TushBaby Carrier
DEAL
EPISODE SUMMARY
🕓 Air Date: January 6, 2019
Asking For:
$200,000 for 10%
Investor:
Lori Greiner
Deal:
$200,000 for 20%
PRODUCT SUMMARY
TushBaby is a simple hip seat that offers a comfortable way to carry kids, designed to alleviate back and arm strain for parents. It features an ergonomic design recommended by pediatricians, with a one-buckle system, storage pockets, and the ability to fold for easy storage and portability.
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Background Story
Tammy Rant, the founder of TushBaby, hails from the suburbs of Northern California. A devoted mother of two with another on the way, Tammy embarked on the entrepreneurial journey driven by her personal experiences as a parent. Faced with the challenges of carrying her children, she recognized the discomfort and strain caused by traditional baby carriers. This realization became the catalyst for the creation of TushBaby, an innovative solution to simplify and enhance the experience of carrying kids.
Tammy’s background as an enterprise sales representative for LinkedIn equipped her with valuable skills in business and customer relations. Despite her demanding career, Tammy’s entrepreneurial spirit led her to pursue a solution to the prevalent issue she faced as a parent. The suburbs of Northern California, where Tammy is based, provided a backdrop for her journey to develop a product that resonates with parents seeking convenience and comfort.
Inspired by her own struggles and dissatisfied with the existing options in the market, Tammy set out to design a revolutionary product. The result was TushBaby, a simple yet effective hip seat that allows parents to carry their children with ease. Her unique approach involved creating a product that not only addressed the physical strain on parents but also considered the comfort of the child. The ergonomic design, featuring a single buckle system and recommended by pediatricians, sets TushBaby apart in the market.
The Product
TushBaby revolutionizes the way parents carry their children by offering a simple yet ingenious solution. The ergonomic hip seat is designed to provide maximum comfort for both parent and child. The product features a straightforward one-buckle system that allows for easy and quick attachment to the parent’s hip. Once secured, TushBaby evenly distributes the child’s weight, preventing strain on the parent’s back and arms.
The seat not only ensures the parent’s comfort but also promotes the correct M-shape position recommended by pediatricians, ensuring the child’s safety and proper hip development. TushBaby’s soft and squishy seat is a delight for children, making it a preferred choice for both parent and child.
One of the standout features is the inclusion of four storage pockets, offering convenience for parents on the go. With TushBaby, there’s no need for an additional purse, diaper bag, or stroller, as these essentials can be easily accommodated in the pockets. The product also includes a loop for attaching a toy and can be folded for portability, making it ideal for parents on the move.
How It Went
The company’s position before Shark Tank
TushBaby has exhibited impressive performance since its recent launch, reflecting the product’s market appeal and Tammy Rant’s entrepreneurial efforts. The company’s health and position are robust, with 2,500 units sold within the first five weeks of operation. The success is attributed to a viral marketing push, with coverage from influential media outlets like BuzzFeed Parents and Daily Mail, contributing to the product’s visibility and consumer engagement.
As of now, TushBaby operates as a direct-to-consumer company, selling exclusively through its website. Tammy Rant has successfully leveraged social media and media coverage to generate a buzz around the product, attracting a considerable customer base. The company’s funding has primarily come from Tammy’s early investment of $75,000, sourced from a family friend. This initial capital injection enabled the development and launch of the product. To meet the escalating demand and overcome pre-order constraints, TushBaby is seeking additional funding. Tammy aims to place a substantial order to stay ahead of the demand curve, considering the current sales trajectory of over 500 units per week.
As for the company’s structure, TushBaby is led by Tammy Rant, who balances her responsibilities as an enterprise sales representative for LinkedIn with the demands of entrepreneurship. The company’s success and Tammy’s commitment are evident in her daily routine, emphasizing her dedication to both her career at LinkedIn and TushBaby’s growth. Current trajectory of TushBaby suggests a promising and rapidly growing venture. The company’s direct-to-consumer model and Tammy’s strategic approach to marketing and product development have positioned TushBaby as a noteworthy player in the parenting accessory market.
The Negotiations:
The negotiations for TushBaby on Shark Tank were a rollercoaster of offers and decisions. Tammy Rant entered seeking $200,000 for a 10% equity stake in her company. Daymond John expressed interest early on, offering exactly what Tammy was seeking. However, as the negotiations unfolded, Lori Greiner and Kevin O’Leary saw potential in the product and made a joint offer of $200,000 for 15%, providing an alternative for Tammy. This led to a pivotal moment where Tammy hesitated, expressing a desire to explore all her options. Daymond John, sensing Tammy’s preference for Lori, graciously bowed out.
Lori and Kevin then refined their offer to $200,000 for 15%, aiming to secure the deal. However, Lori, known for her cautious approach, expressed concerns about the product’s early stage and the need for consumer feedback. During this critical phase, Kevin O’Leary advised Tammy to decide quickly, highlighting the importance of making a decisive choice in the high-stakes environment of the Shark Tank. Despite Lori’s initial hesitations, she adjusted her offer to $200,000 for 20%, demonstrating her commitment to the partnership. In a surprising turn of events, Tammy accepted Lori’s revised offer, sealing the deal.
The negotiations showcased Tammy’s preference for Lori as a partner, despite competitive offers from other Sharks. The process also emphasized the importance of decisiveness in securing a deal on Shark Tank, with Lori adapting her offer to meet Tammy’s expectations and ensure a successful partnership. Ultimately, the negotiations concluded with Tammy securing an investment from Lori Greiner, marking a significant milestone for TushBaby’s future growth.
