The Spatty Tiny Spatulas
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 12, 2012
Asking For:
$50,000 for 40%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Spatty is a money-saving tool designed to retrieve every last drop of product from bottles, reducing waste and saving consumers money.
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Background Story
Cheryl Rigdon, residing in Easley, South Carolina, conceptualized the Spatty while frustrated with wasting makeup due to inaccessible products at the bottom of bottles. Unable to find a suitable product online, Cheryl decided to create her own solution. Despite lacking prior business experience, Cheryl believes her simple yet effective idea can revolutionize how consumers handle household products.
The Product
The Spatty and Spatty Daddy are versatile tools designed to fit into narrow openings, allowing users to access and retrieve the remaining product from bottles such as lotions, makeup, shampoos, and more. Cheryl emphasizes the economic benefits of her product, asserting that it will pay for itself within the first week of use.
The Spatty’s ability to extract every last drop of product reduces waste, saving consumers money in the long run. The product’s simplicity and effectiveness are highlighted, with Cheryl showcasing prototypes to demonstrate its functionality. She envisions the Spatty being a staple in households across America, catering to consumers looking to maximize the value of their purchases.
How It Went
The company’s position before Shark Tank
Currently, Spatty is in the prototype stage, with Cheryl handcrafting the products herself. She has conducted a small-scale market test by selling a limited number of units on eBay, which garnered positive feedback. However, Cheryl acknowledges the need for manufacturing and packaging to scale the business. She estimates the initial costs for molds to be around $9,000 for the Spatty Daddy and $7,000 for the Spatty.
Despite receiving interest from consumers, Spatty lacks a concrete sales and distribution strategy beyond eBay. Cheryl suggests avenues like QVC and partnerships with companies like Mary Kay and Avon as potential distribution channels. However, the Sharks express concerns about the scalability and distribution challenges associated with Spatty’s business model.
The Negotiations:
Cheryl faces skepticism from the Sharks regarding the scalability and market penetration of her product. Despite interest in the concept, none of the Sharks offer a deal, citing concerns about the lack of a comprehensive business plan and distribution strategy. While some Sharks admire Cheryl’s drive and determination, they ultimately pass on investing in Spatty due to its early stage and uncertain path to market saturation.
However, they provide Cheryl with valuable advice and contacts within the industry to help her navigate the next steps in her entrepreneurial journey. Cheryl remains optimistic and appreciative of the feedback, determined to pursue her vision for Spatty’s success.
