Moment – Drink Your Meditation
NO DEAL
EPISODE SUMMARY
🕓 Air Date: November 20, 2020
Asking For:
$200,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Moment is a natural botanical beverage designed to reduce stress and promote calmness by stimulating alpha brain waves, offering a refreshing alternative to sugary and caffeinated drinks.
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Background Story
Faheem, hailing from South Africa, brought his entrepreneurial spirit and experience to the table. Before co-founding Moment, he had a successful track record in the startup world. One of his previous ventures had the distinction of receiving funding from Google and was recognized as the best startup in South Africa at the time.
His entrepreneurial journey instilled in him the importance of innovation, adaptability, and pushing boundaries. Faheem’s background provided valuable insights into navigating the challenges of building a business from the ground up, which he and Aisha would later apply to Moment.
His experience in a consumer tech startup, which focused on helping people share and discover shopping deals, equipped him with valuable skills in understanding consumer behavior and leveraging technology to create user-friendly experiences. This knowledge became instrumental as they embarked on the mission of introducing Moment to the market, where they aimed to disrupt the traditional beverage industry with their innovative stress-relief beverage
The Product
Moment is a natural stress-relief beverage that incorporates a proprietary formulation designed to stimulate alpha brain waves, similar to those achieved during meditation.
It features three primary active ingredients: L-theanine from green tea for focus, ashwagandha for calmness, and tulsi (holy basil) as an adaptogenic herb for stress relief. Moment prides itself on being the world’s first “drinkable meditation,” providing a refreshing and healthy way to manage stress.
Each Moment drink contains less than 15 calories, with no added sugar, caffeine, or artificial ingredients. The beverage comes in various flavors, including Tulsi Lemon and Rooibos Blood Orange.
How It Went
The company’s position before Shark Tank
At the time of their pitch on “Shark Tank,” Moment had recently launched and generated approximately $15,000 in sales within the first month and a half. They projected a 400% growth rate, aiming to achieve $1.5 million in sales for the year. Moment primarily adopted an online-first distribution model to navigate the competitive beverage industry, emphasizing their direct-to-consumer approach.
Their pricing strategy offered the beverage at $1.69 per unit, with manufacturing costs of 90 cents per drink and shipping costs of 80 cents per can. While the customer acquisition cost was relatively high at around $20 per customer, Moment aimed to transition to a subscription model to build stronger customer relationships and enhance long-term value.
The Negotiations:
Moment entered the Tank seeking $200,000 for a 10% equity stake, emphasizing their unique proposition of offering stress relief through a beverage. The sharks sampled various flavors and praised the product’s taste and packaging. However, the challenges emerged as they discussed the beverage industry’s competitiveness and the subscription model.
Kevin O’Leary raised concerns about the challenges of breaking into the beverage industry and expressed skepticism about subscription models for drinks. Robert Herjavec pointed out the difficulty of replicating the feeling of meditation through a beverage. Mark Cuban, while appreciating the founders’ mission, questioned the feasibility of Moment’s subscription-based business model.
Despite their positive feedback, none of the sharks made an offer. Lori Greiner appreciated the founders’ backstory and commitment to their mission but ultimately decided to pass. Aisha and Faheem left the Tank without securing a deal, determined to continue their journey of promoting stress relief through Moment.
