Jay Leonard
Last up is Nashville native Nerdwax, a balm that prevents glasses from slipping. They are looking for $80000 for 20 percent.
They are looking to scale their business as well as a shark’s expertise to avoid making any other mistakes.
The wax wears off over time and is simply applied to the nose pads of the glasses.
Daymond John wants to know how he came up with the idea. Having explained that he used to work outside all day, his glasses would always slide off his face. That’s when the idea for the beeswax-based product came to fruition.
This family rocks. Love the product & it's organic #NerdWax #SharkTank
— kimberly (@kimberlywagner) October 10, 2015
They are sold online and is $10 per tube. $136,000 has been made thus far since they started selling last April.
They have had spikes in sales, however, when media websites like Mashable feature them.
Lori Greiner goes out because she doesn’t see making money from it, and John goes out for the same reason as well as it being too early.
Kevin O’Leary boasts that he is a marketing genius and offers $80,000 as a loan for 10 percent until $240,000 is paid, in addition to three percent equity.
8 months is a lifetime in #MoneyYears! Make the tube smaller and cheaper and get customers coming back every few months! #NerdWax #SharkTank
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) October 10, 2015
Mark Cuban doesn’t see the product as investable and goes out.
Troy Carter thinks their product is very much in its infancy but has no problem with that. He offers $80,000 as a loan until $120,00 is repaid, in addition to 10 percent equity.
They don’t like the idea of a loan since they have no debt and decline both the offers.
I would soooooooo buy @nerdwax #SharkTank
— Forty dolllarssssssss (@nonchalantkellz) October 10, 2015
Final deal: None
Read more:
- Shark Tank: Spoonful of Comfort Fails to Get a Deal in Season Premiere
- Shark Tank: Pan’s Mushroom Jerky Accepts $300,000 From Mark Cuban
This article was written for Business 2 Community by Jay Leonard.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
Comments on this article are closed.