Why did Lori Greiner invest in Splash Place Swim Goggles? 'Shark Tank' entrepreneurs almost lose deal with $6.1M sales
LOS ANGELES, CALIFORNIA: Ashley Carson and her mother, Karen Walker, have come a long way since they originally introduced Splash Place Swim Goggles. The company has expanded so much that they were recently asked to appear on ABC's 'Shark Tank', where the duo pitched their idea to the sharks, the majority of whom concluded the business had no pain point and hence did not require a deal.
Ashley explained that the idea occurred to her in 2017 after her child damaged his goggles before a family vacation. She stated that their first order was for 500 goggles, and they currently have over 100,000 at their West Valley warehouse.
When the duo revealed that their lifetime sales had been $6.1 million since 2017, and they had only spent $150K (less than) in marketing since then, the Sharks had to ask why they were at the Tank. Kevin O'Leary couldn't figure out how he could add to the business, which already seemed to be doing well.
Calling it a 'Shark Tank' first, Kevin bows out. He argued that usually, businesses visit the Tank to find a solution for their pain point, but according to Kevin, the entrepreneurs have none.
Kevin also made it clear how bringing in a new investor may put pressure on their returns. He questioned if it was in their best interest to bring in a new investor at this point.
Robert Herjavec was willing to be a customer but not an investor in a product with such a low price point.
Lori Greiner believed she could give the value-add the duo was looking for, but in exchange for 10%. Even though Ashley and Karen tried to counter it with 7.5%, they ultimately had to go for Lori's 10% deal for $200K.
What are Splash Place Swim Goggles?
The firm creates goggles and masks exclusively for children. This implies they use cloth straps rather than plastic or rubber straps.
Splash Place Swim Goggles promotes their goggles and masks as sturdy, pleasant, and useful. The lenses are polycarbonate, which is both anti-fog and shatterproof.
This helps the children see regardless of the water conditions. They are hypoallergenic, PVC-free, and manufactured from latex.
This protects children with specific allergies.
These goggles are suitable for children as young as three years old, with other variants designed specifically for adults. This makes them an excellent alternative for parents of special needs children.
The flexible fabric is ideal for people with sensory and restricted hand movement concerns. It also lessens the hair-pulling that rubber goggles are infamous for.
What is the cost of Splash Place Swim Goggles?
Splash Place Swim Goggles, based in Goodyear, Arizona, is a family business that has grown thanks to its products, which are the right balance of quality and elegance. These goods were formerly recognized as one of Amazon's favorite products.
If you want to buy any of the goods online, you may do so through Splash Swim Goggles' official website or on Amazon. Swim Goggles typically cost $24.95, while Swim Masks cost $26.95.
When the goggles are on sale, you can get them for $21.95.
Furthermore, the woman-owned firm offers free shipping throughout the country. The multipurpose product has also been featured on reputable websites such as HuffPost, Good Housekeeping, Scary Mommy, and Pop Sugar.
Splash Place Swim Goggles is a women-run business
After Ashley designed the initial prototype for Splash Place Swim Goggles for her kid, it took roughly a year for the company to fully launch. She discovered a business that could supply the goggle lenses.
Her team obtains much of the fabric locally, and a group of women she knows helps construct the goggles. After Ashley designed the initial prototype for Splash Place Swim Goggles for her kid, it took roughly a year for the company to fully launch. She discovered a business that could supply the goggle lenses.
Her team obtains much of the fabric locally, and a group of women she knows helps construct the goggles.
'Shark Tank' Season 15 airs on Fridays on ABC at 8 pm ET.
For those who missed the episode, it will be available on demand the following day and on Hulu. Additionally, viewers can explore past seasons and episodes on Amazon Prime Video and iTunes.