Lifter Hamper – Laundry Hamper
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 5, 2012
Asking For:
$85,000 for 12%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Lifter Hamper is a bungee spring-loaded laundry hamper designed to alleviate back strain by allowing users to access laundry from the top rather than bending over.
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Background Story
Marvin Philip, a former NFL player, suffered a back injury during his football career, which led to the creation of Lifter Hamper. Faced with the challenge of bending over to do laundry, Marvin conceptualized a solution to assist individuals with back pain and mobility issues. His personal experience with injury inspired him to develop a product that could benefit millions facing similar challenges.
The Product
Lifter Hamper is a specialized laundry hamper equipped with a bungee spring-loaded liner. As clothes are added, the liner drops, and as clothes are removed, it rises, allowing users to access laundry from the top without bending over.
It’s designed to cater not only to injured athletes but also to pregnant women, the elderly, and anyone with mobility issues. The hamper features wheels for easy transportation and is priced at $49.99 retail. Customers can purchase it online from platforms like Amazon and Overstock.
How It Went
The company’s position before Shark Tank
Lifter Hamper has invested $75,000 in tooling, patenting, and design. They have secured contracts with major retail platforms like Amazon and Overstock, as well as agreements with reputable rep firms. However, they have yet to enter the market and generate sales. The cost to produce one unit is approximately $10, and the retail price is $49.99. While the company has made significant strides in product development and securing partnerships, they are in need of funding to scale up production and launch successfully.
The Negotiations:
Despite positive feedback on the product’s innovation and potential market demand, none of the Sharks were willing to invest. Concerns were raised regarding the company’s valuation and readiness for market entry. While some Sharks admired Marvin’s dedication and the product’s utility, they ultimately felt the company needed more groundwork before seeking investment. Marvin left the Tank without a deal but expressed determination to continue working towards making Lifter Hamper a household name.
