By Erica Abbott
The Original Comfy
First into the tank are Brian and Michael Speciale of The Original Comfy, seeking $50,000 for 20 percent equity.
The Original Comfy is a cozy combination of a sweatshirt and a blanket. The reversible “Comfy” features an oversized hood, extra wide arms, one big pocket and an oversized design, according to their website. “The Comfy has been designed to be the most comfortable thing you’ll ever wear, whether you’re at home or on the go!” The one-size-fits-all blanket/sweatshirt hybrid comes in three colors (blue, gray and pink) and costs $39.99.
The sharks love the idea, but worry that they have no sales. The brothers plan to sell the blanket/sweatshirts completely online. Lori Greiner likes the duo, but thinks it’s too similar to its huge competitor: the Snuggie. She doesn’t find it unique enough and goes out.
Mark Cuban agrees that it’s very comfy but thinks they’ll go through cash for too fast as they test different options. He goes out, followed by Kevin O’Leary over concerns about customer acquisition costs. The duo thinks the product could go viral and Robert Herjavec decides to offer $50,000 for 50 percent. Barbara Corcoran also jumps in with an offer of $50,000 for 30 percent. They counter Corcoran for 25 percent, which she declines. Ultimately, they accept Corcoran’s offer.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.
Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.
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Source:: Business 2 Community