DadWare Bondaroo Shirt
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 8, 2020
Asking For:
$100,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
DadWare's Bondaroo shirt, priced at $39.99, is designed for fathers to easily engage in skin-to-skin bonding with their newborns, promoting a unique and intimate connection.
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Background Story
Founder Nick Baker, originally a comedian and actor who moved to Los Angeles, transitioned his career path after becoming a father to daughter Eva. The inspiration for DadWare arose during Eva’s birth when Nick, witnessing the challenges of the traditional skin-to-skin bonding process, decided to create a solution. Nick’s wife, Dawn, experienced difficulties during childbirth, prompting Nick to step into the role of a supportive and engaged father.
Realizing the significance of skin-to-skin bonding and observing that many dads were not actively participating, Nick invented the Bondaroo shirt. This garment allows fathers to conveniently engage in skin-to-skin bonding with their infants at home or in the hospital. Nick, lacking a business background, built DadWare from the ground up, driven by a passion for enhancing the bond between fathers and their newborns.
The Product
The DadWare Bondaroo is a shirt specifically designed for fathers to participate in skin-to-skin bonding with their babies. Priced at $39.99, the shirt opens for easy and convenient access, promoting a unique connection between fathers and newborns.
Manufactured in downtown Los Angeles for $9.04, the Bondaroo offers a cost-effective solution for fathers looking to engage in this essential bonding experience. Nick showcased the shirt’s functionality on the show, emphasizing its ease of use and the importance of skin-to-skin bonding for fathers.
The product addresses a niche market, and Nick has refined it over time, ensuring its effectiveness and practicality for new dads. The shirt’s affordability and accessibility contribute to its appeal among fathers who prioritize bonding with their newborns.
How It Went
The company’s position before Shark Tank
Nick disclosed that DadWare achieved $200,000 in sales, starting from November 2016 to the present. The business initially faced challenges, with sales amounting to approximately $10,000 from November 2016 to September 2017. However, subsequent years saw significant growth, reaching $71,000 from September 2017 to 2018 and $110,000 from September 2018 to 2019. The product’s success is attributed to Nick’s efforts to refine it and reach a wider audience.
Despite facing financial struggles initially and relying on personal credit cards, Nick shared that the business is now able to sustain him with a monthly income. The $100,000 sought from the Sharks is intended for inventory, addressing a historical struggle in maintaining sufficient stock. DadWare operates as a solo venture, with Nick being the sole proprietor handling all aspects of the business. The company has managed to generate sales through effective online marketing and awareness campaigns targeting new fathers.
The Negotiations:
The Sharks expressed admiration for Nick’s creativity and hustle in creating a niche product catering to a specific moment in fatherhood. However, concerns were raised regarding the scalability of the business and the challenge of acquiring customers within a short timeframe. While Kevin O’Leary questioned the need for additional inventory, Nick explained that it had been a historical struggle for the business.
Mark and Kevin emphasized the difficulty in finding a significant accelerant to boost the business, and Lori, while acknowledging the uniqueness of the idea, expressed concerns about the niche market and scalability issues. All sharks collectively decided not to invest in DadWare. Despite the positive feedback on the product and Nick’s story, none of the Sharks felt confident in the long-term growth potential or scalability of DadWare, leading to no deal being made.
