Where Are They Now? – Lollacup: Shark Tank Updates in 2020
Lollacup came about when founders Mark and Hanna Lim went looking for a way to utilize the straw sippy cup for their daughters instead of the traditional sippy cups that are tough for their little ones to use. The leak-proof design of typical sippy cups made it tough for their girls to drink from straws, so their parents created a simple style and design to form a container to use as a transition before using regular cups and straws.
While the Lollacup’s valve-free straw is not completely spill-proof, it features a weighted end that anchors in the liquid so kids can still get a sip of their tastiest beverage even with the cup tilted. This unique design of the Lollacup straw makes it the ideal choice for smoothies!
Handles on both sides of the Lollacup offer a comfortable grip for even the tiniest of hands. They also detach for convenient stowing in a diaper bag pocket or car cup holder. The Lollacup is easy to clean and dishwasher safe.
How Lollacup Came To Be
The Lims’ daughter was just nine months old when she held a straw up to her mouth and was happy to see her sipping effortlessly. After speaking with her pediatrician, who recommended the use of straws as early as possible, Hanna Lim went right out and purchased several different kinds of straw cups for toddlers, only to discover her daughter could not get a sip from any of them. In talking with other parents about the issue, Hanna discovered that many children found sipping from a straw cup with spill-proof valves taxing, dissuading them from using straws completely.
Enter the Lollacup – a straw cup that is easy to use, easy to clean, and safe for children to use. The Lollacup is free of BPA/BPS, PVC, Phthalate, and other potentially harmful materials used in plastics manufacturing.
Lollacup Helps Transition Children to Use Straws
Recent scientific studies have revealed that drinking from sippy cups can cause dental and speech issues that may affect some kids for years to come. The makers of the Lollacup believe that deciding between a straw cup and a sippy cup is mostly a matter of preference, yet acknowledge that using Lollacup may offer additional benefits to your child’s long-term care.
A significant benefit of the Lollacup is the smooth transition your child will be able to make to using a straw with a regular cup. Busy parents don’t have to spend time weaning children off of sippy cups and teach them to use straws. With the Lollacup, they will be sipping from straws out of regular cups in no time at all.
The straw in the Lollacup is made from durable, soft materials, with one admitted drawback – the Lollacup can stain. Chemists are working to create stain-resistant materials that do not use unsafe additives. Until then, Lollacup offers straw replacement packs to periodically replace straws stained by pasta sauce, drinks, or anything else the little ones get their hands on.
Diving into the Shark Tank
Season 3 Episode 12
Fans of Shark Tank since Season I, the Lims had taken Lollacup to market and were off and running. By Season 3, their business was thriving, and they were looking for funds to take Lollacup to the next level. So they decided to enter the Shark Tank.
Even if they could not get a significant deal to fund the expansion, the national TV exposure could do more to promote the Lims’ product and give the Lollacup more notoriety than any physical or digital advertising campaign could hope to achieve. If nothing else, they got the rare opportunity to be a part of one of their favorite television shows and meet the hosts.
The Lims entered the Shark Tank asking the panel for a $100,000 investment with a 15% equity stake in Lollacup. They boasted of an impressive $30,000 in sales in just four months. This power couple from California explained to the panel that the Lollacup costs $4.50 to make and sold for $9 at wholesale, and $18 retail.
Lollacup caught the attention of everyone on the Shark Tank panel with the Lims’ poise and common sense approach to explaining the origins, costs, and potential future of the Lollacup. After all, what parent can turn down an opportunity to help advance their children’s progress while making it easy and more convenient for them?
Kevin O’Leary tried to jump on the Lollacup bandwagon first, offering $100,000 for 50% of the company, but only if the Lims move the manufacturing of Lollacup offshore, which would lower the costs to less than $2 per unit. However, The Lims thought it was essential to give their customers peace of mind knowing that Lollacups are produced with safe plastics manufactured in the United States. The Lollacup is made in a modern facility that has its Device Manufacturing License from the State of California, Department of Health Services, and the Food and Drug Branch.
That was just the beginning. Lollacup was seen, by the entire panel, as a reliable product with excellent earning potential. The Lollacup is readily displayed, fitting in the palm of your hand, and anyone with children or has seen parents struggle with sippy cups, or real straw instantly understands the benefits of this product.
Mark Cuban agreed and started one of his infamous “24-second shot clock” deals to pressure the Lims. And it worked. The Lims made a contingency-free deal with Mark and Robert Herjavec for a $100,000 investment with a 40% share in the company.
Lollacup after Shark Tank
Their exposure to a national television audience and the additional funding led to tremendous growth for the Lollacup brand after appearing on Shark Tank and partnering with Mark Cuban and Robert Herjavec. With the success of Lollacup, the Lims have expanded the concept into “Lollaland” to create more innovative and modern products for infants and toddlers that serve both form and function.
Disclaimer: The information provided in this article is strictly informational; INSIGNIA SEO is not affiliated with Lollacup, SharkTank, or any of their subsidiaries.