Squeeky Knees
NO DEAL
EPISODE SUMMARY
🕓 Air Date: March 14, 2014
Asking For:
$80,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Squeeky Knees are infant and toddler legwear with built-in knee pads and a squeaker device for entertainment and knee protection.
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Background Story
Lisa and Ivan, a married couple, are the brains behind Squeeky Knees, a product aimed at protecting infants’ and toddlers’ knees while also providing entertainment. Lisa, a dedicated stay-at-home mom of two young children, observed the need for such a product when her son started crawling and regularly ended up with bruised and scuffed knees. Feeling the need for a solution that not only protected her child’s knees but also kept him entertained and within earshot, Lisa embarked on the journey of creating Squeeky Knees.
Lisa and Ivan poured their efforts into developing Squeeky Knees over a period of three years. Lisa’s firsthand experience as a parent provided invaluable insights into the challenges faced by caregivers, while Ivan likely contributed with his support and possibly his expertise in areas such as product development and business management. The idea for Squeeky Knees stemmed from Lisa’s observation of her son’s knee injuries and her desire to mitigate them while adding an element of fun.
This led to the incorporation of built-in knee pads and a squeaker device into infant and toddler legwear, creating a unique and potentially innovative solution to a common parenting concern. Despite facing hurdles in marketing and sales, Lisa and Ivan remained committed to their vision, demonstrating their resilience and determination as entrepreneurs in the fiercely competitive baby product market.
The Product
Squeeky Knees is designed to address two primary concerns of parents with infants and toddlers: protecting their knees from bruises and providing entertainment. The product consists of specialized infant and toddler legwear with integrated knee pads and a squeaker device.
The knee pads offer cushioning and protection for the delicate skin of babies’ knees, guarding against bruises and scrapes that often occur during crawling and playtime on hard surfaces. The squeaker device embedded within the knee pads adds an element of fun and entertainment, encouraging babies to explore and move around while emitting playful sounds with each movement.
Parents can purchase Squeeky Knees directly from the company’s website, where they can choose from various sizes and designs to suit their child’s needs and preferences. The price point of Squeeky Knees likely reflects its unique features and benefits, positioning it as a premium product in the infant and toddler market.
Overall, Squeeky Knees offers a practical solution for parents seeking to protect their child’s knees during the crucial crawling stage while also providing a source of amusement for both babies and caregivers. Its innovative design and functionality cater to the needs of modern parents, making it a potentially valuable addition to the baby care product landscape.
How It Went
The company’s position before Shark Tank
Squeeky Knees, despite its innovative concept, has faced challenges in gaining traction and establishing a strong market presence. With sales of over 500 units and revenue of a little over $10,000 over a three-year period, the company’s performance indicates limited success in penetrating the market. Lack of effective marketing strategies and visibility has hindered their ability to reach a wider audience and drive sales. As a small startup, Squeeky Knees likely operates with a lean structure, with Lisa and Ivan primarily handling day-to-day operations.
However, they may have sought external support for certain aspects of their business, such as manufacturing and distribution. The company’s funding likely comes from personal savings, as well as potential investments from friends and family members. However, their financial resources appear limited, impacting their ability to scale and invest in marketing efforts. Squeeky Knees may not have established partnerships with major retailers or wholesalers, relying instead on direct-to-consumer sales through their website.
Their customer base likely consists of parents and caregivers seeking innovative solutions for infant and toddler care, particularly those interested in products that offer both functionality and entertainment value. In terms of profitability, Squeeky Knees may be operating at a loss, given their modest sales revenue and potential expenses related to product development, manufacturing, and marketing. However, with a clear understanding of their target market and feedback from potential customers, they have the opportunity to refine their strategies and improve their financial performance over time.
The Negotiations:
During the negotiations on Shark Tank, Lisa and Ivan pitched their product, Squeeky Knees, seeking $80,000 in exchange for a 20% equity stake in their company. The Sharks expressed concerns about the product’s market viability and sales performance, particularly given the low revenue generated over three years.
While Lisa and Ivan highlighted their dedication and enthusiasm, the Sharks ultimately passed on investing in Squeeky Knees. Mark Cuban, Kevin O’Leary, and Robert Herjavec all opted out, citing doubts about the product’s potential for success and its fit in the market. Daymond John, the last remaining Shark, expressed reservations about investing due to concerns about the couple’s ability to manage the business effectively.
Despite Lisa and Ivan’s efforts to address the Sharks’ concerns and emphasize the potential of their product, they were unable to secure a deal. The Sharks’ feedback highlighted the challenges faced by the couple in scaling their business and capturing a significant share of the market. Ultimately, the negotiations ended without a deal, leaving Lisa and Ivan to pursue their entrepreneurial journey without the backing of the Sharks.
