Elliptical Stroller
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 7, 2018
Asking For:
$500,000 for 40%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Elliptical Stepper Stroller is the world's first combination of a conventional stroller and an elliptical stepper machine, designed to allow parents to exercise while strolling with their child.
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Background Story
Pier Paolo Visconti, a real estate broker, came up with the Elliptical Stepper Stroller when his sister expressed difficulty in losing pregnancy weight while taking care of her child. Paolo combined the functionality of an elliptical stepper machine with a conventional stroller, creating a unique fitness solution for parents. Having invested $170,000 of his own money and securing seven patents, Paolo is passionate about addressing the fitness needs of parents and believes there is a demand for his innovative product.
The Product
The Elliptical Stepper Stroller comprises two elements – the carriage and the elliptical stepper mechanism. The elliptical stepper mechanism can be folded in and out, allowing users to switch between a conventional stroller and a sporty one.
The prototype is made of aluminum to manage weight, and Paolo envisions it as a revolutionary fitness tool for parents who can exercise while spending time with their children. The stroller has undergone patenting and costs $48,000. Paolo faced criticism for its weight, but he asserts that it’s not too heavy due to the aluminum construction.
How It Went
The company’s position before Shark Tank
Paolo invested $170,000 of his own money into the project, with $72,000 specifically allocated for patents. The company is in the prototype stage, with Paolo having received emails from potential customers expressing interest. However, he acknowledges the need for safety testing, which he hasn’t conducted yet. The founder believes there is a demand for the product, citing positive responses from women he encountered at South Pointe Park in South Beach. Paolo’s background in real estate allowed him to fund the project, but he’s seeking $500,000 to move into production and address manufacturing costs.
The Negotiations:
The Sharks were skeptical about the $500,000 valuation and Paolo’s approach to entering the market. Mark Cuban and Kevin O’Leary both expressed concerns about the weight of the stroller and its practicality, leading them to opt-out. Lori Greiner and Robert Herjavec were also uninterested, citing the significant risk and lack of proof of concept.
Daymond John advised Paolo to focus on sales and use alternative methods like crowdfunding and Instagram to market the product. Ultimately, Paolo left the tank without a deal, realizing that his valuation might have been too ambitious. While the Sharks recognized his passion, they were unwilling to invest in the untested and unproven concept at the requested valuation.
