The BoobyPack Sport Bra
DEAL
EPISODE SUMMARY
🕓 Air Date: February 13, 2015
Asking For:
$80,000 for 20%
Investor:
Barbara Corcoran
Deal:
$80,000 for 25%
PRODUCT SUMMARY
Boobypack is a fashionable sports bra with zipper-enclosed pockets on either side, designed to hold valuables like keys, cash, ID, and phones securely while providing a cheeky solution to the "stash your stuff" dilemma.
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Background Story
Boobypack, a unique and fashionable sports bra with functional pockets, was introduced to the Shark Tank by its founder, C.C. Conrad. The genesis of the product stemmed from a practical need and a desire to solve a common dilemma – where to stash valuable items while engaging in physical activities. C.C. recognized the inconvenience of carrying items like keys, cash, ID, and phones, especially during events like music festivals. This insight led her to conceptualize Boobypack as the ultimate solution – a sports bra with zipper-enclosed pockets on each side, providing a secure and cheeky alternative to traditional storage methods.
The founder’s background experience was briefly touched upon, revealing the entrepreneurial influence of C.C.’s late father. She mentioned using some inheritance money to fund the business, showcasing a personal commitment to realizing her vision. C.C.’s journey with Boobypack began with a successful Kickstarter campaign in January 2013, where they not only met but surpassed their fundraising goal, raising $32,000 in just 30 days. This initial success laid the foundation for the brand’s subsequent achievements.
Boobypack officially launched in June of the same year, with the website generating an impressive $10,000 in sales on its first day. The pitch highlighted the brand’s online-centric approach, with C.C. emphasizing her ability to control the brand identity by staying predominantly direct-to-consumer. Despite the challenges of growing a business, C.C. showcased resilience and determination, illustrating the company’s cash-flow-positive status and $10,000 in the bank. Overall, the story of Boobypack is one of innovation, entrepreneurial spirit, and strategic growth, making it a compelling addition to the Shark Tank lineup.
The Product
Boobypack, showcased on Shark Tank by founder C.C. Conrad, is a revolutionary sports bra that seamlessly merges fashion with functionality. The key feature of Boobypack lies in its design, which incorporates two zipper-enclosed pockets on either side of the bra. This innovative approach allows users to discreetly and securely store essentials such as keys, cash, ID, and even phones, eliminating the need for traditional, cumbersome storage solutions.
The water-resistant pockets make Boobypack particularly suited for dynamic activities, enabling users to dance, jump, and even get wet at events like music festivals without fear of damaging their valuables. The product caters to women of various sizes, offering a range from small to extra-large. Boobypack is available for purchase directly through the company’s website, reflecting their predominantly online sales strategy.
The affordability, coupled with the product’s practicality and style, positions Boobypack as an attractive option for individuals seeking a convenient and chic solution to the age-old problem of where to stow personal items during activities that demand freedom of movement. The online-centric approach allows C.C. to maintain control over the brand identity while catering to a diverse audience looking for a fusion of fashion and functionality.
How It Went
The company’s position before Shark Tank
Boobypack, as presented on Shark Tank, has exhibited a robust performance, showcasing positive financial health and strategic growth since its inception. The company, founded by C.C. Conrad, began its journey with a successful Kickstarter campaign in January 2013, exceeding its $15,000 goal by raising an impressive $32,000 in just 30 days. The subsequent launch of their website in June of the same year was met with remarkable success, generating $10,000 in sales on the very first day. The business primarily operates through an online model, with 99.9% of sales being direct-to-consumer.
This approach has allowed C.C. to maintain tight control over Boobypack’s brand identity, ensuring consistency and resonance with their target audience. The online strategy has been particularly beneficial in the early stages, given the founder’s emphasis on maintaining control over the growing brand. Boobypack’s financial health is highlighted by its cash-flow-positive status since the Kickstarter campaign. With $10,000 in the bank, the company has managed to sustain itself without external funding. C.C. revealed that she has been utilizing some inheritance money to fund the business, showcasing a personal commitment to the venture.
Boobypack’s customer base, primarily cultivated through online channels, includes individuals seeking a fusion of fashion and functionality in their activewear. In terms of structure, the company currently appears more product-oriented than a fully scalable enterprise, as pointed out by Mark Cuban during the pitch. Boobypack’s financial strategy has been conservative, with C.C. choosing to remain cash-flow-positive and not taking a salary for two years. This frugality has contributed to maintaining the business’s financial stability. Overall, Boobypack’s performance underscores its initial success and strategic direction, with a focus on direct online sales, financial prudence, and a commitment to maintaining brand integrity.
The Negotiations:
The negotiations for Boobypack on Shark Tank were dynamic, with the founder, C.C. Conrad, seeking an $80,000 investment for 20% equity. Mark Cuban expressed concerns about scalability and distribution challenges, ultimately opting out, stating that Boobypack seemed more like a product than a company poised for substantial growth. Barbara Corcoran entered the negotiation fray with an offer of $80,000 for 25%, later modifying it to include a $10 royalty per unit until recouping $320,000. After reaching this threshold, the royalty would convert to a 5% equity position. C.C. expressed hesitations about potentially siphoning cash away from her growing business with such an offer.
Lori Greiner and Kevin O’Leary opted not to make offers, leaving Barbara as the sole standing Shark. She encouraged C.C. to consider her offer before refusing, emphasizing that sometimes the only option is a good one. In a twist, Barbara modified her offer again, proposing $80,000 for a $10 royalty that would expire after recouping $320,000. This modified offer included a 5% equity position that would remain after the royalty was lifted. Despite a brief consideration, C.C. declined, expressing her reluctance to give away money as her business expanded.
Mark Cuban, impressed by C.C.’s decisive nature, recognized her entrepreneurial spirit and resilience. He commended her but reiterated the challenges of growing a business and ultimately bowed out. Barbara Corcoran emerged as the successful negotiator, securing a deal with C.C. for $80,000 in exchange for 25% equity. The negotiations showcased Barbara’s flexibility and C.C.’s determination, resulting in a mutually beneficial agreement that would potentially take Boobypack to the next level.
