Drive Suits Motorized Costumes
DEAL
EPISODE SUMMARY
🕓 Air Date: November 9, 2012
Asking For:
$150,000 for 20%
Investor:
Kevin O'Leary
Deal:
$150,000 for 30%
PRODUCT SUMMARY
Drive Suits are wearable recreational devices that instantly transform the user from a human or walking state to a motor-driven form, aiming to revolutionize children's entertainment.
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Background Story
Drew Beaumier, the founder of Drive Suits, stumbled upon the idea while looking for ways to make rent money. Inspired by a costume contest, he envisioned a product that could not only win contests but also be sold afterward for profit. Over the past two years, Drew has honed his prototypes through trial and error, winning several contests and earning around $25,000 in cash and prizes. However, lacking the financial means to mass-manufacture his invention, Drew sought an investment to take his product to the next level.
The Product
Drive Suits utilize a simple mechanical and technological design, essentially consisting of a positive/negative wire connected to a battery with a switch. Users can activate the transformation from human to vehicular form through a hand switch, with a top speed of approximately 10 to 12 miles per hour.
Despite its innovative appeal, the product is still in the prototype stage, awaiting mass manufacturing. Drew envisions partnering with toy companies for distribution, aiming for a price point around $99 and targeting both children and enthusiasts of recreational devices.
How It Went
The company’s position before Shark Tank
Drive Suits is still in its early stages, with limited sales primarily from costume contests and appearances. Drew has won contests and earned revenue, but the company lacks the necessary funding to scale production. Drew holds a trademark for Drive Suits but has not obtained a patent due to financial constraints. The company’s profitability and capital are limited, relying on potential investments to progress further.
The Negotiations:
Despite interest from the sharks, Drew ultimately leaves the tank without a deal. Mark Cuban offers $150,000 for 40% of the company, while Kevin O’Leary proposes the same investment for 30% contingent on securing a deal with a toy company. Drew hesitates, feeling torn between the immediate cash infusion from Mark and Kevin’s connections in the toy industry.
Ultimately, Drew accepted Kevin’s offer, expressing a desire to build the business slowly and explore all options before committing. He acknowledges the risk involved in partnering with a toy company and prefers to retain control over the direction of the company’s growth.
