Lolla Cup is a sippy cup product inspired by Mark and Hanna Lim's kids. They pitch Shark Tank Season 3 and score a deal with Mark Cuban and Robert Herjavec.
Lolla Cup created the Sippy Cup that works when it is tipped
Lolla Cup has thirty thousand dollars in sales coming into Shark Tank after four months of shipping. They have $5,000 on order and a soft order of $30,000. They retail at $18, and wholesale at $9 and they cost $4.50. Lolla Cup is made in the U.S.A, and they can be made for around $2.50. Hanna is concerned about the quality and feels that foreign-made sippy cups won't be quality enough.
Lolla Cup has several big box stores have approached them, but they were concerned about the packaging. They think it takes to much real estate and you can't see the whole product.
The Lim's have a design patent issued the day of the pitch, and have spent $100,000 on creating Lolla Cup. They signed an exclusive deal with a distributor for one year. The Sharks hate that they have signed an exclusive contract with an agent.
Company: Lolla Cup
Entrepreneur: Mark & Hanna Lim
Ask: $100,000k for 15% equity
Companies on this episode: Nail Pak, Talbott Teas(update), Debbie Brooks Handbags, Trimi Tanks
Season: Season 3 Episode 312
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/27/2012
Deal: Mark Cuban and Robert Herjavec for $100,000 for 40% equity
What do the Shark Tank Investors say about Lolla Cup sippy cup
- Mark Cuban wants to know more about the deal with the sales agent. They are paying the sales agent fifteen percent for the entire United States.
- Daymond John is interested in the deal, and he will match Kevin's deal at $100,000 for 50% provided they can get out of the agent deal. Daymond dropped the deal to 30% and then said Lima and Mark took too long he is out.
- Kevin O'Leary thinks they have the new Sippy Cup. He offers $100,000 for a 50% stake, and they will have to be made offshore with the price below two dollars.
- Lori Greiner thinks Lolla Cup is a great product. But, she tells them it is not her market, so she is out.
- Robert Herjavec learned that you have to go general distribution to make them anywhere. Robert doesn't want to help them to get the million dollar order and give up fifteen percent.Lim tells him that the agent agreement runs out in eight short months, but the Sharks say to him that it's not short when you write a check for one-hundred thousand dollars.
Robert tells Lim to shoot a number back that they are comfortable with, and Lim goes to one-hundred thousand dollars for forty percent. Mark Cuban says Yes, and done, but Lim says he has to respect Robert.
Lolla Cup after Shark Tank
Lolla Cup sippy cup has multiple updates following their successful Shark Tank negotiation. They are selling their products all over including on Amazon.