Ride-On Carry-On
DEAL
EPISODE SUMMARY
🕓 Air Date: April 8, 2011
Asking For:
$50,000 for 25%
Investor:
Barbara Corcoran
Deal:
$50,000 for 25%
PRODUCT SUMMARY
Ride On Carry On instantly converts any wheeled carry-on luggage into a travel stroller, accommodating children aged 8 months to 5 years, making travel with little ones less stressful.
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Background Story
Darryl and Randy, a married couple from Atlanta, Georgia, embarked on their entrepreneurial journey with the creation of Ride On Carry On, born out of their firsthand experiences and observations in the travel industry. Darryl, with 27 years of service as a flight attendant, witnessed countless families grappling with the challenges of traveling with young children. This exposure to the stress and frustrations endured by parents navigating airports with cumbersome strollers and luggage served as the catalyst for their innovative solution.
Drawing from their extensive background in the airline industry and their own experiences as parents, Darryl and Randy recognized the need for a practical and convenient way to alleviate the burdens of traveling with small children. Collaborating with friends, pilots, and fellow flight attendants, they set out to design a solution that would streamline the travel experience for families. The concept of Ride On Carry On emerged from their collective brainstorming sessions and prototype testing during actual trips. As they wheeled their prototypes through airports, garnering attention and positive feedback along the way, Darryl and Randy realized they had stumbled upon a game-changing idea.
Their journey from conception to market launch involved significant dedication and financial investment, including mortgaging their home to fund the patent acquisition. However, their perseverance paid off as Ride On Carry On gained traction, with thousands of units sold online. Their decision to seek investment on “Shark Tank” was fueled by their desire to scale their business and bring their innovative solution to a wider audience, ultimately aiming to ease the stress of travel for countless families worldwide.
The Product
Ride On Carry On is a versatile travel accessory designed to transform any standard wheeled carry-on luggage into a convenient travel stroller for young children. Its innovative design allows parents to navigate airports, train stations, or bus terminals with ease, eliminating the need for bulky strollers while keeping their child safe and comfortable.
The product securely attaches to the handlebars of the luggage, providing a stable platform for children aged 8 months to 5 years to ride along. Equipped with a secure seat and a three-point seatbelt, Ride On Carry On ensures the child’s safety during transit. Its compact and foldable design allows for easy storage in overhead compartments when not in use.
Additionally, Ride On Carry On features a customizable headrest that adjusts to accommodate taller children and doubles as a convenient tray table for snacks, toys, or activities during travel downtime.
Ride On Carry On can be purchased online through the company’s website or select retailers. Priced at $39.95 per unit, it offers an affordable and practical solution for parents seeking a hassle-free travel experience with their young children.
How It Went
The company’s position before Shark Tank
Ride On Carry On has demonstrated robust performance and financial stability since its inception, driven by strong sales and prudent financial management. The company primarily operates as a direct-to-consumer business, selling its innovative travel accessory online through its website. With nearly 20,000 units sold and $2,000 in sales the previous year, Ride On Carry On has established a solid foothold in the market for travel solutions catering to families with young children.
As for funding, Darryl and Randy initially financed the business themselves, investing personal funds and mortgaging their house for $150,000 to secure the patent. With no debt and profitable sales, the company has maintained a healthy financial position, enabling them to reinvest profits into business growth and development. While Ride On Carry On has primarily operated as an online retailer, the founders recognize the potential for expansion into the retail market. Seeking to capitalize on this opportunity, they appeared on Shark Tank to secure investment and guidance for entering the retail space.
The company’s structure is likely lean, with Darryl and Randy overseeing key aspects of operations, including product development, marketing, and customer service. As they scale their business, they may consider partnerships with manufacturers and distributors to streamline production and reach a broader customer base. Ride On Carry On’s success can be attributed to its innovative product design, targeted marketing efforts, and the founders’ dedication to addressing a pressing need in the travel industry. With the support of Barbara’s investment and expertise, the company is well-positioned for continued growth and expansion into new markets.
The Negotiations:
In the negotiation process on “Shark Tank,” Darryl and Randy presented their pitch for Ride On Carry On, seeking $50,000 for a 25% equity stake in their business. Barbara Corcoran extended an offer matching their initial ask, providing the investment for the requested equity stake. However, Kevin O’Leary proposed an alternative deal, offering $50,000 for a 20% equity stake with the condition that Darryl and Randy cease manufacturing and selling the product online, instead focusing on finding manufacturers to produce the product for a licensing deal.
This offer aimed to shift the company’s focus from direct sales to a licensing model, leveraging existing manufacturers and distributors to scale the business. Ultimately, Darryl and Randy opted to accept Barbara’s offer, citing their desire to work with her and benefit from her marketing expertise. Barbara’s offer aligned with their original vision for the business, providing the necessary funding while allowing them to maintain control over the manufacturing and sales process. This decision reflected their confidence in their ability to continue growing Ride On Carry On as a direct-to-consumer brand, with Barbara’s support in expanding their market reach and enhancing their online presence.
