Aquapaw Bathing Tool
NO DEAL
EPISODE SUMMARY
đź•“ Air Date: January 13, 2019
Asking For:
$200,000 for 7,50%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Aquapaw is a revolutionary pet-bathing tool, combining a sprayer and scrubber with a one-size-fits-all strap for easy use, aiming to make bath time stress-free for pets and their owners.
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Background Story
Aquapaw, founded by Daniel Lentz and Tom Zipprian, hails from the vibrant city of San Jose, California. The duo shares a passion for addressing common challenges faced by pet owners, leading them to embark on the journey of creating a revolutionary pet-care product. Daniel Lentz and Tom Zipprian’s backgrounds bring a blend of innovation and practicality to the Aquapaw venture. The genesis of the Aquapaw Bathing Tool can be traced to the founders’ recognition of a ubiquitous struggle among pet owners—the cumbersome and stressful experience of bathing their furry companions.
This insight fueled their determination to develop a solution that not only simplifies the process but also enhances the well-being of both pets and their owners. The founders’ commitment to improving the pet-care experience is evident in the thoughtful design of Aquapaw. The product seamlessly integrates a sprayer and scrubber, offering hands-free control through a one-size-fits-all strap. Their vision is to make bath time a stress-free and enjoyable activity for pets and their owners alike.
The decision to establish Aquapaw in San Jose, known for its innovation and diverse community, aligns with the founders’ pursuit of creating a product that reflects the spirit of creativity and practicality. As the transcript does not delve deeply into their personal backgrounds, the focus remains on their shared commitment to innovation and improving the lives of both pets and their owners through Aquapaw.
The Product
The Aquapaw Bathing Tool is a game-changing solution for pet owners, offering a streamlined and stress-free approach to pet bathing. Functioning as a combination sprayer and scrubber, this innovative device is designed with user convenience in mind. The Aquapaw features a one-size-fits-all strap that securely attaches to the user’s hand, providing hands-free control during bath time.
The sprayer, with its unique design, delivers water through rubber knobs, reaching deep into dense fur, ensuring effective cleaning. Simultaneously, the Aquapaw acts as a scrubber, facilitating the application of soap during the bathing process. One of the standout features is the on-off toggle conveniently located in the palm of the user’s hand. This allows for easy control of the water flow, eliminating the need to reach for external controls and making the entire process more efficient.
The product is versatile, adaptable for use with both garden hoses and showers, making it suitable for various household setups. Priced at an affordable $24.99, the Aquapaw aims to make this innovative pet-bathing tool accessible to a wide range of pet owners. Available for purchase directly through the company’s website, Aquapaw offers a direct-to-consumer model, ensuring that pet owners can easily acquire this innovative tool. With a commitment to simplicity, efficiency, and pet well-being, Aquapaw stands out as a practical and affordable solution for enhancing the pet-care routine.
How It Went
The company’s position before Shark Tank
Aquapaw has exhibited robust performance in its initial stages, marked by a successful Kickstarter campaign and $200,000 in sales within the first eight months. The company’s health is underscored by its ability to surpass its Kickstarter goal of $42,000, indicating strong market demand and a positive reception of the product. As for partnerships, Aquapaw has strategically aligned with UncommonGoods, a retail platform, to expand its reach and cater to a broader customer base. UncommonGoods serves as a key partner, enabling Aquapaw to tap into additional distribution channels and enhance its market presence.
In terms of wholesale operations, Aquapaw sells its innovative bathing tool at a competitive price of $12.50 to partners like UncommonGoods. The product’s production cost is $5.25, reflecting a healthy profit margin, which positions the company well for sustainable growth. Aquapaw’s customer base primarily includes pet owners seeking an effective and convenient solution for pet bathing. The company’s direct-to-consumer sales model through its website ensures accessibility for individual pet owners, while partnerships with retailers like UncommonGoods extend its reach to a broader audience.
Funding for Aquapaw has primarily come from its Kickstarter campaign and direct-to-consumer sales. The successful campaign demonstrates investor and consumer confidence in the product. While the transcript does not provide specific details on profits and losses, the company’s ability to secure $200,000 in sales within the first eight months suggests a positive revenue trajectory. The available capital and current company structure are not explicitly outlined in the transcript. However, with a successful Kickstarter campaign, ongoing direct-to-consumer sales, and a partnership with UncommonGoods, Aquapaw appears to be well-positioned to further invest in advertising, expand retail partnerships, and execute its growth strategy.
The Negotiations:
Aquapaw’s negotiation in the “Shark Tank” episode saw a dynamic exchange with the Sharks, resulting in a mix of offers and counteroffers. Daniel Lentz and Tom Zipprian entered the Tank seeking $200,000 for 7.5% of their company. The negotiations commenced with a $200,000 offer from Robert Herjavec for 25% equity. Bethenny Frankel and Daymond John then joined forces, proposing a joint offer of $200,000 for 30% equity.
In response, the founders countered with a distribution of the equity, suggesting $200,000 for 20%, split equally between Frankel and John. However, this counterproposal was not accepted by the Sharks. Daymond John maintained his offer of $200,000 for 30%, emphasizing his experience in the Petco space. Despite expressing appreciation for the offers, the founders, confident in their product’s potential, declined John’s final offer.
The negotiation showcased the founders’ commitment to retaining a lower equity percentage and their belief in the future success of Aquapaw. While the deal with the Sharks did not materialize, the founders left the Tank with optimism and gratitude for the valuable feedback received. The negotiation also highlighted the competitive nature of the pet-accessory industry, with Sharks emphasizing the challenges and risks associated with this market. Ultimately, Aquapaw’s founders stood firm in their decision, paving the way for their continued journey to bring innovation to the world of pet care.
