Shark Tank Deal: TushBaby Accepts $200,000 From Lori Greiner
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Owner and creator of the TushBaby baby carrier, Tammy Rant, entered the Shark Tank in hopes of securing $200,000 in exchange for a 10% share of her company. TushBaby allows parents to easily carry their baby on their hip without unevenly distributing the baby’s weight, causing joint and back pain. The product has gone viral and sold 2,500 units which has left Tammy in a position where she needs money to cover the pre-order inventory.
— Shark Tank (@ABCSharkTank) January 7, 2019
The Sharks are concerned that although TushBaby has sold 2,500, only 25 consumers actually have the product so there is very little market feedback on the product. Although TushBaby has done market research, they have not physically shipped product which makes most of the Sharks nervous to invest. They are also concerned about the safety of the product as a baby could slide off of the product and become injured.
Although the Sharks are apprehensive about the market’s response to the product, several Sharks make initial offers to TushBaby. Daymond John offers exactly what Tammy has asked for, $200,000 for a 10% share and is very offended and confused when she doesn’t immediately accept his offer. She continues to try to sell to the other Sharks and gets an additional, more Sharky offer from Kevin O’Leary for $200,000 for 15% equity. Although there are 2 offers on the table and 2 additional Sharks, Mark and Robert, have dropped out, Tammy continues to pitch her product, focusing soley on Lori Greiner. When it is clear that she is not interested in doing business with Kevin O’Leary or Daymond John and is only seeking a deal with Lori, the other Sharks begin lowering their offers and eventually pull their offers off the table altogether.
It’s been 10 seasons. Don’t underestimate the Sharks ability to drop a deal when we don’t feel wanted. #SharkTank
— Daymond John (@TheSharkDaymond) January 7, 2019
Although she is concerned that the market won’t understand what the product is, Lori decided to make Tammy an offer at the last minute, saving TushBaby from leaving the Shark Tank without a deal. Because of the risk involved in the product, Lori offers $200,000 for a 20% share of the company which Tammy quickly accepts.
What do you think of Lori Greiner’s investment in TushBaby? Would you have willingly lost offers from other Sharks in pursuit of one specific Shark to invest in your company? Sound off in the comments below!
Normally, I don’t like the Sharks refusing to not let the entrepreneur hear all the offers, but in this case, I get it. She clearly came for @LoriGreiner. Think of it like going in to a store wanting to buy something, taking it to the register and being ignored. #SharkTank
— Novafan23 (@Novafan23) January 7, 2019
Wow. This woman has …read more
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