine
that you can have something
798
00:31:26,849 --> 00:31:29,487
that tastes just like
a home-cooked meal,
799
00:31:29,488 --> 00:31:31,357
but eaten from a bag.
800
00:31:31,358 --> 00:31:33,996
Introducing Heather's Choice.
801
00:31:33,997 --> 00:31:37,670
We are a line of lightweight,
packable meals and snacks
802
00:31:37,671 --> 00:31:40,776
for adventurers
just like you and me.
803
00:31:40,777 --> 00:31:43,915
Our entire adventure
menu is gluten-free
804
00:31:43,916 --> 00:31:46,521
and made with only the
finest quality ingredients,
805
00:31:46,522 --> 00:31:49,359
like wild caught
Alaskan sockeye salmon.
806
00:31:49,360 --> 00:31:53,067
Some of our best sellers
include Grass-Fed Bison Chili,
807
00:31:53,068 --> 00:31:54,671
and Morning Glory Oatmeal.
808
00:31:54,672 --> 00:31:56,073
Alright, Sharks,
809
00:31:56,074 --> 00:31:58,310
we're gonna be covering
some miles on this adventure,
810
00:31:58,311 --> 00:32:01,183
so you're also going
to need some snacks.
811
00:32:01,184 --> 00:32:02,620
We make Packaroons,
812
00:32:02,621 --> 00:32:04,824
which are coconut
cookies for your backpack,
813
00:32:04,825 --> 00:32:07,596
and they come in eight
adventurous flavors.
814
00:32:07,597 --> 00:32:11,070
Alright, who wants to come
on this epic adventure with me
815
00:32:11,071 --> 00:32:13,842
and put healthy, delicious
food in people's packs
816
00:32:13,843 --> 00:32:15,078
across the globe?
817
00:32:15,079 --> 00:32:16,514
Alright. Okay. Let's eat.
818
00:32:16,515 --> 00:32:17,583
So this is it in front of us?
819
00:32:17,584 --> 00:32:20,489
Yes. You each have a breakfast,
820
00:32:20,490 --> 00:32:23,895
a dinner, and a couple
Packaroon flavors to try.
821
00:32:23,896 --> 00:32:25,231
Ooh, and it's warm.
822
00:32:25,232 --> 00:32:26,568
- My gosh. It's hot.
- It's really warm.
823
00:32:26,569 --> 00:32:28,739
Yep. I went ahead
and did the hard work.
824
00:32:28,740 --> 00:32:30,341
I poured the water
in the bag for you.
825
00:32:30,342 --> 00:32:32,412
You heat it up
right in the bag? Yep.
826
00:32:32,413 --> 00:32:34,851
If you're somebody who
needs a bunch of calories,
827
00:32:34,852 --> 00:32:36,521
you could have one of our
meals... Ooh, that's tasty.
828
00:32:36,522 --> 00:32:38,190
And also have a snack with it.
829
00:32:38,191 --> 00:32:40,027
Ooh. Smells
delicious. That is good.
830
00:32:40,028 --> 00:32:42,432
Whatever the Packaroon
is, that coconut one...
831
00:32:42,433 --> 00:32:43,869
That's delicious.
832
00:32:43,870 --> 00:32:46,641
Yes. Wow, that
chili is fantastic.
833
00:32:46,642 --> 00:32:47,943
Good.
834
00:32:47,944 --> 00:32:49,680
The African Peanut
Stew is good, too.
835
00:32:49,681 --> 00:32:51,684
How many different
meals do you have?
836
00:32:51,685 --> 00:32:52,887
It's quite a variety.
837
00:32:52,888 --> 00:32:55,224
Yeah, we have six
breakfasts, eight dinners,
838
00:32:55,225 --> 00:32:57,563
and then eight flavors
of the Packaroons.
839
00:32:57,564 --> 00:32:59,032
How much is this going for?
840
00:32:59,033 --> 00:33:01,136
So, the Packaroons
are $2.50 each,
841
00:33:01,137 --> 00:33:03,842
the breakfasts are
$8.95. That's not bad.
842
00:33:03,843 --> 00:33:06,948
And then the dinners
range from $12.50 to $15.95.
843
00:33:06,949 --> 00:33:08,450
And that's D2C?
844
00:33:08,451 --> 00:33:10,188
So that's our MSRP price.
845
00:33:10,189 --> 00:33:12,158
Are you a chef? What
is your backstory here?
846
00:33:12,159 --> 00:33:14,262
How did you... How did
you come up with this?
847
00:33:14,263 --> 00:33:16,133
When I left Alaska
for the first time,
848
00:33:16,134 --> 00:33:18,972
I went to school at Western
Washington University.
849
00:33:18,973 --> 00:33:21,176
I was recruited for the
women's rowing team.
850
00:33:21,177 --> 00:33:24,650
As you guys can imagine,
exercising 24 hours a week,
851
00:33:24,651 --> 00:33:26,588
you have to learn
how to feed yourself.
852
00:33:26,589 --> 00:33:28,190
So, I was just learning
853
00:33:28,191 --> 00:33:29,894
everything I could
about nutrition
854
00:33:29,895 --> 00:33:32,833
while simultaneously
helping my team win their third,
855
00:33:32,834 --> 00:33:34,537
fourth, fifth, and sixth
national championship.
856
00:33:34,538 --> 00:33:35,539
Wow.
857
00:33:35,540 --> 00:33:37,108
So, we were pretty good.
858
00:33:37,109 --> 00:33:41,416
And after college, I was invited
on a 30-day Grand Canyon trip.
859
00:33:41,417 --> 00:33:46,460
So, rowing a 3,000-pound
gear boat over 200 miles,
860
00:33:46,461 --> 00:33:49,867
and my response to all
of this was to dehydrate
861
00:33:49,868 --> 00:33:52,673
50 pounds of food for
this month-long adventure.
862
00:33:52,674 --> 00:33:55,278
And that was in 2011,
and that's when the idea
863
00:33:55,279 --> 00:33:57,282
for Heather's Choice
really started to percolate.
864
00:33:57,283 --> 00:33:59,787
Let's talk
about the business, okay?
865
00:33:59,788 --> 00:34:02,826
Let's. This is a niche
market extreme.
866
00:34:02,827 --> 00:34:04,329
How do you acquire
these customers,
867
00:34:04,330 --> 00:34:07,937
and then how much do
you make from each one?
868
00:34:07,938 --> 00:34:10,742
So, it's a subscription
direct to consumer, I assume?
869
00:34:10,743 --> 00:34:14,015
So, we aim for a 75%
margin on everything we make.
870
00:34:14,016 --> 00:34:16,053
Currently, we sell
direct to consumer,
871
00:34:16,054 --> 00:34:18,023
which is how I started,
just selling through Shopify.
872
00:34:18,024 --> 00:34:19,192
Why would you ever change?
873
00:34:19,193 --> 00:34:20,896
Do you sell on Amazon?
874
00:34:20,897 --> 00:34:22,833
Yes. We're also in REI,
875
00:34:22,834 --> 00:34:24,102
which is one of our
bigger customers.
876
00:34:24,103 --> 00:34:25,906
Well, you should be. Perfect.
877
00:34:25,907 --> 00:34:28,010
That's fine 'cause that's customer-specific.
That's your customer. Yeah.
878
00:34:28,011 --> 00:34:31,416
Our total wholesale
business is about 237 doors.
879
00:34:31,417 --> 00:34:33,087
How much in sales a year?
880
00:34:33,088 --> 00:34:35,024
In 2022, that was our
first million-dollar year.
881
00:34:35,025 --> 00:34:36,861
Wow. Okay.
882
00:34:36,862 --> 00:34:38,330
You should do a million.
They taste fantastic.
883
00:34:38,331 --> 00:34:40,067
Are you profitable?
884
00:34:40,068 --> 00:34:41,370
No.
885
00:34:41,371 --> 00:34:42,873
Okay. Talk to us.
886
00:34:42,874 --> 00:34:46,446
So, what stops you from being
profitable with margins of 75%?
887
00:34:46,447 --> 00:34:49,854
Manufacturing in
Alaska. I would say...
888
00:34:49,855 --> 00:34:52,058
Why does it have to be
manufactured in Alaska... It is now...
889
00:34:52,059 --> 00:34:54,697
versus going to a
co-packer and scaling?
890
00:34:54,698 --> 00:34:56,466
Yeah. I will tell you,
891
00:34:56,467 --> 00:34:59,072
I tried the co-packing route
on three separate occasions
892
00:34:59,073 --> 00:35:02,378
and I couldn't hold the
product quality on the meals.
893
00:35:02,379 --> 00:35:05,317
So, I finally decided
I'm ready to leave Alaska
894
00:35:05,318 --> 00:35:07,890
and we are relocating
to the "lower 48."
895
00:35:07,891 --> 00:35:09,527
So, what are your
margins gonna look like
896
00:35:09,528 --> 00:35:11,329
once you go to the lower 48?
897
00:35:11,330 --> 00:35:14,804
The gross margin on every
product can get closer to 80%...
898
00:35:14,805 --> 00:35:16,541
Especially the Packaroons.
899
00:35:16,542 --> 00:35:19,747
There is so much opportunity
to make those for less,
900
00:35:19,748 --> 00:35:22,719
and that's what I'd
really like help with today,
901
00:35:22,720 --> 00:35:25,057
is really finding an opportunity
902
00:35:25,058 --> 00:35:26,828
to seriously scale the
Packaroon business
903
00:35:26,829 --> 00:35:28,565
and move that to a
co-packaging model.
904
00:35:28,566 --> 00:35:30,602
Why Packaroons, though? Why... What...
Yeah. Yeah, what percentage of sales?
905
00:35:30,603 --> 00:35:31,838
Yeah, why versus the meals?
'Cause that's what stands out.
906
00:35:31,839 --> 00:35:33,942
This stuff is good.
That's what stands out.
907
00:35:33,943 --> 00:35:35,946
Yeah, so why the Packaroons
instead of the meals?
908
00:35:35,947 --> 00:35:39,385
I have been actively fundraising
for about nine months now,
909
00:35:39,386 --> 00:35:41,323
and the consistent
feedback has been,
910
00:35:41,324 --> 00:35:43,795
"Heather, the market opportunity
for the meals isn't big enough."
911
00:35:43,796 --> 00:35:45,932
Wait. Kevin says niche, but...
912
00:35:45,933 --> 00:35:50,775
camping... disaster relief. Greiner:
Backpacking, mountain climbers, boaters.
913
00:35:50,776 --> 00:35:52,311
There's various other areas
914
00:35:52,312 --> 00:35:55,786
where people don't have
access to food or they need it.
915
00:35:55,787 --> 00:35:57,121
There's so much
more you could do
916
00:35:57,122 --> 00:36:00,795
because your
formulation is really good.
917
00:36:00,796 --> 00:36:02,198
That's your secret sauce. And
all you need is a microwave.
918
00:36:02,199 --> 00:36:04,570
You just need a stove or a
microwave just to heat water.
919
00:36:04,571 --> 00:36:06,641
They're metal-lined. Don't put
them in the microwave. Gotcha.
920
00:36:06,642 --> 00:36:09,345
My kids would love to
heat something like this up
921
00:36:09,346 --> 00:36:10,715
as an after-school snack.
922
00:36:10,716 --> 00:36:12,819
Right now, all they're
relegated to is mac and cheese.
923
00:36:12,820 --> 00:36:16,293
You are just very laser-focused
on this target customer,
924
00:36:16,294 --> 00:36:17,696
which is you, and I get that,
925
00:36:17,697 --> 00:36:20,802
but there are a huge market
out there of other consumers
926
00:36:20,803 --> 00:36:22,138
who would love this food.
927
00:36:22,139 --> 00:36:23,307
It's delicious. Yeah.
928
00:36:23,308 --> 00:36:24,342
- Thank you.
- It's really good.
929
00:36:24,343 --> 00:36:25,612
So, did you raise capital?
930
00:36:25,613 --> 00:36:27,448
So, over the last nine years,
931
00:36:27,449 --> 00:36:32,225
I've raised $1.3 million over
a bunch of little baby tranches.
932
00:36:32,226 --> 00:36:35,632
In the summer of '22, I sat
down with my advisory board.
933
00:36:35,633 --> 00:36:38,705
And they were like, "Heather,
we are super tired of seeing you
934
00:36:38,706 --> 00:36:40,909
raise a couple hundred
thousand dollars at a time.
935
00:36:40,910 --> 00:36:42,579
Like, put together an ask
936
00:36:42,580 --> 00:36:44,984
that's actually gonna be
transformational for you."
937
00:36:44,985 --> 00:36:47,388
So, the number I
landed on is $1.5 million,
938
00:36:47,389 --> 00:36:49,760
and I have been
beating the pavement...
939
00:36:49,761 --> 00:36:52,833
To try to raise the money. and
I've had so many people say,
940
00:36:52,834 --> 00:36:54,737
"I love you, I love the product,
941
00:36:54,738 --> 00:36:56,774
I love the story, I love
everything about this,
942
00:36:56,775 --> 00:36:58,377
but the market
opportunity isn't big enough.
943
00:36:58,378 --> 00:37:00,715
If you can't show me
a path to $50 million,
944
00:37:00,716 --> 00:37:02,418
then I'm not
interested."
945
00:37:02,419 --> 00:37:04,757
Okay, and how much
debt do you have, if any?
946
00:37:04,758 --> 00:37:06,727
Ooh.
947
00:37:06,728 --> 00:37:08,030
I have $1 million worth of debt.
948
00:37:08,031 --> 00:37:09,500
Ouch.
949
00:37:09,501 --> 00:37:10,802
Yeah.
950
00:37:10,803 --> 00:37:13,675
Alright, so listen, the
way you're presenting it,
951
00:37:13,676 --> 00:37:16,614
you're almost negotiating
against yourself, right?
952
00:37:16,615 --> 00:37:20,020
"Nobody says it's a big market.
I have $1 million."
953
00:37:20,021 --> 00:37:22,024
Like, why do you feel like...
954
00:37:22,025 --> 00:37:24,162
I mean, there's an
accomplishment here,
955
00:37:24,163 --> 00:37:25,397
first of all.
956
00:37:25,398 --> 00:37:26,767
Thank you. Why are
you pitching like that?
957
00:37:26,768 --> 00:37:28,604
Because you're almost
talking yourself out of it
958
00:37:28,605 --> 00:37:30,407
before we even get to respond.
959
00:37:30,408 --> 00:37:33,948
Yeah, honestly, you
guys, I feel so beat up.
960
00:37:33,949 --> 00:37:35,250
- Right.
- Yeah.
961
00:37:35,251 --> 00:37:37,421
You shouldn't.
962
00:37:37,422 --> 00:37:40,094
Um, the reason I
feel really beat up
963
00:37:40,095 --> 00:37:41,831
is I didn't make
payroll yesterday.
964
00:37:43,034 --> 00:37:44,870
Ouch.
965
00:37:44,871 --> 00:37:49,847
Um, I have been
so starved for cash,
966
00:37:49,848 --> 00:37:51,717
and if you were to look
at our balance sheet
967
00:37:51,718 --> 00:37:53,521
over the last two
years, you'd be like,
968
00:37:53,522 --> 00:37:57,328
"How on God's green
earth is this girl still alive?"
969
00:38:09,687 --> 00:38:12,258
All Sharks are
still in on Heather's Choice,
970
00:38:12,259 --> 00:38:14,863
a line of gourmet instant meals,
971
00:38:14,864 --> 00:38:16,266
but Heather has
revealed her company
972
00:38:16,267 --> 00:38:19,005
has major financial struggles.
973
00:38:19,006 --> 00:38:20,374
The reason I feel really beat up
974
00:38:20,375 --> 00:38:22,311
is I didn't make
payroll yesterday.
975
00:38:23,347 --> 00:38:24,650
Ouch.
976
00:38:24,651 --> 00:38:26,419
And if you were to look
at our balance sheet
977
00:38:26,420 --> 00:38:28,323
over the last two
years, you'd be like,
978
00:38:28,324 --> 00:38:32,933
"How on God's green
earth is this girl still alive?"
979
00:38:32,934 --> 00:38:36,439
Honestly, you guys,
this fundraising stretch
980
00:38:36,440 --> 00:38:38,443
has been real hard.
981
00:38:38,444 --> 00:38:39,980
So disappointing.
982
00:38:39,981 --> 00:38:43,488
Yeah. I've had as much as
$1.9 million softly committed,
983
00:38:43,489 --> 00:38:46,259
and I have struggled to get
people across the finish line.
984
00:38:46,260 --> 00:38:48,230
You know, I remember
the story of this other guy
985
00:38:48,231 --> 00:38:49,533
who lost money for 10 years.
986
00:38:49,534 --> 00:38:51,069
His name was, I
think, Jeff Bezos.
987
00:38:51,070 --> 00:38:52,973
Bezos? Yeah. Yeah.
988
00:38:52,974 --> 00:38:55,143
So, yeah, I don't want to hear
about all that other stuff.
989
00:38:55,144 --> 00:38:56,847
He's right though, Heather.
990
00:38:56,848 --> 00:38:59,085
Yeah. Mark and I both,
like, the same time,
991
00:38:59,086 --> 00:39:00,788
we're, like, thinking,
it's not a narrow lane.
992
00:39:00,789 --> 00:39:02,224
There's so much
more you could do.
993
00:39:02,225 --> 00:39:03,828
You're limiting it yourself.
That's the problem.
994
00:39:03,829 --> 00:39:05,297
Yes. We've all been there.
995
00:39:05,298 --> 00:39:06,800
The reason you're hitting a wall
996
00:39:06,801 --> 00:39:08,671
is because when
you talk to investors...
997
00:39:08,672 --> 00:39:10,107
It's happening right now...
998
00:39:10,108 --> 00:39:13,113
In the consumer goods
services, particularly foods,
999
00:39:13,114 --> 00:39:14,516
$50 million is the number
1000
00:39:14,517 --> 00:39:17,321
by which a larger entity
would take you out.
1001
00:39:17,322 --> 00:39:20,127
So, your investors want
to see a path to that,
1002
00:39:20,128 --> 00:39:21,597
and you need to figure that out
1003
00:39:21,598 --> 00:39:23,433
and show them that
you can get there.
1004
00:39:23,434 --> 00:39:25,672
You got to figure that
out. I can't do that for you.
1005
00:39:25,673 --> 00:39:27,107
Yeah. That's what
you're missing.
1006
00:39:27,108 --> 00:39:28,744
I'm sorry. I'm out.
1007
00:39:28,745 --> 00:39:30,214
Listen.
1008
00:39:30,215 --> 00:39:32,318
I understand you fall in
love with your product,
1009
00:39:32,319 --> 00:39:35,390
you don't want to
compromise it one single bit.
1010
00:39:35,391 --> 00:39:36,927
I get that product is king,
1011
00:39:36,928 --> 00:39:40,434
but honestly, even if this
was 75% of what I was eating,
1012
00:39:40,435 --> 00:39:44,308
but you could be making it at a
co-packer or co-manufacturer,
1013
00:39:44,309 --> 00:39:45,979
that might be the answer.
1014
00:39:45,980 --> 00:39:49,853
You are just worn so thin.
My heart is overflowing for you.
1015
00:39:49,854 --> 00:39:51,590
You have an incredible product,
1016
00:39:51,591 --> 00:39:54,696
but there are a lot of issues
that you have to address,
1017
00:39:54,697 --> 00:39:56,934
and I think you have to
make some tough decisions.
1018
00:39:56,935 --> 00:39:58,236
I think you have
a lot of potential,
1019
00:39:58,237 --> 00:40:00,140
but unfortunately, I can't
take this ride with you.
1020
00:40:00,141 --> 00:40:02,411
I'm out. Thank you so much.
1021
00:40:02,412 --> 00:40:05,618
Heather, is it just that you
don't have the right people
1022
00:40:05,619 --> 00:40:07,956
around you to make
this really thrive?
1023
00:40:07,957 --> 00:40:10,093
I have a fantastic team.
1024
00:40:10,094 --> 00:40:12,766
Where I've really struggled
is having the capital
1025
00:40:12,767 --> 00:40:15,437
to bring this whole
thing to fruition.
1026
00:40:15,438 --> 00:40:17,509
I'm sorry. I just
don't see that.
1027
00:40:17,510 --> 00:40:19,378
You've raised how much
in total, including debt?
1028
00:40:19,379 --> 00:40:21,583
Including debt, $2.3 million.
1029
00:40:21,584 --> 00:40:24,388
I mean, that's a lot of
money. Yeah. I understand.
1030
00:40:24,389 --> 00:40:26,092
I'm gonna tell you
exactly what I see.
1031
00:40:26,093 --> 00:40:28,130
I see somebody
afraid to say yes.
1032
00:40:30,468 --> 00:40:32,872
There are so many
opportunities around you
1033
00:40:32,873 --> 00:40:35,177
where people would
buy your product,
1034
00:40:35,178 --> 00:40:36,446
but you have to
make it yourself.
1035
00:40:36,447 --> 00:40:38,183
You won't use a
co-packer, you know,
1036
00:40:38,184 --> 00:40:40,354
because it doesn't
taste quite right to you.
1037
00:40:40,355 --> 00:40:42,892
It's not as good. You
just don't say yes.
1038
00:40:42,893 --> 00:40:46,867
You only want to sell to one
market when it's a wider world.
1039
00:40:46,868 --> 00:40:48,771
It's not about the amount
of money and capital.
1040
00:40:48,772 --> 00:40:51,844
You've raised $2.3 million.
1041
00:40:51,845 --> 00:40:53,881
You know how many
people would dream of that?
1042
00:40:53,882 --> 00:40:56,185
It's on you, Heather.
1043
00:40:56,186 --> 00:40:59,458
You've got to get
out of your own head.
1044
00:40:59,459 --> 00:41:01,530
And so, for those
reasons, I'm out.
1045
00:41:01,531 --> 00:41:03,199
Okay. Thank you. I
appreciate it. You're welcome.
1046
00:41:03,200 --> 00:41:04,970
Heather, I-I
was in your position.
1047
00:41:04,971 --> 00:41:06,540
I was about to be homeless,
1048
00:41:06,541 --> 00:41:07,609
lose the brand,
and everything else.
1049
00:41:07,610 --> 00:41:10,915
So, I see you're
fixated on things.
1050
00:41:10,916 --> 00:41:12,819
You have to make adjustments.
1051
00:41:12,820 --> 00:41:14,221
I'm never gonna bet against you.
1052
00:41:14,222 --> 00:41:16,359
At this moment for
an investment, I'm out.
1053
00:41:16,360 --> 00:41:17,929
Okay. Thank you.
1054
00:41:17,930 --> 00:41:20,501
Okay, so this is your hero.
1055
00:41:20,502 --> 00:41:24,041
The Packaroons were great,
but this is the hero product.
1056
00:41:24,042 --> 00:41:26,880
I don't think there's
anything else out there like it.
1057
00:41:26,881 --> 00:41:30,922
So, to me, tragic
if you drop this one
1058
00:41:30,923 --> 00:41:32,826
and go to that one...
That's just my opinion.
1059
00:41:32,827 --> 00:41:34,028
Tragic's the right word.
1060
00:41:34,029 --> 00:41:37,467
But for me, it's
just not investable.
1061
00:41:37,468 --> 00:41:38,904
I'm sorry. I'm out.
1062
00:41:38,905 --> 00:41:41,643
Okay. Thank you.
1063
00:41:41,644 --> 00:41:43,146
Good luck, Heather. Good luck.
1064
00:41:43,147 --> 00:41:44,381
Thank you. Good luck, Heather.
1065
00:41:44,382 --> 00:41:46,285
Bye. Bye.
1066
00:41:46,286 --> 00:41:48,657
I really heard what they
said about being a perfectionist.
1067
00:41:48,658 --> 00:41:50,628
Like, they pretty well hit
the nail on the head there,
1068
00:41:50,629 --> 00:41:54,836
and I'm not willing
to compromise on quality,
1069
00:41:54,837 --> 00:41:56,472
so I just need to
continue to come up
1070
00:41:56,473 --> 00:41:59,646
with some creative solutions.
1071
00:41:59,647 --> 00:42:01,082
That was hard.
1072
00:42:01,083 --> 00:42:02,184
Anyway, they were great.
1073
00:42:02,185 --> 00:42:03,587
Show me a great product
1074
00:42:03,588 --> 00:42:05,457
and then tell me how
you're going out of business.
1075
00:42:05,458 --> 00:42:07,629
By the way, what that tells
you is always make sure
1076
00:42:07,630 --> 00:42:09,064
there's a mint on your pillow
1077
00:42:09,065 --> 00:42:10,433
wherever you're
gonna sleep at night,
1078
00:42:10,434 --> 00:42:12,605
then you avoid
this whole problem.
1079
00:42:12,606 --> 00:42:14,475
No camping for you, Kevin?
1080
00:42:14,476 --> 00:42:16,445
How does that fit
at all?! Not at all.
1081
00:42:16,446 --> 00:42:17,682
No camping for him.
1082
00:42:17,683 --> 00:42:19,719
My whole point is, when
I want that great meal,
1083
00:42:19,720 --> 00:42:21,690
I pick up the phone
and order room service.
1084
00:42:21,691 --> 00:42:22,926
My God.
That's it.
1085
00:42:22,927 --> 00:42:25,298
I'll take this over
room service.
1086
00:42:31,310 --> 00:42:34,315
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