Lil ADVENTS Potty Training Game
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 19, 2022
Asking For:
$300,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Potty Time ADVENTures is an innovative toilet-training Advent game that helps motivate children during the potty-training process.
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Background Story
The Wright family, hailing from Renton, Washington, embarked on their entrepreneurial journey after facing the challenges of potty training their daughter, Ruby. Mindy and Brandon, the founders of Lil ADVENTS, had prior experience running a successful online retail store that achieved remarkable success, accumulating over $8 million in sales. This entrepreneurial success, coupled with their shared struggles in potty training their daughter, inspired them to develop a unique solution.
Their prior experience in the retail industry provided them with valuable insights into consumer behavior and market demands, enabling them to identify gaps in the market for innovative child-rearing products. Faced with the limitations of their previous business model, they recognized the need for a proprietary product that could not be easily replicated by competitors. The idea for Potty Time ADVENTures was born when Brandon, reflecting on a potty-training chart Mindy had created, envisioned it as an Advent calendar.
Leveraging their combined business acumen and creative problem-solving skills, they transformed the concept into an engaging and interactive toilet-training game. The family’s personal struggle with potty training their daughter, coupled with their entrepreneurial drive, motivated them to create a product that not only addressed a common parental challenge but also provided a fun and rewarding experience for children undergoing the potty-training process.
The Product
Potty Time ADVENTures, created by Lil ADVENTS, is a comprehensive and innovative toilet-training Advent game designed to assist parents and caregivers in the potty-training process. The product operates as a motivational tool, encouraging children to achieve successful potty-training milestones through a rewarding and interactive system. The game incorporates an Advent calendar format, consisting of 14 concealed wooden blocks, each representing specific achievement points in the potty-training journey.
Children earn rewards by successfully completing “deposits” in the designated slots, with each accomplished task unlocking a corresponding wooden block. The product’s diverse themes, including farm animals, dinosaurs, unicorns, and cars, cater to a wide range of children’s interests and preferences, making the process engaging and enjoyable.
Potty Time ADVENTures not only serves as an effective tool for encouraging positive behavior during the potty-training process but also fosters a sense of accomplishment and excitement for children, promoting a positive association with the challenging developmental milestone. The product can be conveniently purchased online, with a retail price of $24.99, providing an affordable and accessible solution for parents seeking a comprehensive and engaging approach to potty training.
How It Went
The company’s position before Shark Tank
Lil ADVENTS has demonstrated robust performance and solid growth, attaining sales figures of $320,000 year-to-date and $205,000 in the previous year. The company’s profitability remains strong, with a healthy profit margin of approximately 15%, projected to increase to 20% in the upcoming year. Their success can be attributed to a dedicated customer base, including parents and caregivers seeking effective and engaging solutions for the challenging process of potty training.
The primary partnership with the renowned toy company Hasbro has significantly bolstered Lil ADVENTS’ market presence and potential for future expansion. The recent licensing deal with Hasbro, covering popular characters such as “My Little Pony,” “PJ Masks,” “Peppa Pig,” and Tonka, has positioned Lil ADVENTS for heightened brand recognition and increased market visibility. As for funding, the company has relied on self-funding, utilizing profits from their previous entrepreneurial venture and personal savings. This strategic approach has enabled Lil ADVENTS to maintain financial independence and invest in their product development and business expansion without incurring substantial debts or external investors.
With a focus on sustainable growth and profitability, Lil ADVENTS operates with a lean and efficient structure, optimizing resources and capital to maximize operational efficiency. The company’s commitment to reinvesting profits into the business and forgoing personal income for over two years underscores their dedication to the long-term success and sustainability of their venture. The company remains agile and adaptable, poised to leverage emerging market opportunities and expand its product offerings in the child development and parenting sector.
The Negotiations:
During the negotiations on “Shark Tank,” the founders of Lil ADVENTS, Mindy and Brandon Wright, showcased their innovative Potty Time ADVENTures product to the panel of investors. Despite receiving positive feedback and commendation for their hard work and entrepreneurial spirit, the Sharks expressed reservations regarding the product’s potential market size and scalability.
Several Sharks, including John, Lori, and Kevin, opted out, citing concerns about the niche nature of the business and the challenges associated with entering the retail sector. They highlighted the need for a broader customer base and expressed doubts about the long-term viability and growth prospects of the product in a competitive market. While the investors acknowledged the founders’ impressive partnership with Hasbro and their strong financial performance, they ultimately concluded that the business model might not align with their investment strategies or growth expectations.
With a consensus that the retail sector might not be the most suitable direction for the product, the Sharks expressed their best wishes to the Wright family, recognizing their resilience and dedication to their entrepreneurial endeavors. Although Lil ADVENTS did not secure a deal during the negotiations, the founders remained optimistic and determined to pursue their vision for the company, emphasizing their commitment to perseverance and continued innovation in the child development and parenting product sector.
