Morninghead
NO DEAL
EPISODE SUMMARY
đŸ•“ Air Date: March 21, 2014
Asking For:
$25,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Morninghead is a reusable cap with super-absorbent material designed to eliminate bed head without the need for a shower, suitable for individuals with active lifestyles.
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Background Story
Morninghead, headquartered in Boston, Massachusetts, was founded by Max Valverde, an energetic mechanical engineer and sports enthusiast. Max’s background in engineering and his active lifestyle converged when he encountered a common problem: bed head after intense workouts without the time for a full shower. Frustrated by the inconvenience of wetting his hair in the sink and the ensuing mess, Max sought a convenient solution.
Inspired by his engineering expertise and a desire to solve everyday challenges, Max devised Morninghead—a reusable cap with an innovative super-absorbent interior. This cap allows users to quickly and efficiently dampen their hair without the need for a shower, making it perfect for individuals with busy schedules or active lifestyles. Max’s journey to creating Morninghead stemmed from his personal experience, highlighting the entrepreneurial spirit of identifying a problem and developing a practical solution.
His dedication to solving this common issue led him to design a product that not only addresses the inconvenience of bed head but also offers a convenient and mess-free alternative to traditional hair wetting methods. Based on Max’s background and the practicality of Morninghead, it’s clear that the company is driven by a combination of innovation, problem-solving, and a commitment to enhancing everyday experiences for its users.
The Product
Morninghead offers a convenient solution for individuals seeking to refresh their hair quickly and efficiently without the need for a full shower. The product is a reusable cap with a super-absorbent material on the interior. Users simply add water to the cap, allowing it to absorb, then place it on their head and rub it around for a few seconds. This process effectively dampens the hair, eliminating bed head and allowing users to style their hair as usual.
The key benefits of Morninghead include its simplicity, mess-free application, and portability, making it ideal for busy individuals, travelers, or those with active lifestyles. Unlike traditional methods such as wetting hair in the sink, Morninghead ensures water does not drip down the neck and can be used anywhere, even while fully clothed.
Morninghead can be purchased directly from the company’s website for $7.99 per unit, offering a cost-effective solution for refreshing hair on-the-go. With a high profit margin and a growing customer base, Morninghead provides both practicality and affordability for individuals seeking a convenient alternative to traditional hair care methods.
How It Went
The company’s position before Shark Tank
Morninghead has demonstrated promising performance since its inception, boasting sales of over 7,000 units in 42 countries, totaling $36,000 in revenue within just 18 months of operation. The company’s success can be attributed to its innovative product design and effective marketing strategies, including self-made videos that have garnered significant online engagement. As for partnerships, Morninghead primarily sells directly to consumers through its website, eliminating the need for wholesalers.
The company’s customer base consists of individuals seeking a convenient solution to refresh their hair quickly without the need for a full shower. With a focus on cost optimization, Morninghead aims to increase profit margins by reducing manufacturing costs and enhancing operational efficiency. In terms of funding, Morninghead initially sought $25,000 in exchange for 20% equity on Shark Tank, although no deal was ultimately made with the investors.
Despite this setback, the company remains optimistic about its future growth prospects and is exploring alternative funding options to support its expansion efforts. As for the company’s financial health, Morninghead operates with a lean structure, minimizing overhead costs and reinvesting profits into product development and marketing initiatives. With a strong foundation and a growing customer base, Morninghead is well-positioned to capitalize on its success and establish itself as a leader in the niche market of convenient hair care solutions.
The Negotiations:
During the negotiation process on “Shark Tank,” Max Valverde, the founder of Morninghead, sought a $25,000 investment in exchange for a 20% equity stake in his company. The Sharks expressed interest in the product’s novelty and potential market appeal, but concerns were raised regarding its scalability and long-term growth prospects. Despite Max’s passionate pitch and impressive sales figures, none of the Sharks were ultimately convinced to invest in Morninghead.
Kevin O’Leary and Daymond John questioned the scalability of the business, likening the product to a novelty item rather than a scalable business opportunity. While impressed with the product’s success thus far, they were hesitant to invest in what they perceived as a niche market with limited growth potential. Barbara Corcoran highlighted a competing solution she found equally effective, diminishing the perceived uniqueness of Morninghead.
Mark Cuban expressed skepticism about the product’s ability to become a significant business, suggesting that it lacked the potential for substantial growth and widespread adoption. Ultimately, none of the Sharks were persuaded to invest in Morninghead, citing concerns about its scalability, market appeal, and long-term viability. Despite the setback, Max remained optimistic about the company’s future prospects and committed to continuing his entrepreneurial journey.
