Lift Hamper on Shark Tank
|The Lifter Hamper |
Marvin may not of been able to play Professional Football but that didn't stop Him from helping out around the House including doing the laundry. Having to bend over to complete this task, Phillip reasoned there had to be a better way. What if the hamper was spring loaded going down when you put clothes in the hamper, then rises back up when you take them out? A light bulb went off and Marvin's entrepreneurial spirit took over designing the Lifter Hamper that would make bending over a thing of the past.
Marvin Phillip entered the Shark Tank seeking $85,000,00 in exchange for a 12% equity stake in the Lifter Hamper Business. He was already in the hamper business for 6 months with contracts from two rep firms, but no real sales yet to speak of. With such a cool invention for anyone with back problems, it would seem like a great product for Lori Greiner's QVC Show. But a product that has not proven itself in the market yet, and an extremely high valuation at this point in the game, left Lori very little choice but to go out. In fact all the Sharks go out as it appears Phillip had made the most common mistake for contestants not getting a deal on the shark Tank by over valuing their business.
This time Marvin was more realistic in the valuation of the Lifter Hamper when he set the goal at only $25k. Unfortunately He may of made another mistake for not coinciding the crowd funding campaign with the Shark Tank Effect when millions of people saw this product for the first time.
By the time the crowdfunding campaign ended, the Lifter Hamper raised over $10k with requests for the product still coming in as word was still spreading. Marvin decided to extend the campaign with an additional $2500 goal which ended up raising $4990 by the time it ended.
Here's a video that was just released last month showing the Lifter Hampers finished product.
It may of been a little bumpy ride getting the Lifter Hamper on the market and into the hands of consumers, but it has now become a reality and available for sale.
The Lifter Hamper is now available at Amazon
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