Surf Band Pro
NO DEAL
EPISODE SUMMARY
🕓 Air Date: March 3, 2023
Asking For:
$150,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Surf Band Pro is a patented wristband that dispenses sunscreen on demand, designed for surfers and active individuals to protect their skin in water sports and other outdoor activities.
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Background Story
Greg Demirjian, the founder of Surf Band Pro, is a passionate surfer who hails from New York City. His love for surfing led him to identify the need for a convenient and practical solution to tackle the challenges surfers face: sharks, drowning, and sunburn. While sunscreen is a crucial defense against sunburn, it easily washes off in the water, leaving surfers and other action sports enthusiasts exposed to harmful UV rays.
Greg’s journey to create Surf Band Pro began with the idea of developing a patented product that could dispense sunscreen in a way that’s easy and efficient. After working with multiple industrial designers who were skeptical about the concept’s feasibility, he stumbled upon the inspiration for his product from a pen’s annular seal, which maintains an airtight seal. This breakthrough eventually led to the creation of the unique sunscreen dispenser that provides instant access to sun protection.
The Product
Surf Band Pro is a wristband with a built-in sunscreen dispenser. Users can push the face of the wristband to dispense sunscreen directly onto their hands, making it quick and easy to reapply sunscreen while engaged in water sports or other outdoor activities.
The wristband’s patented design includes a valve that dispenses sunscreen and allows air to enter for a split second when pressed. This design ensures that the sunscreen is accessible when needed and prevents leaks.
The key features of Surf Band Pro include its convenience, portability, and versatility. Users can carry the wristband with them, ensuring they always have access to sun protection without the need for bulky bottles or tubes.
Surf Band Pro is available for purchase at a wholesale price of $9.95, with a retail price of $19.95 when bought online. This competitive pricing makes it an affordable option for consumers looking for an innovative way to protect their skin from the sun’s harmful rays.
How It Went
The company’s position before Shark Tank
Surf Band Pro had just started manufacturing a month before the pitch, with around 200 units sold. Greg Demirjian invested approximately $150,000 of his own money into the business to develop the product, obtain the patent, and launch production. During the pitch, Greg expressed a desire to work with one of the Sharks on the show, showcasing his enthusiasm for the product.
However, he did not secure a deal with any of the Sharks, as they raised concerns about the competitive sunscreen market and the need for effective marketing. The company’s position at the time of the pitch was in the early stages, with limited sales and investment capital. They faced the challenge of marketing a product with diverse applications in a competitive market. The company’s primary focus was on direct-to-consumer sales.
The Negotiations:
During the pitch, Greg sought $150,000 for a 10% equity stake in Surf Band Pro. While he expressed his passion for the product and his desire to work with the Sharks, none of them made an offer for the deal. The Sharks raised concerns about the product’s competitiveness in the sunscreen market and its niche appeal. They also discussed potential marketing challenges, suggesting that the product’s name, “Surf Band Pro,” could limit its broader applications. Mark Cuban recommended renaming it to “Squirt Master Pro” to expand its appeal.
Ultimately, all the Sharks chose to pass on investing in Surf Band Pro. Despite Greg’s enthusiasm and belief in the product, the Sharks felt it was not the right fit for them due to the competitive nature of the sunscreen industry and the need for effective marketing strategies. While the Sharks praised the innovation, they did not see a big enough market for the product to warrant an investment. Despite the lack of a deal on the show, Greg remained hopeful and appreciative of the experience, with the possibility of returning with a more successful product in the future.
