Shark Tanks US | Cup-A-Bug's Entrepreneur Serves Cockroaches To The Sharks!

Summary

In this *Shark Tank* pitch, Justin from Orange County presents Cupa Bug, a humane bug-catching device designed for those who prefer not to kill insects. The cup’s mechanism allows users to capture bugs easily and release them outdoors. Retailing at $40 with a $10 production cost, Justin shares that the product has generated $48,000 in sales through Kickstarter and organic growth. With a background in mechanical engineering, he reveals his passion for entrepreneurship. Mark Cuban offers $75,000 for 20% equity, which Justin accepts, marking a major step in his entrepreneurial journey.

Takeaways

• 😀 Justin from Orange County, California, is seeking $50,000 for 10% of his company, Cupa Bug, which is a bug-catching device.
• 😀 The device allows users to catch bugs rather than kill them, using a simple mechanism where a cup is placed over the bug, and a handle is pulled to close the lid.
• 😀 Cupa Bug is designed to catch bugs from the floor to the ceiling, featuring a long arm and tilt mechanism, along with a brush for corner access.
• 😀 The retail price of Cupa Bug is $40, including shipping, while the production cost is $10 to make, with an additional $7 for shipping.
• 😀 Justin raised $28,000 through Kickstarter by selling 800 units and has sold an additional 1,200 units in three months, generating $48,000 in sales.
• 😀 Justin is a mechanical engineering graduate with a passion for creating innovative products, including board game accessories and desk organizers.
• 😀 Justin's motivation for creating Cupa Bug stems from his childhood fear of bugs and his desire to avoid killing them.
• 😀 Despite being terrified of bugs, Justin views Cupa Bug as more than just a product; it's a showcase of his engineering skills.
• 😀 Kevin O'Leary offers $50,000 for 20% equity, while Lori Greiner matches the offer, and Mark Cuban joins forces with Lori to offer $75,000 for 20% equity.
• 😀 Justin secures a deal with Mark Cuban and Lori Greiner, marking a life-changing milestone in his entrepreneurial journey with the backing of experienced investors.

Q & A

What is the primary product that Justin is pitching in the Shark Tank episode?

Justin is pitching 'Cupa Bug', a product designed to catch bugs without killing them, making it more humane and convenient for users.

How does Cupa Bug work?

Cupa Bug works by using a cup that is placed over a bug. When the handle is pulled back, it closes the lid, trapping the bug inside, which can then be released back into nature or at a different location.

What is the cost structure of the Cupa Bug?

Cupa Bug retails for $40, including shipping, and costs about $10 to make, with an additional $7 for landing and other costs.

What were Justin's sales numbers at the time of the pitch?

At the time of the pitch, Justin had sold approximately 1,200 units, generating about $48,000 in sales.

What was Justin's experience with the Kickstarter campaign for Cupa Bug?

Justin successfully launched a Kickstarter campaign, selling 800 units and generating around $28,000 in funding for the product.

What inspired Justin to create Cupa Bug?

Justin, who has a background in mechanical engineering, was inspired to create Cupa Bug because of his empathy for bugs and his desire to find a more humane way to deal with them, as he personally feels bad about squashing them.

What are some other products Justin has designed?

In addition to Cupa Bug, Justin has designed various products such as board game accessories, planters, and desk organizers, often focusing on designs under the 'nerd' category.

What was the outcome of Justin's pitch on Shark Tank?

Justin successfully secured an investment of $75,000 for 20% equity from Mark Cuban, who expressed excitement about joining Justin in his entrepreneurial journey.

How does Mark Cuban react to Justin's pitch?

Mark Cuban shows strong interest in Justin's vision, offering a deal of $75,000 for 20% equity, and expresses enthusiasm about helping Justin with future projects.

What is Justin's background and how did it influence his product development?

Justin studied mechanical engineering and worked with his father in designing electric motors. His background in engineering and self-study through online courses equipped him with the skills to develop Cupa Bug and other products.