Halloween Moments – Pumpkin Glove Scraper
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 7, 2022
Asking For:
$300,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Pumpkin Glove Scraper is a Halloween-themed glove and scraper kit that simplifies the messy process of carving pumpkins, making it a cleaner and more enjoyable experience for families.
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Background Story
Daryl Braithwaite, also known as “Big D,” from Dallas, Texas, pitched his product, the Pumpkin Glove Scraper, on Shark Tank. The idea for this innovative Halloween product stemmed from his family’s tradition of pumpkin carving. Every year, they would face the messy and unpleasant task of cleaning out the pumpkins, which led to a memorable “aha” moment when his son, Parker, reacted with disgust while scooping out pumpkin guts. Daryl realized there had to be a better way, and that’s when the idea for the Pumpkin Glove Scraper was born.
Daryl’s background is in medical sales, and he initially started this venture as a side project while working full-time. He invested substantial time and effort into developing the product and securing patents. He also partnered with individuals who provided the necessary financial backing. The product went through a development process that included the creation of a specialized machine capable of producing 6,500 units per day in China.
The Product
The Pumpkin Glove Scraper is a comprehensive kit designed to simplify and improve the pumpkin-carving experience. It consists of a super-long glove that extends past the elbow, ensuring users stay clean and dry while handling pumpkins.
Attached to the glove are serrated scrapers on the fingers, allowing users to thoroughly remove pumpkin guts effortlessly. The kit comes in sizes for both kids and adults and includes an extra latex glove and two kid-friendly knives, making it suitable for family activities.
With this product, users can enjoy pumpkin carving without the mess, tears, or frustration that often accompanies the traditional approach.
The Pumpkin Glove Scraper is available for purchase in retail stores for $9.99 and online for $12.99 to $15.99, offering customers flexibility in their shopping options.
How It Went
The company’s position before Shark Tank
Pumpkin Glove Scraper had just started its business at the time of the pitch, with its first shipment of products arriving in late 2021. Despite the limited time on the market, they managed to achieve $58,000 in sales by the end of 2021 and $52,000 in sales from January to the present (2022). Their initial success came from participating in a trade show in Las Vegas, where they attracted significant attention and secured deals with numerous stores. They sold over 90% of the stores they pitched to during a buyer presentation in D.C.
Daryl Braithwaite had partners who provided financial backing for the venture, including one with a background in patent law who helped secure patents for the product. The company had invested approximately $850,000 into the business, and Daryl owned 70% of the company. Their manufacturing capabilities included a specialized machine in China capable of producing 6,500 units per day.
However, they encountered challenges due to COVID-19, which forced them to order a large quantity of gloves. This created financial strain and a repayment plan with the investor, entailing a dollar per unit once the company became profitable.
The Negotiations:
Daryl Braithwaite entered the Shark Tank seeking $300,000 for a 10% equity stake in his company, Pumpkin Glove Scraper. His pitch garnered interest from all the Sharks, but as the negotiation unfolded, they expressed concerns about the large amount of inventory he had purchased before establishing significant sales.
Kevin O’Leary was the first to raise concerns about the valuation, stating that he wished Daryl had asked for a smaller investment. He ultimately decided to pass on the opportunity. Mark Cuban, Lori Greiner, and Robert Herjavec shared concerns about the high level of risk associated with the substantial inventory investment. They each opted to decline to make an offer.
Daymond John offered valuable advice about over-funding and how it can be a pitfall for startups. He believed Daryl had taken on too much risk too soon and decided to pass on the opportunity as well. In the end, despite receiving praise for the innovation behind the Pumpkin Glove Scraper, Daryl left the Shark Tank without a deal, as none of the Sharks were willing to invest in the business due to concerns about the inventory and risk.
