'Shark Tank' star Kevin O'Leary calls female entrepreneurs 'colorful cockroaches': "This is a..."
Over the years, we have witnessed many aspiring entrepreneurs pitching their business ideas on the ABC business program 'Shark Tank.' During an episode of 'Shark Tank' Season 6 which was released in February 2015, The Lip Bar CEO Melissa Butler and her business partner Rosco Spears were seen seeking $125,000 in exchange for a 20% equity in their cosmetics company which was started by the duo in 2012.
As per the Market Realist, most of the Sharks including Mark Cuban and Lori Greiner refused to invest in the cosmetics company. Daymond John said, "It's lipstick. I'm out." Robert Herjavec and Mark were not happy with the cocktail theme and the logo of the lipstick brand. On the other hand, Lori had some issues with the online-only business model of Melissa's company. Soon after, Kevin O'Leary shared his thoughts on the business and said, "The chances that this is a business are practically zero. You can’t get a share, if anybody thought you could sell purple or green lipstick they’d do it." Then, Kevin also mentioned that if any other company believed that these hues would sell, then they would make them themselves and referred to the two ladies as "colorful cockroaches."
View this post on Instagram
While having a conversation with CNBC Make It, Melissa talked about the harsh comments given by the Sharks. "They were really cruel to us. I had to reposition my thoughts in that moment, I had to reposition that anger and really use it to drive this idea. I couldn't allow someone else to be the authority on my dream," she said. However, Melissa didn't let the criticism hamper her vision and continued to follow her dreams.
"At the end of the day, if I stopped my business after one 'no' — even a public 'no'— then maybe I shouldn’t have started. I couldn’t allow someone else to be the authority on my dream," Melissa told the media outlet. Then, she talked about the success of her company and shared, "It really goes back to your 'why.' When you’re starting a business, you have to have a really strong ‘why’ and a really strong purpose, because you’re always going to be told no, you’re always going to face challenges."
Later on, down the lane, Kevin O'Leary revealed that he regretted not investing in Melissa's cosmetics company at that time. "I’m proud of them for taking the heat, I’m proud that they’re entrepreneurs that are successful, and it’s a wonderful thing to see that happen. But they were facing an almost impossible task because going into the cosmetics industry is so difficult to get market share, but they pulled it off so, look, you got to applaud them, there’s no question about it," he said in an episode of 'Breakfast Club.'
Since her time on 'Shark Tank', Melissa has come a long way. As per Forbes, her company was planning to raise $6.7 million in funding in 2022. "We plan on growing our team and improving our ability to better service the needs of our consumers across different divisions because we understand how experience and expertise can spur growth quickly," she said at the time. Right now, the net worth of her company stands at a whopping $15 million.
