Nerdwax – Glasses Wax
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 9, 2015
Asking For:
$80,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Nerdwax is a beeswax-based blend of all-natural and certified organic ingredients designed to keep glasses in place by applying it to the bridge or nose pads.
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Background Story
Nerdwax, the brainchild of Don Hejny, a touring audio engineer from Nashville, was born out of personal frustration. Don, constantly plagued by his glasses sliding down during outdoor events, decided to take matters into his own hands. However, their journey to entrepreneurial success wasn’t without its challenges. Initial attempts with a manufacturer resulted in defective products, leading the Hejnys to produce Nerdwax by hand at home. Despite setbacks, they persevered and, with the desire to scale their business and avoid further mistakes, pitched Nerdwax on Shark Tank.
The Product
Nerdwax is a simple yet effective solution to a common problem. Designed as a beeswax-based blend with all-natural and certified organic ingredients, users apply it to the nose pads or bridge of their glasses. The product offers a practical remedy to the annoyance of constantly adjusting slipping glasses.
Priced at $10 per tube, Nerdwax is available online and through 30 wholesalers, presenting a convenient option for consumers seeking a reliable solution to keep their glasses in place.
How It Went
The company’s position before Shark Tank
As of the pitch, Nerdwax had achieved notable success, with $136,000 in sales and a $65,000 profit. Their journey began in April of the previous year when they initiated direct-to-consumer sales through their website. The brand gained significant exposure through features in prominent media outlets like Mashable, BuzzFeed, and AOL. With a focus on social media marketing, the Hejnys expressed confidence in their ability to continue growing. However, their commitment to maintaining a debt-free status and retaining control over the company led them to reject the Sharks’ offers.
The Negotiations:
During the negotiations, the Sharks explored options like lowering the product’s price to increase sales volume. Mark Cuban and Kevin O’Leary presented offers involving debt, which the Hejnys declined, prioritizing their commitment to being debt-free. Despite Daymond John’s advice to avoid taking in money at this early stage, the Hejnys opted to decline all offers, expressing their belief in their ability to succeed and their willingness to put in the necessary work.
While Lori Greiner, Troy Carter, and Barbara Corcoran were no longer interested, Mark Cuban stood firm on his belief that Nerdwax needed a financial boost. In contrast, Kevin O’Leary saw the venture more as a product than a company, suggesting a structured loan deal. The Hejnys, resolute in their vision, respectfully declined all offers, confident in their ability to grow Nerdwax without compromising their principles. The Sharks acknowledged their decision, and the Hejnys left the tank determined to continue their entrepreneurial journey.
