This ‘Shark Tank’ product might just be a lifesaver — and Lori Greiner wants every woman to have it
‘Shark Tank’ is known to bring out the best in contestants, who showcase innovative and out-of-this-world products. One such product was presented by the brother-sister duo Shirah and Michael Benarde, who impressed Shark Lori Greiner so much that she jumped at the chance to invest. The pitch in question was NightCap, a product that aimed to protect women from having their drinks spiked.
According to Market Realist, the contestant duo was seeking $60,000 for 20% of their business. Shirah, who was just 17 at the time, introduced the product to the judges and shared the horror stories of drink spiking she had heard from other women. She explained that these stories had inspired her to create NightCap. She then demonstrated the product: a stretchable scrunchie that doubles up as a cap for drinking glasses. During the pitch, Shirah showed everyone how the scrunchie can be worn on the wrist and easily placed over a glass to act as a protective cover.
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Shirah and Michael further explained that 70% of their customers were between the ages of 18 and 24, with 98% being women. The investors were impressed with what they considered one of the most innovative ideas on the show. Soon, the panel tried the product themselves. Mr. Wonderful, being the numbers guy, asked the siblings about their sales figures. Michael revealed that in the past 11 months, the duo managed to make $68,000 in sales. He also explained that the majority of their sales came within the last few months, following their website optimization. The duo then went on to share that each NightCap cost $2.82 to make, and it retailed for $11.99 a piece. However, according to Shirah, it was possible to cut the cost down to $1.60 with scaled production.
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After the judges went through every detail of the product, Greiner was the first one to show interest in making a deal. The judge expressed, "I don't think that I have ever seen a product come into the Shark Tank that resonated to me more deeply in a social mission." Further, she offered Shirah and Michael $60,000 for 25% equity, adding, "I want to be a partner right in there with you, and I want to do everything. I can actually blow this up on social media, create videos. This needs to be in every woman's hands! So I hope that you hear my passion about it."
Looking at Greiner, even Barbara Corcoran was amazed. She told the entrepreneurs that it was the first time she had seen Greiner be so passionate about a product, also encouraged them to take the offer. The two entrepreneurs finalized the deal. After their appearance on 'Shark Tank,' Night Cap achieved $2.1 million in sales the following year. They subsequently partnered with Bumble and Forever 21, selling 500,000 pieces in 40 countries. According to Shark Tank Blog, the company is listed on Greiner’s website, while the product is available on their website, as well as on Amazon.