No Limbits Adaptive Clothing
DEAL
EPISODE SUMMARY
🕓 Air Date: April 1, 2022
Asking For:
$100,000 for 6%
Investor:
Emma Grede, Mark Cuban (50/50)
Deal:
$100,000 for 10%
PRODUCT SUMMARY
No Limbits is an adaptive clothing brand providing specially designed clothing for individuals with disabilities, offering solutions such as hidden zippers, reinforced patches, and sensory collections.
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Background Story
Based in Iowa City, Iowa, No Limbits was founded by Erica, who, following a life-altering accident in 2018 resulting in the loss of her leg, embarked on a mission to revolutionize the clothing industry for individuals with disabilities. Erica’s journey began with her personal struggle to find suitable clothing that accommodated her prosthetic leg, leading her to recognize the lack of options for people facing similar challenges. Her frustration with the limitations imposed by standard clothing motivated her to develop a line of adaptive clothing, starting with specialized pants for amputees.
Prior to her entrepreneurial pursuit, Erica had been on track for a career in chemistry, having received a dream job offer as a plutonium chemist at the prestigious Los Alamos National Lab in Colorado. However, her accident rendered her unable to continue in her original profession, prompting her to redirect her passion and energy toward creating practical solutions for others facing similar physical obstacles.
Driven by her firsthand experience and the desire to empower individuals with disabilities to dress comfortably and independently, Erica embarked on a journey to design adaptive clothing that not only catered to specific physical needs but also emphasized style and inclusivity. With a strong determination to make a meaningful impact, she transformed her personal struggles into a powerful catalyst for positive change, eventually establishing No Limbits as a pioneering brand dedicated to enhancing the lives of those with physical challenges through innovative and stylish adaptive clothing solutions.
The Product
No Limbits offers a range of specialized adaptive clothing designed to cater to the unique needs of individuals with disabilities. The flagship product line includes adaptive pants tailored specifically for amputees, featuring discreet hidden zippers that facilitate effortless dressing and adjustments for prosthetic fittings throughout the day. Reinforced patches incorporated into the design ensure enhanced durability, accommodating the specific requirements of carbon-fiber prosthetics and mechanical knees.
In addition to the amputee-focused line, No Limbits provides a sensory collection crafted from a special non-irritating material, catering to individuals with sensory-processing disorders. This collection boasts a cool-touch feel and a seamless, pocket-free back, offering comfort and ease of wear for those with sensory sensitivities.
The brand’s wheelchair pants offer convenient side zippers for easy dressing while lying down and also feature reinforced patches to withstand regular wheelchair use. Customers can purchase these products through the company’s online platform, and the brand has plans to tap into healthcare systems, clinics, and relevant organizations to further expand its accessibility and reach within the target market.
How It Went
The company’s position before Shark Tank
No Limbits has exhibited robust growth and a promising market reception, positioning itself as a key player in the adaptive clothing industry. The brand has strategically leveraged partnerships with various healthcare systems and clinics to amplify its reach and engagement within the target market. Notably, the company has secured a significant purchase order from the Veterans Affairs (VA) for 500 units, indicative of the brand’s increasing recognition and adoption within the healthcare sector. This achievement highlights the trust and credibility No Limbits has garnered within the medical community, positioning it as a go-to provider for adaptive clothing solutions.
While the company primarily operates through its direct-to-consumer online platform, it has effectively utilized digital advertising, particularly through Facebook, with a customer acquisition cost of $14, demonstrating a cost-effective and efficient marketing strategy. No Limbits’ customer base comprises individuals with disabilities who seek comfortable, functional, and stylish clothing options that cater to their specific needs, empowering them to dress with ease and confidence. In terms of financial stability, No Limbits has exhibited promising initial sales, generating $26,000 from Erica’s personal sewing machine and pre-orders totaling $41,000 for the adaptive pants.
The company’s cost of goods sold stands at $18, with a retail price of $70 per product, reflecting a healthy profit margin. As for the company’s internal structure, No Limbits operates with a strong emphasis on inclusive design, ensuring that the brand remains at the forefront of providing accessible and stylish clothing solutions for individuals with disabilities. The company’s dedicated team, led by Erica, remains committed to upholding the brand’s vision of empowering individuals to live life without limits, fostering a culture of innovation, inclusivity, and social impact.
The Negotiations:
In the Shark Tank episode featuring No Limbits, founder Erica entered the tank seeking $100,000 in exchange for a 6% equity stake in her adaptive clothing brand. Her impassioned pitch and compelling product struck a chord with the sharks, leading to a dynamic negotiation process. The negotiations began with positive feedback from the sharks, particularly from Lori Greiner, who commended Erica for her resilience and the transformation of a personal challenge into a thriving business. Mark Cuban, along with Emma, also expressed keen interest, drawing from their experience in the accessibility and adaptive products industry.
Emma and Mark united their efforts, offering Erica the $100,000 she requested, but for a slightly higher equity share of 10%. Erica adeptly countered with a request for a 12% equity share, leading to a moment of anticipation in the tank. After some consideration, Emma and Mark accepted her counteroffer of $100,000 for 10%, finalizing the deal and making Erica the first No Limbits entrepreneur to secure investment on the show.
The negotiations culminated on a positive note, with Emma and Mark expressing their confidence in Erica’s product and business model. The deal not only infused the necessary capital into No Limbits but also brought forth valuable expertise and industry connections to a brand committed to making a meaningful impact on the lives of individuals with disabilities. Erica’s successful negotiation showcased her ability to secure support from seasoned investors who shared her vision for a more inclusive and functional clothing industry, marking a significant milestone for No Limbits’ journey.
