AirBedz Truck Mattress
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 4, 2012
Asking For:
$250,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
AirBedz is the original truck bed air mattress designed specifically to fit in the bed of pickup trucks, providing a comfortable sleep area utilizing the entire back of the truck.
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Background Story
Jim Pittman, a seasoned general contractor and real estate developer, found inspiration for AirBedz during his numerous outdoor excursions. Faced with the discomfort of sleeping on uneven surfaces during camping trips, Jim recognized a gap in the market for a practical and comfortable sleeping solution tailored specifically for truck owners.
Drawing on his background in construction and his entrepreneurial spirit, Jim invested over $250,000 of his own funds into the development and patenting of AirBedz. His commitment to quality and innovation led to the creation of a product that revolutionized the camping experience for truck enthusiasts.
The Product
AirBedz boasts a rugged, heavy-duty cloth construction that ensures durability and longevity, even in rough outdoor conditions. Its clever design allows it to fit seamlessly into both full-size 8-foot and 6-foot truck beds, eliminating the need for multiple mattress sizes.
The inclusion of a built-in pump, powered by a rechargeable 12-volt battery, simplifies the inflation and deflation process, making setup and packing away effortless. AirBedz is priced competitively at $199 to $209 retail, offering exceptional value for its superior quality and functionality.
How It Went
The company’s position before Shark Tank
Despite facing challenges in penetrating the market, AirBedz achieved commendable sales figures of $210,000 in the previous year, with projections indicating an increase to $220,000 in the current year. The company has successfully secured distribution agreements with major warehouse stores, automotive accessory retailers, and online platforms, expanding its reach to a diverse customer base. However, concerns were raised during the pitch regarding the company’s inventory management and sales strategy, prompting further scrutiny from the Sharks.
The Negotiations:
The Sharks expressed interest in AirBedz’s innovative product but ultimately opted not to invest due to concerns over market size and sales performance. Despite receiving a $250,000 offer from Barbara Corcoran for a 50% stake in the company, Jim declined, citing his reluctance to relinquish such a significant portion of ownership.
He countered with a 25% offer, which was also met with rejection. Despite leaving the Tank without a deal, Jim remained determined to pursue AirBedz’s growth and success, confident in its potential to capture a larger share of the outdoor recreation market.
