The Measuring Shovel
DEAL
EPISODE SUMMARY
🕓 Air Date: November 3, 2019
Asking For:
$40,000 for 15%
Investor:
Lori Greiner, Kevin O'Leary (50/50)
Deal:
$40,000 for 30%
PRODUCT SUMMARY
The Measuring Shovel is a unique gardening tool with built-in measurements for precise depth and plant spacing.
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Background Story
Maddox Prichard, a 13-year-old inventor, came up with the idea for The Measuring Shovel during a fourth-grade class project focused on creating inventions to make life easier. Inspired by helping his mom with landscaping, Maddox developed a shovel with built-in measurements to address the challenges of planting too close together or trees too deep.
The concept won awards at the Tennessee State Invention Convention and the National Invention Convention in Washington. Maddox’s parents, Amanda and Jason, have backgrounds in accounting and horticulture, respectively, providing a supportive environment for Maddox’s entrepreneurial journey.
The Product
The Measuring Shovel is a gardening tool designed to simplify planting by incorporating measurements directly onto the shovel. The shovel features markings along the front and back, allowing users to measure both depth and plant spacing accurately.
Maddox Prichard, the 13-year-old inventor, presented a prototype on the show, emphasizing that the final product would be molded and stamped. The shovel is expected to be competitively priced, potentially under $10, with no significant added cost for the measuring feature.
How It Went
The company’s position before Shark Tank
The company is in its early stages, with the inventor seeking $40,000 for initial production and marketing efforts. Maddox, along with his family, showcased a prototype and demonstrated the potential market appeal of The Measuring Shovel. They discussed plans to use the funds to create molds for production, with a cost estimate ranging from $15,000 to $25,000.
While the product is not yet manufactured, Maddox highlighted the positive response from potential users, including professionals in landscaping and construction. The family indicated they had done research on manufacturing costs and projected an initial order of around 2,000 shovels.
The Negotiations:
Sharks Robert Herjavec and Mark Cuban express their admiration for Maddox but decline to invest. Lori Greiner and Kevin O’Leary, however, offer a joint deal, proposing $40,000 for 30% equity (15% each). While expressing initial interest in licensing, Maddox is open to the idea of building the business. After negotiations, Lori and Kevin secured the deal at 30% equity for the $40,000 investment.
Daniel Lubetzky offers an alternative proposal, suggesting $40,000 for 25% on an operational basis, but Maddox ultimately accepts Lori and Kevin’s offer. The negotiations highlight Maddox’s poise, the family’s passion, and the Sharks’ recognition of the product’s potential. The final deal reflects a blend of licensing and operational support from Lori Greiner and Kevin O’Leary.
