Soul’s Calling
NO DEAL
EPISODE SUMMARY
🕓 Air Date: August 30, 2009
Asking For:
$150,000 for 25%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Soul's Calling offers gifts and accessories with positive messages to spread happiness and remind people to be their happiest selves.
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Background Story
Soul’s Calling Incorporated, based in Dallas, Texas, was founded by Gina Cotroneo, a woman with a deeply personal mission to spread happiness and positivity in the world. Gina’s journey to entrepreneurship began in 1997 when she survived a traumatic attack in her apartment. This event profoundly impacted her, leading her to reflect on the ripple effect of negativity and the power of positive actions. Determined to counteract negativity with positivity, Gina embarked on a mission to create a business that would inspire joy and uplift others.
With a background in healing and a keen sense of empathy, Gina drew upon her own experiences to develop products that would serve as reminders to be at one’s happiest and most joyful self. Thus, Soul’s Calling was born, with the tagline “Speak Your Heart” encapsulating its core philosophy. Gina’s first product, the Inspirella Umbrella, featured uplifting messages designed to brighten even the gloomiest of days. This was followed by the Connection Bracelet, symbolizing unity and interconnectedness, and the Sole Seekers Sandals, leaving positive words in the sand as a person walks.
Driven by her belief in the transformative power of positivity, Gina poured her heart and soul into Soul’s Calling, investing nearly $100,000 of her own money into the business. Her dedication to her mission, coupled with her background in healing and personal growth, fueled her vision for Soul’s Calling as a vehicle for spreading happiness on a global scale. Gina’s journey from trauma survivor to entrepreneur reflects her resilience and determination to turn adversity into a force for good, making Soul’s Calling more than just a business but a beacon of hope and joy for all who encounter it.
The Product
Soul’s Calling offers a range of uplifting gifts and accessories designed to spread happiness and inspire positivity. The flagship product, the Inspirella Umbrella, features cheerful and motivational messages printed on its canopy, such as “Let Your Smile Be Sunshine” and “Speak Your Heart.” This umbrella serves not only as a practical accessory for rainy days but also as a reminder to embrace joy and optimism regardless of the weather.
Additionally, Soul’s Calling offers the Connection Bracelet, a set of two bracelets with the inscription “We Are All Connected.” These bracelets symbolize unity and the interconnectedness of humanity, making them meaningful gifts for friends, family, or loved ones.
Another unique product in the Soul’s Calling lineup is the Sole Seekers Sandals, which leave positive words imprinted in the sand as the wearer walks. Made from recycled flip-flops and natural rubber, these sandals combine sustainability with positivity, allowing individuals to leave a trail of encouragement wherever they go.
Customers can purchase Soul’s Calling products directly from their website or through select retail partners. Prices vary depending on the product, with the Inspirella Umbrella typically priced around $30, the Connection Bracelet set around $20, and the Sole Seekers Sandals priced at approximately $25. Each product comes with Gina Cotroneo’s signature “happy heart” signature, adding a personal touch to every purchase.
How It Went
The company’s position before Shark Tank
Soul’s Calling Incorporated faces challenges in achieving significant sales and profitability. Despite Gina Cotroneo’s passionate efforts to spread happiness through her products, the company’s financial performance remains modest. With sales totaling only $11,000 and $18,000 in the last two years respectively, Soul’s Calling struggles to generate substantial revenue. The company primarily sells its products through its website and select retail partners, but distribution is limited, hindering potential growth opportunities.
Soul’s Calling lacks notable partnerships with wholesalers or major retailers, limiting its reach and market penetration. While Gina has invested nearly $100,000 of her own money into the business, Soul’s Calling relies heavily on bootstrapping and personal funds for funding. However, this self-funding approach may not be sustainable in the long run, particularly without a significant increase in revenue or external investment. Soul’s Calling’s customer base primarily consists of individuals seeking uplifting and meaningful gifts for themselves or loved ones.
Overall, Soul’s Calling operates as a small, founder-driven business with limited resources and market presence. To improve its financial health and position, the company may need to explore partnerships with wholesalers, invest in marketing and distribution channels, and seek external funding to support growth initiatives. Additionally, enhancing operational efficiency and streamlining costs could help improve profitability and sustainability in the long term.
The Negotiations:
During the negotiations, Gina Cotroneo passionately presented her vision for Soul’s Calling, seeking $150,000 for a 25% equity stake in her company. However, the sharks expressed concerns about the business’s financial viability, given its modest sales numbers and lack of profitability. Despite Gina’s emotional plea and dedication to her mission of spreading happiness, none of the sharks were willing to invest in Soul’s Calling.
Barbara Corcoran highlighted the small sales numbers and questioned the scalability of the business, ultimately choosing to pass on the opportunity. Similarly, Robert Herjavec pointed out that the company’s current valuation of $600,000 was unrealistic, given its financial performance, and declared that he was out. While some sharks admired Gina’s passion and commitment to her mission, they ultimately concluded that Soul’s Calling was more of a passion project than a scalable business venture.
Mark Cuban emphasized the importance of adapting to the realities of the market and suggested that it might be time for Gina to consider a different direction for her business. Despite the disappointment of not securing a deal, Gina remained resolute in her mission and expressed gratitude for the sharks’ feedback and advice.
