'Shark Tank' Season 15: Viewers slam ABC moguls for backing 'yet another existing product' as Genius Litter bags 3-Shark deal
LOS ANGELES, CALIFORNIA: In the latest installment of 'Shark Tank' Season 15, Ramon van Meer presented his Genius Litter product, donning an Albert Einstein costume, and successfully secured a deal with three Sharks.
As the deal went through, people took to social media to criticize the business, which has other cheaper alternatives on the market.
Urinary disorders in cats can be difficult to diagnose. Sometimes we don't realize it until it's too late.
Genius Litter's innovative litter solution, which changes colors when it detects pee anomalies, can help prevent this.
However, after the firm secured a three-shark deal with Mark Cuban, Lori Greiner, and Robert Herjavec, fans can't help but point out that there are identical items on the market, and in a lower price range.
Ramon's main competition is Pretty Litter. They also sell odor-trapping and health-monitoring products, although Pretty Litter is the more established brand, with larger sales and over 30,000 online evaluations.
Soon after the February 2 episode, fans on Reddit discussed, "Pretty Litter already does this." One user also chimed in, "Tidy Cat just started doing this too."
However, a viewer felt, "The dog pee pads seem like a better angle." Another person quipped, "Old new is old news, yet another existing product."
a user pointed out, "This has existed for years." One Redditor wrote, "You can go to Target and get the same product right now. sorry dude you're a day late."
ABC investors get into 'Shark War' to invest in Genius Litter
Ramon has always been a pet lover. He came up with the idea for Genius Litter when his cat, Quincel, nearly died from a urinary tract infection (UTI) that was detected too late.
Fortunately, he made it to the vet in time. Following that, he investigated sickness-detection solutions for cats.
He discovered dog pee pads, which detect health risks in advance, and developed a comparable product in the shape of cat litter.
Ramon founded Genius Litter in 2020, collaborating with experienced chemical engineers and veterans. In three years, the startup's yearly sales increased from $500,000 to $4.6 million.
Genius Litter founder, Ramon, came into the Tank asking for $250K for 4% of his company. Kevin O'Leary and Lori first offered $250,000 for a 10% stake in Genius Litter, with a royalty of $2 per unit until $1 million was paid.
Shortly after, Robert proposed a $250,000 investment for a 10% stake. Entering the negotiations, Kevin and Lori teamed up to present Ramon with an alternative offer of $250,000 for a 20% stake.
Kevin O'Leary pulls out from investing in Genius Litter
As Ramon starts to negotiate with the Sharks and give away such a huge chunk of his company, Kevin starts to feel 8% is good enough for him, especially with Robert and Lori in on the same offer.
According to Kevin, when entering negotiations with a Shark, it's essential to acknowledge and respect their premium. That's the way things work here in the Tank.
After refusing to budge from his last offer, Kevin finally decided to opt out.
Mark Cuban swoops in with last-minute offer for Genius Litter
Initially hesitant due to a perceived lack of excitement in the category, Mark had a change of heart amidst the substantial negotiations.
He suggested collaborating with Robert and Lori to swiftly finalize the deal, perhaps driven by a desire to move on to the next pitch.
Ultimately, Ramon and the three Sharks reached an agreement on a $250,000 deal, securing an 8% equity stake in Genius Litter along with 2% in advisory shares.
'Shark Tank' Season 15 airs on Fridays on ABC at 8 pm ET.
For those who missed the episode, it will be available on demand the following day and on Hulu.
Additionally, viewers can explore past seasons and episodes on Amazon Prime Video and iTunes.
