First into the tank are Philadelphia-native sisters Jorrae and Kelly Beard of LuLu Bang, seeking $150,000 for 10 percent equity.
Tired of the same old boring sauces? LuLu Bang from Joyce’s Soulful Cuisine has got you (and your food) covered. According to their website, their sauces “are all guaranteed to enhance the flavor of any of your favorite foods, whether it’s fish, chicken, or beef, pasta, rice or salads.” Flavors include Asian Persuasion, It’s Just Hot! and BBQ Fusion. Two jars cost $15.98. Per their website, history was in the making as soon as someone said, “Never forget that I Bang EveryTHANG.”
The sharks say the sauce is very good, but Kevin O’Leary quickly points out the issue about the difficulty of having an effective distribution strategy. They are in 170 Walmart stores, which impresses the sharks. In three months, they sold $45,000 from being in Walmart stores.
The sharks quickly lose interest, however, when they learn that they don’t sell a large quantity of bottles per week. O’Leary goes out, followed by Daymond John, despite loving the sauce. They believe it will be too difficult to sell online.
Robert Herjavec says he finds the packaging confusing and goes out as well. Lori Greiner thinks they’ve “done an amazing job” but doesn’t find it unique enough. She goes out, followed by Mark Cuban.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Social Media Reacts to LuLu Bang’s Appearance on “Shark Tank”
Lulu Bang is the wrong name. It has no target audience. #SharkTank
— Deals (@dupeprices) October 29, 2016
Sharks you made a mistake passing on Lulu Bang. They can have cook books and more sauce lines #SharkTank
— annie leonardi (@torispears) October 29, 2016
For Lulu Bang, tonight, the secret was not in the sauce! Hopefully, they can do some in store demos and drive sales up. #SharkTank
— Kerry T Crane (@CraneKerry) October 29, 2016
— Sade Lady, MBA (@sadeladytb) October 29, 2016
— Life Coach Avalaura (@HealerAvalaura) October 29, 2016
Would you try LuLu Bang sauces? Sound off in the comments section below!