entrepreneurs, investors, and fans of the popular TV show Shark Tank, it’s not uncommon to see the sharks going head-to-head in a bidding war over a promising product or service. However, it’s a rare occurrence for all five sharks – Mark Cuban, Kevin O’Leary, Daymond John, Barbara Corcoran, and Robert Herjavec – to come together and invest in a single product. In this article, we’ll delve into the fascinating story of the product that achieved this remarkable feat.
The Product that Stole the Show: Cousins Maine Lobster
In Season 2 of Shark Tank, cousins Barbara Corcoran and Jim Tselikis appeared on the show, seeking an investment of $55,000 in exchange for 15% equity in their business, Cousins Maine Lobster. The cousins’ lobster roll business had already gained popularity in Los Angeles, and they were looking to expand their operations to other cities.
What made Cousins Maine Lobster stand out was their unique approach to bringing fresh, authentic Maine lobster to the masses. By partnering with local fishermen and farmers, the cousins were able to source high-quality lobster meat, which they then served on a toasted, split-top bun. The result was a mouth-watering, succulent lobster roll that tasted like it was straight from the coast of Maine.
A Unanimous Decision: Why All 5 Sharks Invested
So, what made Cousins Maine Lobster so appealing to all five sharks? Here are a few key factors that contributed to their unanimous decision:
Unique Selling Proposition (USP): The cousins’ commitment to using only the freshest, sustainable lobster meat set them apart from other seafood vendors. This USP resonated with the sharks, who saw an opportunity to corner the market on high-quality lobster rolls.
Scalability: The cousins had already proven their concept in Los Angeles, and the sharks believed that with the right investment, they could expand to other cities and eventually, nationwide.
Passion and Work Ethic: The cousins’ enthusiasm and dedication to their business were palpable. The sharks were impressed by their work ethic and saw that they were willing to put in the necessary effort to make their business a success.
Market Potential: The sharks recognized that the demand for high-quality seafood was on the rise, and Cousins Maine Lobster was perfectly positioned to capitalize on this trend.
The Deal that Sealed the Fate
After a brief negotiation, the cousins accepted an offer from all five sharks, who each invested $20,000 in exchange for 4% equity. The deal was sealed, and Cousins Maine Lobster became the first business in Shark Tank history to receive investments from all five sharks.
The Aftermath: How the Investment Paid Off
The investment from the sharks had a significant impact on Cousins Maine Lobster. With the capital and guidance from the sharks, the cousins were able to:
- Expand their operations to new cities, including San Diego, Las Vegas, and Phoenix
- Develop a frozen lobster meat product line, allowing them to reach a wider customer base
- Build a strong online presence, including a website and social media channels
Today, Cousins Maine Lobster is a thriving business, with a loyal customer base and a reputation for serving the freshest, most delicious lobster rolls in the country.
Lessons Learned from the Sharks
The cousins’ experience on Shark Tank offers several valuable lessons for entrepreneurs:
Be Prepared: The cousins’ thorough preparation and understanding of their business, market, and financials impressed the sharks and helped them secure the investment.
Highlight Your USP: The cousins’ commitment to using only the freshest, sustainable lobster meat was a key differentiator that set them apart from other seafood vendors.
Be Open to Guidance: The cousins’ willingness to listen to the sharks’ advice and guidance helped them refine their business strategy and achieve greater success.
A Rare Feat: The Impact on Shark Tank History
The investment in Cousins Maine Lobster marked a rare moment in Shark Tank history, where all five sharks came together to invest in a single business. This feat has only been achieved a handful of times since the show’s inception, making it a truly remarkable occasion.
The success of Cousins Maine Lobster has also paved the way for other entrepreneurs, showing that with the right product, passion, and preparation, it’s possible to secure investments from even the toughest of investors.
As we look back on this remarkable story, it’s clear that the combination of a unique product, scalability, passion, and market potential came together to create a business that was worthy of a historic investment from all five sharks.
What is the rare product that united all 5 Sharks?
The rare product that united all 5 Sharks is the Squatty Potty, a bathroom stool that helps users to assume a healthier posture while using the toilet. This product has become a huge success, with millions of units sold worldwide.
The Squatty Potty was invented by Judy Edwards, who was struggling with constipation and hemorrhoids. She discovered that by placing her feet on a stool while using the toilet, she could eliminate more comfortably and reduce her symptoms. She started selling the product online, and it quickly gained popularity. The product was pitched to the Sharks, and all five of them invested in it, resulting in a deal that would change the course of the company’s history.
What made the Squatty Potty so appealing to the Sharks?
The Squatty Potty was appealing to the Sharks for several reasons. Firstly, it solved a common problem that many people face, which is constipation and discomfort while using the toilet. The product was also easy to use, affordable, and had a unique design that made it stand out from other bathroom accessories.
Additionally, the Sharks were impressed by Judy Edwards’ passion and dedication to her product. She had already done a lot of market research and had a clear understanding of her target audience. The Sharks also saw an opportunity to scale the business and make it a huge success. They were confident that with their investment and guidance, the Squatty Potty could become a household name.
How did the deal with the Sharks impact the Squatty Potty business?
The deal with the Sharks had a huge impact on the Squatty Potty business. With the investment, the company was able to scale up its production and distribution, making the product available in major retail stores across the country. The investment also allowed the company to invest in marketing and advertising, which helped to increase brand awareness and drive sales.
The deal with the Sharks also brought a lot of credibility to the business. The company was able to tap into the Sharks’ networks and expertise, which helped to open up new opportunities and partnerships. The exposure from the TV show also helped to increase sales and drive traffic to the company’s website.
What makes the Squatty Potty a unique product?
The Squatty Potty is a unique product because it addresses a specific problem that many people face, which is discomfort and straining while using the toilet. The product’s design is patented, and it is the only bathroom stool on the market that has been specifically designed to help users assume a healthier posture while using the toilet.
The Squatty Potty is also unique because it is a product that is not often talked about in public. The company’s founders were willing to take a risk and talk openly about a taboo topic, which helped to generate a lot of buzz and attention around the product.
How has the Squatty Potty company grown since appearing on Shark Tank?
The Squatty Potty company has grown exponentially since appearing on Shark Tank. The company has gone from selling a few thousand units per month to selling millions of units per year. The company has also expanded its product line to include other bathroom accessories and has become a household name.
The company has also expanded its team and operations, with offices and warehouses across the country. The company has also invested in technology and systems to improve its supply chain and customer service.
What advice would Judy Edwards give to other entrepreneurs?
Judy Edwards would advise other entrepreneurs to be passionate about their product and to not be afraid to take risks. She would also advise them to do their research and understand their target audience, as well as to be prepared to work hard and make sacrifices to achieve success.
Judy would also advise entrepreneurs to be open to feedback and criticism, and to be willing to adapt and pivot when necessary. She would also stress the importance of having a strong support system, including family, friends, and mentors, to help navigate the challenges of starting and growing a business.
What is the future of the Squatty Potty company?
The future of the Squatty Potty company is bright and promising. The company plans to continue to innovate and expand its product line, as well as to explore new markets and distribution channels. The company also plans to continue to invest in marketing and advertising, as well as in its team and operations, to ensure continued growth and success.
The company also plans to continue to educate and raise awareness about the importance of proper toilet posture and the benefits of using a bathroom stool. The company’s founders are committed to making a positive impact on people’s lives and to helping to improve their overall health and wellbeing.