This couple built a $20 tool to fix a common weekend problem — and scored a $3M ‘Shark Tank’ deal
Daymond John took a massive bet on a ‘Shark Tank’ duo. Alyssa and Zach Brown walked on the stage seeking a $1 million investment for a 5% stake in their company, Moki Door Step. The couple from Connecticut had interesting professional backgrounds in addition to creating a unique product. Zach, a firefighter, and Alyssa, an emergency room nurse, are adventure seekers who enjoy outdoor activities such as kayaking. However, they had trouble transporting their kayaks. Alyssa often struggled to reach the car roof to help take the gear down. The Moki Door Step is a U-shaped attachment that latches onto a vehicle’s open door frame.
The ‘Sharks’ were impressed by the ingenious and unique product and were immediately eager to know the sales. The couple started a 30-day Kickstarter campaign and earned $110,000 in sales. However, judge Kevin O’Leary still found the $3 million valuation to be a bit extreme. Zach explained that they were in talks to secure a licensing agreement with a car roof rack company. The deal would span seven years and include a minimum guaranteed value of $3 million. They revealed that their uncle would receive $150K from each sale for the next 18 years because he was one of the first to file the patent. “Do you have an uncle like Kevin?” John said, poking fun at O’Leary, who’s known for his ruthless attitude while striking a deal.
“I wouldn’t pay 50 bucks for this,” O’Leary chimed in. “I would pay $19.95, maybe less. Within months, you are going to see knockoffs of this,” he added. “You should figure out how to make it for less, because someone else will. I’m out,” O’Leary declared. Robert Herjavec suggested the entrepreneurs accept the distribution deal from the rack company instead of seeking an investment. “There's no risk to you. You are guaranteed money. If they fall a little bit short, you can take the product back and go to market with it. I mean, why wouldn't you do that deal?” he asked.
Zach explained that with a “Shark” investor on board, they wanted to take the brand global. He pointed out that the terms of the deal are only for North America, which would not fit with their long-term goal. This explanation prompted John to offer $450K for 20% equity in their company. However, the founders didn’t want to dilute their ownership by that much. “For that amount of equity, I think we’re better off just selling [the company] outright,” Zach explained. The founders admitted that they would sell the company at $3 million, which left the ‘Sharks’ stunned.
“We enjoy our jobs,” Alyssa added, and the couple revealed that they are expecting a second child, so they could certainly use the money. “If you have that [licensing agreement] in place, I will offer you right now $3 million for the entire company,” John added, leaving everyone in shock. The founders couldn’t believe that they got what they wanted and immediately agreed to accept the offer. It was the product’s uniqueness and niche appeal that made it a sellout.
