PsiBands entrepreneur, Romy Taormina enters Shark Tank seeking two-hundred-fifty-thousand dollars for ten percent of her business. PsiBands applies acupressure to relieve the impact of nausea from morning sickness, motion sickness and more. Her claims are PsiBands is FDA approved.
Her PsiBands are waterproof and come in multiple colors and designs. Romy says there are clinical studies that prove the acupressure point relieves nausea.
PsiBands nausea band posts strong sales prior to Shark Tank
PsiBands sales in the previous twelve months to Romy's pitch come to a million dollars. They sell both domestically and internationally with an eleven percent net profit. They retail for $15, and they have a 60% gross profit margin.
The company also has $600,000 in debt including past deferred salaries that they didn't take which is going to turn investors off.
Another challenge for PsiBands is that acupressure is an individualized response, meaning she cannot tell them if it will or will not work for their customers.
Entrepreneur: Romy Taormina
Ask: $250,000 for 10% equity
Episode: Season 4 Episode 418
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Barbara Corcoran, Robert Herjavec
First Aired: 02/28/2013
Deal: No Deal
What did the Shark Tank Investors say about PsiBands?
Mark Cuban doesn't like that they are addressing an issue that devastates people around the world, but they have no clinical proof. He is out.
Barbara Corcoran is out because she is considering past deferred compensation as part of the $600,000 company debt.
Daymond John doesn't trust Romy because she said it is profitable, and the company has debt. He is out.
Kevin O'Leary offers $250,000 for 40% equity in the company, and Romey immediately says no, she will not accept the offer. Kevin asks if she wants to counter, and she claims that they are way off. He is out.
Robert Herjavec cannot accept that she claims he PsiBands helps people with cancer, so he is out.
PsiBands after Shark Tank?
The PsiBands episode aired in 2013, and the company, PsiBands had an outdated looking website, but apparently, that wasn't critical to Romy's sales. Fast forward to 2018, and the site looks like I remember it. Apparently, sales are still rolling, and the company is still in business.
I wonder if the sales are coming out of retail locations that stock their product, or if they are selling online?
The other challenge not addressed on Shark Tank is competition. If you take a look on Amazon, you will find PsiBrands as an offering for Acupressure bands among others that also offer unique designs. The difference being PsiBrands feedback being a relatively high number and an active feedback rating.
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