Edn Automated Indoor Gardens
NO DEAL
EPISODE SUMMARY
đź•“ Air Date: February 17, 2017
Asking For:
$150,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Edn offers an intelligent indoor garden, the "Edn wall garden," designed to simplify plant growth with automated lighting, watering, and plant food control via a user-friendly app.
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Background Story
Ryan Woltz, the visionary founder of Edn, is rooted in Denver, Colorado, where the journey to revolutionize plant care began. His personal struggles as a self-proclaimed “plant serial killer” fueled the inception of Edn. Faced with the challenges of nurturing plants and recognizing the time, expertise, and attention it demands, Woltz set out to create a solution for individuals like himself—those who adore nature but lack a green thumb. Woltz’s background is not only defined by his entrepreneurial spirit but also by a genuine passion for bridging the gap between people and plants.
The Edn wall garden, born out of this passion, is more than just a product; it’s a testament to Woltz’s commitment to making plant growing accessible and enjoyable for everyone. Inspired by the desire to “paint the concrete jungle green,” Woltz designed the intelligent indoor garden to take the guesswork out of plant care. The innovative technology automates crucial aspects such as lighting, watering, and plant food, ensuring optimal growth conditions. To make the experience even more seamless, Edn provides a user-friendly app guiding individuals through the entire process.
The product isn’t just a solution to a personal problem; it’s a manifestation of Woltz’s vision to change the way the world grows plants. Through Edn, he aims to create an engaging experience that brings nature into every home. The journey of Edn is not just a business venture; it’s a mission to infuse life into homes and rekindle the joy of gardening, even for those who may not have the greenest thumbs.
The Product
Edn’s flagship product, the Edn wall garden, is a revolutionary solution for plant enthusiasts and novices alike. Priced at $499 for the large unit and $99 for the small unit, the intelligent indoor garden is designed to simplify and enhance the plant-growing experience.
Operating without the need for soil, the Edn wall garden employs cutting-edge technology to automate crucial aspects of plant care. Users simply add water, plant food, and seed pods, with the entire process guided by a user-friendly app. The app provides step-by-step instructions, making it accessible even to those with minimal gardening experience.
The wall garden’s intelligent system controls lighting, watering, and plant food distribution, taking the guesswork out of plant care. This ensures that users can enjoy fresh herbs, vegetables, and flowers year-round within the comfort of their homes. Edn’s subscription model for seed pods, priced at $12 per month, offers an 82% profit margin and a continuous supply of new plants.
With a sleek and aesthetically pleasing design, the Edn wall garden not only serves a practical purpose but also adds a touch of nature to any living space. Currently sold directly to consumers, Edn envisions a future entry into big-box retail, making its innovative gardening solution accessible to a broader audience.
How It Went
The company’s position before Shark Tank
Edn, a company based in Denver, Colorado, is steadily making strides in the indoor gardening market. Currently selling directly to consumers, the company has demonstrated promising performance, evident in a winter campaign that generated an impressive $10,000 in sales within just five days. This successful campaign speaks to the growing demand for Edn’s innovative wall garden. In terms of partnerships, Edn’s journey involves strategic collaborations to expand its reach. The company’s vision to enter big-box retail suggests a potential future network of partnerships with major retail players.
The company’s distribution strategy aligns with its future goals, aiming to transition from direct-to-consumer sales to big-box retail once pricing becomes more competitive. This strategic move could potentially broaden Edn’s customer base and establish a more significant market presence. The founder, Ryan Woltz, mentioned a need for additional capital to realize the company’s vision. The winter campaign’s success and the interest from the Sharks on Shark Tank indicate that there is potential for attracting investors and securing the necessary funding to propel the company forward. Profit margins are notably strong, with an 82% margin on the subscription service for seed pods.
The company’s structure, beyond being founded by Ryan Woltz, is not extensively detailed. However, the emphasis on seeking additional capital implies a potential openness to partnerships or investments that could influence the company’s organizational structure. In summary, Edn appears to be in a growth phase, with a successful product, a strategic vision for expansion, and potential for increased funding to drive its mission of bringing the Edn wall garden to a broader market.
The Negotiations:
The negotiations for Edn’s wall garden on Shark Tank showcased a dynamic exchange as the Sharks evaluated the innovative indoor gardening solution. Founder Ryan Woltz sought $150,000 for a 10% stake in the company, presenting a compelling vision for revolutionizing plant care. Lori Greiner expressed interest early on, offering $150,000 for a 15% stake. Her expertise in retail and the potential for Edn to thrive in big-box stores made her an appealing partner.
Robert Herjavec, intrigued by the product’s design and technology, countered with an offer of $150,000 for a larger 25% stake, emphasizing the need to take over manufacturing to reduce costs. Kevin O’Leary initially proposed a deal at $150,000 for 15% but retracted his offer later in the negotiation. The negotiations intensified as Greiner and Herjavec engaged in a back-and-forth for Woltz’s partnership. Greiner emphasized her retail prowess, while Herjavec focused on the manufacturing aspect, each vying for a stake in Edn.
The negotiation took an unexpected turn when Herjavec declared an official offer of $150,000 for 25%. However, Woltz, expressing a need for additional capital and a different valuation for his company’s vision, declined the offer, leaving the Sharks surprised. The negotiation concluded with Woltz opting not to accept any of the offers, citing a need for a different valuation and additional capital for the company’s future. The Sharks emphasized the importance of seizing favorable deals when presented, imparting a valuable lesson to Woltz as he walked away from the negotiation.
