Baby related products are hot in Shark Tank, and SnoofyBee is another one that would have been nice to have when I changed diapers. Babies focus on the play toys that are hanging around them and the SnoofyBee block's children from touching the dirty stuff.
SnoofyBee is Utility Patent Pending when in Shark Tank
Amy and Mike Perry have a utility patent pending for SnoofyBee covering the redirection barrier, the most crucial component to keeping hands out of the poo-poo! The couple has five kids which led to the creative thinking that led to SnoofyBee.
Neither Amy or Mike were entrepreneurs before creating their new product. You could say they are accidental entrepreneurs given that Amy sold Shampoo and Mike was in freight logistics. They were encouraged to do a Kickstarter campaign to fund their launch which raised $120,000 with the original ask being $10,000.
They ordered a container of 10,000 units, and 30% of the SnoofyBee's came unfinished. Mike quit his job and overhauled their house to handle development of their product. Two years later the couple has sold over $700,000 online through their website and Amazon. Projections for this year is $650,000.
You would think that they would have been at Trade Shows given the volume of sales, but they are just planning to go as of this year. I have a feeling that they are going to be a hit at the shows.
Production costs are $6 with retail prices at $29.99. They spent around 40% on marketing SnoofyBee last year and they are taking out a $ 4,000-month draw to support the family.
Kickstarter Campaign: Fundraising Launch Listing
Entrepreneurs: Amy Perry, Mike Perry
Location: Albany, NY
Episode: Season 9 Episode 8
Sharks: Mark Cuban, Bethany Frankel, Kevin O'Leary, Lori Greiner, Robert Herjavec
Ask: $85,000 for 10% equity
What do the Shark Tank Investors say about SnoofyBee
- Mark Cuban thinks that they have a lot more challenges that are ahead of them, so he's out.
- Bethany Frankel likes them, but she only sees one product, and she wants to see more, so she is out.
- Kevin O'Leary offers $85,000 for a 20% stake, contingent on a patent being issued and accepting a licensing deal. They can continue to sell the product on their own.
- Robert Herjavec says you should not license it because you have built a business. He sees a single product is a problem, and he thinks they need a bit more money to develop more products. He will give $125,000 for 15% equity.
- Lori Greiner thinks this is cool and it fits into her core products. She will do $100,000 for 20% equity. Mike counters Lori's offer. He wants the valuation of $600,000. $120,000 for 20% and Lori says done.
All the Sharks say a great job. The Sharks liked the product, and how they did the deal. No fancy schooling, no venture capital, they just figured it out.
After Shark Tank, SnoofyBee orders are up four times over what they were coming into Shark Tank!