Fighter jet salesman quits six-figure job to start razor brand — sparks nasty bidding war on ‘Shark Tank’
Patrick Coddou brought his invention to ‘Shark Tank,’ a one-of-a-kind razor that was made with precision. ″[We] use aerospace-grade engineering and a single, American-made blade that is supremely close [when shaving] and comfortable,” the contestant mentioned of his product as he introduced the Sharks to Supply. In Season 11, according to Shark Tank Recap, the couple shared that they had both left their jobs to focus fully on their business.
According to CNBC, Coddou mentioned, “I spent about a decade climbing the corporate ladder. I had a six-figure job. I literally sold stealth-fighter jets for a living.” Further explaining, the contestant added that while his life seemed perfect, “I hated waking up in the morning. I hated going to work. I went in and out of depression.” The entrepreneur mentioned, “It affected our marriage, and I became a person that I didn’t recognize anymore. I saw my life 30 years in the future, and I saw myself still doing the same thing. So I finally decided to do something about it.”
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Later, Patrick and his wife Jennifer founded Supply. Their company sold high-end, patented single-blade razors. Explaining the struggle behind coming up with this business, the two entrepreneurs also added that they had used all of their life savings to bring up Supply. Interestingly, it was not only Patrick who had quit his job but also Jennifer. The couple appeared on ‘Shark Tank’ seeking $300,000 for 10% equity. Daniel Lubetzky, billionaire founder of Kind Snacks and guest Shark that night, told the couple, stating, “I don’t spend money on almost anything, but I splurge on my shaving, and I have never found a single-shaving razor that does the job.”
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Explaining the technology behind Supply, Patrick stated that the single blade prevents ingrown hairs as well as irritation. He also mentioned that the Supply razor has a “one-of-a-kind” feature, making it safer and easier for their users to change a blade. “The safety of the razor and the way you inject the blade, it’s extremely safe,” the entrepreneurs explained. The razor kit retails for $125, according to their website.
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The manufacturing cost is $28, but they aimed to reduce it to $10. Next was the bidding round, where Lori Greiner instantly backed out, stating that she couldn't relate to the pitch. Meanwhile, the guest Shark did not think he was the right fit, not coming up with any investment either. Mark Cuban also declined, stating that he likes his “multi-blade razor and shaving cream that [he has] used for 25 years.” Next, Robert Herjavec and Kevin O’Leary had big plans in mind. Mr. Wonderful offered the couple $300,000 for a 5% stake. However, he wanted a perpetual $1.50 royalty on each unit sold. Herjavec then interrupted and explained how royalties can be tough on many companies. He came up with $300,000 for a 15% stake and no royalties. The Supply couple shook hands with Herjavec.
