Featured Shark Tank Post
The Spatty on Shark Tank Show
The Spatty Daddy - Season 4 - Episode 405 - Update
|Cheryl Rigdon demonstrating the Spatty|
on the Shark Tank Show
Cheryl came into the Shark Tank with a great idea but she lacked the needed contacts to bring her invention to the world. She was only asking for $50,000.00 and willing to give up 40% of the new business to form a partnership with one or more of the Sharks. Rigdon gives a good presentation on the several products most people throw away because it's nearly impossible getting all of it out of the containers. She then whips out the little 3" long Spatty and the larger Spatty Daddy used.
All the Sharks start laughing hysterically because of such a simple idea to an age old problem, and then, well come on, a spatty that has a daddy? A brilliant and very easy name to instantly remember this product.
The Spatty and the Spatty Daddy sold around 15 products on EBay prior to the Shark Tank as a test to see how well they'd sell. Cheryl's been making them at home and needs the investment to get the molds and professional packaging to bring them to market. When asked how she plans to sell them, Cheryl responds that she thinks they'd sell very good on QVC with a big smile in Lori Greiner's direction. She also thinks the Spaddy would sell with Mary Kay Cosmetics and with Avon considering their vast network of associates.
As good of an idea that the spatty is, it also had a few pitfalls the Sharks instantly recognised that may pose a problem. The number one concern was how much could you charge for two miniaturized spatula's? How could the Sharks scale-up this idea and make it into a full fledged business with only two simple products? All the Sharks proceed to go out except for Lori. Her #1 concern was the price point and would it be a good fit for QVC. Even though Cheryl was very realistic in her valuation and willing to give up 40% of the invention at the beginning of negotiations, Greiner was still not able to justify investing in the Spatty or his Daddy. Daymond John did offer to help put Cheryl in contact with the right people and get her headed in the right direction which is worth it's weight in gold for someone in her position.
The Spatty after the Shark Tank Show Update:
Daymond John kept his word and continues to help Cheryl in anyway he can. This might not be a big enough deal for the Sharks as an investment, but it's a perfect home business that'll continue paying dividends for many years in the future.
This is already a fantastic success story starting from an idea helping solve a very real problem.
If you can Conceive It, and Believe It - You Can Achieve It!
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