What do you get when you combine a world record holder, an Olympic marathon runner, and an engineer? A strong company with a well designed and marketed product. Shaquille Walker, Jared Ward, and Jonathan Blotter came to the Shark Tank in hopes of securing a strategic partner and investor for their company MyoStorm. They would like to align with a Shark who is able to help them grow and expand their business while investing $150,000 in MyoStorm. They would give up 10% equity in their company for the partnership.
Is this product an athlete’s dream, or is it a stretch of the imagination? #SharkTank
— Shark Tank (@ABCSharkTank) October 28, 2019
MyoStorm has created a patent-pending, FDA compliant, medical massage device that combines vibration and heat therapy to help reduce pain and speed up muscular recovery after exercise or muscle strain. Unlike other products like it on the market, the Meteor’s cutting edge technology allows it to be used while lying, sitting or just by applying pressure/holding it to the affected sore muscles.
The Sharks are impressed with the Meteor and with the influencers that MyoStorm has to promote the product, but they wanted to understand their clear differentiation in the market. Jonathan, Shaquille, and Jared explain that what sets them apart from other competitors is that their product provides both heat and vibration to muscles rather than just pressure or heat. The Sharks are blown away by the high margins on the Meteor, but question if the price tag may be keeping away potential customers. Lori Greiner theorizes that if they would lower the price from $160 to $99 they could still make a healthy margin but attract more buyers.
Sharks Mark Cuban, Lori Greiner, Matt Higgins and Kevin O’Leary all present partnership offers to MyoStorm. After deliberation, and much to the surprise of the Sharks, MyoStorm decided to partner with Lori Greiner. Lori offered $150,000 in exchange for 5% equity but will collect a $1 royalty per Meteor until $500,000 is recouped. The MyoStorm team shares that they chose Lori because they liked her ideas and felt that she could help them to truly grow their business.
The product is great, that’s undoubtable, everyone loves it. But I think @LoriGreiner has a good point. You learn this in retail and I learned this with FUBU. Where you price your product makes all the difference. #MyoStorm #SharkTank
— Daymond John (@TheSharkDaymond) October 28, 2019
I’m with @lorigreiner on this one! She knows the customer price points well, what do you think? #SharkTank
— Barbara Corcoran (@BarbaraCorcoran) October 28, 2019
Do you agree with Myostorm’s Shark choice? Do you feel that their product is differentiated enough from others on the market to make it a success? Discuss in the comments below!
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