Colin Grussing invented the RuitSuit, a neon suit that covers your entire body to attract attention. The company pitch is in Shark Tank Season 4.
RuitSuit makes you stand out in the crowd, enabling you to do things you would not usually do.
Previous years sales were $525,000 with a profit of $140,000. They were the first RuitSuit, that is first to market. They don't have a company mark on their suit. The problem is that RuitSuit has no way to protect their product.
RootSuit Episode Statistics
Entrepreneurs: Colin Grussing
Ask: $100,000 for 15% equity
Companies in this episode: Liddup, Echo Valley Meets, RootSuit, Gobie H20, Update: The Coop
Season 4 Episode 421
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/04/2013
Deal: Offer made by Daymond John, but no deal
What do the Shark Tank Investors say about RootSuit?
Mark Cuban thinks he is smart, and he loves the business, he will make a boatload of money, and he would be an idiot to take money because you are doing great.
Daymond John agrees he is making money, and the only way the value is of him is to own a significant portion of the company, and he has to get it into retail. He offers $100,000 for fifty percent with a contingency to get it into retail. Daymond is on the fence, and he may take the offer back. Colin needs to make a decision. Daymond ends up going out because he is taking too long to make a decision.
Kevin O'Leary doesn't know how this will turn into a fifty million dollar business; he is out.
Lori Greiner likes it, but there is too much competition. They have other people making it so; she is out.
Robert Herjavec says this is super hot right now, and maybe you created the market, but there is no way to know you created the product. He is out.
RuitSuit after Shark Tank
RuitSuit continues to sell their spandex suits online today.