Dare-U-Go Bib
DEAL
EPISODE SUMMARY
🕓 Air Date: March 24, 2019
Asking For:
$350,000 for 10%
Investor:
Barbara Corcoran
Deal:
$350,000 for 35%
PRODUCT SUMMARY
Dare-U-Go! is a kid-safe, eco-friendly bib with food storage compartments, offering a convenient solution for parents to feed their children healthy meals on the go.
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Background Story
Lisa D’Amato, the founder of Dare-U-Go!, brings a unique blend of creativity and resilience to the entrepreneurial table. Hailing from Los Angeles, California, Lisa is not just an entrepreneur but also a former winner of “America’s Next Top Model.” Her journey into entrepreneurship was driven by the challenges of maintaining a busy lifestyle while raising her two energetic boys, Daxel and Venice. The inception of Dare-U-Go! emerged from the need to find a practical solution for quickly feeding her children healthy meals on the go. Juggling a demanding work schedule and the responsibilities of motherhood, Lisa felt the need for a product that would simplify the process of providing nutritious food to her kids.
The light bulb moment came when she realized the potential of creating a versatile and eco-friendly bib that could double as a food storage container. Dare-U-Go! was born out of this vision—a kid-safe bib with three compartments for storing a child’s favorite foods. The idea was not just to make mealtime convenient but also to address the issue of food wastage by allowing parents to seal and save any uneaten portions easily. The eco-friendly bib is designed for easy cleaning, as it can be thrown into the dishwasher.
Lisa, with her background in the competitive world of modeling and reality television, poured her personal struggles into the development of Dare-U-Go! Her experience overcoming an eating disorder and being raised by a bulimic mother fueled her determination to create a product that not only served a practical purpose but also carried a profound personal story. Through Dare-U-Go!, Lisa aims to empower parents with a convenient and eco-conscious solution while sharing her journey of resilience and triumph over personal challenges.
The Product
Dare-U-Go! is a revolutionary kid-safe bib designed to simplify mealtime for parents and provide a practical solution for feeding children on the go. The bib stands out with its three food storage compartments, allowing parents to offer a variety of healthy options in a single serving. The eco-friendly design ensures easy cleaning by allowing the bib to be conveniently placed in the dishwasher.
The product’s versatility is showcased through its four-in-one functionality. Firstly, it serves as a food storage container, enabling parents to pack and seal their child’s favorite meals. Secondly, it functions as a plate divider, allowing for organized presentation of different food items. Thirdly, Dare-U-Go! features a built-in spork holder, ensuring that parents have the necessary utensils always at hand. Lastly, the bib seals airtight, preventing spills and allowing any uneaten portions to be preserved for later consumption, thus reducing food wastage.
Dare-U-Go! offers an affordable and practical solution for parents seeking convenience without compromising on the nutrition and well-being of their children. Dare-U-Go! can be purchased through various distribution channels, with three distribution companies engaged in a bidding war for exclusivity. This strategic approach demonstrates the product’s market appeal and sets the stage for broader availability to cater to the demands of busy parents seeking a reliable and eco-conscious feeding solution for their kids.
How It Went
The company’s position before Shark Tank
Dare-U-Go! has exhibited a promising start in the market, showcasing a robust performance within the three months since its launch. Lisa D’Amato, the founder, revealed that the company has achieved $100,000 in sales, indicating a strong initial market response to their innovative kid-safe bib. The product’s success is further highlighted by the ongoing bidding war among three distribution companies vying for exclusivity, underscoring its appeal within the market.
The company’s strategic move to secure distribution partnerships speaks to its commitment to expanding its reach. While specific partners were not disclosed, the competitive bidding for exclusivity suggests a healthy demand from retailers interested in carrying Dare-U-Go! products. Dare-U-Go! is currently engaging in negotiations with three distribution companies, emphasizing the significance of securing deals for exclusive distribution rights. The bidding war indicates a high level of interest and confidence from wholesalers, pointing towards a potentially lucrative future for the company.
The primary customers for Dare-U-Go! are parents seeking convenient and eco-conscious solutions for feeding their children healthy meals. The product’s four-in-one functionality and emphasis on reducing food wastage resonate with the demands of busy parents, positioning Dare-U-Go! as a valuable asset in the parenting market. In terms of funding, Lisa D’Amato mentioned investing $250,000 of her own money into Dare-U-Go!, reflecting her strong belief in the product. The company’s $100,000 in sales within the first three months suggests a positive revenue stream. Dare-U-Go! aims to capitalize on the burgeoning global baby market, estimated to reach $121.5 billion in 2020, with the bib industry accounting for 7.7% of that figure.
The Negotiations:
The negotiations for Dare-U-Go! on Shark Tank unfolded with a mix of enthusiasm, skepticism, and strategic maneuvering. Lisa D’Amato entered the tank seeking $350,000 for 10% equity in her company. The first offer came from Kevin O’Leary, who proposed a deal of $350,000, with $100,000 for 15% equity and the remainder structured as debt. However, Barbara Corcoran saw potential infrastructure challenges in Lisa’s business and opted out, emphasizing the importance of a well-rounded business plan.
Mark Cuban followed suit, expressing concern over Lisa’s focus on the market size and dropped out. Lori Greiner also bowed out due to reservations about the business planning aspect. The negotiations took an unexpected turn when Barbara Corcoran, recognizing her increasing value as the only remaining Shark, revised her offer. She presented a new deal of $350,000 for 35% equity, offering $150,000 in cash and $200,000 in debt. This adjustment reflected Barbara’s belief in Lisa’s story and the potential of Dare-U-Go!, despite her initial concerns about the business’s infrastructure.
As the only offer on the table, Barbara Corcoran’s strategic move leveraged her position and highlighted the competitive nature of the Shark Tank environment. In response to Barbara’s offer, Kevin O’Leary also attempted to re-enter the negotiation, but his initial offer was deemed less favorable. Barbara’s revised offer resonated with Lisa, who appreciated Barbara’s belief in her and her personal journey. In the end, Lisa accepted Barbara’s deal of $350,000 for 35% equity, solidifying a partnership that not only injected capital into Dare-U-Go! but also brought the valuable expertise of Barbara Corcoran to the table.
