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00:03I have a great idea for you.
00:05She says 1-2-3, open wide, and then she tells them a good job.
00:09I've made you a good offer, what are you going to do about it?
00:21It's been a remarkable 15 years.
00:26I'm ready to do whatever it takes to blow the lid off this thing.
00:29A show that is synonymous with entrepreneurship
00:31I'm gonna believe in you, we're gonna ride together
00:33Now that's what I'm talking about
00:36Launched household names
00:38Scrub that will be scrubbing in every kitchen in the world
00:40It allows the user to squat in a healthy position
00:43For every pair of socks we sell, we donate a pair
00:46Is that comfy?
00:47It's pretty comfy
00:48You can see and speak with visitors from anywhere
00:51And showcased business superstars
00:56There's only one Mr. Wonderful
00:58And thank God for that
00:59A dream is dope because it's yours
01:01I want you to become a unicorn too
01:03Actor to entrepreneur, I have a lot of respect for you
01:06Nice
01:08Sold, we got a deal
01:10And inspired a generation of new entrepreneurs
01:13Our dad invented the cupboard pro
01:15We are here to continue his legacy and make that dream a reality
01:18If that's not the American dream, I don't know what is
01:21Wow
01:25And this season
01:27Exciting brand new guest sharks join the tank
01:30Michael Rubin is the founder of the multi-billion dollar sports retail behemoth, Fanatics
01:35Jason Blum, who changed the business of the film industry with his independent production company, Blumhouse
01:42And tonight, Candace Nelson, the founder of Sprinkles, revolutionized the cupcake and created a new category in the luxury dessert
01:49space
01:49I started Sprinkles with $200,000, bootstrapped that to a national brand, and I hope the same for you
01:55A brand new season begins now
01:58Remember the environment we're in, venture capital's dried up, we're back to where we were when we started Shark Tank,
02:042008, no money out there
02:06I have built businesses worth billions and billions of dollars
02:09I can't sit around waiting all day
02:11You need to decide if you want to swim with a shark or be eaten by one
02:20Yes!
02:21Yes!
02:21Did I hear royalty?
02:23Oh my god
02:24That is so cool!
02:26We made this with no plan B
02:28This has to work, it has to work
02:30My entrepreneurs will tell you I'm the best thing that's ever happened to them in their life
02:34This is a bigger picture about saving lives
02:38I want to have some fun
02:41Okay, this is your moment, go, go, go
02:44Graham, hey, I got a deal
02:48I'm so happy for you
02:51Let's go!
02:54What do you need from a shark? What are you looking for?
02:57Money, honey
02:57Yes, you're ready
03:08First in the tank is a guiltless version of a favorite treat
03:20Hey, I'm Ryan
03:21But he calls me Raj
03:22I'm Doug
03:23But he calls me Dodge
03:24We're brothers
03:25Raj and Dodge
03:26And also business partners
03:28Sharks
03:28Don't we all love to indulge ourselves in the rich and satisfactory taste of delicious chocolate?
03:34But most of those other chocolates out there
03:36They're loaded with calories, sugar, fat
03:39Well, what if we told you that we created a chocolate
03:42That has about half the calories and up to 75% less sugar
03:46Than most of the other chocolates out there
03:48Gatsby Chocolate
03:49We make products that have mind-blowing flavors
03:52Melt-in-your-mouth texture
03:53Yes, with health in mind
03:55But most importantly, zero compromise on taste
03:58We call it the Halo Top of chocolate
04:00And sharks, we can actually say that because
04:04I'm the co-founder of Halo Top
04:06No
04:06Oh my God
04:08That's right, Sharks
04:09Oh my gosh
04:09We are the brothers behind the iconic, better-for-you ice cream that is Halo Top
04:15Forged with less calories, less sugar
04:17And sound familiar?
04:18No compromise on taste
04:20After years of hard work, I led the sale of the business
04:23Which was the ultimate cherry on top
04:25Now, we're poised to do the same thing that we did with Halo Top
04:28But with chocolate
04:29We're asking for $500,000 for a 5% stake in our company
04:34I'm out
04:35What do you say, old sports?
04:36Cheers to Gatsby Chocolate
04:38In front of you is a variety of our chocolates
04:40We know you gotta try it to believe it, so dig in
04:43And by the way, I'm just joking
04:44What's your hero product?
04:46What's the best seller?
04:47The Peanut Butter Madness is our best seller today
04:50Ooh, Peanut Butter Madness
04:51This fudge brownie is really good
04:54That is my favorite
04:55Tastes like brownie batter
04:56Wow
04:57This is good
04:59Are there any artificial sweeteners in here?
05:01We use allulose as our main sugar replacement
05:04But here's something I want to share that I really love
05:07190 calories for this big boy
05:10For the whole bar
05:11Where are you selling it now?
05:12So we're sold nationally in Walmart, Safeway Albertsons, and Sprouts
05:15We have more than 6,000 points of distribution
05:17What are your sales in the last 12 months?
05:19So sales last year were just over $2.5 million
05:23Congrats, man, that's amazing
05:24And most of that was in Q4
05:26What do you charge for this?
05:27What does it cost you to make?
05:28So that retails for $3.99
05:31That's it?
05:31We sell that wholesale for $2.70
05:34It costs us to make about $1.90 a bar today
05:37So we're running at about a 35%
05:39Yeah, that's tough
05:39A 40% margin
05:40However, we have a clear path to 50% plus
05:43And we were negative margin last year
05:45Obviously, you've done really well for yourself
05:47What do you need a shark for?
05:49Well, the main thing is
05:50If you had asked me that a couple years ago
05:52I probably would have thought that I didn't need you
05:54But I romanticized the early days of startup life way too much
05:59And there's a missing puzzle piece here
06:01Where we need help
06:02Because we have national distribution
06:03Without national awareness
06:05That's the problem
06:05Where does the name come from?
06:07Yeah, that's exactly what I was going to say
06:08I am so lost on the name
06:10Yeah, yeah, so we read that The Great Gatsby the book
06:12Was going in what's called the public domain
06:14And we thought, you know, that would be a great brand name
06:16To play on premium, decadence, indulgence
06:19But it doesn't fit
06:20I don't love it
06:20I know, you know what?
06:21I agree with you 100%
06:22I look at this
06:24I knew it was a chocolate bar
06:25But beyond that, I didn't know what this was
06:28Calories per bar
06:29The 190 is really big
06:31But reading this, I missed it
06:33And then the name Gatsby
06:35And there's a martini in the end for the Y
06:38I was thinking that this was somehow
06:39Like liquor-flavored chocolate
06:41That's fair
06:42And I lost
06:43I didn't get what it was
06:45You forecast sales for this year
06:47And you're not making any money yet, are you?
06:49So, no free cash flow
06:50And sales for this year
06:52We expect them to actually approach
06:53Just under $2 million
06:55How much did you lose?
06:56We lost $3.5 million last year
06:59So $500,000 for 5%
07:02Imputes a $10 million valuation
07:05Sales are $2 million
07:06Correct
07:07With no free cash flow
07:08See any problem with that?
07:10In context, I don't
07:11When you think about the credibility of who we are
07:13And what we've done with Halotop
07:15When you think about where we've taken this product
07:16Yeah, but I mean, look
07:18With all due respect
07:19And you guys have done an amazing job
07:21This is Shark Tank
07:22Yes
07:23I don't pay retail for anything
07:24You know, here's my thing
07:26You're very credible
07:27I don't have any problem with the valuation
07:29I just had no value here
07:31I would be calling you
07:33Asking you for advice
07:35So, good luck, man
07:37I'm out
07:38Thank you
07:38Thank you
07:39What possessed you
07:40After you had such an incredible ride
07:42With Halotop
07:43To go back in
07:44And start another company?
07:46I'm so glad you asked that
07:47Stupidity
07:51It's amazing how arrogant you get
07:52After you sell a company, right?
07:54True
07:54Because you think you know everything
07:55Yeah
07:56You romanticize those early days
07:57Absolutely
07:58And you forget the grind
07:59And like we've got the product
08:00To where it is today that you've tried
08:02We're in enough distribution
08:04The last thing we're missing is the spark
08:07I really like it
08:08I'll make you an offer
08:10It's a little bit risky, right?
08:12Sure
08:12I would do it as half as equity
08:15Okay
08:16And half as a short-term loan
08:19What are the terms of the loan?
08:20At 6%
08:21I'm going to be nice
08:22Okay
08:22A nice loan shark
08:25And I would do it
08:26I want 20%
08:28I want 20% though
08:30But I'll be in it to win it with you
08:31I will help you redesign this packaging
08:33I will be a voice
08:35I'm your demo
08:36And I love this
08:37Do you care about the equity more?
08:39In other words
08:40Laurie's asking you for 20% equity
08:43What I would say is
08:44100% of $0 is zero
08:46Yeah
08:46True entrepreneur
08:48How about you guys have been through it?
08:50You get it
08:50$500,000
08:51Okay
08:51All venture debt
08:53Okay
08:53And I'll do it for 12% equity
08:56Okay
08:56Hmm
08:57So you know
08:59So you're just taking equity
09:00I'm just curious
09:01Yes, yes
09:02Absolutely
09:02Because if that's more exciting to you
09:04This product is delicious
09:06Thank you
09:07It is
09:07It's really good
09:08I am surprised by how delicious it is
09:10A few things though
09:12One
09:13The calories
09:15So emblazoned on this package
09:18Millennial and Gen Z
09:20They consider this toxic diet culture
09:23And I think there's going to be a backlash against that a little bit
09:25So I'm concerned about that
09:27When I saw this packaging
09:29I knew there were men behind it
09:31This does not appeal to me as a woman
09:34So you desperately need Laurie for your rebrand
09:37And I wish you the best
09:38Thank you
09:38Because this is delicious
09:39But I'm out
09:41All right guys
09:41Are you open to 20% equity?
09:44Yes
09:45Oh you are?
09:46For the right deal
09:46However, I would like to tie to the face of the brand type partnership
09:51Where you become the face of the new brand that you help us create
09:55For me, that's Ryan Reynolds and Mint Mobile
09:58That's the rock in his tequila
10:01That's the creator-led brands
10:03That's what they're having at Exit
10:04Because they're the face of that
10:06And essentially makes it $0 of marketing spend
10:08So very open to 20%
10:10If that's what you want
10:11Then give me 25%
10:16Okay
10:17We'd be open to that
10:18Done
10:20Can I hear
10:21Did Mark have an offer?
10:23No, Mark has an offer
10:24But I don't want to be
10:25It's done
10:25My brand's too big to be face of a brand
10:27Right?
10:28So for you, I would ask
10:29Would you be open to helping us find a face of the brand
10:32In addition to coming in?
10:34You know what?
10:34You know what?
10:42You know what?
11:09I'm sorry
11:10I don't just put my face on anything
11:12I'm very, very selective
11:14About what I would do that with
11:16A minute ago
11:17I was going to do it at 25
11:18Now I'm back to the original deal
11:21It's 20%
11:22I won't give you a hard guarantee
11:24Of my face on any package
11:27Beyond this
11:28So how many people have an offer, please?
11:30Laura, you have that offer at 20
11:32Kevin, what's your offer?
11:33I made just a very clean offer
11:35I look at it and say
11:37You need as much awareness
11:40To the product as you possibly get
11:42So my offer's pretty straight
11:45I'm going to look at it and say
11:46All right, you're done with him
11:47All right
11:49So we were talking
11:50So now we have a different offer
11:52To give you
11:53So we're going to give you
11:54The $500,000
11:56Okay
11:56We're doing it half as a loan
11:59And we're doing it half as equity
12:01For 20%
12:03Okay
12:03But when we hit the first 10 million
12:06In sales
12:07We each get five more
12:09So the kicker comes
12:10If we get to 10 million sales
12:12That's another 10%
12:13Sure
12:13And then if we get to
12:1520 million in sales
12:16Right
12:17We get another 5%
12:19Each
12:19Right
12:20Okay
12:23My only issue
12:23With the 10 and the 20
12:25Is I can't sell the company at that
12:27If we want to exit this
12:28I need those to be a little higher
12:29So you give us a file
12:29Oh, so the threshold
12:30Yeah, the threshold
12:31Yeah, I need the threshold
12:31Because if we can get to
12:3350 is typically where
12:3450
12:35We're cooking with gas
12:37Right
12:37Right, right, right
12:38We can do some fun things
12:39So do it at 25 and at 50
12:40No, because it's going from 10
12:41No, because we want it at 10
12:42The first trigger can be 10
12:43Okay
12:44The first trigger is 10
12:44It would be the second trigger, 50
12:46Okay
12:46Because then we can sell
12:48Done
12:48Done
12:50Woo!
12:51Oh my god
12:52I'm so excited
12:53We're going to work
12:54This is awesome
12:54Yeah, thank you
12:55This is a great partnership
12:56I always wonder to me
12:57Who was the hug
12:58No, I know
12:59I appreciate it
13:00Congratulations, you guys
13:01Thank you, guys
13:01Thank you
13:02Thank you
13:02Thank you
13:08Let's go, baby
13:10We have a missing puzzle piece
13:11And we almost are on our last leg here
13:13So this was super impactful
13:15Where had we not come on the tank
13:17Had we not gotten a deal done
13:18I don't know that Gatsby Chocolate
13:20Exists beyond this year
13:21So it is unbelievably meaningful
13:23And really adds some much needed momentum
13:25To the brand
13:27This may surprise a lot of people
13:28But I was born in Jakarta, Indonesia
13:30My dad worked for an American company overseas
13:33So I was constantly moving as a child
13:35My mom was a great hostess and cook
13:38She spent hours teaching me the science of baking
13:41And I remember just being mesmerized by it
13:44But I was raised to believe
13:45I should pursue a corporate path
13:47I never thought I could pursue baking as a career
13:49I went to Wesleyan University
13:51I majored in economics
13:53After graduating college
13:54I went out to San Francisco
13:56To work at an investment bank
13:57But in 2001
13:59The internet market crashed
14:01And I was left without a job
14:02That led to an epiphany
14:04That I wanted to proclaim my love for baking
14:06And attend pastry school
14:07Instead of business school
14:09After pastry school
14:10I started this custom cake business
14:12But these cakes took forever to make
14:14And it just wasn't a scalable business
14:16And my banking brain started kicking in again
14:19Sprinkles is the world's first cupcakes-only bakery
14:21My goal was to take the simple cupcake
14:23And make it into a true luxury
14:25Something that people could even give as a gift
14:27I was panicked on opening day
14:29That no one would show up
14:30But when we opened
14:31We had a line out the door
14:33Eight months in
14:34I picked up the phone
14:35And the producer on the other end said
14:37Oprah loves your cupcakes
14:38The next morning
14:39Oprah Winfrey
14:40Basically delivered a love letter
14:41About our cupcakes
14:42To the entire world
14:44From that point on
14:45Sprinkles became a worldwide brand name
14:48Today, Sprinkles has over 50 locations
14:50Across the U.S. and even internationally
14:52Sprinkles was a category creator
14:55But within a few years
14:56We were in a crowded market
14:58And we knew we needed to innovate again
14:59I started thinking about
15:01What it would look like
15:02If you could get a cupcake anytime
15:03Day or night
15:04And boom
15:04The idea for the Cupcake ATM was born
15:06I wrote a New York Times best-selling cookbook
15:09Called The Sprinkles Baking Book
15:10And now a best-selling business book
15:12Called Sweet Success
15:13Make sure our whipped cream is nice and fluffy
15:16In 2014, my husband and I decided to step away from the business operationally
15:21Bring on a partner who could help accelerate the growth of Sprinkles
15:23And allow us to spend more time with our growing family
15:26The last thing I thought was that I would get right back into the food business
15:29But one bite of pizza changed all of that
15:33Pizzana is bringing the best of Italy to the United States
15:36Daniele Uditi was a passionate and talented chef
15:39Who I wanted to partner with
15:41And bring his incredible artisanal pies to America
15:43I love taking foods people think they know
15:46And giving them a fresh spin
15:47I did it with cupcakes
15:48And we're doing it again with pizza
15:50I plan to scale Pizzana across the U.S.
15:54I love that Shark Tank celebrates the spirit of entrepreneurship
15:57Being an entrepreneur has been so meaningful to me
16:00It's really taught me what I'm capable of
16:03I think I'm most proud of veering off the expected path
16:07I took a risk and I was courageous and bet on myself
16:10No one believed in my idea
16:12But I doggedly listened to my gut
16:14And saw my vision to life
16:29Next up are best friends
16:31Who believe they have the perfect pairing
16:33For one of America's favorite foods
16:41Hello Sharks
16:42What's up
16:43My name is Kevin Kline
16:45And I'm his best friend of over 30 years
16:47Joshua Green from Los Angeles, California
16:49We're here today
16:50Seeking $200,000 and your friendship
16:53For 7.5% of the greatest company ever
16:56Now Sharks
16:57What if I told you that our product
16:59Could instantly make you smarter
17:00More attractive
17:01Younger
17:02And even regrow hair
17:05Well guess what
17:06It can't do any of those things
17:09Sorry Mr. Wonderful
17:10There are just some things in life
17:12That will never get any better
17:15But there are some things in life that can get better
17:17Like pizza when you pair it with
17:19Pie wine
17:20Pie wine is a sweet, sparkling, easy-drinking canned table wine
17:25That goes great with your favorite slice
17:26That's why we say pie wine is the OG pizza wine
17:30A.K.A
17:30Pizza's new side piece
17:32A.K.A
17:32It puts the ah in pizza
17:35A.K.A
17:36Dude, that's it, we're out of slogans
17:37We knew we had to reimagine and reintroduce to the masses
17:40What pizza-loving Italians have known for generations
17:42That pizza goes best with a sweet, slightly bubbling wine
17:46Traditionally known as a Lambrusco
17:48That's why we say
17:49Born in Italy
17:51Perfected in California
17:53So Sharks, who's ready to meet the greatest thing to happen to pizza
17:56Since the pepperoni
17:57And turn any ol' pizza
17:59Into a pizza
18:01P.A.A.P.A.P.A.Y
18:03With pie wine
18:05Good job
18:07Salute
18:08Salute
18:08Wow, you guys understood the assignment
18:10Yeah
18:11Well done, nice of it
18:12Of course, it'd be rude if we were drinking alone
18:14So we've brought you all three of our skews to try
18:16The red is our sweet za
18:18The blue is our white crisp
18:20And the black is our world famous red
18:23Let's stand up
18:25Okay
18:25Very big tradition for many, many years here in the tank
18:30Un, deux, trois
18:31Chalet de testament
18:33Hey
18:35Mmm
18:41It's pretty darn good
18:43Thank you
18:43We brought you some pizza, by the way
18:45They're very, very good
18:46I've never had wine with pizza
18:50And I didn't realize it's so delicious
18:52We're thinking there's never been an official drink of pizza
18:55Now they've tried to tell us to drink beer with pizza
18:57Some people think it's beer
18:57Beer with pizza, flavor profiles don't work
19:00I agree
19:00I need something with bubbles
19:02So I think of a cola
19:04Exactly
19:04And I never thought that
19:05But you're a man, you're a grown man
19:07So boom
19:08There you go, I like that
19:09Exactly
19:10Here's what's confusing for me
19:11I pick up the can
19:12I don't understand what this is
19:14It says world famous red
19:17Pizza and new side piece
19:19Pie
19:20And I'm looking at this and I'm like
19:22This has something to do with pizza
19:24But I don't know what it is
19:26I do find it really confusing
19:27And I think it's going to hurt you
19:28Well, why don't we find out if that issue is valid or not
19:31What are your sales?
19:32So we launched two weeks ago
19:34Oh
19:35Two weeks ago
19:36And here's the good news
19:37As of as early as today
19:40We have distribution in eight states
19:43We've already had distributor commitments
19:45For between three and four hundred thousand dollars already
19:47And we're talking to 18 other states
19:50Nevada
19:50First of all, congratulations
19:53Happy day
19:54What does that mean for dollars?
19:57Three to four hundred thousand dollars in wholesale dollars
19:59Okay
20:00And we expect that to be well north of a half a million in 30 days
20:03And what we're projecting for the first six months is about a million five in the end of the year
20:07About six and a half million dollars
20:09Something I'm really curious about
20:10You started this two weeks ago
20:12This can't possibly be your full-time job, is it?
20:14We've been working on this for two years
20:15I actually host a morning radio show on K-Rock in Los Angeles
20:19I knew you were familiar
20:20I'm a radio guy
20:21I'm looking at you and I'm like, I've seen your face
20:23I host the morning radio show
20:25I've been doing morning radio for about 20 years
20:26So I'm in the fun business
20:28Nice
20:28Yes, you are
20:28This guy's the smart one, I'm the smart ass
20:30That's why we kind of compliment each other
20:32My background is I went to law school, got a master's in accounting
20:35I worked at Bulge Bracket Investment Banking
20:38And now I help run one of the largest spatial computing video game companies in the country
20:43Wow
20:43Wow
20:44I'm the CFO of the company
20:45I came in to help turn around the business
20:47So guys, this is a side hustle for you
20:49No, it's not a side hustle
20:50I sold my 401k to do this
20:52Like, I wish I could say
20:53Wow
20:53How much have you invested in the business?
20:55We've invested over $300,000
20:56Between the two of you?
20:58Correct
20:58So are you 50-50 partners?
20:59We're 50-50 partners
21:00You do put in the same amount of money?
21:01He's put in a little more than me
21:02What have you done?
21:03What have I done?
21:05I ended up talking to my wife and we sold the house
21:07Wow
21:08So that we could use some of that money
21:10So you're all in
21:11We're invested
21:12Yeah, we're all in, big time
21:13What are their margins?
21:15So what cost us is $1.50 right now to make
21:17We have a plan to get it down to $1.25
21:19With more production
21:20We'll sell to distributors for $3.25
21:22$3.25, okay
21:23And then it would sell
21:24If you were at Ralph's or Kroger or whatever
21:26Around $5.50
21:28There are other canned sparkling wines
21:31There are
21:31Who is your biggest competitor?
21:33Because I feel like the market is really saturated
21:35Looking at comps
21:37Bev is one of the comps that came out
21:38Bev just got sold
21:39Bev just got sold
21:40They went out with a pre-money valuation
21:42Before they had any sales at $7 million
21:45We're doing a discount
21:46Because the truth is
21:47We want a shark
21:47And I just want to circle back to like
21:50What started this
21:51I've known him since we were eight years old
21:52I love the guy
21:53He's a big part of my life
21:55I have an amazing wife and kids
21:57The last four years have been a little challenging
21:59Because my wife unfortunately has metastatic cancer
22:02And doing something with your best friend
22:05Is really exciting
22:07And I want to teach my kids
22:08Hard work is so important
22:10Like nothing's given
22:11It's not a side hustle
22:12I zeroed out my 401k
22:14I don't think about like
22:15Oh saving for the future
22:17I wanted to do a business with him
22:18Because I love him
22:19And I want to see him successful
22:20I'm in business
22:21He hasn't been
22:22But I want him to see
22:24Some of the successes I've had
22:25And I love the idea
22:26And I wanted to be a part of it
22:29Okay guys
22:30Fantastic presentation
22:32Good news is
22:32This category is growing
22:33For me
22:34I'm launching my own sparkling line
22:36So I can't compete with myself obviously
22:39But I hope you get a deal here
22:41It can't be me
22:42I'm out
22:43Thank you so much for
22:44We predicted which shark
22:46Would be the first one to go out
22:47And look at this
22:48I knew it
22:49I knew it
22:50Isn't that amazing
22:52We knew
22:52Well you were right
22:54We'll be selling that after the show today
22:55Guys let me go in there
22:56I gotta keep that
22:57I look good
22:58Look I love what you guys are doing
22:59The branding makes perfect sense to me
23:01This is right on target
23:02Right on trend right
23:03Problem for me is
23:04I've got beatbox beverage
23:05That's going to do
23:06A hundred million dollars
23:07In sales this year
23:08Just raised it
23:09A two hundred million valuation
23:10So for those reasons
23:11I'm out
23:12So guys
23:13I'm trying to think
23:14Where can I add value in this
23:16Um
23:17Could I make you guys
23:18All an offer
23:19If you don't like the deal
23:20We'll buy you out
23:21After a year
23:23No strings attached
23:24You know what
23:25That is very honorable
23:26It's not about liking the deal
23:27It's about
23:28There's so many big players
23:30Coming into this market
23:31That I don't know
23:32If I'm really ready
23:34To take that fight on
23:36Especially when there's
23:36All the sharks right here
23:37That are doing
23:38The same exact thing
23:40So
23:40With that being said
23:42I'm out
23:43Thank you Dan
23:44Look for me
23:45There's just a few boxes
23:47That aren't checked yet
23:48It's just too early
23:50To invest
23:51I don't know enough yet
23:52So I'm sorry
23:53I wish you good luck
23:54Thank you so sorry
23:56Listen I think you found
23:57A hyper niche here
23:59Right
23:59It's kitschy
24:00It's fun
24:01I think it could potentially
24:03Have mass appeal
24:04But it's a little
24:06Too kitschy for me
24:07It's not the space
24:09That I like to play in
24:11I just don't think
24:11I'm your target market
24:12And I'm worried
24:13When you say it
24:13I propose to my wife
24:14With a ring inside
24:15Of a sprinkles cupcake
24:17Oh you're killing me
24:19I think your product
24:20Is really good
24:21You guys are awesome
24:22But it's just not
24:23The right investment for me
24:25And so for that reason
24:26I'm out
24:30We will respectfully
24:31Give you all another chance
24:32To come back in right now
24:34Any chance
24:35While we're here
24:36Thank you guys
24:36Thank you
24:39Go kill it
24:47I wouldn't want to be
24:48Standing here
24:48With anybody else
24:49We had a great time
24:50And like this is
24:51A life defining moment
24:52People are going to love it
24:53They loved it
24:54But it just didn't
24:55Work out for us today
24:56Barbara, Robert
24:58Call us
24:58Yes, exactly
24:59For our milestone
25:0115th season
25:02We're counting down
25:03The top 15
25:03Shark Tank companies
25:05With the highest
25:05Total retail sales
25:07Number 15 is
25:08Blueland
25:09With 160 million dollars
25:10Number 14 is
25:12Simply Fit Board
25:13With 174 million dollars
25:15And number 13 is
25:16Phone Soap
25:17With 187 million dollars
25:19In total retail sales
25:20Tune in to next week's episode
25:22For the next three
25:30Next up is a kid-friendly version
25:33Of an important medical accessory
25:43Hi, I'm Paige Bratton
25:45And I'm from Waimea, Hawaii
25:47And I'm seeking
25:48Two hundred and fifty thousand dollars
25:49For ten percent equity
25:51In my business
25:52You see, sharks
25:53When my daughter
25:55Eddie was five
25:56My whole world changed
25:58When we found out
25:59She was blind
26:00She was diagnosed
26:01With refractive amblyopia
26:03Which is one of the leading causes
26:05Of childhood vision loss
26:06And while it's likely
26:07You've never heard of it
26:09Amblyopia shockingly affects
26:10One in forty-five children
26:12But luckily
26:13It's treatable
26:14By wearing an eye patch
26:16Over the stronger eye
26:17To strengthen the vision
26:18Of the weaker eye
26:19But the existing patches
26:20On the market
26:21Were uninspiring
26:23Uncomfortable
26:24And really difficult
26:25To convince children to wear
26:26That's why I created
26:28Seaworthy Eye Patches
26:29My innovated
26:31And patented design
26:32Has breathable materials
26:34Medical adhesives
26:35That stick safely
26:36To the skin
26:37And a whole new shape
26:38That fits the eye socket
26:40A lot more comfortably
26:41And fits infants to adults
26:42I started Seaworthy Patches
26:44For my daughter
26:45Eddie
26:46Now a fourteen-year-old
26:47Honors student
26:48With strong vision
26:49And an even stronger
26:50Sense of self
26:51So you see, sharks
26:52I'm worthy
26:53Who wants to help me
26:55Help others patch proudly
26:59I love that you're bringing
27:00Dignity and joy and fun
27:03To what can really be
27:04A tough situation for kids
27:05I know you said
27:06One in forty-five kids
27:07But what does that
27:08Equate to?
27:09So that's about
27:10Two million children
27:11In the U.S. alone
27:12Tell us when and how long
27:14The child has to wear
27:15The patch
27:16That's a great question
27:18So each diagnosis
27:19Is different
27:20Some kids have to wear
27:22An eye patch
27:23For two hours a day
27:24For six months
27:26My daughter had to wear it
27:27For eight hours a day
27:28For six years
27:29I had to deal with
27:31Patches for my father
27:32All the time
27:33When I was eleven
27:33He lost his eye
27:34In an accident
27:35He did upholstery on cars
27:36And a staple broke
27:37And hit him
27:37So we'd live with patches
27:39All the time
27:40This would have been amazing
27:41But there are others out there
27:44Right
27:45And so just what is the industry
27:47There's only one other bigger
27:49Larger corporation company
27:51Making these
27:51Are they designed like yours are?
27:53Do they have patterns?
27:54The traditional eye patch
27:55Is pear shaped
27:57So this new shape
27:59Is to me
28:00Everything
28:00Because the heavy lifting
28:02Of the adhesive
28:02Goes up here
28:03Where the skin is tougher
28:04Not in the sensitive under eye
28:05And the shape
28:07The shape isn't patented though
28:08It's just the adhesive
28:09Is that right?
28:09The combination of the three
28:10Talk to us about the business
28:12Give us a ramp in sales
28:13Well 2019 was my first year
28:16And I sold about $150,000
28:20In my first year
28:21$150,000?
28:22Yes
28:23That's a lot
28:23I have $1.7 million in sales
28:25In the past four years
28:27Really?
28:28Wow
28:28And this year?
28:29I'm just under $200 at this point
28:31So you think
28:32And what do they sell for?
28:33Yeah what do they sell for?
28:34They sell for $2,750 on my website
28:37And $2,850 on Amazon
28:39And that's how many patches?
28:40Each box holds 50 patches
28:42So what does it cost you to make one?
28:43It's $7 landed
28:45How are you finding the customer?
28:46Yeah are you using social media at all
28:48For customer acquisition?
28:50Barely
28:50I mean I am
28:51Yeah you don't have to
28:51But I barely
28:52I'm not very good at it
28:53You probably don't spend any money
28:54On marketing at all do you?
28:55Hardly
28:55Because you don't have to
28:56So how do you get your sales?
28:57I go to one pediatric ophthalmology conference
29:00I meet with all the doctors
29:02Oh and they suggest you
29:03And so that's what happens
29:04When you go to the doctor's office
29:06They say
29:06Your child needs to wear a patch
29:08Just go to Amazon
29:09Find it
29:09So I am in direct competition
29:12With this larger corporation
29:14And I am
29:16That is why I'm here
29:17I am looking more for the doors you can open
29:21Than the money to be honest
29:22Because I am cash flow positive
29:24And is it just you running this business?
29:27Me, myself and I
29:27Just you
29:28Go girl
29:29Those are the best partners always
29:31I keep hearing that
29:32That is awesome
29:33I started Sprinkles with $200,000
29:34And cash flowed and bootstrapped that business
29:37To a national brand
29:38For only two people on the cap table
29:40When I sold it to private equity
29:41Good for you
29:42And I hope the same goes for you
29:44Thank you
29:45I prefer in my Shark Tank deals
29:47To be an advocate for the product by usage
29:50By actually using it
29:52And I hope I never have to use this
29:53But I will obviously see why it's important
29:55This isn't a journey I'm going to take with you
29:58But I am amazed at what you've done
30:00Thank you very much
30:01I'm out
30:01Okay
30:02Thank you
30:02Paige I think you've got the best partners already
30:05The me, myself and I
30:06I think you've got it all under control
30:08I don't think you need a partner
30:09And so for those reasons I'm out
30:13I mean I also feel like licensing
30:16Could do a great deal for this
30:18I have in my mind the iconic eyes
30:21Like how great would it be to see a minion eye
30:24A spider-man something like that
30:25I mean that's an arena that's totally untapped
30:28For this entire market
30:29I, you know, that's an easy call that you can make
30:32To be very honest, right
30:33You don't need any help
30:34You're doing great
30:35And you're going to do better
30:36I'm out
30:36Well, thank you
30:37I mean
30:38Listen, I don't see it as the right investment for me
30:41But I am happy to talk to you about licensing
30:45Because I think that this is something that helps people
30:47And it helps the world
30:48I would truly appreciate that
30:50Thank you
30:50I am out
30:51But I wish you good luck
30:54Paige, I am so moved by what you've done
30:57Honestly, from mom to mom
30:58I would never bet against a mom
31:00Doing something for their child
31:02I think you're doing great on your own
31:05As Mark said
31:05So for that reason, I'm out
31:07But I wish you a lot more success
31:09Thank you
31:10Thank you, Paige
31:11Thank you
31:12Thank you
31:13Thank you, Paige
31:13Good luck
31:14Good luck
31:14Thanks
31:17I feel really confident about going forward alone
31:20Based on the shark's advice
31:22Clearly, if they think that I'm doing it well alone
31:25I should probably continue doing it that way
31:27Had any of you ever heard of this affliction or its cure?
31:30No
31:30I've never heard of this
31:31Never heard of it
31:32Shark tank
31:33Yeah
31:33That's who you come to learn
31:34Really educating Americans
31:35Amazing
31:36Who knew?
31:47Next into the tank is a botanical solution to a growing problem
32:00Hi, sharks
32:01My name is Kristen Dunning
32:03And I'm a recent MBA grad from Athens, Georgia
32:06Today, I'm here seeking a $75,000 investment
32:10For a 10% equity stake
32:11In my company, Gently Soap
32:14Sharks, humans deserve to feel joy
32:17And no one should be robbed of joy
32:19Because of their sensitive skin
32:21I've had eczema my entire life
32:24And because of that, bath products would cause my skin extreme pain
32:29Bath bombs, soaps, and bubble baths would make my skin feel like
32:35Because they were full of additives and chemicals
32:38I thought I was doomed to a single bar of boring white soap
32:42For the rest of my life
32:44So, I set out to create a joyful yet gentle bathing experience
32:49For people like me
32:50Rooted in the agricultural legacy of my grandparents
32:54I spent three years in greenhouses studying horticulture
32:59To learn more about the power of plants
33:02Harnessing that power, I created Gently Soap
33:06A line of bath products that eliminates essential oils and synthetic fragrances
33:11The stuff that causes serious irritations
33:14But still maintains an incredible gentle aroma
33:18People with ultra sensitive skin
33:20Finally have a choice
33:22And can indulge in light and clean botanical soaps
33:26That are ultra gentle, more sustainable
33:28And filled with joy
33:30It's not just for people with sensitive skin
33:33It's for everybody
33:34So sharks, who would like to help me
33:37And completely washing away the bathing industry expectations
33:42As we know it
33:43Sharks, each of you have all four Gently Soap bars right in front of you
33:48Feel free to pick them up and experience the joy
33:51So this one I'm guessing is lavender based
33:54Yes, it is
33:55And ooh, smells good
33:56And that's our best seller as well
33:58That's rain cloud
33:59Smells like lavender
34:00Smells like soap to me
34:01Kristen, I am really sensitive to fragrance
34:04But these are so lovely
34:05Because you can tell they're natural
34:07They're from the earth
34:08Yes, exactly
34:08And they look so beautiful
34:09You can see the flecks of the herbs and the flowers
34:13And they're not overbearing
34:14They're subtle
34:15They're subtle
34:15The smell that you're smelling
34:17Is actually from proprietary herbal infusions
34:19That I created from my greenhouse work
34:20So how did you get to this point, right?
34:22Because getting your MBA to soaps?
34:25Yes, so I actually am an agricultural researcher
34:28I have my undergrad degrees
34:31In agricultural communication
34:32And in horticulture
34:33My grandparents owned an 84-acre farm in Alabama
34:36And I would go down there in summers
34:37But it was also more important
34:39Because it was an entire community of black farmers
34:41And that was very empowering to me
34:43Where are they being sold right now?
34:44We are fully e-commerce
34:45And we are about to launch on Amazon
34:47In literally two weeks
34:48What have you done in sales?
34:49So our sales to date have been $113,000
34:53And when did you start?
34:55We officially launched in February of 2021
34:57But through that entire period
34:59I was a full-time student and researcher
35:01And I was still able to increase my sales
35:04To 3x year-over-year rate
35:05Any repeat orders?
35:07Yes, so our repeat customer order is 78%
35:10What?
35:11Yes!
35:12Wow!
35:12Now are these people that are suffering from eczema
35:14Or are they just people who love the smell of the soap?
35:16It's a mix of both
35:17I would say about like 60-something percent
35:19Of our customers actually suffer from eczema
35:21Psoriasis, sensitive skin
35:22What did you do last year?
35:24Yes, so last year we did $66,000 in sales
35:27And did you make any money off of that?
35:28Yes, so we are profitable
35:30We profited about $38,000
35:32That's great
35:33What is your margin?
35:34So they cost us $2.38 to manufacture and box
35:38But we sell them for $11
35:39Wow!
35:41That's very good marriage
35:42No, $11 is the one singular bar
35:44And you sell them individually or in this box?
35:46Yes, so you can do the four for 40
35:48Or you can do one bar
35:49One bar is $11?
35:50Yes
35:50How big is the eczema and sensitive skin market in the U.S.?
35:54People with sensitive skin is 71% of the population
35:57And this is an increase of 55% in just two decades
36:00It's increasing
36:01Yes, so people with hypersensitive skin is growing exponentially
36:04But there's still only one bar of soap to take care of that entire population
36:07How did you come up with $11 a bar?
36:10Look, I'm not
36:10I'm just
36:11I'm stunned because this is expensive
36:13But this is so beautiful
36:14I get it
36:15This is such an elevated product
36:16It's a work of art
36:17So that's gorgeous
36:17I just want to know what the other pricings are for other soaps that also solve for sensitive skin
36:23Right, they're around $14 to $16
36:25I mean, I designed it out of necessity for me
36:27So I've literally had eczema my entire life
36:30When I was three years old, my hair fell out to scalp eczema
36:33Wow
36:34And kids are kind of cruel
36:35And, sorry, I experienced a lot of bullying because of it
36:39Because my skin was just really bad
36:42And of course, like middle school, you want boys to look at you at that age
36:45And that obviously wasn't happening
36:47So it took a really, like, hard hit on my confidence
36:50I would walk down aisles and aisles of all my favorite stores, pharmacies, retail
36:55And I couldn't find it for me
36:57So Gently Soaked was born out of necessity
37:00It was born out of my passion
37:01It was born out of my agricultural legacy
37:03Good for you
37:04I'm so proud of you for turning that adversity in something so beautiful
37:08I love that you solved a problem that came from your own need
37:13I think you've done a beautiful job of putting this together
37:17It's just not the right business for me at this time
37:20Because of something else that I am working on
37:22Okay
37:23Good luck, but I'm out
37:25Yeah, you know what?
37:26It's just not something that I can connect to
37:28I'm not a luxurious soap person
37:31Maybe someday
37:31I understand that
37:32So for those reasons, I'm out
37:33But congrats
37:34Thank you, Mark
37:34Thank you
37:34Congrats
37:35I have been very fortunate enough that I don't really do much for my skin
37:39And one of the only things people compliment me on my skin
37:41And I got to thank my mommy
37:42It looks amazing
37:42She gave it to me for my birthday
37:44And that's all I know, right?
37:45So I don't believe I can help you as much as one other person on this panel
37:51So I'm out
37:52Thank you, Damon
37:53The thing that got me on this deal
37:54I love your story
37:55Thank you
37:56Got all that
37:56Thank you so much
37:57What I find so attractive about you
37:59You're wonderful
38:00But your margins are even more beautiful
38:02Thank you
38:02So tell me about customer acquisition costs
38:05We are able to get customers for about $5.83
38:08But our average order value is $42.38
38:12$5.83 is customer acquisition?
38:14Yes
38:14I love the fact you know that
38:15So we're trying to stay between $5 and $15 as we continue to grow
38:17I smell a royalty
38:20Oh boy
38:21Because you can afford to pay me royalty
38:35Free sharks are out
38:36And Kevin may be interested in Kristen's all-natural botanical soap company, Gently Soap
38:41You know, I don't want to be greedy
38:44Okay
38:45No
38:46No, I'll do the $75,000
38:48I'm not greedy
38:48I'll take the 10%
38:49But I want to get a buck a bar
38:53Dollar a bar
38:53That's it
38:54He's trying to strangle you
38:55Wait, wait, wait
38:57He's trying to literally clean you out
38:59So I want to buck a bar until I make back $500,000
39:03And then it drops all the way down to 20 cents in perpetuity
39:08And I'm all over it trying to acquire customers
39:11That's all I'll do all day
39:13Kristen, I am mesmerized by you
39:15You literally glow from the inside out
39:18And there's two types of entrepreneurs
39:20There's, you know, the Mr. Wonderfuls of the world
39:22They're analyzing the market, looking for the white space
39:25And being very analytical about it
39:27And then there are passion-driven entrepreneurs
39:29And I've always been one of those
39:31And that's what I look for in the founders
39:33I want to partner with
39:34So I'm going to make you an offer today
39:36Thank you
39:37I don't think you want a royalty deal
39:40Because I actually have a great friend
39:43Who also has a beauty platform
39:45For diverse founders
39:47And I could see you plugging in real well with that
39:50I think I know
39:5013 loon
39:51Yes, yeah
39:5213 loon
39:52Yeah
39:53I am going to give you $75,000
39:56For 30% of your money
39:58Oh!
39:59Oh!
40:00That's not
40:01Don't listen
40:02Here's the deal
40:03Here's the deal
40:04Oh, wait a second
40:05Why don't you
40:06You guys leave her alone
40:07I am not strangling your margin
40:08Are you kidding?
40:09With any royalties
40:09You're good
40:10I am in it for the long run
40:12And I don't make investments lightly
40:13You'll be able to call me anytime
40:15Day or night
40:16I will blow you up on TikTok
40:18We will make this happen together
40:19Candice, excuse me
40:20This must be said
40:21So what do you think?
40:22Why don't you sprinkle a little greed on it?
40:24I mean, I can't believe it
40:26Oh my God
40:26Kristen, I think we can blow this up and get acquired
40:2930%
40:30I need soap
40:31My skin's breaking out
40:3330%
40:34That's crazy
40:35Mine is just a clean deal
40:37Candice, would you consider the $75,000 at 15%?
40:44No, I'm sorry
40:47Kevin
40:48Mine looks better every minute, doesn't it?
40:50You don't have to give up your entire future with my offer
40:53What do you think?
40:54I just want to tell your story
40:58Would you do 20?
41:02Kristen, you're over negotiating
41:03Seriously
41:04What's your answer to that?
41:06She asked you would you take 20?
41:08No
41:08Okay
41:10Kristen, I'm worth it
41:12Candice, would you consider 25?
41:14No!
41:18I would
41:19Yay!
41:20I'll take your deal
41:21There you go
41:22I'll take your deal
41:23Thank you
41:23Good job
41:24Good job
41:25I love your suit
41:26Oh, thank you
41:26I love your dress
41:27I'm so happy
41:28Thank you so much
41:30Thank you
41:30Good job
41:32Congratulations, Kristen
41:33Well done
41:34Thank you
41:34Thank you
41:35Blessing out, son, son
41:36Woo!
41:38I just know that Candice is going to help my grandparents' spirit
41:41be carried throughout my product
41:43to bathrooms across the nation
41:46which is literally the best thing ever
41:48It's such a blessing
41:49Um, and I'm just so excited to have walked out of Shark Tank with a deal today
41:54So, yay!
41:55Kevin, you know, we know you love money
41:57but do you love the structures that you create
42:00because you will reduce your vulnerability or your option to lose?
42:03Damon, after all these years
42:05Yes
42:06Fifteen years of Shark Tank
42:08Look at how much I've taught you
42:11Nothing
42:11You've learned more from Candice in five minutes than you hope you can
42:16No, no, no
42:17Damon, I love you
42:18I disagree
42:18Some of the greatest knowledge comes from learning what not to do
42:22And Kevin has taught us that every single show
42:52We'll be right back in five minutes than you hope you can
42:55Tchau, tchau.
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