Define Water Bottle Beyond The Tank Update
Carter Kostler's Update from Season 5, Episode 516
|Define Water Bottle owner Carter Kostler|
pitching on the Shark Tank only 15 years old
Carter was seeking a $100,000.00 investment from the Sharks for a 20% equity stake in the Define Bottle. With an initial valuation of $500,000.00, Kostler tells the Sharks He's done $65k in sales within the first four months selling his design of the fruit infused water bottle. Some of the sales from this young entrepreneur came from cold calling on a produce manager at Whole Foods that earned him a spot at the Farmers Market. Define Water Bottles sold over a $1000.00 worth of product within the first three hours.
Everything seems to be going Carter's way until the 15-year-old tells the Shark's he's invested over $300,000.00 bringing the Define Bottle to market. All the Sharks are stunned when finding out the money came from his parents taking out a home mortgage. Kevin O'Leary, Lori Greiner, and Barbara Corcoran all proceed to go out wiping out any chance of our prediction before Episode 516 first aired on ABC.
Robert Herjevic likes Carter's entrepreneurial drive and the confidence his parents have shown believing in him at such an early age. He makes a $100,000.00 offer for Define Bottle but wants 40% of the company. Interestingly, Kostler decides to talk to his parents outside the Tank before seeing if Mark Cuban had any interest in this opportunity. After talking with his parents, Carter counters Herjevic's offer for 30% of Define Water Bottle Business. Robert was comfortable with a $250,000.00 valuation while Carter countered with a $333,000.00 valuation for this brand new company. It might only be $88k in total value of the company that separated them from making a deal on the Shark Tank Show, but it was too much for Herjevic and he decides to "go out".
That only left Mark Cuban as the last chance for Define Bottle to get a deal during the Show. Unfortunately, and surprisingly, Cuban declined to make an offer and also goes out. It's easy to see and really feel what Carter felt at that moment realizing he wasn't getting a deal with any of the Sharks. I think devastated might be a more appropriate word.
Define Bottle Update after Beyond The Shark TankWhile the set back from not getting a deal on the Shark Tank was devastating at first, Carter soon was back on track "making sure" the Define Water Bottle becomes a successful product. He didn't make a deal with the Sharks, but Carter's product was an enormous success with the Fans during and after the Show. Carter's Dad, Mark, posted a comment in Define Water Bottle's first article on Shark Tank Success Blog saying they had over 100,000 hits on the site during the first weekend when Episode 516 first aired. He also mentioned they did over $225,000.00 in revenue during that time which is almost the same valuation Robrt Herjevic put on the entire company during the Show.
Becoming an overnight Successful Shark Tank product was a huge boost to the now 16-year-old entrepreneur, but he didn't stop there and once again started cold calling to large retail outlets. The Define Water Bottles are now available at Dicks Sporting Goods and almost all of Target Stores.
According to Carter's interview on the "Brandon O'Brian Show" that aired on the "Beyond The Tank", Define Bottle is projected to generate over $2 million in sales for 2015, and over $2.5 million in sales next year. Carter has also paid off his parents mortgage in-full which was the biggest concern for the Sharks during his appearance.
The fruit infused water bottle competition may be a competitive market as all the Sharks pointed out, but they made a big mistake by not investing in this young entrepreneur determined to make Define Bottle a household name.
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