'Shark Tank': Rumpl founder Wylie Robinson backs out of deal, fans say he was on the show 'just for exposure'
'Shark Tank' fans began casting doubts over Rump founder, Wylie Robinson's purpose of appearing on the show.
ABC's hit show 'Shark Tank' is not just a great platform for raising capital but also to get great exposure for a product or service. So, occasionally we get to see entrepreneurs who don't really need the money, come on the show just to get some free advertisement from the show. The premiere episode of Season 12 featured Wylie Robinson, founder of a company called Rumpl, that manufactures outdoor blankets.
Wylie's company has been valuated at $15 million, yet he's seeking for $600K for 4% equity in his company from the sharks. Wylie then proceeded to demonstrate the blanket, which he claimed was weather-resistant, light and portable, making it perfect for outdoors. He also spoke about how the blanket is eco-friendly. While everything about the blanket looked great, the sharks couldn't help but wonder how there was nothing very unique about the product that stopped other competitors from entering the market with a very identical product.
New shark, Blake Mycoskie, Daymond John, and Kevin O'Leary were the only sharks who were interested in the product. But Blake was looking to team up with Daymond for the deal while Kevin's interest was piqued by Wylie's mention of royalties. Before making a final offer, Blake asked Wylie how many competitors he had in the market who were making a similar product. When Wylie replied saying 15, Daymond decided to back out. Kevin continued to grill the entrepreneur about the funds that the company already had. When Wylie revealed that they had managed to raise funds and he had a little over $ 3 million in his bank account, Kevin too seemed a bit hesitant to proceed with the deal.
In the end, only Blake's offer was on the table for Wylie. But the Rumpl founder felt that the deal was "unreasonable" and decided to back out. After watching the whole exchange between Wylie and the sharks, fans couldn't help but feel that he was on the show just for exposure and not to make any deal. A fan tweeted, "This Rumpl guy doesn’t need a deal. He just wants to promote and be able to say, “As seen on #sharktank.” I’ve seen zero ads for this blanket." "Welp he got what he wanted which was the exposure good job man #rumpl #SharkTank," wrote a fan.
This Rumpl guy doesn’t need a deal. He just wants to promote and be able to say, “As seen on #sharktank.” I’ve seen zero ads for this blanket.— CapitalK (@KFisCapK) October 17, 2020
Another fan expressed, "Rumpl just got free advertisement #SharkTank." "Stop saying rumpl #SharkTank it is what he wants," shared a fan. Another fan commented, "Oooh don't tell me the guy with the blanket is just here for promo. #SharkTank."
stop saying rumpl #SharkTank it is what he wants— shork “quarin” tunk (@ShorkTunk) October 17, 2020
Oooh don't tell me the guy with the blanket is just here for promo. 😳 #SharkTank— Delania (@DelaniaEsq) October 17, 2020
'Shark Tank' Season 12 airs every Friday at 8/7c only on ABC.