Former Amazon engineers, Brett Skaloud and Jeff Feiereisen, may not have secured a deal on “Shark Tank” for their startup, Boona, but they are far from disheartened. Despite a comprehensive business plan and an impressive presentation for their innovative showerhead company, the Sharks remained unconvinced, and the duo left the show without an investment. However, they are not deterred and are now seeking private investors to fund their venture.
Boona’s product line includes the “Tandem,” a $249 showerhead designed to transform regular showers into couple-friendly ones, and the “Solo,” a smaller, $199 showerhead aimed at individual use. Both products have been successful, earning Boona a substantial customer base and an expected annual revenue of $5 million. Their forecast includes a sales volume increase of 20% for the next year and potential collaborations with hotel chains worldwide.
The proposal put forth by Skaloud and Feiereisen asked for $400,000 for 10% equity
The proposal put forth by Skaloud and Feiereisen asked for $400,000 for 10% equity, but the Sharks raised concerns. They questioned the company’s rapid growth over product development and highlighted potential issues with the implementation process and growth strategy. Concerns about product quality amid the startup’s fast expansion also arose, sparking a complex discussion about business philosophy, strategy, and effectiveness.
Sharks investors made various critiques. Kevin O’Leary commented on the company’s incomplete standing despite a creative branding strategy. Mark Cuban voiced skepticism about prioritizing brand image over the solid product, while Lori Greiner suggested adopting a more market-based approach. Daymond John highlighted the importance of customer acquisition and retention, which seemed overlooked by the startup. Eventually, each investor advised the two engineers to concentrate more on product quality and strategic planning and less on just aesthetics.
Sharks Mark Cuban and Kevin O’Leary questioned the products’ functionality
Interest dropped when Barbara Corcoran, Robert Herjavec, and Lori Greiner opted out. Remaining Sharks Mark Cuban and Kevin O’Leary questioned the products’ functionality, particularly regarding water pressure. After initially extended an offer, O’Leary retracted it following the founders’ delayed response, reflecting the importance of expedience in business decision-making.
Despite missing out on the potential deal, Skaloud and Feiereisen have taken the constructive feedback on board and are determined to apply it to their business. They have resumed their voyage unwavering, optimistic that success can be found beyond initial failures, and continue to seek ways to improve their product’s quality based on the insights from the Sharks.
