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Rolando Herrera

Rolando L. Herrera is a Manager for Insignia SEO an Austin SEO Company at the heart of Texas. He was the VP of Marketing at XTech Staffing. He's a marketing expert with experience working for Fortune 500 companies like the Walt Disney Corporation. He’s helped brands and businesses grow at a rate of 300% over their prior years using innovative digital delivery methods. Before creating Insignia SEO, Rolando worked in creating and developing sales teams in the Telecommunications field. His sales team was among the most successful in the company due to the marketing techniques that were implemented in the sales process. Using marketing as the delivery method for sales with mail marketing, email marketing, and affiliate marketing strategies the team had a funnel with extremely high conversion rates.

Shark Tank

Swimming in Billions: The Top 5 Wealthiest Sharks in Shark Tank

by Rolando Herrera
written by Rolando Herrera

Welcome to the thrilling universe of Shark Tank, where business titans, armed with extraordinary wealth and business acumen, are on a constant hunt for the next game-changing idea. These industry-leading Sharks, with their colossal net worths, have a knack for spotting potential in the vast sea of entrepreneurship. Fasten your seatbelts as we plunge into the depths of their investments, ventures, and the unique dynamics they bring to the Shark Tank.

1.) Richard Branson – $5.4 Billion (Est. Net Worth) 

Richard Branson on Shark Tank 1024x683 - Swimming in Billions: The Top 5 Wealthiest Sharks in Shark Tank

Net Worth:

Richard Branson is a British business magnate, investor, author, and philanthropist. He founded the Virgin Group, which comprises more than 400 companies spanning travel, financial services, telecom, health & wellness, and, more recently, space travel. As of January 2023, Branson’s net worth is estimated to be $5.2 billion.

Known For:

Richard Branson is known for his entrepreneurial spirit and his willingness to take risks. He has founded several successful companies, including Virgin Atlantic Airways, Virgin Records, and Virgin Mobile. Branson is also known for his philanthropic work and has donated millions of dollars to various charities.

Shark Tank Companies Invested In:

  • Grypmat is a company that makes non-slip mats for various uses, including kitchen countertops, workbenches, and car interiors. The mats are made of a durable material resistant to heat, cold, and moisture.
  • Locker Board is a company that makes skateboards that can be stored in a locker. The skateboards are made of a lightweight material that is easy to carry, and they have a durable design that can withstand wear and tear.
  • Sierra Madre Research is a company that develops and manufactures medical devices. The company’s products treat various conditions, including cancer, heart disease, and stroke.

Honorable Mention:

  • Doorbot, now known as Ring, is a smart doorbell company that was initially rejected by investors on the show Shark Tank. However, in 2015, billionaire Richard Branson invested in Ring after an impressive demonstration where a visitor to his private island spoke remotely with a delivery person back home using Ring. Struck by the potential of the product for home security, Branson became an investor despite the Shark Tank rejection, remarking that Ring “rang all the right bells” for him​.

Background and Experience:

Richard Branson was born in London, England, in 1950. He dropped out of school at 16 to start his first business, a magazine called Student. Branson went on to found several other successful companies, including Virgin Atlantic Airways, Virgin Records, and Virgin Mobile. Branson is also the author of several books, including Losing My Virginity and Screw Business as Usual.

Fun Facts:

  • Richard Branson has broken several world records, including the fastest crossing of the Atlantic Ocean in a hot air balloon.
  • Branson is a qualified pilot with a private island in the British Virgin Islands.
  • Branson strongly advocates for environmental causes and has set up several organizations to promote sustainability.

2.) Mark Cuban – $5.1 Billion (Est. Net Worth)

Mark Cuban on Shark Tank 1 1024x683 - Swimming in Billions: The Top 5 Wealthiest Sharks in Shark Tank

Net Worth:

As of January 2023, Mark Cuban’s net worth is estimated at $5.1 billion.

Known For:

Mark Cuban is a billionaire entrepreneur, investor, and television personality. He owns the Dallas Mavericks NBA team and is the co-owner of 2929 Entertainment. He has been a “shark” investor on the ABC reality television series Shark Tank since season two in 2011.

Shark Tank Companies Invested In: (3 out of 85 Deals)

  • Ten Thirty-One Productions: Ten Thirty-One Productions is a company that produces horror-themed events, including haunted houses, escape rooms, and zombie walks. The company was founded in 2010 by Michael Koltes and Andy Hurst. Ten Thirty-One Productions has produced events in over 20 cities across the United States.
  • Rugged Maniac Obstacle Race: Rugged Maniac is an obstacle race series designed to be fun and challenging. The races feature a variety of obstacles, including mud pits, monkey bars, and hay bales. Rugged Maniac has been featured on ESPN and The Travel Channel.
  • Hy-Conn: Hy-Conn is a company that manufactures electrical connectors. The company’s products are used in various industries, including automotive, aerospace, and medical. Hy-Conn has been in business for over 50 years and has a strong reputation for quality.

Background and Experience:

Mark Cuban was born in Pittsburgh, Pennsylvania, in 1958. He dropped out of college after two years to start his own business. He made his first million dollars by selling his company, MicroSolutions, to CompUSA in 1995.

Cuban is known for his sharp wit and his no-nonsense approach to business. He is also known for his philanthropy and has donated millions of dollars to various charities.

Fun Facts:

  • Mark Cuban is a massive fan of the Dallas Cowboys and the Dallas Mavericks.
  • He is also a co-owner of the Landmark Theaters chain.
  • Cuban is known for his love of technology and willingness to invest in new startups.

3.) John Paul DeJoria – $3.2 Billion (Est. Net Worth)

John Paul DeJoria on Shark Tank 1024x683 - Swimming in Billions: The Top 5 Wealthiest Sharks in Shark Tank

Net Worth:

As of January 2023, John Paul DeJoria’s net worth is estimated to be $3.2 billion.

Known For:

John Paul DeJoria is an American billionaire businessman, investor, philanthropist, and entrepreneur. He co-founded the Paul Mitchell line of hair products and the Patrón Spirits Company. He has been a “shark” investor on the ABC reality television series Shark Tank since season 5 in 2013.

Shark Tank Companies Invested In:

  • Tree T Pee: Tree T Pee is a company that manufactures portable toilets designed for use in trees. Campers, hikers, and other outdoor enthusiasts use the company’s products. Tree T Pee has been featured on Shark Tank, and the company has received investment from several Sharks.

Background and Experience:

John Paul DeJoria was born in New York City in 1944. He dropped out of high school at the age of 15 and started his first business, a janitorial company, at the age of 16. He later founded the Paul Mitchell line of hair products with Paul Mitchell in 1980. DeJoria also co-founded the Patrón Spirits Company in 1989.

DeJoria is known for his entrepreneurial spirit and his willingness to take risks. He is also known for his philanthropy and has donated millions of dollars to various charities.

Fun Facts:

  • John Paul DeJoria is a self-made billionaire.
  • He is a Buddhist and a vegan.
  • He is the co-founder of the John Paul DeJoria Foundation, which supports a variety of charitable causes.

4.) Nick Woodman – $2.4 Billion (Est. Net Worth)

Nick Woodman on Shark Tank 1024x683 - Swimming in Billions: The Top 5 Wealthiest Sharks in Shark Tank

Net Worth:

As of January 2023, Nick Woodman’s net worth is estimated to be $2.4 billion.

Known For:

Nick Woodman is an American entrepreneur and the founder of GoPro, a company that makes action cameras. Woodman appeared as a guest shark on Shark Tank in season 6 in 2014.

Shark Tank Companies Invested In:

  • Shark Wheel: Shark Wheel is a company that manufactures wheels designed to reduce friction and improve performance. Skateboarders, surfers, and other athletes use the company’s products. Shark Wheel has been featured on Shark Tank, and the company has received investment from several Sharks.
  • Kitchen Safe: Kitchen Safe is designed to help people resist temptation. The device is a small, plastic box that can be locked with a timer. Users can set the timer for any time, and the package will not open until the timer has expired. Kitchen Safe is a popular product for people trying to lose weight, eat healthier, or quit smoking.

Background and Experience:

Nick Woodman was born in San Diego, California, in 1975. He started GoPro in 2002 after he was unable to find a good camera to take pictures of himself surfing. GoPro’s action cameras have become popular among athletes and other outdoor enthusiasts.

Woodman is known for his entrepreneurial spirit and his passion for surfing. He is also known for his philanthropy and has donated millions of dollars to various charities.

Fun Facts:

  • Nick Woodman is a self-made billionaire.
  • He is a surfer and an avid photographer.
  • He is the co-founder of the Woodman Foundation, which supports a variety of charitable causes.

5.) Steve Tisch – $1.6 Billion (Est. Net Worth)

Steve Tisch on Shark Tank 1024x683 - Swimming in Billions: The Top 5 Wealthiest Sharks in Shark Tank

Net Worth: 

As of March 2023, Steve Tisch’s net worth is estimated to be at $1.6 billion.

Known For: 

Steve Tisch is an American businessman and film producer best known for his work on the films “Forrest Gump” and “The Lord of the Rings” trilogy.

Shark Tank Companies Invested In: 

  • The Cookie Dough Cafe is a company that sells edible cookie dough. The company was founded in 2012 by Joan Pacetti and Julia Schmid. The company’s products are made with all-natural ingredients and are available in various flavors, including chocolate chip, peanut butter, and sugar. The Cookie Dough Cafe’s products are available in over 10,000 retail locations, including Whole Foods Market, Target, and Safeway. The company has also opened its own brick-and-mortar cafe in New York City.

Background and Experience: 

Steve Tisch was born in New York City in 1942. He is the son of Laurence Tisch, the chairman of CBS Corporation, from 1986 to 1995. Tisch graduated from Brown University in 1964 and worked as a Loeb Rhoades & Co financial analyst.

In 1975, Tisch joined his father’s company, Loews Corporation. He eventually became Loews’s chairman and CEO, overseeing the company’s diversification into new businesses, such as hotels and insurance.

Tisch is also a successful film producer. He has produced over 50 films, including “Forrest Gump” (1994), “The Lord of the Rings” trilogy (2001-2003), and “The Curious Case of Benjamin Button” (2008). He has won three Academy Awards for Best Picture for “Forrest Gump” (1994), “The Lord of the Rings: The Return of the King” (2003), and “The Curious Case of Benjamin Button” (2008).

Tisch is a philanthropist and has donated millions of dollars to various charitable causes. He is a trustee of the New York Public Library and the Museum of Modern Art. He is also a member of the Council on Foreign Relations.

Fun Facts:

  • Steve Tisch is a self-made billionaire.
  • He is a co-owner of the New York Giants, an NFL team.
  • He is the producer of the films “Forrest Gump” and “The Lord of the Rings” trilogy.

Disclaimer:

The data presented in this article is intended for informational purposes only. While every attempt has been made to ensure its accuracy, the rapidly changing nature of the business world means some details may have evolved or changed since the time of writing. INSIGNIA SEO / INSIGNIA NEXUS is not affiliated with ‘Shark Tank’, ABC, or any of its subsidiaries, and does not warrant the completeness or timeliness of the information contained in the document. Readers are encouraged to conduct their own due diligence before making any business decisions.

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CaffeindicatorShark Tank

Caffeindicator: Shark Tank Updates in 2023

by Rolando Herrera
written by Rolando Herrera

The Basics

  • Company: Caffeindicator
  • Product: Caffeine test strips
  • Owner: Michael Schiavone
  • Asking Price: $200,000 for 25% equity
  • Final Deal: $200,000 for 50% equity with Kevin Harrington
  • Season/Episode: Season 1 Episode 13

Caffeindicator Before Shark Tank

Before Shark Tank, Michael Schiavone came up with an innovative idea: caffeine test strips. This invention, known as Caffeindicator, was designed to help consumers determine whether their coffee is decaf or not. The litmus test, in the form of ink printed on a sweetener packet, would turn pink if caffeine was present in the drink.

Caffeindicator On Shark Tank

During his appearance on Shark Tank, Michael presented his Caffeindicator, demonstrating how it worked and emphasizing its potential appeal, even for those not necessarily into sweeteners. He aimed to break into the sweetener industry and create a bidding war between competitors, offering them a chance to make extra money per packet and provide something their competitors did not have. With an already-acquired patent for the product, Michael was poised to become an intimidating figure in the business.

The Sharks had mixed reactions. Barbara Corcoran and Daymond John saw potential weaknesses in the idea and backed out. Kevin O’Leary appreciated Michael’s business approach, while Robert Herjavec was intrigued but wanted more information about the cost of production. Ultimately, it was Kevin Harrington who made a deal with Michael for $200,000 in exchange for 50% equity, contingent on securing a deal with a sweetener company.

The Bidding

The bidding process saw a mix of reactions among the Sharks. Kevin Harrington saw potential in the idea and offered $200,000 for a 50% stake. Robert Herjavec made a similar offer but for a larger equity stake of 60%. Kevin O’Leary tried to join the offers but hesitated, allowing Kevin Harrington to secure the deal.

Final Deal: $200,000 for 50% Equity

Michael accepted Kevin Harrington’s offer of $200,000 for 50% equity in Caffeindicator. However, the deal was contingent on Michael securing a deal with a major sweetener company.

Caffeindicator After Shark Tank

Despite initial excitement following the Shark Tank episode, the deal with Kevin Harrington never came to fruition, and Caffeindicator did not manage to secure a partnership with a sweetener company. The product eventually disappeared from the market, and Michael’s vision of breaking into the sweetener industry with his caffeine test strips remained unfulfilled. As of 2023, Caffeindicator is no longer in business.

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Shark TankVeggie Mama

Veggie Mama: Shark Tank Updates in 2020

by Rolando Herrera
written by Rolando Herrera

The Basics

  • Company: Veggie Mama 
  • Owners: Teresa and Robert Fraijo
  • Asking Price: $75,000 for 15% equity 
  • Final Deal: $75,000 for 20% equity 
  • Shark Who Took The Bait: Mark Cuban 
  • Season/Episode: Season 5, Episode 5

Veggie Mama Before Shark Tank

Teresa and Robert Fraijo are a married couple with two young children. They’re heading to the Shark Tank from Laguna Niguel California, and hoping the sharks will bite at their healthy alternative to frozen dessert pops.

Like most parents, the couple has had a hard time getting their kids to eat a healthy, balanced diet – their kids do not like vegetables. Teresa found that if she could sneak vegetables into fruit smoothies, the kids would drink them up and be none the wiser. Experimenting further, she turned the smoothies into frozen pops and had her “aha” moment when she realized she could turn that idea into a business.

Her husband agreed, and he quit law school to help with the project. The Fraios were so invested in this new enterprise that they liquidated almost all of their assets – Teresa even sold the diamond from her wedding ring – and borrowed the rest from friends and family.

Veggie Mama On Shark Tank

Teresa and Robert approached the stage, introduced themselves, and began to pitch their solution for dealing with picky eaters – kids and husbands. Teresa told the sharks she had figured out a way to sneak nutrients into fun and tasty frozen pops that were gluten-free, dairy-free, vegan-friendly and had no artificial flavors, colors, or preservatives. The pops were sweetened with all-natural agave nectar. Their ask was $75,000 in exchange for 15% equity in their business.

The Fraijos passed the pops to the sharks, and all of the sharks seemed surprised that they tasted so good. The flavors included Carrot Berry, Citrus Cucumber, and Sweet Potato Pie.

Kevin wondered how costly the pops were to make since agave nectar is rather expensive, and Robert Herjavec wanted to know how much the wholesalers pay for it. Robert Fraijo answered that each package of 6 pops cost $1.10 to make and they sold it to the wholesalers and distributors for $2.25 per package.

Kevin asked about their sales numbers and Robert Fraijo said they had made $30,000, and most of that had been within the last few weeks. Teresa chimed in, reporting that they had distribution at Whole Foods and had recently been picked up by Sprouts Farmers Markets – in all 160 of their locations.

Robert Herjavec was interested in their backgrounds and how the product came to be. Teresa said that her husband had been a law student and she was a stay-at-home-mom. When she figured out how to get the kids to eat healthy, all of the other moms wanted to know her secret. She told the moms she gave her kids homemade green smoothies, but a lot of the moms thought that seemed like too much work. Teresa decided that she wanted to make it easy and convenient for moms to feed their kids healthy treats, and with her husband, developed a plan to bring their pops to market. Robert, her husband, was more interested in starting a business than going to law school, so he dropped out, although he was still working outside the home.

Robert Herjavec asked about production. How was the product made? What was the capacity? How much more could be made? Teresa told him they have room for more production since they have rented a facility in southern California.

Mark wanted to know how much they had invested so far. Teresa told him they had invested $30,000 of their own money and had borrowed $110,000 from family and friends. So, $140,000 total.

Robert Herjavec wondered who was running the machinery. The Fraijos said they were. Then Kevin directed a question to Robert Fraijo. “How much are you making in your job right now?” Robert Fraijo told him $67,000. Kevin asked if he could buy him as an employee for $67,000 and Robert Fraijo said, “Absolutely.”

Mark interjected. He hated the frozen food business, and thought it would be very expensive to take their product nationwide. He didn’t think the Fraijos were ready to take that challenge on, and he certainly didn’t think he was ready to take it on. He was out.

Barbara spoke up next. She told the couple that they are the complete opposite of other food business partners she works with. While the Fraijos had $140,000 cash invested and $30,000 in sales, her partners had roughly the reverse of that. Their numbers scared her, so she dropped out, as well.

Kevin was ready to make a deal. He would give the Fraijos $75,000 but would require that he be paid a royalty of 50 cents for each unit sold until he makes his initial investment back. Then the royalty would drop to 25 cents per unit. He said this is the way he has structured other food deals and he’s been very successful using this approach.

Robert Herjavec said, “You want half of everything they make?” Kevin said it would be temporary – probably only a few months. But Robert was ready to make his offer. He said there was no other product like theirs but that $75,000 would likely not be enough to get it going. He offered $75,000 for 25% equity, and then committed to pay another $75,000 if Robert Fraijo agreed to work for the business full-time in the next 6-12 months. So, altogether, he was offering $150,000 for 25%.

But then Lori wanted in, too. She really loved the product and would offer $75,000 for 20% – and she would provide even more cash if needed when things got up and running. With her connections, she could get their product into the best stores.

What happened next started a bidding war with the sharks. Kevin came back and said he wanted to modify his offer based on getting Robert Fraijo in the business full time. He would match Robert Herjavec’s offer of $150,000 but wouldn’t be asking for any equity in the company. All he needed was 50 cents per unit until he made his $150,000 back, and then the royalty would drop to 25 cents per unit. But while Kevin was talking, Lori was making a side deal with Robert Herjavec.

Lori admitted that since Kevin wanted to spice things up, she wanted to do the same. Robert Herjavec and Lori would partner up, offer the Fraijos an initial $75,000 and then another $75,000 when Robert Fraijo was ready to come back full-time. They would receive 20% in equity and a royalty of 20 cents per unit because the Fraijos were getting the benefit of two sharks rather than only one. Kevin immediately snapped back saying, “Now you have to give up royalties and equity.”

That’s when Mark jumped in. He basically told the Fraijos they were suckers for not accepting a deal earlier when royalties weren’t involved. Barbara also had some things to say. She told the Fraijos they had two offers and were now in a good negotiating position. They should take some time to think it over and come back.

After the Fraijos left the stage to talk, the other sharks were not happy that Barbara butted in. But she felt like they were taking advantage of the couple with talk of royalties.

When the Fraijos returned, they admitted they didn’t like the idea of the 20-cent royalty. Their counter was $75,000 now, another $75,000 when Robert returned to the business, and 20% equity. No royalties. But Robert Herjavec insisted that the royalty remain part of the deal because the Fraijos would have the benefit of working with two sharks.

Barbara jumped in and said, “The 20-cent royalty going forward is 10% of everything they sell.” Robert Herjavec seemed annoyed with Barbara. He asked if she was coming back in and Barbara said she just might because she was getting so annoyed. Robert Herjavec then told the Fraijos they shouldn’t take advice from someone who’s not even making an offer, but while he was talking, Barbara was trying to get Mark to partner with her and make a deal. Mark said he wasn’t interested in doing the work, but Barbara said she would do it. Mark agreed and made the Fraijos an offer of $75,000 for 20% equity. No royalties. The Fraijos agreed and the deal was done.

Final Deal: $75,000 for 20% equity

Veggie Mama After Shark Tank

The Fraijos made their appearance on Shark Tank in 2005. Since that time a lot has changed for the company.

Veggie Mama Garden Pops are no longer in stores, the company has updated its logo, and the product lineup has been completely transformed. The company is selling supplements and cleansing products that bring “the same health ideals and values we have pleaded to provide when we originally launched Veggie Mama.”

Their supplement is powdered and plant-based. You can add a scoop to your smoothie or incorporate it into recipes they share on their site. The powdered supplement, called Garden Power, is available in two flavors and is promoted as delivering three goals: energy, digestion, and immunity. The company claims its product can help you to lose weight, detoxify, and transform both your mind and body. There aren’t any testimonials on the website.

Veggie Mama also sells cleanses – 3-day, 10-day, and 21-day. And for anyone who misses the original Garden Pops, they offer a recipe on their site so you can make it at home.

The nutritional supplement market is very crowded. It’s admirable that the Fraijos are still in business, but they certainly are not doing much to promote the brand. Their Instagram following is relatively small – about 2,200 followers and the last post was made in July 2018. The company has even fewer Twitter followers and no presence on Facebook. It’s difficult to see how they can sustain their business amidst the fierce competition in the nutritional supplement sector. It’s clear they are no longer supported by the sharks who shook hands in the deal.

Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with Veggie Mama, SharkTank, or any of its subsidiaries.

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Lynnae's Gourmet PicklesShark Tank

Lynnae’s Gourmet Pickles: Shark Tank Updates in 2020

by Rolando Herrera
written by Rolando Herrera

The Basics

  • Company: Lynnae’s Gourmet Pickles
  • Owners: Lynnae Schneller and Aly Cullinae
  • Asking Price: $125,000 for 20% equity
  • Final Deal: None
  • Shark Who Took The Bait: None
  • Season/Episode: Season 5, Episode 1

Lynnae’s Gourmet Pickles Before Shark Tank

Lynnae Schneller and Aly Cullinae are sisters-in-law from Tacoma, Washington. They are privy to a 100-year-old secret recipe for sweet pickles, handed down by Lynnae’s great-grandmother, nicknamed “Grandma Toots.”

They’re so invested in sharing Great-Grandma Toots’ pickles with the country that they’ve quit their jobs and put everything on the line for the brand they’re calling Lynnae’s Gourmet Pickles. They’ve decided to apply for Shark Tank because they need additional capital to handle the growing demand for their specialty pickle product.

Lynnae’s Gourmet Pickles On Shark Tank

Lynnae and Aly approached the stage, introduced themselves, and wasted no time asking for $125,000 in exchange for a 20% stake in their company, Linnae’s Gourmet Pickles. They stated that specialty foods are among the fastest-growing categories in the U.S. and that they believe there’s a niche to be filled with gourmet specialty pickles.

The pair had launched in 2011 and had quick success. In fact, orders were coming in faster than they could fulfill them. They need to partner with a shark who can provide the funding necessary to improve their production process..

Lynnae then passed around their two pickle flavors: Mrs. Pickles (the original with a crunchy-sweet-n-sour taste) and Hot Mama (the original with a kick of jalapeno).

The sharks asked about the numbers. What were their sales, and how much did it cost? Lynnae and Aly had sold $144,000 worth of pickles within the last 12 months, which amounted to 36,000 jars of pickles. Each jar retailed at $6.99, the wholesale price was around $4.00, and cost $1.93 to make. The entrepreneurs admitted there are stores that want the product but they don’t have the money to fulfill the orders.

Barbara asked where the pickles were being sold. The women said that the brand was being sold in 26 states, in over 200 locations. They were using the largest specialty food distributor in the U.S. to get the pickles on shelves. Barbara seemed impressed.

Mark seemed to struggle with the reason why he should invest. He wanted to know what was the real difference between their pickles and others. Barbara felt like the two women were what made the difference. She asked what they do to market the product.

Lynnae and Aly mention an annual pickle hunt in their city that received press both locally and nationally. They planned to do this every year.

Kevin and Barbara had some concerns. Kevin wondered how he would make money from this and Barbara asked how they could scale it. The women said they had a meeting scheduled with Target the following month, and that Target had reached out to them because they had just recently started to stock food in their stores and were looking to fill the specialty foods niche.

Kevin was still doubtful that they would be able to pull it off with a big retailer, but Lynnae told him they’re already selling in Target.

Robert wasn’t convinced he’d heard the answer as to why their pickles were different than other jarred sweet pickles. Lynnae explained that their pickles were for a customer who was looking for gourmet pickles and admitted a jar of regular sweet pickles retails for half of their price. When Kevin learned of the price gap, he said he couldn’t see why Target would want to stock their brand if it costs twice the amount as regular sweet pickles. Lynnae tried to explain that their pickles were in a specialty niche and it’s specialty foods that are growing by more than 22%.

Lori interjected. She felt there was already enough competition, and she didn’t like sweet pickles. It wouldn’t be right to invest in a product she didn’t like. She dropped out.

Mark spoke up next. He greatly admired the two women and said they are creative and have hustle. But he thought that the brand was doing well now because they were too small to be noticed by bigger players. However, once they started growing, the bigger companies would notice and could more easily roll out a similar product at a lower price point. He didn’t see the potential for their brand, so he dropped out.

Lynnae listened to Mark’s advice, but she had something to say in answer to it. She knew that no food can be considered proprietary because someone could come in and create a similar product. However, their plan was to explode into the marketplace early, and get as much distribution as they could to establish themselves as a leader in the gourmet pickle category. And they did have interest from several large stores, she said.

Kevin wasn’t convinced. He outright told them they’re not worth $600,000, and that they won’t succeed in selling their product long-term at Target. He also decided he didn’t want pickles in his portfolio. He dropped out.

Aly tried to drive home the reason behind the brand. The two of them had a passion for bringing Lynnae’s great-grandmother’s recipe to the public, and based on how much the business had grown during the past two years, she felt their potential was unlimited.

With two sharks remaining, Robert spoke next. Although he felt they had done a great job so far, he questioned the idea of charging $7 for a jar of pickles. Also, since he was Croatian, and Croatians don’t like sweet pickles, he wouldn’t be the right investor to partner with. He was out.

It was Barbara’s turn to announce her verdict. She started by saying what they had sold in the first year was phenomenal. But she felt that they didn’t need any help. They were well on the road to success, and she didn’t want them to regret selling off a chunk of their business when there may be much greater potential in the future. She didn’t think they needed a partner, so she was the last shark to drop out.

Final Deal: None

Lynnae’s Gourmet Pickles After Shark Tank

Lynnae and Aly didn’t find a shark partner to help them sell their pickles, but the pair committed to press onward. They did get limited press after their Shark Tank appearance and continued to sell the brand in over 3,000 stores, even though a crowdfunding effort did not take off at all.

In September, 2015, the company rebranded from Lynnae’s Gourmet Pickles to Mrs. Pickles, in honor of Lynnae’s Great Grandma Toots, and presumably because Lynnae left the company. Aly Culinnane took over as President.

Unfortunately, Mrs. Pickles is nowhere to be found these days – except for small accounts on both Instagram and Twitter that haven’t been updated since 2017. There are many “Mrs. Pickles” Pages on Facebook, but none of them have anything to do with the sweet pickles from Tacoma, Washington. The brand no longer has a company website.

A few years ago, you could purchase the pickles on Amazon, but they’re not available anymore. Perhaps the brand tried to get big too quickly. There are several other small gourmet pickle companies that sell online, but they typically partner with a site that sells a wide selection of specialty or regional foods.

It’s a little sad that the legacy of Great Grandma Toots’ pickles will now be confined to the family and won’t reach the broader marketplace. But maybe the next generation can give it another try.

Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with Lynnae’s Gourmet Pickles, SharkTank, or any of its subsidiaries.

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ButterclothShark Tank

Buttercloth: Shark Tank Updates in 2020

by Rolando Herrera
written by Rolando Herrera

The Basics

    • Company: Buttercloth Shirts
    • Owner: Danh Tran and Gary Falkenberg
    • Asking Price: $250,000 for 10% equity
    • Final Deal: $250,000 for 25% equity
    • Shark Who Took The Bait: Robert Herjavec
    • Season/Episode: Season 10, Episode 4

Buttercloth Shirts Before Shark Tank

Danh Tran was born in Vietnam but now lives in Long Beach California. Since he was a young boy, he had a passion for fashion design and has spent his life’s savings working toward that dream.

He’s developed a line of dress shirts that are ultra-comfortable but still look sharp and presentable. He’ll ask the sharks for $250,000 in exchange for 10% of the company he calls Buttercloth Shirts.

Buttercloth Shirts On Shark Tank

Danh approached the stage with one of his advisers, Gary Falkenberg (who’s a friend of Buttercloth’s COO). They began their pitch with Danh telling the group that he always hated dress shirts because they’re usually stiff and scratchy. His Buttercloth shirts, in contrast, “Make you feel like you’re wearing your favorite t-shirt, but make you look like you’re fully employed.” The sharks liked that line.

Gary told the sharks that the shirts were made of 100%, sustainable, long-fiber cotton, but both Gary and Danh wanted to bring out their “scientist” to explain more. Their scientist turned out to be a former NBA player, Metta World Peace, wearing a white lab coat over a Buttercloth shirt. He talked about the fabric’s 6-way stretch and breathability, and then easily dunked a ball through a basketball net on stage. Metta then passed samples of the shirts to the sharks so they could touch and feel the fabric. All of the sharks said that they felt nice and soft.

Kevin remarked that the three of them were quite an eclectic group, and wanted to know how they got together. Metta, who has a college background in math, had been interested in marketing products and was so impressed with Buttercloth that he was motivated to get on board. Gary explained how he had met Danh through his friend, and then Danh told his story.

Danh had grown up in Vietnam, where his parents were tailors. As a 10-year-old boy, Danh began making his own clothes, but his mother warned him not to pursue a “poor career” in fashion. She preferred that he become a doctor or a lawyer. But Danh didn’t want to give up his dream of becoming an American fashion designer. He came to America and intended to apply to Otis College of Arts & Design, but the tuition was $120,000, which was too steep for him.

Instead, he started working for Mattel, where he designed clothes for Barbie dolls. After working there for five years and saving his money, he was able to attend fashion school and earn a BA in Fashion Design. That degree led to other jobs as a designer, including one as head designer at Affliction Clothing, where he worked for ten years.
Charles Barkley asked the first questions about the shirts: What was the retail cost and where was it being sold? Danh replied that the shirts retailed between $98 and $118, and all sales were made online. Mark asked what the shirts cost to make, and Danh told him around $20-$25.

Charles asked how many had already sold, and Danh told him they had earned $500,000 in sales over a period of seven months. The sharks thought that was impressive. But Charles had more questions. He wanted to know how the company was reaching the public. Gary spoke up and said they were on Facebook and Instagram. And that’s when Robert asked how much money they had spent running the company.

Danh admitted that he invested $240,000 of his own money, and had quit his job, sold his house, and cashed out his 401K. He was all in.

Kevin wondered what was the cost of customer acquisition. Gary revealed it was $40 per customer, and it was clear that Kevin and Robert thought that was too high. But Robert continued questioning Danh and asked him what they would do with the money they’re asking for. Gary said that two-thirds would be devoted to inventory and one-third for additional marketing.

Kevin then said they needed to hire a company to reduce their customer acquisition costs. After saying that, he dropped out. Mark was also focused on customer acquisition costs and wondered why they were budgeting more money for inventory than for marketing. He felt they definitely needed to focus on advertising rather than on the product at this point. He dropped out.

Lori had already started working in fashion, trying to develop a line of clothing that she could wear and market on the show. She didn’t think it was fair to get involved with another fashion company, so she dropped out. And Charles’ take was that the fashion business was too cutthroat, and he was not willing to put up any money. He was out, as well.

That left Robert as the last shark remaining. He admitted he knows a lot about the fashion space and that he knows people who could work with Danh to help him perform better online. Unfortunately, he wasn’t willing to invest for only 10%. He wanted 25%.

Danh tried to counter with 20%, but Robert wouldn’t budge. There was just too much of a risk and he had originally planned to ask for 35%. Danh thought for a moment, and then accepted Robert’s offer. Danh was so excited he jumped up and down several times with glee. That made the sharks smile.

Final Deal: $250,000 for 25% equity

Buttercloth Shirts After Shark Tank

After the episode aired, there was a sales surge for Buttercloth. Before appearing on the show, the company had sold $500,000 in seven months. After, it sold $500,000 in just two weeks!

A year after the appearance, the company had been transformed. They now had an office, a warehouse, and a team to handle design, marketing, customer service, logistics, and accounting. Their forecast was to sell 50,000 shirts in 2019 and double that in 2020.

As for product selection, they intended to add polos and sweaters in 2019, but a visit to the website shows they’re not featuring sweaters right now. In 2020 they plan to add henleys, tees, and jackets to their collections. They were also planning to introduce a shirt with a new fabric technology that would actively cool the body.

Buttercloth had also wanted to start distributing to brick and mortar retailers in 2020, but it’s likely the coronavirus pandemic has halted that effort. But Buttercloth is offering reversible face masks in four different designs that should be as comfortable and breathable as their shirts.

The Buttercloth Instagram account has close to 17,000 followers and there are 7,600 likes on Facebook. Plus, the reviews are predominantly on the positive side. So does a Buttercloth shirt really feel like you’re wrapped in a hammock in the Caribbean under a palm tree, but look like you’re giving a keynote at NASA? It might be worth it to find out.

Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with Buttercloth, SharkTank, or any of its subsidiaries.

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Shark Tank

Broccoli Wad: Shark Tank Updates in 2020

by Rolando Herrera
written by Rolando Herrera

The Basics

  • Company: Broccoli Wad (money clips)
  • Owners: Johnny Gennaro
  • Asking Price: $50,000 for 20% equity
  • Final Deal: $50,000 for 40% equity
  • Shark Who Took The Bait: Barbara Corcoran
  • Season/Episode: Season 2, Episode 4

The Broccoli Wad Before Shark Tank

Johnny Gennaro is an entrepreneur who developed a money clip based on a documentary he watched about “wise guys” in the Mob. He saw that these “made men” would display their wads of cash using the rubber bands that grocers place around stalks of broccoli. He eventually got in touch with Vinny Pastore – best known for his role on the TV series The Sopranos – and the two partnered to try to bring the Broccoli Wad to market. Johnny believed that Vinny would be the perfect pitch-man for his product.

The Broccoli Wad On Shark Tank

Johnny and Vinny stepped into the tank, and Johnny asked the Sharks for $50,000 in exchange for 20% of his company. Tongue-in-cheek, he described it as “an offer you can’t refuse” in pure Godfather fashion. Johnny showed off the Broccoli Wad holding a stack of bills and explained how he had come up with the idea for the product after watching a documentary about an FBI agent that infiltrated the Mob. He noted that wise guys don’t have wallets and instead carried their cash around gripped by a rubber band used to hold broccoli stalks together.

Kevin wanted to know where wise guys keep their credit cards, but guest-Shark Jeff Foxworthy explained that wise guys don’t carry credit cards because they don’t want to be easily tracked or identified. Johnny joked that they do carry a license, but it’s “normally from out of state and expired.” The sharks laughed at that statement.

While Johnny was passing around samples for all the Sharks, Vinny admitted that he initially thought the idea was nuts, but he came around when he saw how cute it was.

Robert gingerly said, “Come on – it’s a piece of rubber that you’re saying is worth $250,000.” Vinny’s reply to that was that if they sell a lot of units and he gets his 50-cent royalty on each of them, he’ll be able to get a house in Malibu.

While the other Sharks were laughing at these jokes and thought the pitch was amusing, Barbara wasn’t having it. She thought both of them were totally nuts, and she just didn’t get it. She thought this was one of the worst products she had ever seen on the show. She was out.

Johnny said it’s understandable that it would be difficult for a woman to understand because most women do carry wallets. Jeff said he understood the concept because his own wallet had become so overpacked it was almost the size of a phone book. He was always on the lookout for a way to carry his cash because most money clips don’t work very well. He said he liked Johnny’s idea.

Kevin wanted to know how they were going to sell it. Johnny explained that each package would include two rubber pieces and two metal sliders and would retail from $10 – $14 each. In the meantime, he had created two 2-minute spots featuring Vinny and some of Vinny’s former cast members from The Sopranos. They were ready to launch a campaign, and Vinny had already agreed to do personal appearances at casinos in Atlantic City.

Daymond wanted to know how much had already been invested in the product. When Johnny admitted that he had put $200,000 into it, the Sharks seemed stunned. But Vinny chimed in to say that $190,000 of it had been a payment to him.

In defense of his product, Johnny said that he came from a background in novelty items and saw the Broccoli Wad as the ideal “As Seen on TV” product, complete with a 2-minute TV spot. Kevin asked if Johnny needed the $50,000 to buy air time, but Johnny said that what he needed most was sales and marketing expertise.

Robert wondered why Vinny’s photo wasn’t featured on the package. And that’s when Barbara jumped into the conversation again. “Why isn’t it called the “Vinny Wad?” she asked. The other sharks agreed that would probably be good branding, and Daymond asked Johnny if he saw Vinny as the face of the product. Johnny said that without Vinny, it would just be a rubber band.

Realizing that Vinny’s involvement could have a positive effect on branding, Barbara decided she was coming back if Johnny would rebrand the product as the “Vinny Wad” and put Vinny’s picture on the package. Robert agreed and said, “Your greatest asset is standing next to you, but you haven’t branded him anywhere.”

Asked if he were willing to stick with the brand long-term, Vinny said it was a matter of economics, meaning that it would depend on how he was compensated. Kevin said that sounded expensive to him, and he dropped out. Then both Jeff and Daymond dropped out, as well.

Barbara was ready to make a deal. However, she directed her attention to Vinny. When she started to say that she wanted to make Vinny an offer, Kevin exclaimed, “Vinny’s not a Shark!” But Barbara continued. She would give Johnny the $50,000 in exchange for 40% of the company. In turn, she would split her 40% with Vinny so that Vinny could be compensated. The requirement would be that Vinny would offer his face and name for branding the product.

Robert then said, “I’m out. That’s a great offer,” and Vinny quickly accepted the deal with Barbara. Johnny looked dumbstruck, and Kevin shouted, “What just happened there?” One of the sharks told Johnny, “You just got whacked.”

But Barbara persisted and explained the nature of her offer once again. She asked how many pieces Johnny had in his warehouse, and Johnny told her he had 50,000 units. Barbara then said that all he needed was a picture of Vinny on the package. But Johnny wanted to know how they would move forward. He didn’t come to Shark Tank only for the money but wanted sales and marketing expertise. Would Barbara be willing to provide that?

Barbara said that the only things she knows really well are sales and marketing. She wanted to know if Johnny would accept the deal. After a beat, Johnny said he would.

After Johnny and Vinny left the stage, Barbara was asked if she was just bluffing when she said the Broccoli Wad was the worst product she had ever seen on the show, given the fact that she eventually invested in it. But she hadn’t changed her mind about the product. She still thought it was nuts, “but once you market it, it’s genius.”

Final Deal: $50,000 for 40% equity

The Broccoli Wad After Shark Tank

It may not have been genius after all. The product lasted only a couple years under Johnny Gennaro’s leadership, and he’s now moved on to other things. Currently, LinkedIn shows him as the CEO and Visionary Entrepreneur of Twinstars Productions, LLC, and his mission is to build innovative household items and hair care products. An item he has attempted to bring to market is called the iCurler. It works by inserting a strand of hair into an appliance that looks like a blow dryer, and then the appliance draws the hair in and curls it. Johnny has a patent for it, but there’s no website, and it doesn’t appear to be for sale anywhere.
In the meantime, you can still find the Broccoli Wad for sale on Amazon. However, it’s represented by a company named “Wise Guy Productions,” which isn’t affiliated with either Johnny or Vinny. The price of the product, however, has dramatically increased. It now costs nearly $55 for two of the rubber bands and metal sliders. Surprisingly, the product shows a number of positive reviews.

As for Vinny, he’s doing just fine. He has continued his work as an actor, and has several projects in the works still to come in 2020, and even more scheduled for 2021.

Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with Broccoli Wad, SharkTank, or any of its subsidiaries.

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BibbitecShark Tank

Bibbitec: Shark Tank Updates in 2020

by Rolando Herrera
written by Rolando Herrera

The Basics

  • Company: Bibbitec
  • Owners: Susie and Steve Taylor
  • Asking Price: $40,000 for 14% equity
  • Final Deal: None
  • Sharks Who Took The Bait: None
  • Season/Episode: Season 4, Episode 14

Bibbitec Before Shark Tank

Susie and Steve Taylor are the parents of two young, very messy boys. During an airplane trip, the kids rolled around in the row and made everything dirty, but somehow Steve was spared. He was wearing a performance fabric shirt and it simply wiped clean. The couple had earlier argued about the cost of bibs because they would get stained and hold onto odors, even when washed. The Taylors were tired of throwing away money on junky bibs, so after their airplane experience, Susie was inspired to make a better quality bib that you wouldn’t have to throw away.
Their Bibbitec bib is made in the U.S. and the fabric is toxin-free. They are coming to the Shark Tank to ask for $40,000 in exchange for a 14% stake in their company.

Bibbitec On Shark Tank

The Taylors approached the stage, introduced themselves, and asked the sharks to invest in their product. They told the story about how their airplane experience had inspired the bib, and then Steve described how easy it was to slip the bib onto a child while Susie demonstrated, using a doll. The couple said their bib was American-made, non-toxic, and wouldn’t stain or retain odors.
Susie then applied mustard to the bib and showed how easy it was to wipe it clean. When they began to pass samples to the sharks, Barbara said she wanted to inspect the dirty one. Daymond asked if it was made of neoprene, and Susie told him it was a poly-nylon blend. It was also patented and non-toxic.

Barbara asked about their selling price. Susie said they sold the bibs on their website for $24.95. Kevin wanted to know what it cost to make. When Steve said the cost was $15 per bib, Kevin reacted in horror. Susie responded to Kevin’s reaction and said people were willing to pay $48 for the bib, but Kevin was still stuck on the high cost to produce them. Why did they cost so much?

Susie told him the fabric was expensive, but then Kevin shouted that you couldn’t make money selling bibs in America at that high price point. It would be cheaper to buy a bunch of regular bibs and then throw them away when they got dirty.

Steve told Kevin that their bibs would last four years or longer, and Susie added that moms were spending $400 annually on cheap, throwaway bibs. Robert didn’t believe that. He wanted to know how many they had sold.

Steve told the sharks they had sold 2,000 bibs in four years, and Kevin just shook his head. Robert asked what they had made in the past 12 months, and it was only $17,000. Robert said, “That’s it?”

Kevin went on to say that the majority of bibs are not bought online. There were two or three big-box retailers that sold baby apparel. Why hadn’t the Taylors been able to get into retail stores? Susie said their product was hard to sell without first educating the customer. Retailers had also confirmed that bibs are a bait and switch item and that the stores use cheap bibs to get moms into the stores.

bibbitec featured on shark tank 1024x718 - Bibbitec: Shark Tank Updates in 2020

Susie Taylor, CEO of Bibbitec, left; with sister, Heather McCabe.

Hearing that, Kevin confirmed what he had said earlier – people don’t want to buy expensive bibs. But Susie contradicted him and said that people bought the $48 bibs with no hesitation.

Robert questioned why they hadn’t tried to license the product to a company that already manufactures bibs. Susie said she had tried looking for manufacturers that could sell the bibs at a lower price but they were all Chinese firms, and she wasn’t okay with using toxic fabrics that are potentially unsafe for kids. She wanted to produce her bibs in America and to make sure they are safe. But Kevin said the high cost is keeping her product away from many Americans, and tossed out the outrageous allegation that she was hurting kids because most people couldn’t afford to buy her bibs.

Kevin asked if they had made any money. The answer was “no.” Steve admitted they had invested $75,000 into the business but hadn’t seen a return on investment. Kevin wondered how long they were willing to lose money, but Steve said he had some cash he was willing to invest if he couldn’t find an outside backer. Susie disagreed. She said they couldn’t afford to fund the business any longer.

Kevin said he thought it was time to take the bib behind the barn and shoot it. Susie said, “Absolutely not.”

Daymond asked if they could get the price down, and Susie said she thought they could if they could get a large order. With Kevin shouting that the bibs needed to cost $2 in order to make money, Daymond asked what was the magic price point they needed to sell it at retail. Steve said they could sell the smaller bib for $19.99. Daymond then advised that they would have to get the cost down to $5 if they hoped to see a profit on a bib priced at $19.99. Steve said he was open to finding a new material that would cost less to produce.

But Robert was more concerned that they wouldn’t be able to sell the bibs in large quantities. He said they weren’t doing a good job explaining how that would happen. Were they not selling enough because the bib was too expensive? Susie said they weren’t selling enough because her job as a mom came first, which led Robert to say, “You’re not selling more because you’re a mom?”

Susie seemed agitated by Robert’s comment, and Steve told her to take a breath. Daymond then asked why Susie was getting emotional. She replied that she felt a lot of pressure as a stay-at-home-mom to do what’s best for her kids, and she felt strongly that moms were throwing away money on bad products. She also said that she and Steve had earlier argued about how much she had spent on bad products.

Kevin said that although her story was heartbreaking, he and the other Sharks were looking at this from a financial perspective. They were losing money, so why would any investor want to join them? Steve felt they were at the tipping point, but Kevin wanted to know when that was going to happen. Susie shouted, “Right now!

Mark said fighting with Kevin was like arguing with a wall. For his part, he thought that the product was good, the price point was fine, and that it shouldn’t be sold at retail. However, he didn’t think Susie should run the company. She should find a college student who was knowledgeable about online marketing and have that person run with it. He admitted he was not the right person to help her, so he was out.

Barbara felt a sales force made up of moms could sell their bibs and that Mark was right – it shouldn’t be sold at retail. But her instincts told her she shouldn’t be involved with this product. She was out.

Kevin said Mark and Barbara were lying to the Taylors by providing encouragement when there was none to be had. He dropped out as well.

Daymond then said that he couldn’t help them to educate customers about the product, so he was out too.

It was down to Robert, but Robert said he couldn’t find a good strategy as to how to sell the bib. The Taylors didn’t have a plan to make the product successful, so he was out. With that, the Taylors were out of sharks, and no deal was made.

Final Deal: None

Bibbitec After Shark Tank

Immediately after the episode, Bibbitec’s sales surged. The night the show aired, the company made $75,000 in sales and that weekend it earned another $150,000. Unit sales went from 2-3 per day to about 1,500 per day but eventually leveled off at 50 per day.
Soon, there was a shift in leadership, and Steve took the helm. They started selling the bibs on Amazon for $22 each, and ultimately sold 3,000 units.

In 2018, the Taylors shut down the company. It turns out Susie is a trained actress and it appears she has returned to that profession. She has a blog where she relates her experience on Shark Tank, and includes one post where she tells her reader that she’s “letting go” of the business.

Bibbitec had a good run, given its high price point. In hindsight, Barbara had the best idea for a sales strategy when she suggested that a sales force of moms could have made this product a big hit. If the company could have held out a couple more years, it could have seen success using social media marketing. Niche products seem to take off when they go viral on Facebook.

Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with Bibbitec, SharkTank, or any of its subsidiaries.

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MyoStormShark Tank

MyoStorm: Shark Tank Updates in 2020

by Rolando Herrera
written by Rolando Herrera

The Basics

    • Company: MyoStorm
    • Owner: Jonothan “Jono” DePeri and Shaquille Walker
    • Product: Vibrating, Heated Therapeutic Massage Ball
    • Asking Price: $150,000 for 10% equity
    • Final Deal: $150,000 for 5%, plus $1 royalty per unit sold until $500,000 recouped
    • Shark Who Took The Bait: Lori Greiner
    • Season/Episode: Season 11, Episode 5

MyoStorm Before Shark Tank

Jonothan “Jono” De Peri and Shaquille Walker are two friends from Provo, Utah, who worked as missionaries for their church. During that time, they decided they would someday create a product together but were not sure what it would be. Jono would later study mechanical engineering at Brigham Young University, and was involved in a project that measured how vibration affects the human body. According to his research, there were specific frequencies and amplitudes of vibration that could provide greater therapeutic benefits when treating muscle injuries.

Shaquille – who was training to be a runner – had experienced his fair share of injuries, and was intrigued by Jono’s research. Shaquille and Jono knew that this range of vibration frequencies was not being utilized in the current market of tools to treat pain and heal injury, so they brainstormed the idea of using this kind of vibration in an upscale massage “roller” that could treat pain and heal injury with better efficacy than what was currently available for purchase.

DePeri developed a prototype with the help of a team of researchers and called it the MyoStorm Meteor. The Meteor has three vibration settings that are backed by scientific evidence to provide superior results, and also has two heat settings. Soon, Jared Ward, a professional marathon runner and a statistics professor at BYU joined the team, and would accompany DePeri and Walker to pitch the Meteor to the sharks.

MyoStorm On Shark Tank

Jono, Shaquille, and Jared approached the stage. They were also joined by a woman who would demonstrate how the Meteor is used. Shaquille stated that 100 million Americans reported having chronic neck or back pain. He also revealed that $6 billion was spent on pain management in the U.S., and that most people were not getting the relief they needed despite spending all that money. In unison, the team chanted, “There had to be a better way.”
That’s why they created the Meteor. It was a patent-pending, FDA-compliant medical massage device that utilized cutting-edge technology, vibration, and heat therapy to reduce pain and speed up muscle recovery. It was lightweight and easy to use, and worked by combining pressure, vibration, and heat.

The Meteor was designed with professional athletes in mind but it could be used by everyone who experiences pain. The team was asking for $150,000 in exchange for 10% equity. “Who’s ready to roll with us?” they asked.

The balls – which were already turned on and heated – were then distributed to the sharks for trial. Every shark seemed to love it and Kevin thought it was fantastic. Mark went to the stage and placed the Meteor under his back while rolling over it on the ground. His groans indicated that it was working.

Lori wanted to confirm that what set this massage ball apart from competitors was the use of heat and vibration. Jono explained that he had studied how vibration affects the human body and used that knowledge to optimize the massage ball to provide the best relief. Then he added heat.

Jono then told the sharks how the Meteor had started a Kickstarter campaign with 1,000 units. Their goal was $20,000 but they brought in $70,000. The sharks were impressed by the success of the campaign.

Mark wanted to know about pricing and costs. Shaquille said they had tested price points between $130 and $175 and had settled on $160. The product cost $40 to manufacture. All of the sharks thought the price was expensive, but Shaquille said that competitors sell inferior products and they saw value in the Meteor since it was a product that stood apart from what was currently offered in the category.

Jared added that there are some products that cost $600, and while the traditional foam roller is only around $15, the Meteor was a superior product at a more affordable price than what was available at the high end. He also said that many people spend a lot of money on professional massages. One massage could cost as much as the price of the Meteor.

Mark thought that what differentiated their product was that you didn’t have to use it on the floor. You could even use it lying in bed.

Myostorm massage ball on shark tank 1024x576 - MyoStorm: Shark Tank Updates in 2020

Guest shark, Matt Harrington, asked how many total units had been sold. Jono said that they had sold 900 units and along with the Kickstarter, had made a total of $120,000 in sales. Kevin said that was not a lot.

Lori felt that the sales were not higher because the product was priced too high. Why was there such a high markup if their cost was only $40? Shaquille said their testing had shown the market was willing to pay a premium price. But Lori wondered if they had tested price points under $100. They hadn’t. Lori’s feeling was that they could have sold a lot more if it were priced under $100.

Mark disagreed, but Lori continued. She said there was always a price point freeze at $50 and $100. When you price under $50 and under $100, you sell a lot more product.

Matt asked about their vision for the future. Did they want to continue with direct-to-consumer sales or were they considering retail? Jono said he was open to retail sales.

Mark, after disagreeing with Lori about price points, explained why he thought a higher price could work. People who would buy this product already have experience using other tools that don’t work as well. They’re already educated about the category and they can see the perceived value in this new option.

Shaquille said their manufacturer told them they could likely get the cost down to $20 if they could sell 10,000 units.

Mark was ready to make an offer. He would give them $250,000 for 20%, but he would withdraw if the team were to consider offers from the other sharks. Matt asked if Mark would go in with him as a partner, but Mark declined.

Kevin interrupted and said he wanted to make an offer, and since Jono wanted to hear it, Mark dropped out – just as he said he would. Kevin would give them $150,000 for only 5% of the company, but would ask for a royalty of $1 per unit.

Matt wanted in, too. He said he could use his ability to reach the sports demo – which prompted Mark to tease Matt since he had a relatively low number of Instagram followers. That didn’t dissuade Matt, and he continued. He would offer exactly what the team had asked for: $150,000 for 10%.

Lori piped in. She wanted to know if they had goals to get the price down to below $100. If so, she would offer the same thing that Kevin offered.

The team had received so many offers that they wanted a moment to talk about it amongst themselves. When they came out of their huddle, they announced they would like to make the deal with Lori, which surprised all of the other sharks. But Jono liked Lori’s idea for getting the price down and wanted to work with her. He accepted Lori’s deal for $150,000 for 5% plus a $1 royalty.

Final Deal: $150,000 for 5% equity, plus $1 per unit sold until $500,000 recouped.

MyoStorm After Shark Tank

The MyoStorm team made their pitch in October 2019. Currently, the company has 10 employees and has an average monthly sales figure of $150,000. MyoStorm improved the original Meteor and now sells a 2.0 version that includes USB-C charging and an improved heat function. While the website shows the price as $149, It’s now on sale for only $99, which is exactly where Lori Greiner wanted it to be.
In a June 2020 interview, DePeri stated that the Meteor has a strong brand presence, helped by the fact that it’s an FDA medical device, which separates the product from the competition. He revealed that his team attends events where people can try the product, and that helps to strengthen the brand. Relationships with athletes that back the brand is also very beneficial.

Although MyoStorm’s sales surged directly after the Shark Tank experience – which is what usually happens after an episode airs – DePeri is happy with the slow and steady growth the company is experiencing today. His projection for 2020 revenue is $4 million based on the expected launch of several new products. DePeri believes that MyoStorm will see close to 100% growth each year for the next few years.

Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with MyoStorm, SharkTank, or any of its subsidiaries.

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Back 9 DipsShark Tank

Back 9 Dips: Shark Tank Updates in 2020

by Rolando Herrera
written by Rolando Herrera

The Basics

  • Company: Back 9 Dips
  • Owners: David and Dominique “Nique” Mealey
  • Asking Price: $150,000 for 15% equity
  • Final Deal: $150,000 for 25% equity
  • Sharks Who Took The Bait: Robert Herjavec and Lori Greiner
  • Season/Episode: Season 4, Episode 4

Back 9 Dips Before Shark Tank

David and Dominique “Nique” Mealey are a married couple from Tampa, Florida. They have a three-year-old son and a baby daughter on the way.

Back when Nique was pregnant with their first child, the economy tanked and David lost his job working as a Callaway sales rep and a PGA teaching pro for a local golf club. Realizing they needed to make an income, David started a BBQ catering company. He loved to cook and had considered becoming a chef earlier on in his career. The company became a success, and David even emailed radio shock jock, Bubba the Love Sponge, and asked if he could bring some of this BBQ to the station. Bubba and David had an instant connection and Bubba promoted David’s company whenever and however he could.

Even though the business as a whole was doing well, there was one dish that was everyone’s favorite. It was so popular that David and Nique knew it would be a hit if they brought it to market and sold it separately. They were coming to the Shark Tank because they needed a shark’s help to bring their product to the masses.

Back 9 Dips On Shark Tank

David and Nique walked into the tank and said they were seeking $150,000 in exchange for a 15% stake in their company. While they didn’t yet tell the sharks what their product was, they passed around plates from them to sample.

Nique stated that 1.25 billion chicken wings were consumed during the last Super Bowl, and that the second most popular food was chips and dip. Their product – called Back 9 Buffalo Chicken dips – was made by blending chicken breast with sauces. It was like chicken wings in a dip.

Daymond referred to it as a Chicken Slurpee and then Kevin said it reminded him of the classic SNL “Bass-O-Matic” skit, except it was chicken in a blender instead of fish. Kevin started to laugh so hard he was crying and kept referring to all of the poor chickens that lost their lives for the dip.

David said it was not that much different than chopping up chicken and making chicken salad, only the chicken was chopped a bit finer. Nique said, “I married him for this dip!”

Lori thought it tasted delicious, and after the sharks had stopped laughing and composed themselves, they took on a more serious tone.

Robert wanted to hear their story, so Nique hinted there was a life experience that made them realize they needed to find a way to make money. When asked what the experience was, she explained that David had lost his job the last time she was pregnant. They downsized their home, sold one of their cars and a lot of other personal items, but it had all worked out for the best.

Kevin was ready to talk numbers. He wanted to know about sales. David told him that they had made nearly $400,000 in less than two years, and they had close to 400 accounts. Recently, a big supermarket chain in Florida decided to give them a 60-store test with a weekly sales goal. As it turned out, they were hitting the weekly goal on a daily basis.

Then David told the sharks that the retail cost for the dip was $7.99-$8.99 per pound, and wholesalers could purchase it for $5.25. The cost to make the dips was approximately $2.50. To date, they had invested $150,000 in the company.

Robert was wondering if there was always a positive reaction to the dip. Nique said people loved it, and after tasting it, and they didn’t have an issue with the idea of blended chicken. Lori reiterated that she thought it was wonderful and that she loved the two of them. But she didn’t think she was the right person to get the dip into supermarkets everywhere. She was out.

Mark thought they would likely continue to do well, but he didn’t have the skills or experience to handle food distribution of this sort. It was not a fit for him, so he dropped out.

Kevin said he admired them and thought they had done a great job so far. But as an investment, it would mean a lot of risks. It didn’t work for him, so he was out.

Robert loved their story and admired what they had done, but said it was a brutal business, and that they needed a partner that could help them go down that road. He could offer advice and encouragement, but he didn’t believe he was the right person to lead them. He dropped out.

That left Daymond to consider a partnership. He started by saying it was such a hard decision for him, and that he had some regrets about not partnering with a contestant from last year that had gone on to make it big. But Lori interrupted him. She really liked David and Nique and thought maybe she could come back in if Daymond were to join her with a $150,000 offer for 25% equity.

But Daymond wanted to get his story out. He spoke about the time when he had no money, a little girl, and a pregnant wife. He had just needed someone to give him a chance and LL Cool J did that for him with FUBU. And when his second child was born, he was a millionaire. Despite recognizing that everyone deserved a chance, he still didn’t think he could go in on a deal.

After a few seconds of silence, Robert spoke up. “I think sometimes in life you just need a chance,” he said. He agreed to partner with Lori, even though at this point he couldn’t add a lot of value. The Mealeys said, “We won’t let you down,” and accepted the deal: $150,000 for 25% equity. The new partners hugged the couple.

Final Deal: $150,000 for 25% Equity

Back 9 Dips After Shark Tank

Bubba The Love Sponge had always been a minority partner in the business but that wasn’t brought up on the show. According to David, that wasn’t an issue for either Lori or Robert. The dip was eventually marketed as BUBBA’s Chicken Dip.

After the show aired, David said he was working on improving manufacturing, and Nique was handling marketing and community events. Sales spiked after the episode ran, and the Mealey’s continued to increase distribution into more stores. They were even able to sign a deal with Costco.

But it wasn’t long until they ran into a brick wall. The company had failed to disclose that anchovies – an allergen – were an ingredient in the dip, and they were forced by the USDA to recall 112,500 pounds of BUBBA’s Buffalo Blue Cheese Chicken Dip. At that point, the dip had been selling online and at grocery stores in Florida, Georgia, Illinois, Missouri, and Ohio. After the recall, the company couldn’t recover and is no longer in business.

Currently, David Mealey works as a Regional Sales Manager for Nat Sherman, a handmade cigar and “luxury cigarette” company. Nique is a Field Marketing Manager for a restaurant group in the Orlando area.

Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with Back 9 Dips, SharkTank, or any of its subsidiaries.

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Shark TankTerra-Core Fitness

Terra-Core Fitness: Shark Tank Updates in 2020

by Rolando Herrera
written by Rolando Herrera

The Basics

  • Company: Terra-Core Fitness
  • Owner: Greg Nigro
  • Product: Air-filled exercise training equipment
  • Asking Price: $300,000 for 15% equity
  • Final Deal: $300,000 for 22.5% equity
  • Shark Who Took The Bait: Lori Greiner
  • Season/Episode: Season 11, Episode 8

Terra-Core Before Shark Tank

Greg Nigro calls himself the “Sultan of “Sweat” because he’s spent more than 20 years in the fitness industry. For many years, he was a Gold’s Gym franchisee and acted as an equipment salesman, a trainer, and a consultant.
He’s coming to the Shark Tank to pitch his new fitness product to make workouts more effective. The TERRA-CORE is an air-filled device that can make traditional exercises and moves work harder for you.

Before appearing on Shark Tank, Greg initiated a Kickstarter campaign for his product that did very well, but he needs a shark to help him take his business to the next level.

Terra-Core On Shark Tank

Greg, accompanied by two fitness demonstrators, walked up to the stage, looking like he had just escaped from one of the Zoltar fortune-telling vending machines. After asking for $300,000 in exchange for 15% of his business, Greg held up a crystal ball that he said would show the future of fitness.
But he quickly took off his costume and said he didn’t need a crystal ball to see that fitness trends are changing. Today, people want interactive apps and live-streamed content and versatile and easy-to-use equipment that will provide fast results and fun experience.

Greg then pulled down the sheet that was covering his product, called the Terra-Core. This one piece of equipment weighed only 28 pounds and was 46 inches long, but it could allow you to perform 100s of exercises in the space of only 3 square feet. The Terra-Core’s patented, dynamic, air-filled surface was comfortable and activated four times the muscle tissue as conventional exercise methods.

His two associates then demonstrated the range of exercises you could do using the Terra-Core – including bench presses, dead-lifts, bent-over-rows, burpees, planks, squats, lunges, and balance exercises.

terracore sharktank bandpress - Terra-Core Fitness: Shark Tank Updates in 2020

All of the sharks wanted to try it. Lori and guest shark, Anne Wojcicki, thought it was much more comfortable to do a plank on an air-filled surface. Anne asked about Greg’s background, and he told the sharks how he had worked in fitness for over 20 years as a franchisee for Gold’s Gym. When he finally decided to develop what he thought would be a better product for working out, he initiated a Kickstarter campaign in 2016 and started selling the units in 2017. The Kickstarter raised about $95,000, and his total sales to date were $2.1 million.

Lori asked where he sells his product. Greg told her that 38% of his sales were commercial, 38% were direct-to-consumer, and the remainder were International.

Mark wanted to know about costs – both the price and what it costs to make. Greg said he had been able to drop the price from $279 to $199. He had found that sales were much better when the price was under $200. The cost to make each unit was $73. All the sharks indicated they thought his costs were too high.

Lori asked if it was made in China. Greg replied that it was and that tariffs were built into the cost. He thought he might be able to get the cost down to $40-$45.

Kevin asked if he had made any money this year. Greg revealed that he had earned $850,000 in sales that year and had been able to break even. Next year, he projected $1.4 million in sales and a $200,000 profit. His company had an issue with cash flow, which was why it took longer to grow. Lori asked about his patent. Greg told her he had a patent for design and one pending for utility.

Daymond made the first offer. He would give Greg $300,000 for 40%! Kevin called that offer “savage,” but Daymond said he had seen many entrepreneurs come on the show and not ask for all of the capital they needed upfront.

Kevin then wanted to make an offer, but Lori interrupted him and asked if Greg had done any promotional marketing on social media. Greg said he would answer her question but first wanted to hear what Kevin would offer. Kevin said he would offer $300,000 for 15%, but he wanted a royalty of $20 per unit. Greg immediately seemed disappointed by Kevin’s royalty demand, but Kevin said the royalty would go away once he had made $1 million. That’s when Mark called Kevin a greedy savage.

And greedy savage he may be, but doesn’t he look great on the Terra-Core?

sharktank terracorefitness - Terra-Core Fitness: Shark Tank Updates in 2020

Daymond jumped in again to try to justify his offer, but Greg cut him off. He thought 40% was way too high. Daymond told Greg he could counter, but when Greg came back with 20%, Daymond laughed and didn’t think that was enough movement.

Anne spoke up. She told Greg her concern about the fitness industry was that fads come in, get big, and then just disappear. Did Greg have an app or a subscription coming?

Greg did have an app that includes workouts designed by his team. But there was also a highly engaged community that wanted to upload their own workouts. He was working on creating premium content and would like to eventually change to a subscription model.

Insignia Nexus Sponsorship 1024x341 - Terra-Core Fitness: Shark Tank Updates in 2020

Austin SEO Company – Serving the Nation

Out of nowhere, Daymond blurted out that he would go down from 40% to 30% in his offer. But Greg was still trying to defend his product against being called gimmicky. Lori jumped in to talk about her Simply Fit Board that made $100 million in one year and $180 million to date. Some of the other sharks thought her product was faddish, but she brushed them off.

Lori told Greg he could be tremendously successful if he made an infomercial. Then she made an offer: $300,000 for 22.5%. Daymond again repeated his counteroffer of $300,000 for 30%, which was odd because it was a worse deal than what Lori had presented.

Then Anne came in with an offer: $300,000 for 17%, but she wanted $10 per unit in perpetuity. When Kevin heard that, he tried to contrast his offer with hers, saying that his royalty would eventually expire.

But Greg wasn’t happy with the idea of offering royalties and pointed out that there were two offers that are simply straight equity deals.

Lori said she liked Greg and wanted to make a deal. She told him she thought her offer was a good one. Greg agreed and decided to accept Lori’s deal.

Final Deal: $300,000 for 22.5% equity

Terra-Core After Shark Tank

The Terra-Core episode aired in November 2019. It’s a bit too early to get a long-term sense of how the company is faring post the inevitable sales jump that occurs after appearing on the show. It is an expensive product, so that’s an additional burden for fast sales growth.

But with over 50,000 Instagram followers, the company is in a strong position to keep current and potential customers engaged. The Terra-Core “Tribe” has just over 1,900 members, and they keep in touch via a private Facebook group. If the company can find a way to develop premium content that would motivate people to accept a paid version of the app, that’s one way it can spur growth without having to rely on selling an expensive product. Perhaps Terra-Core could use some QVC help from Lori or maybe an infomercial, as she suggested.

 

Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with Terra-Core Fitness, SharkTank, or any of its subsidiaries.

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