Bibbitec Shark Tank Pitch
Bibbitec is the creation of Susie and Steve Taylor, who grew tired of bibs that won't keep their messy boys clean. They designed a bib that slides over the head and through the arms of your child, securing the bib in place and keeping the kids clean. They even utilize a special patented fabric that won't leave stains, never smells and won't leave an order while looking new.
Cost to make Bibbitec bibs is expensive at $15 each, they retail at $24.99 on their website. Online Catalogs are selling Bibbitec at $49.95. They have $17,000 in sales in the last twelve months with 2,000 bibs sold over four years.
Retail outlets aren't carrying Bibbitec because it requires education to sell against other bibs. She keeps her bib manufacturing in America, because she doesn't want to let quality suffer from products that are made in China.
They have invested $75,000 in their product, and are not making money on Bibbitec. Steve tells the Sharks if they don't get an investment of the Sharks, he is going to put more of his own money into their product.
They need to sell thousands to make it work, and Susie says she is not selling more because she is a mom, focusing on raising her kids the way they are supposed to raise their kids. It seems that they have more than just business problems, they have marital problems and the company is fueling the other problems.
Bibbitec Episode Data
- Company: Bibbitec – Website
- Entrepreneur: Susie and Steve Taylor
- Ask: $40,000 for 14% equity
- Episode Season 4 Episode 414
- Companies in this episode:
- First Aired: 01/13/2013
- Deal: No Deal
What do the Shark Tank Investors say about Bibbitec?
- Mark Cuban – Mark tells Susie that she is the wrong person to run this business, and that she needs to find a college student to run the business, and sell the product. He is out.
- Daymond John – can't help them educate people about bibs, he is out.
- Kevin O'Leary – says he is heartbroken, asking do you think we are not astute investors? You are losing your families money every month. Kevin is out.
- Barbara Corcoran – thinks she could get a legion of moms to sell her product, and she doesn't think it should be sold in retail. Her instinct is to go out, and she is out.
- Robert Herjavec – thinks it is a great product, but they need to try and license it. Robert here's a lot of confusing strategies on how to sell this, he is out.
Bibbitec after Shark Tank
The advice from the Sharks hurt, but they changed up their strategy after they walked out of the tank and shifted the business and marketing away form Susie and over to Steve. They focus on selling their products through Amazon selling over 3,000 bibs at $22 each.
But, there's more. since the website is now gone, and a search of Amazon show no more Bibbitec bibs. The company appears to be out of business.