Shark Tank US | Yono Clip Entrepreneurs Impress Daymond John

Summary

In this engaging Shark Tank pitch, Michael Green and Bob Mackey introduce the Yono Clip, an innovative suction device designed to keep personal items off dirty surfaces. The clip attaches to flat, non-porous surfaces and can hold bags, towels, and more, combating germs in public spaces. Despite its utility, the Sharks express concerns about market saturation and the product's perceived necessity. After a tense negotiation, they secure a deal with Damon John for 30% of their company for a $150,000 investment, validating their commitment to hygiene and innovation.

Takeaways

• 🌟 The Yono Clip is a simple device designed to help people avoid germs and dirt by not placing their belongings on the floor.
• 🏋️‍♂️ It's particularly useful in places like gyms, restaurants, coffee shops, public restrooms, and airports where surfaces may be dirty.
• 🤝 Inventors Michael Green and Bob Mackey from Atlanta, Georgia, are seeking $150,000 in exchange for 15% of their company.
• 💡 The clip works by attaching to flat non-porous surfaces, creating suction to hold bags and other items securely.
• 🧐 The clip can be used on vertical, horizontal, or diagonal surfaces, making it versatile for various situations.
• 🚫 The clip won't work on painted surfaces or bricks, limiting its usability in some environments.
• 💸 The clip sells for $20 retail, with a production cost of $10 when 3D printed, but the inventors aim to reduce costs with mass production.
• 🔥 They successfully raised $10,000 on Kickstarter in a day and have made $14,000 in sales within two months of launching.
• 🛠️ The inventors are at a prototyping stage, currently making the clips in their homes and garages.
• 🤝 The Sharks expressed concerns about the market and the product's utility, but also acknowledged the inventors' passion and potential.
• 💼 David John offered $150,000 for 30% of the company, which was accepted by the inventors after some negotiation.

Q & A

What is the main purpose of the Yono Clip?

The Yono Clip is designed to provide a hygienic way to hang bags, towels, and other items off the floor in places like gyms, restaurants, public restrooms, and airports to avoid contact with germs and dirt.

How does the Yono Clip work?

The Yono Clip works by attaching to any flat non-porous surface, such as metal, glass, or plastic. Users pull back the center lever to increase suction, and then hang their items on the center lever or carabiner clip.

What surfaces is the Yono Clip not compatible with?

The Yono Clip will not work on painted surfaces or bricks. It relies on creating a suction on smooth, non-porous surfaces.

What is the retail price of the Yono Clip?

The retail price of the Yono Clip is $20.

How much does it cost to produce one Yono Clip currently?

The current production cost of the Yono Clip, which is 3D printed in the inventors' homes and garages, is $10 per unit.

What was the initial funding method for the Yono Clip?

The initial funding for the Yono Clip came from a Kickstarter campaign, which raised $10,000 in a day, and total sales reached $14,000 within two months.

Why do the inventors need the investment from the sharks?

The inventors need the investment to transition from 3D printing to a molded design, which will reduce the cost of production from $10 to approximately $5 per clip.

What is the current production capacity of the Yono Clip?

With the current 3D printing method in their homes and garages, the inventors can produce only 10 to 15 Yono Clips per week.

What was the final deal offered to the Yono Clip inventors on Shark Tank?

The final deal offered was $150,000 for a 30% stake in the company.

What is the background of the Yono Clip inventors?

The inventors, Michael Green and Bob Mackey, met at a youth technology summit and have been friends since. Michael owns a company that presents interactive science shows, while Bob is involved with disadvantaged youth and was once a high school dropout who went on to achieve significant accomplishments.

What is the potential challenge for the Yono Clip in the market?

The potential challenge is that the product, despite its utility, faces a cluttered market and may not be perceived as a necessity by consumers, making it difficult to sell in large quantities.