A Bidding War Breaks Out During Scrub Daddy's Pitch | Shark Tank US | Shark Tank Global

Shark Tank Global
25 Feb 202212:21

Summary

TLDRAaron Krause, the 'Daddy of Scrub Daddy,' introduces his innovative cleaning sponge that changes texture with water temperature, enhancing scrubbing efficiency. Seeking $100,000 for 10% equity, he impresses the Sharks with his product's performance and sales figures from QVC and local supermarkets. After a heated bidding war, he secures a deal with Lori Greiner for $150,000 in exchange for 20% equity, promising to make him a millionaire within a year.

Takeaways

  • 🎤 Aaron Kraus introduces himself as the inventor of the 'Scrub Daddy', a high-tech kitchen cleaning tool.
  • 🧽 The Scrub Daddy is designed to change its texture based on water temperature, with a soft form for general cleaning and a firm form for heavy-duty scrubbing.
  • 🔥 Aaron demonstrates the product's effectiveness by cleaning burnt-on food from a glass stove top and a stainless steel pan using only water, no chemicals.
  • 💰 Aaron is seeking a $100,000 investment for 10% equity in his business to establish an independent manufacturing facility with automated equipment.
  • 📈 The Scrub Daddy has been successful on QVC, with increasing sales each time it is featured, indicating a strong market demand.
  • 📝 Aaron holds a patent for the Scrub Daddy and has two more patents pending, along with trademarks and domain names, showing a focus on protecting intellectual property.
  • 🛍️ The Scrub Daddy is currently available in five supermarkets in Philadelphia and online, with plans to expand to more stores.
  • 💡 The cost to produce one Scrub Daddy is about a dollar, and it is sold wholesale for approximately $2.80, indicating a reasonable profit margin.
  • 🤝 Aaron is looking for a strategic partner to help expand the product's reach into retail stores beyond the current limited availability.
  • 👶 Aaron mentions other products in the pipeline, such as 'Scrub Mommy' and 'Scrub Baby', suggesting a product line expansion strategy.
  • 💸 The sharks debate the product's retail viability, with concerns about its perceived value and the reliance on QVC sales, highlighting the importance of diversifying sales channels.

Q & A

  • Who is Aaron Krause and what is he known for?

    -Aaron Krause is from Philadelphia and is known as the 'Daddy' of the Scrub Daddy, a high-tech scrubbing tool.

  • What is Aaron Krause seeking from the sharks?

    -Aaron Krause is seeking a $100,000 investment in exchange for 10% equity in the Scrub Daddy business.

  • How does the Scrub Daddy's texture change with water temperature?

    -The Scrub Daddy's texture changes by adjusting the water temperature; it becomes soft and compressible in cold water, suitable for general scrubbing, and hard and firm in hot water, suitable for heavy-duty scrubbing.

  • What is unique about the Scrub Daddy's cleaning ability?

    -The Scrub Daddy can clean effectively using just water, without the need for chemicals, and it won't scratch surfaces while cleaning.

  • Where is the Scrub Daddy currently being sold?

    -At the time of the pitch, the Scrub Daddy is being sold in five supermarkets in the Philadelphia area and on their website.

  • What has been the response to the Scrub Daddy on QVC?

    -The Scrub Daddy has been very successful on QVC, with reorder quantities increasing each time it is featured.

  • Does Aaron Krause have a patent for the Scrub Daddy?

    -Yes, Aaron Krause has a patent for the Scrub Daddy and has two more patents pending.

  • Why does Aaron Krause want to set up an independent manufacturing facility?

    -Aaron Krause wants to set up an independent manufacturing facility to have control over production schedules and increase capacity to meet demand.

  • What is the cost to make one Scrub Daddy, and how much is it sold for wholesale?

    -The cost to make one Scrub Daddy is about a dollar, and it is sold wholesale for about two dollars and eighty cents.

  • What are the other products in the Scrub Daddy line mentioned in the script?

    -Other products mentioned include Scrub Mommy and Scrub Baby, which are designed for cleaning baby bottles, and a holder with drain legs for the sink.

  • What is the final deal Aaron Krause accepts in the scriipt?

    -Aaron Krause accepts a deal for $150,000 for 20% equity, with the understanding that the equity amount is too high and he would consider coming down to 20%.

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Ähnliche Tags
Scrub DaddyShark TankInvestmentCleaning ToolInventionProduct PitchEntrepreneurQVC SalesPatent PendingRetail Strategy
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