'Shark Tank':The LUCY Drawing Tool's founder goes from 'barf bag guy' to '10 million dollar magnate'
If you're an artist or just someone who enjoys making art, then you know that getting proportions right isn't always easy. If you've looked at old masters' works in awe and hope to reach that level someday, The LUCY Drawing Tool is for you. This drawing tool creates reflections on the paper or canvas, allowing you to recreate the object, figure or scenery before you.
While The LUCY Drawing Tool has been revolutionizing drawing for artists, will it be able to impress Mark Cuban, Robert Herjavec, Kevin O'Leary, Lori Greiner and Daymond John?
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Lee Cookson, the founder of The LUCY Drawing Tool, walked into 'Shark Tank' hoping to score a deal of $300k for 10%. Longtime fans of the show would probably recognise Cookson, seeing that he was on Season 2, where he pitched his product CarSik Bib. The sharks weren't a fan of the product then, with Kevin noting that he should take the product behind a barn and "shoot it." It was clearly valuable advice, seeing that Cookson then took out time to work on his ideas and spent four years perfecting The LUCY Drawing Tool. The product is based on the camera lucida and Cookson has a provisional patent on the improvements that he made. He explained that his product is used by -- 20% of established artists, 20% of people learning to draw and 60% of people who wanted to start making art. The LUCY Drawing Tool costs $128 to buy and $25.50 to make. The brand made $2.3 million in sales last year with a profit of $1.6 million. With 95% direct to consumer sales, Cookson wanted a shark who could step in and help him with cost per acquisition to grow. However, based on his numbers, the sharks didn't think he needed a shark, especially since his business was so niche. Cuban backed off saying that the product didn't excite him. Herjavec too, who noted that he was extremely proud of Cookson's journey was also out. Greiner and O'Leary also decided to back off for the same reasons. While each of the sharks backed off, O'Leary did note that Cookson had come a long way from being the 'barf bag guy' to which Herjavec reminded him that the nickname was dated, seeing that he was given a second chance which he grabbed, turning himself in the '$10 million magnate' instead.
It finally boiled to Daymond John, who was thoroughly impressed by the numbers. John was willing to give him the money for 20% equity. Cookson countered with 12% instead, while John came down to 17.5%. Cookson noted that the highest he could go to was 15% equity and John joked that it was right where he wanted him, taking the deal.
Fans noted that Daymond John played his cards rather well this time around. "I think @TheSharkDaymond was waiting for everyone to go out before making an offer. He is like a shark observing from a distance before coming in to take a bite. #SharkTank" tweeted a fan.
I think @TheSharkDaymond was waiting for everyone to go out before making an offer. He is like a shark observing from a distance before coming in to take a bite. #SharkTank
— Ryan Bartholomee (@RyanBartholomee) April 9, 2022
Seeing that Cookson scaled his business via social media, Kevin O'Leary took to social media to dish out just how powerful a tool it is. "NEVER underestimate the power of social media. That could be your most fatal mistake as a business in today’s digital age. #SharkTank"
NEVER underestimate the power of social media. That could be your most fatal mistake as a business in today’s digital age. #SharkTank
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) April 9, 2022
'Shark Tank' Season 13 Episode 19 airs on ABC on April 8, 2022, at 8 pm ET. Catch the latest episode featuring products like The LUCY Drawing Tool, The Dirty Cookie, BusyBoxSign and SwiftPaws.
Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.
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