Seriously Slime
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 10, 2020
Asking For:
$90,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Seriously Slime offers a fun and mess-free environment for kids to make slime at events and parties, aiming to capitalize on the popular trend of slime-making among children.
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Background Story
Shannon and Sarah, hailing from Evanston, Illinois, introduced Seriously Slime to tap into the craze surrounding slime among kids aged 4 to 12. Understanding the mess associated with slime-making, they envisioned a playful, controlled setting for children to enjoy the process. Starting just seven months before entering the Shark Tank, they initially focused on mobile parties in collaboration with local businesses.
Two months prior to the pitch, they expanded by opening their Seriously Slime shop. The founders harbored plans to license the concept, demonstrating their commitment to turning their idea into a nationwide phenomenon.
The Product
Seriously Slime provides a meticulously designed three-step slime-making process, emphasizing a mess-free environment for kids. The company offers mobile parties, charging $300 to $350 for an hour, inclusive of all necessary materials.
The founders highlight the intention to license Seriously Slime, capitalizing on the immense popularity of slime-related activities among kids. Their innovative approach positions them as the first dedicated slime-focused business, differentiating them from others attempting to incorporate slime into existing ventures.
How It Went
The company’s position before Shark Tank
In the brief span of seven months, Seriously Slime generated $28,000 in revenue. Notably, $23,000 of this revenue came within the last two months after the opening of their dedicated Slime Shop. The revenue model primarily revolves around mobile events and the Slime Shop.
Despite being a nascent venture, Seriously Slime has already received licensing requests, underlining the potential demand for their concept. The founders expressed plans to utilize investment for marketing campaigns, aiming to attract licensees and expand their reach.
The Negotiations:
The Sharks, while acknowledging the appeal of Seriously Slime, raised concerns about scalability and branding. Robert Herjavec was notably uninterested, outright stating his disdain for the idea and choosing not to invest. Other Sharks, including Mark Cuban, Lori Greiner, and Kevin O’Leary, expressed interest but ultimately opted out due to reservations about the company’s ability to scale successfully and create a robust brand.
The Sharks emphasized the importance of national marketing and a stronger brand presence before Seriously Slime could become an attractive prospect for licensing or franchising. Despite the lack of a deal, the founders remained enthusiastic about continuing to bring the joy of slime to children.
