Jiggy Puzzles bags $500K deal from Mark Cuban on 'Shark Tank' despite concerns over profitability post-Covid
It's not very often that we get to watch the celebrity Sharks on 'Shark Tank' be in awe of entrepreneurs. Mark Cuban has the reputation of being a very tough Shark, so in order to make him feel determined to partner up on a business venture despite the questionable profitability of the venture is a huge accomplishment that not many entrepreneurs can boast of.
But Jiggy Puzzles founder Kaylin Marcotte managed to accomplish that. Kaylin entered the tank seeking $500,000 in exchange for a 5% stake in her business. Her presentation was very concise and to the point. But she really grabbed all the Sharks' attention when she shared the incredible sales figures and the profit margins she made within the short span of time since she launched her puzzle pieces business. Mark was completely bowled over when he learned that she self-funded the whole business and handled everything. Although he knew he wanted to do business with her, he just had some concerns about the venture's profitability post-Covid, as people might not be as interested in solving puzzle pieces once the pandemic is over and they can step out and resume life.
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Although Kaylin knew that Mark and the other Sharks shared the same concern about the sustainability of her business in the long term, she realized that she caught Mark's attention. So she latched onto it, and tried to sweeten the deal by asking Mark what would make him jump into making a deal with her. He said he would need a 15% stake in the company. Even though Kaylin was reluctant to part with so much of the stake from her business, she understood the doors and opportunities that would open up to her if she struck the deal with Mark, so she agreed to it.
But she requested Mark to match the donations that the company made to charities, to which Mark readily agreed. When fans saw the negotiation between Mark and Kaylin they couldn't help but agree with Mark that she was indeed a superb entrepreneur. A fan tweeted, "Yea the business is off to an amazing start. I dont think we've ever heard numbers like that; 1 person show, no debt, profitable. All in 9months #SharkTank #Jiggy." Another fan wrote, "Kaylin is an impressive Entrepreneur. I see a Dallas Mavericks, Jiggy Puzzle and other NBA teams in Mark's (future) @jiggypuzzles #Entrepreneur #Markcuban #SharkTank #ambition."
Yea the business is off to an amazing start. I dont think we've ever heard numbers like that; 1 person show, no debt, profitable. All in 9months 👏🏽👏🏽 #SharkTank #Jiggy— J. Seaberry (@JJSea) April 24, 2021
Kaylin is an impressive Entrepreneur. I see a Dallas Mavericks, Jiggy Puzzle and other NBA teams in Mark's 🔮. @jiggypuzzles #Entrepreneur #Markcuban #SharkTank #ambition— Dan (@CrosshairDan) April 24, 2021
Fans happily congratulated both Mark and Kaylin for closing the deal. A fan commented, "Congratulations to @mcuban and #Jiggy! That deal came together beautifully! #SharkTank." Another fan echoed similar thoughts with, "JiggyPuzzels, congrats, congrats Mark, she is a great person #SharkTank."
"This Jiggy puzzle woman is for real #womeninbusiness #SharkTank," observed a fan.
Congratulations to @mcuban and #Jiggy! That deal came together beautifully! 👏🏽👏🏽👏🏽 #SharkTank— Ryan Bartholomee (@RyanBartholomee) April 24, 2021
JiggyPuzzels, congrats, congrats Mark, she is a great person #SharkTank— Lance Becvar (@Dadsonpowermode) April 24, 2021
This Jiggy puzzle woman is for real #womeninbusiness #SharkTank— Debbie Burritt (@ChefSweetcrunch) April 24, 2021
'Shark Tank' Season 12 airs every Friday at 8/7c only on ABC.