Shark Tank Pitch Summary

Fort - Pillow Fort Company

• Presenter: Conor Lewis, St. Louis, Missouri
• Seeking: $500,000 for 10% equity
• Background: Conor's daughter inspired him while building pillow forts, leading to the creation of a modular, magnet-based pillow fort system.
• Product Features:
  • Storable, stackable, wipeable system
  • Built with magnets for easy assembly
  • Target price: $49.99 for a set of 12 cushions and magnets
• Funding History:
  • Launched on Kickstarter in January 2021
  • Made $2 million in sales in the first 10 hours; total campaign raised $3.1 million
  • Current sales: $4.5 million; average purchase price at $269
• Concerns from Sharks:
  • High cost of goods (COGS) approx. $200 per unit
  • Potential issues with product returns and customer feedback
  • Dependency on Kickstarter momentum
• Feedback:
  • Sharks expressed skepticism regarding pricing strategy and partnership equity structure.
  • Conor acknowledges the challenges but maintains optimism about overcoming obstacles.

Poplite - Easy Install Wall Lighting

• Presenters: Caroline and Rose, Denver, Colorado
• Seeking: $150,000 for 8% equity
• Product Features:
  • Easy to install wall lighting using double-sided adhesive
  • Dimmable and USBC rechargeable
  • Designed to leave no wall damage upon removal
• Sales History:
  • Launched on Kickstarter; raised $178,000 in under 4 weeks
  • Initial successful sales; small sales post-Kickstarter (~$5,000).
• Shark Feedback:
  • Interest in the product, but concerns about pricing and competition.
  • Kevin offered a deal with royalties, contrasting with Barbara's more aggressive offer, which they eventually accepted.

Tentacle - Multi-Function Mounting Device

• Presenter: Hans, Dana Point, California
• Seeking: $200,000 for 10% equity
• Product Features:
  • A suction mount for phones, cameras, and more, inspired by the octopus.
  • Costs $6 to make, retails for $45.
• Sales History:
  • Sold 40,000 units with $1.3 million in sales.
  • Current debt is $270,000; $39 cash in the bank.
• Shark Feedback:
  • Mixed reactions; some appreciated the product, others expressed concerns about market competition and debt.
  • Robert offered to pay off debt and provide additional funding in exchange for a significant equity stake.

High Bear - Adventure Flask

• Presenter: Mark Sigonas, Truckee, California
• Seeking: $150,000 for 5% equity
• Product Features:
  • An insulated bottle that can also make beverages (coffee, cocktails, etc.).
  • Costs $15 to make, retails at $95.
• Sales History:
  • $745,000 in total sales; projected to reach $1 million next year.
• Shark Feedback:
  • Sharks liked the product but raised concerns about pricing and market competition.
  • They eventually opted out of investing.

Virtuix - Virtual Reality Platform

• Presenter: Yam Goodgal, Houston, Texas
• Seeking: $2 million for 10% equity
• Product Features:
  • The Omni: a virtual reality treadmill for immersive gameplay.
  • Retails for $499; launched on Kickstarter with $1.1 million raised.
• Shark Feedback:
  • Many sharks found the valuation too high and expressed doubts about consumer interest in such a product.
  • Overall skepticism led to all sharks opting out.