Hairy Grabster Shower Hair Trap
NO DEAL
EPISODE SUMMARY
🕓 Air Date: March 26, 2021
Asking For:
$75,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
HairyGrabster is a bathroom accessory designed to solve the issue of hair getting stuck to your hands while showering. It features bristles that grab and trap loose hair, preventing it from going down the drain or sticking to the shower walls.
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Background Story
The story behind HairyGrabster is a tale of two individuals, Andy Watne and Patty, who bring diverse backgrounds and experiences to the table. Andy’s journey led him through the intense world of finance as a former floor trader, a profession that demands quick thinking and adaptability. He then transitioned into project management, where he honed his organizational skills and eye for detail.
On the other hand, Patty’s upbringing was deeply rooted in her family’s longstanding flower shop, which had been serving customers for over a century in the Chicago and suburban areas. Her early exposure to entrepreneurship and customer service instilled in her a keen sense of business acumen.
The concept for HairyGrabster emerged from a common predicament they faced while sharing their bathroom – the perpetual issue of hair accumulating on the shower walls. It was one of those everyday annoyances that sparked their inventive thinking. One day, as Andy called Patty into the bathroom, both perplexed by the sight of hair clinging to the shower wall, their “Eureka!” moment arrived. They realized that this problem needed a simple yet effective solution.
With their combined skills and entrepreneurial spirit, Andy and Patty embarked on a journey to tackle this issue head-on. The result was HairyGrabster, a practical and innovative bathroom accessory designed to make showering a cleaner and more convenient experience for everyone.
The Product
HairyGrabster is a straightforward yet ingenious bathroom device featuring a cluster of specialized bristles meticulously designed to address a common daily annoyance – the accumulation of loose hair during showers. This unassuming but highly practical tool offers an elegant solution to an age-old problem, preventing hair from creating an unsightly mess on both hands and shower walls.
What sets HairyGrabster apart is its simplicity and effectiveness. With just a gentle swipe of the hand, the bristles efficiently grab and trap loose hair, ensuring it doesn’t find its way into the drain or adhere to the shower walls. It’s a small but significant improvement to the showering experience, making it more hygienic and hassle-free.
Manufacturing HairyGrabster is cost-effective, with a landed cost of only $1.30, making it accessible to a wide range of consumers. Priced at $9.95, it strikes a balance between affordability and value, offering customers an affordable solution to a common problem without breaking the bank.
HairyGrabster’s design embodies practicality and user-friendliness, emphasizing its role as a dependable bathroom companion. Its straightforward operation and affordability make it an attractive choice for individuals seeking a cleaner and more enjoyable shower experience, while its potential for repeat use adds to its value proposition.
How It Went
The company’s position before Shark Tank
HairyGrabster’s performance in the market has shown promise, despite its relatively limited marketing efforts and a modest year-to-date sales figure of approximately $600. The founders have embarked on their entrepreneurial journey with a personal investment of $63,000, demonstrating their commitment to the product’s success. One notable aspect of HairyGrabster’s performance is its inventory management. The company currently holds an inventory of 5,000 units, indicating their readiness to scale up production and meet potential demand.
This strategic approach positions them well for growth once they implement more effective marketing strategies. The initial sales figure of $600 reflects the challenges that often come with introducing a niche product to the market. However, it’s important to consider that the HairyGrabster concept is relatively new and may require more extensive marketing efforts to raise awareness and capture a larger customer base. The reliance on Facebook ads for marketing suggests a potential avenue for improvement.
Exploring additional marketing channels and strategies, such as influencer collaborations, targeted online advertising, or partnerships with retailers, could help HairyGrabster reach a wider audience and drive sales. In summary, while HairyGrabster’s current sales figures are modest, the company’s strong inventory position and the founders’ dedication indicate the potential for growth as they refine their marketing approach and expand their customer base.
The Negotiations:
During the “Shark Tank” negotiations, the founders of HairyGrabster, Andy Watne and Patty, presented their product seeking a $75,000 investment in exchange for 20% equity in their company. The Sharks were initially intrigued by the product’s unique name and its potential to address a common problem. Mark Cuban praised the memorable name of HairyGrabster. However, as the pitch progressed, several concerns arose.
The Sharks questioned the founders about their backgrounds, with Andy having a background in floor trading and project management and Patty coming from a family flower shop business. While they had diverse experiences, some Sharks were skeptical about their ability to successfully bring a product to market. The economic aspect of the negotiation revealed that the HairyGrabster’s landed cost was $1.30, and they were selling it for $9.95, with year-to-date sales of approximately $600. The low sales figure and limited profitability raised concerns among the Sharks.
Kevin O’Leary brought up a product called DrainWig, which was similar in concept, and highlighted its success in the market. He expressed doubts about HairyGrabster’s price point and its potential for repeat sales. Ultimately, the Sharks, including Mark Cuban, Lori Greiner, and Daymond John, all declined to invest in HairyGrabster. They cited various reasons, including concerns about the product’s market size, price point, and its competition with existing solutions.
Despite the rejection, Mark Cuban offered some advice, suggesting that the founders should focus on finding influencers and testing different marketing strategies to determine what resonates with their target audience. In the end, the negotiations did not result in a deal, but the founders left with valuable feedback and insights into areas that needed improvement to make HairyGrabster a more attractive investment opportunity.
