I Want to Draw a Cat For You
DEAL
EPISODE SUMMARY
🕓 Air Date: January 27, 2012
Asking For:
$10,000 for 25%
Investor:
Mark Cuban
Deal:
$25,000 for 33%
PRODUCT SUMMARY
I Want to Draw a Cat for You offers personalized cat drawings based on customer descriptions, providing a quirky and unique service that taps into the universal appeal of cat-related content.
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Background Story
Steve Gadlin, the founder of I Want to Draw a Cat for You, leads a seemingly ordinary life in Evanston, Illinois. By day, he works a typical 9-to-5 job building websites, but Gadlin’s true passion lies in injecting eccentricity into his daily routine. He’s an “ideas guy,” finding inspiration in the most unexpected places, including moments of solitude in the bathroom.
It was during one of these moments that the concept for his business struck him. Gadlin noticed the absence of a service offering personalized cat drawings and saw an opportunity to fill that niche. His background in web development provided him with the necessary skills to bring his idea to life.
The Product
Customers visit the company’s website to describe the cat they desire, whether it’s a simple short and fat cat or a more elaborate cat with a pork pie hat. Gadlin then transforms these descriptions into whimsical drawings, offering a range of styles and scenarios.
From cats wearing hats to cats engaging in epic battles with octopuses and T-Rexes on the moon, the possibilities are as endless as the customers’ imaginations.
Each drawing is priced at $9.95, boasting an impressive profit margin of $9.32. With Gadlin’s efficient production process, he can create up to 25 drawings in an hour, allowing him to fulfill over 1,200 orders within a year.
How It Went
The company’s position before Shark Tank
Despite its seemingly niche appeal, I Want to Draw a Cat for You has experienced significant growth, with Gadlin’s proficiency in web development minimizing overhead costs. The company has amassed a loyal customer base, with some patrons purchasing enough drawings to start their own cat drawing galleries.
While the business initially relied on publicity stunts and Gadlin’s knack for garnering press attention, its profitability and potential for scalability have attracted investor interest. Gadlin aims to invest in expanding his e-commerce platform and diversifying into products like greeting cards to capitalize on his brand’s growing popularity.
The Negotiations:
Gadlin’s unconventional pitch amused the sharks, but some expressed reservations about the company’s scalability and revenue potential. Both Kevin O’Leary and Lori Greiner bowed out early, citing the low return on investment. However, Mark Cuban saw promise in Gadlin’s creativity and offered $25,000 for 33% of the company, which Gadlin accepted, securing Cuban as a valuable business partner. Despite initial skepticism from some sharks, Cuban’s belief in Gadlin’s vision and enthusiasm for the product ultimately led to a successful deal that promises to take I Want to Draw a Cat for You to new heights.
