Broccoli Wad
DEAL
EPISODE SUMMARY
🕓 Air Date: April 8, 2011
Asking For:
$50,000 for 20%
Investor:
Barbara Corcoran
Deal:
$50,000 for 40%
PRODUCT SUMMARY
The Broccoli Wad is a money holder inspired by the way wise guys carry cash, featuring a rubber band designed to hold cash securely, similar to the practices of mafia members.
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Background Story
Broccoli Wad was conceived by Johnny Gennaro and Vinny Pastore, drawing inspiration from mafia culture and the unconventional ways in which wise guys carry their cash. Although the specific location of their company is not mentioned, their backgrounds and experiences contribute significantly to the product’s development and marketing strategy.
Johnny Gennaro brings expertise in novelty items and entrepreneurial ventures, having likely immersed himself in the world of unique product concepts before. Vinny Pastore, on the other hand, adds a touch of celebrity allure to the Broccoli Wad, leveraging his fame from his role in HBO’s “The Sopranos” to attract attention and potential customers. The idea for the Broccoli Wad stemmed from a book that Johnny read, detailing the practices of mafia members who eschew conventional wallets and credit cards in favor of simple rubber bands to hold their cash.
This insight sparked their entrepreneurial imaginations, leading them to conceptualize a product that would appeal to fans of mafia culture and those seeking a unique way to carry their money. Their collaboration likely involved brainstorming sessions to refine the product concept, design considerations to ensure both functionality and style, and strategic planning to market the Broccoli Wad effectively.
The Product
The Broccoli Wad is a unique money holder designed to mimic the way mafia members traditionally carry their cash. It consists of a durable rubber band, reminiscent of those used by wise guys, which securely holds bills together. The rubber band is specially designed to wrap around cash bundles, providing a secure and compact way to carry money without the need for a wallet.
Featuring metal slides for added security, the Broccoli Wad ensures that cash stays in place during transportation and use. Its compact design makes it easy to slip into a pocket, purse, or bag, offering convenience and discretion for users. Priced between $10 to $14, the Broccoli Wad is positioned as an affordable accessory for individuals looking for a unique way to carry their money.
It can be purchased online through the company’s website, as well as potentially through retail partners or special promotions. With Vinny Pastore’s endorsement and celebrity status, the product benefits from increased visibility and appeal to fans of mafia culture. As a conversation starter and novelty item, the Broccoli Wad offers both practical functionality and a touch of nostalgia for those intrigued by the mystique of the mob.
How It Went
The company’s position before Shark Tank
The Broccoli Wad company’s performance is characterized by strategic partnerships, a unique market positioning, and ongoing efforts to secure funding for growth. Partnerships with casinos in Atlantic City and Las Vegas demonstrate the company’s focus on targeting specific customer segments, leveraging Vinny Pastore’s connections from his role in “The Sopranos” to distribute the Broccoli Wad to casino players.
This strategic move not only expands the product’s reach but also aligns with its mafia-inspired branding, appealing to fans of the genre. In terms of funding, the company has invested approximately $200,000 into the product, primarily for marketing and product development. This indicates a level of commitment to the success of the Broccoli Wad, with a significant portion of capital allocated to promoting the product and establishing its presence in the market.
The company’s current structure likely involves a core team led by Johnny Gennaro and supported by Vinny Pastore, leveraging their respective skills and expertise in product development, marketing, and celebrity endorsement. Overall, the Broccoli Wad company appears to be in a favorable position, with strong partnerships, ongoing marketing efforts, and a unique product offering. With the support of Barbara Corcoran’s investment and expertise, the company is poised for further growth and success in the novelty accessory market.
The Negotiations:
During the negotiations on Shark Tank, Johnny Gennaro and Vinny Pastore initially sought $50,000 for a 20% stake in their company, Broccoli Wad. The Sharks expressed skepticism about the product’s potential, with some stating that it was the worst idea they’d heard on the show. Barbara Corcoran, however, recognized the marketing potential of the Broccoli Wad, particularly with Vinny Pastore’s celebrity endorsement. She made an offer of $50,000 for a 40% stake, with half of her equity going to Vinny.
This offer surprised both Johnny and Vinny, as it represented a higher equity stake than they initially anticipated. Barbara’s offer sparked a brief moment of confusion and humor when she and Vinny exchanged hugs and endearing words, leading to a playful exchange about who made the deal. Ultimately, Johnny and Vinny accepted Barbara’s offer, with Vinny becoming the face of the product and sharing in the equity.
This negotiation highlighted Barbara’s ability to see the potential in unconventional products and leverage her expertise in sales and marketing to secure a deal. It also showcased the importance of celebrity endorsements and strategic partnerships in driving the success of a product like the Broccoli Wad. Overall, the negotiation resulted in a mutually beneficial agreement that positioned Broccoli Wad for growth and success with Barbara’s investment and expertise.
