HOME / ENTERTAINMENT / REALITY TV

'Shark Tank’ star Barbara Corcoran invested six figures in a startup with zero sales: "I liked the…"

Once in a memorable episode of 'Shark Tank', Corcoran proved that sometimes all it takes to secure an investment is a strong idea and determination.

Once in a memorable episode of Shark Tank, Barbara Corcoran proved that sometimes, all it takes to secure an investment is a strong idea and undeniable determination. Founders Krissy Pruske and Rachel Lincoln stepped into the Tank with a prototype of their invention, the ‘Space Traveler,’ and left with a deal that could change their lives forever. 'The Space Traveler' is a children’s car seat cover that resembles a tent, designed to separate feuding kids in the backseat. It also includes storage pockets for snacks, toys, and electronics, making it a practical solution for parents. While the concept seemed unique and had never been heard before, there was one troubling issue— the product hadn’t been produced or sold.

Pruske confessed, “Going into the Tank with just a prototype, we knew it was risky.” But the duo later revealed that they had faced challenges with past investors, even alleging that one of their previous inventions had been stolen and sold in major stores. During her speech, Lincoln shared, “We learned our lesson,” as reported by Market Realist. Despite there being zero sales, Corcoran saw something in Pruske and Lincoln that nudged her to invest. Comparing them to her previous investment in 'The Comfy'— a sweatshirt-blanket hybrid that had no proven sales but now generates $150 million annually— Corcoran expressed confidence in their potential.

As per CNBC, she revealed, “We had two crazy guys, brothers, on last year. They pitched a stupid product that I didn’t even get. It was a Comfy, a sweatshirt/blanket with a hoodie, and I didn’t get the product, but I liked the guys. And nobody wanted to invest. There were no proven sales. And The Comfy today, with my help, is doing $150 million in sales.” However, the other sharks chose not to invest, citing the lack of a track record as too high a risk.

Corcoran remarked, “I’ll take you from where you are now to production. You’ll have the right website, the right name and you’ll have a non-naive partner, which you just really need. Because I’ve been used and abused, and I got over it by the time I was 30 [years old], so no one will use or abuse you anymore.” Corcoran agreed to their terms, with an additional condition of a $2 per unit royalty until her investment was repaid. Later, in the episode, Pruske gushed, “It was amazing to see that Barbara believed in us just as we believed in each other.”

Corcoran’s ability to assess the character and potential of entrepreneurs is truly phenomenal. Mark Cuban once noted, “Her ability to recognize the good and bad in somebody, what they will be like as an entrepreneur, what they will be like as a person – Barbara picks up on that stuff in a minute.”