Cool Wazoo Surface Cover for Babies
DEAL
EPISODE SUMMARY
🕓 Air Date: November 2, 2012
Asking For:
$65,000 for 25%
Investor:
Lori Greiner
Deal:
$65,000 for 25%
PRODUCT SUMMARY
Cool Wazoo is a multi-functional cover that provides protection from heat, germs, and other elements for infants and toddlers, serving as a swing cover, restaurant highchair cover, shopping cart cover, car shade, and changing pad in one.
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Background Story
Ginelle, the founder of Cool Wazoo, was inspired to create the product after her daughter got burned on a hot park swing. She struggled to find a suitable solution in the market, leading her to design a versatile cover that addresses various parental concerns regarding germs and heat exposure. Despite facing production challenges and financial setbacks, Ginelle’s determination drove her to refine the product over four years, culminating in her appearance on Shark Tank.
The Product
Cool Wazoo is a durable cover made with core material designed to redirect heat away from children, offering protection from hot surfaces like swings, high chairs, shopping carts, and car seats. Its multifunctional design eliminates the need for separate products, providing convenience for parents.
The cover can also be used as a changing pad, adding to its versatility. Cool Wazoo is available for purchase online and through select distributors, retailing at $64.95 with a wholesale price of $32.50.
How It Went
The company’s position before Shark Tank
In the last 12 months, Cool Wazoo has generated $20,000 in sales but faced challenges with production costs, leading to a loss of $96,000. Despite initial struggles, the founder is determined to improve production efficiency and expand sales channels. The company currently relies on online sales and is in the process of moving production overseas to reduce manufacturing costs.
The Negotiations:
After facing rejections from several sharks due to concerns over the company’s financial health and management, Ginelle secured a deal with Lori for the requested $65,000 in exchange for a 25% stake in Cool Wazoo. Lori expressed confidence in Ginelle’s passion and commitment, believing in her potential to overcome challenges and scale the business successfully. In conclusion, despite the hurdles faced by Cool Wazoo, Ginelle’s perseverance and dedication ultimately led to securing a crucial investment, setting the stage for future growth and success in the market.
