Some people have success on Shark Tank while others fall flat. It can be a cruel world for entrepreneurs with enough guts to pitch the sharks, but those who win often win big.
A retirement-age couple recently grabbed success by its neck with its HummViewer bird-feeding mask.
The company makes transparent face masks featuring reservoirs filled with sugar water, designed to resemble flowers. These masks allow users to attract hummingbirds and observe them closely.
In 2022, founders Joan and John Creed secured a $75,000 investment from Daniel Lubetzky, the founder of Kind Snacks, for a 33% stake in their Loveland, Colorado-based business.
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In an episode aired last month, the couple gave an update on their experience.
"In less than a day after appearing on ‘Shark Tank,' we sold out of 1500 units, equaling $102,000 in sales," Joan said. "And then people kept buying them — over 2,000 back orders," John added.
In the eight months following the show, the couple generated approximately $350,000 in revenue from their invention. With this, they were able to quit their full-time jobs to focus solely on HummViewer.
On the flip side, the couple has been confronted with a serious challenge: copycat manufacturers.
It wasn't long before copycats took aim at HummViewer. This included duplicating its website and selling an almost identical product, despite its patent.
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"They've taken videos and images off of our website and sell knockoffs or ship nothing," Joan said. "We were beyond angry."
Even with so many ups and downs, the couple is grateful for their experience on Shark Tank and the way it has changed their life for the better.
″Shark Tank has given us an opportunity to start a new business, learn new things and grow," Joan said.
"We have friends that are in their retirement mode, and we just started a brand-new business. So [the show] has offered us a whole new lease on life," John added.
Financial advisers can provide personalized guidance for entrepreneurs and business professionals making a career change. They possess the expertise to assess various factors, including income stability, future financial goals and current financial obligations, to recommend the best path forward.
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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.
Chris Bibey has written about personal finance and investment for the past 15 years in a variety of publications and for a variety of financial companies. He is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Bibey believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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