'Shark Tank': Why did the Sharks avoid $300K deal with Halloween Moments Pumpkin Scraper Glove?
LOS ANGELES, CALIFORNIA: Sometimes even the most innovative product pitch falls through the cracks when the Sharks begin grilling about the numbers on 'Shark Tank'. Halloween Moments Pumpkin Scraper Gloves founder Daryl Braithwaite learned this the hard way on the recently aired episode of the ABC entrepreneurial show.
The Texas-based entrepreneur confidently strutted into the tank calling himself "Big D" while seeking an investment of $300,000 for a 10% equity in his company. After leaving the Sharks and the audience stunned by a smashing a pumpkin with his head, the entrepreneur proceeded to point out how his innovative scraping glove would make the tedious and nasty job of cleaning the pumpkins' innards a breezy task. The Sharks Mark Cuban, Lori Greiner, Daymond John, Kevin O'Leary, and guest Shark Kendra Scott, were immediately impressed by the very innovative product. But before rolling out any offers, they began grilling Big D about his sales, and profit margins. Since he began selling his products from only late 2021, his sales and profit margins were understandably low. Later, when the Sharks asked him how much he invested in the company, his response left them all lost for words.
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Big D revealed that his partners and he invested a whopping $850,000 into the company. he then proceeded to explain how he had to raise such a hefty sum in order to get the inventory. He also revealed how his company was paying royalties to one of the lenders. The Sharks were immediately put off learning about the huge inventory and the low sales. One by one all the Sharks slowly backed out from making the deal.
Daymond and Kevin explained to him how he was taking way too much risk by stocking up on so much inventory when he didn't even have proper sales figures yet. They then advised the audience and other budding investors to never sink in so much of their capital into buying inventory without first gauging the demand and the sales. Though Big D left the tank without a deal, he and the other entrepreneurs got to learn a valuable lesson based on his mistakes.
'Shark Tank' Season 14 airs every Friday at 8/7c on ABC.
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.
