Walkee Paws Dog Leggins
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 26, 2021
Asking For:
$150,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Walkee Paws are doggie leggings designed to protect dogs' paws from harmful chemicals, hot pavements, and more while staying securely in place during walks.
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Background Story
Walkee Paws, a company founded by Lisa Baronoff in the bustling city of New York, offers a unique solution to protect dogs’ paws during walks. Lisa’s journey began when her own dog fell ill due to exposure to harmful snowmelt chemicals on the city’s sidewalks. At her vet’s recommendation, she tried traditional dog booties, but they proved to be a frustrating and uncomfortable experience for her furry companion.
Lisa, drawing inspiration from her upbringing in South Africa, where her mother was a renowned fashion designer, decided there had to be a better way. Her mother’s influence in the fashion world provided her with valuable insights into design and innovation. Armed with determination and creativity, Lisa embarked on a mission to create a product that would revolutionize paw protection for dogs.
The result was Walkee Paws, the world’s first doggie leggings. These leggings are designed not only to stay securely in place during walks but also to shield dogs’ paws from harsh elements like chemicals, hot pavements, rain, and snow. Additionally, they prevent dirt, germs, and allergens from entering homes.
The Product
Walkee Paws are a groundbreaking solution for dog owners looking to protect their pets’ paws. These innovative doggie leggings are designed with several key features that set them apart. Made from waterproof rubber, they provide comprehensive protection against harmful substances, making walks in various weather conditions worry-free.
One of the standout features is their secure fit. Walkee Paws connect to each other over the dog’s back, ensuring that all four leggings stay in place throughout the walk. This eliminates the common frustration of traditional booties falling off and getting lost.
Putting on Walkee Paws is a breeze. Dog owners simply slip their pet’s paws into the four paw openings and adjust the connectors for a custom and comfortable fit. Available in various sizes, ranging from extra-small to larger options, these leggings cater to a wide range of dog breeds.
How It Went
The company’s position before Shark Tank
Walkee Paws has exhibited impressive growth since its debut in 2018. In its initial two months, the company achieved $64,000 in sales, a promising start. Subsequently, in 2019, the company’s revenue skyrocketed to $542,000, primarily through direct-to-customer sales, with approximately 54% of sales occurring on Amazon, and the remainder through their official website.
The current year’s projection estimates revenue reaching an impressive $1 million, with a net profit of $250,000. Notably, this success has been achieved without expanding into other online marketplaces, such as Chewy, suggesting untapped growth potential.
Walkee Paws has fortified its position in the market with a series of patents, including a granted utility patent and three design patents. These patents provide robust protection for their unique product. Furthermore, Lisa Baronoff’s strategic approach has allowed her to establish a dominant presence in the niche category of dog leggings.
The Negotiations:
The negotiation process on Shark Tank brought forth intriguing offers and considerations. Lisa Baronoff sought $150,000 in return for a 5% equity stake in her company, Walkee Paws. Barbara Corcoran, impressed by the product and the potential market, made two distinct offers. Barbara’s first offer aligned with Lisa’s request for $150,000 and 5% equity but introduced a royalty component.
Under this proposal, Barbara would receive a royalty of $2.70 per unit sold until her $150,000 investment was recouped, after which it would permanently reduce to 50 cents per unit. Her second offer maintained the same investment amount but asked for a more substantial 20% equity stake in return. Other sharks in the Tank, including Mark Cuban, Kevin O’Leary, and Daymond John, expressed concerns about the valuation but commended the product’s innovation. However, they ultimately declined to invest in Walkee Paws.
Lisa Baronoff remained steadfast in her stance, unwilling to relinquish more than 10% of her company. In the end, she opted to decline both of Barbara’s offers, choosing to maintain full control over her business and its future growth. Despite not securing a deal, Lisa expressed her confidence in her company’s potential for success, vowing to continue its growth independently.
