‘Shark Tank’ contestant pitches weird DIY haircut tool — seals surprise deal despite getting booed by Sharks
'Shark Tank' contestants pull all the stops to impress the investors with their creative pitches on the ABC business program. Some of these budding entrepreneurs walk away with great deals, while others who fail to win over the judges with their pitches leave empty-handed. During an episode of 'Shark Tank' Season 13, Tony Litwinowicz, the founder of HairFin, pitched a measuring tool for perfect home haircuts in front of the esteemed Sharks, including Mark Cuban, Lori Greiner, Kevin O'Leary, Daymond John, and Robert Herjavec. Following his pitch, Litwinowicz sealed a deal worth $25,000 with John, while the remaining Sharks booed them.
During his pitch, Litwinowicz said, "Sharks, as you probably already know, most haircutters rely on hairclippers to cut hair evenly. These are great for cutting short hair, but these clipper combs only go up to about an inch. That's not very long. You throw it into a bowl cut, but they're out, and the calendar cut it's not much better, so if you don't want one of those, you're going to need a way to cut longer hair evenly. Now, measuring your hair as you cut it seems like an obvious solution, but if you're holding your hair in one hand and you're holding a measuring tape in your other hand, how are you going to cut it?"
Litwinowicz further added, "What we need is a modern solution to this age-old problem. Introducing the HairFin, a measuring tool that mouse to your hand and stays out of the way, so you can grasp hair, then as you're pulling the hair straight, you can slide the guide into place. Once the guide is in place, you can go ahead and trim any hair that comes above your hand, knowing that you're cutting it the right length. The HairFin is perfect for home haircutters. It comes with two, three, and four-inch-long guides so you can do a multitude of haircuts."
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When asked about the sales of HairFin, Litwinowicz stated that since its launch in 2020, the product had done $41,000 in sales. Soon after, the Sharks came down to business with Herjavec being the first one to drop out as he felt the business was too small for him to invest in. Then, Cuban and Greiner also dropped out, saying that the product didn't align with their wheelhouse of companies. O'Leary followed next as he didn't see it as an investable venture.
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On the other hand, John saw some potential in HairFin and made an offer of $25,000 for 40% equity. At that point, Litwinowicz asked John if he was willing to do an offer of $28,000 for 25%, but he declined. According to Market Realist, John shared his revised offer of $25,000 for 30% equity, and Greiner said, "You should take it immediately!" Then, Litwinowicz counteroffered $35,000 for 30% but unfortunately, John refused it. As John considered dropping out, other Sharks booed him for being so harsh. At last, Litwinowicz accepted John's offer of $25,000 for 30% equity, and they clinched the deal with a handshake.
