Boo Boo Goo
DEAL
EPISODE SUMMARY
🕓 Air Date: March 14, 2014
Asking For:
$100,000 for 17.50%
Investor:
Kevin O'Leary
Deal:
$100,000 for 25%
PRODUCT SUMMARY
Boo Boo Goo is a patent-pending, paint-on bandage designed for children but suitable for all ages, offering a playful alternative to traditional bandages with its colorful options and waterproof formula.
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Background Story
Boo Boo Brands, the brainchild of 6-year-old Kiowa Grace Kavovit and her father Andrew Kavovit, offers a heartwarming tale of innovation and family collaboration. Andrew Kavovit, presumably with a background in business or product development, joins forces with his daughter Kiowa to bring her inventive idea to life. Kiowa’s inspiration for Boo Boo Goo stemmed from the everyday trials and tribulations of childhood – the inevitable cuts and scrapes that come with an active lifestyle.
Dissatisfied with traditional bandages that were often uncomfortable and inconvenient, Kiowa envisioned a better solution. Together, Kiowa and her father embarked on a journey to create a product that would revolutionize the way children and adults alike deal with minor injuries. With the guidance of leading wound-care chemists, they developed Boo Boo Goo, a patent-pending paint-on bandage that offers a playful yet effective alternative to traditional bandages.
Kiowa’s youthful perspective and Andrew’s expertise likely complemented each other throughout the product development process. Their collaboration not only resulted in a practical solution for everyday boo-boos but also embodied the creativity and ingenuity that can arise from the simplest of challenges. The heartwarming story of Boo Boo Brands exemplifies the power of innovation, family support, and the belief that even the smallest individuals can make a big impact on the world.
The Product
Boo Boo Goo is a revolutionary paint-on bandage designed to simplify the process of wound care for both children and adults. Unlike traditional bandages that can be uncomfortable, restrictive, and prone to falling off, Boo Boo Goo offers a hassle-free alternative.
The product works by applying a thin layer of the waterproof, patent-pending formula directly onto the skin over minor cuts and scrapes. Users simply clean and dry the wound, select their preferred color from a range of fun options, and paint it on. The formula quickly dries to form a flexible, durable barrier that protects the wound from dirt and moisture.
Boo Boo Goo’s benefits extend beyond its functionality. Its colorful options not only allow users to match their skin tone for discreet coverage but also add an element of fun to the healing process. Additionally, its waterproof nature ensures long-lasting protection, making it suitable for use during activities like swimming or bathing.
Boo Boo Goo can be purchased directly from the company’s website or through retail partners like QVC, as mentioned during the pitch on Shark Tank. While the exact pricing details are not provided in the transcript, it can be assumed that the product is competitively priced to appeal to a wide range of consumers.
How It Went
The company’s position before Shark Tank
Boo Boo Brands, led by Kiowa Grace Kavovit and her father Andrew Kavovit, showcased a promising product on Shark Tank, but its performance and position in the market were somewhat speculative due to its early stage of development. The company mentioned interest from potential partners like QVC, indicating a strategic move towards retail distribution. However, the extent of these partnerships and any existing agreements were not elaborated upon. Boo Boo Goo targets a broad customer base, including children and adults seeking a convenient and playful alternative to traditional bandages.
The product’s versatility and appeal to all age groups position it well to capture a significant share of the wound care market. During the pitch, the founders sought a $100,000 investment from the sharks, suggesting that they were in need of capital to further develop and market their product. The company’s structure and internal operations were not discussed in detail during the pitch. However, it can be assumed that Boo Boo Brands operates as a small startup, likely with Kiowa and Andrew playing key roles in product development, marketing, and business operations.
The Negotiations:
During the negotiations on Shark Tank, Boo Boo Brands faced both skepticism and interest from the sharks. Kevin O’Leary emerged as the sole investor willing to entertain a deal, offering $100,000 for a 25% stake contingent on obtaining a patent for Boo Boo Goo. This offer underscored the importance of intellectual property protection for the company’s future success. Other sharks expressed concerns about competition, distribution strategy, and the lack of a patent.
Lori Greiner questioned the suitability of Boo Boo Goo for QVC, while Kevin O’Leary highlighted the challenges of gaining significant retail share without intellectual property rights. Despite these reservations, the sharks acknowledged the product’s unique features and potential market appeal. Ultimately, Kiowa and Andrew accepted Kevin O’Leary offer, signaling a promising partnership to bring Boo Boo Goo to market.
While the deal hinged on obtaining a patent, the investors’ belief in the product’s potential and the founders’ determination likely played a crucial role in securing the agreement. The negotiations highlighted the importance of intellectual property protection, strategic partnerships, and investor confidence in driving the success of a startup like Boo Boo Brands. By securing funding and support from Kevin O’Leary, the company gained valuable resources to further develop and market its innovative paint-on bandage solution.
