Busy Baby Mat Placemat
NO DEAL
EPISODE SUMMARY
🕓 Air Date: March 5, 2021
Asking For:
$250,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Busy Baby offers a 100% food-grade silicone place mat with a tether system that attaches toys to it, keeping babies entertained and items off the floor during meals.
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Background Story
Beth Fynbo, the visionary founder of Busy Baby, is a remarkable entrepreneur with a unique background. Her journey to creating the Busy Baby Mat is a testament to her innovation and determination. Born and raised in an entrepreneurial environment, Beth inherited a passion for business from her father, who had his own successful ventures. However, before diving into entrepreneurship herself, she took a different path by joining the Army, where she served for a decade, gaining invaluable life experiences and traveling the world.
Beth’s moment of inspiration for Busy Baby came when she became a mother and faced the daunting challenge of dining out with her infant and toddler. The frustration of constantly retrieving dropped toys and dealing with unsanitary restaurant surfaces was a shared experience among parents. Remarkably, Beth saw an opportunity where others saw only frustration.
Recognizing the market gap and driven by her entrepreneurial spirit, Beth decided to craft a solution. She set out to create the Busy Baby Mat, a versatile and practical product that addresses the needs of parents while ensuring a clean, entertaining, and hassle-free dining experience for their little ones.
Beth’s dedication and innovation shine through in the Busy Baby Mat, which has quickly gained traction among parents seeking a reliable solution to the age-old dining-out dilemma.Beth Fynbo’s background in entrepreneurship, coupled with her military service and newfound motherhood, uniquely positioned her to identify and address this pressing need for parents. Her journey embodies the spirit of entrepreneurship, turning everyday challenges into opportunities for innovation and success.
The Product
The Busy Baby Mat is a game-changing solution for parents seeking a stress-free dining experience with their little ones. Crafted from food-grade silicone, this innovative mat offers versatility like no other. Its primary function is to suction securely to smooth surfaces, providing a clean and designated space for a baby’s food, reducing mess and hassle during mealtime.
What sets it apart is its clever tether system, allowing parents to attach their child’s favorite toys, ensuring they are always within arm’s reach, keeping little ones engaged and entertained.
This mat is designed with busy parents in mind, offering hassle-free cleaning as it’s dishwasher-safe. Its portability is another standout feature, as it conveniently rolls up into a sleeve, fitting easily into purses or diaper bags, making it a perfect on-the-go companion.
But the Busy Baby Mat’s utility doesn’t stop there. It’s a versatile parenting tool, capable of wrapping around shopping cart handles to protect babies from teething on unsanitary surfaces. Moreover, it can be stuck to windows, encouraging standing and play, adding an extra layer of functionality.
How It Went
The company’s position before Shark Tank
Busy Baby’s journey is a testament to the resilience and adaptability of both the founder, Beth Fynbo, and the company itself. In 2019, the company embarked on its entrepreneurial path with Beth personally traveling to expos to introduce the innovative Busy Baby Mat to the world. By the end of the year, they had achieved commendable sales of $97,000, demonstrating the product’s appeal to parents seeking a practical solution.
However, the year 2020 presented unprecedented challenges due to the global pandemic. Instead of succumbing to adversity, Beth showcased her entrepreneurial spirit once again. She made a strategic pivot, shifting her focus to digital marketing. This decision proved to be a game-changer as sales soared to an impressive $323,000. This remarkable growth during challenging times underscored the product’s relevance and Beth’s ability to adapt to evolving circumstances.
One noteworthy aspect is that Busy Baby maintains full ownership of its equity, a testament to Beth’s dedication and belief in her vision. Furthermore, the company boasts two utility patents in the United States, securing its intellectual property, with additional protection in the Chinese market, indicating its commitment to expanding its reach internationally. This combination of entrepreneurship, adaptability, and a commitment to innovation positions Busy Baby as a promising venture in the baby product industry.
The Negotiations:
The negotiation process in the “Shark Tank” episode saw a series of intriguing developments. Lori Greiner, known as the “Queen of QVC,” displayed a keen interest in Busy Baby and offered the requested $250,000 investment. However, her proposal came with a substantial ask for 20% equity, as she saw potential in pursuing a licensing deal with Munchkin, a major player in the baby product industry.
While Lori’s offer was undoubtedly tempting, Beth Fynbo stood firm on her initial valuation. She believed in the value of her company and the direction she was headed. This resolve led her to reject Lori’s 20% equity proposal. Mark Cuban and John, too, decided not to invest, citing their lack of interest in the baby product market as the reason for their exit.
Lori, recognizing the entrepreneur’s steadfast determination, made a final attempt to negotiate, offering a reduced equity share of 15%. Beth, although appreciative of the offer, remained resolute at 18%. Her decision was not just about maintaining ownership but also a testament to her belief in the company’s potential to achieve greater heights without compromising its equity.
Ultimately, Beth declined Lori’s offer, choosing to retain 100% ownership of her company. This bold decision reflected her confidence in her vision and her determination to carve out her own path in the competitive world of baby products. Beth’s unwavering commitment left a lasting impression in the “Shark Tank,” showcasing the resilience and conviction of a true entrepreneur.
