The Sharks Are Amazed When Ketchup Rolls Right Off Of Baobab's White Shirts | Shark Tank Global

Shark Tank Global
27 Dec 202109:33

Summary

TLDRTwo entrepreneurs, Brandon and Marcelis, pitch their company, Baobab, seeking $150,000 for 10% equity. They introduce their innovative polo shirt, made from Peruvian cotton with a proprietary fabric treatment called 'Beotch,' designed to resist stains and prevent 'bacon collar.' The polo features a hidden microfiber cloth for cleaning glasses. Despite a polished presentation, including their expertise in digital marketing, the sharks are skeptical due to low sales and a high valuation. Ultimately, the entrepreneurs leave without a deal, reflecting on what they believed was a 'perfect pitch.'

Takeaways

  • 🧑‍💼 The presenters, Brandon and Marcelis, are asking for $150,000 in exchange for 10% equity in their company, Baobab.
  • 👕 They created a polo shirt that addresses common issues like fading, shrinking, and 'bacon collar' after washing.
  • 🧵 The polo shirt is made from 98% Peruvian Pima cotton with 2% stretch, featuring a special stain-resistant treatment called 'BoTech.'
  • 📏 The shirt features a 'stay-flat' collar, and they have a provisional patent on this collar technology.
  • 💵 The company has done $85,000 in gross revenue but has a projected valuation of $1.5 million, which the sharks questioned.
  • 💻 They primarily sell online, using Facebook ads and digital marketing for customer acquisition.
  • 📈 Their cost per acquisition is $38, and they have a repeat customer rate of around 25%.
  • 👗 The Baobab shirt competes in a highly competitive men's fashion market, which made the sharks skeptical about differentiation.
  • 📊 The sharks pointed out the discrepancy between their projected $400,000 end-of-year sales and their current revenue.
  • 🚫 None of the sharks decided to invest, citing concerns about valuation, competition, and uncertainty around the founders' digital marketing expertise.

Q & A

  • What product are Brandon and Marcelis presenting to the sharks?

    -They are presenting the Baobab polo shirt, which they describe as the perfect polo shirt designed to solve common issues like fading, shrinking, and 'bacon collars'.

  • What makes the Baobab polo shirt different from traditional polo shirts?

    -The Baobab polo shirt is made from Peruvian Pima cotton and features a proprietary treatment called 'Beotch,' making it stain-resistant and durable. It also includes a 'stay-flat' collar to prevent the collar from curling.

  • What is the price point of the Baobab polo shirt?

    -The Baobab polo shirt is sold for $98.

  • What is the background of the founders, Brandon and Marcelis?

    -Brandon previously worked at companies like American Express, managing their mobile app, while Marcelis worked in media partnerships at companies like Hurst Media and Travelzoo.

  • How did Brandon and Marcelis fund the development of their product?

    -They raised $32,000 through a crowdfunding campaign in 2017, which they used to fund research and development for the Baobab polo shirt.

  • What are the sales figures for Baobab Polo so far?

    -They have made $85,000 in gross revenue and are projecting to close the year with $400,000 in sales.

  • Why did the sharks feel hesitant about the company’s valuation?

    -The sharks felt the $1.5 million valuation was too high, given their current sales figures of only $85,000. They were also unconvinced by the lack of unique proprietary technology.

  • What marketing strategy is the company using to sell their products?

    -Baobab primarily uses Facebook ads and online marketing, with a focus on building a community and staying connected to their customers through feedback and email communication.

  • What did the sharks think about the Baobab product and its potential?

    -The sharks thought the product was well-made and innovative, particularly with features like stain resistance and the stay-flat collar, but they were concerned about the highly competitive market for polo shirts and the founders’ ability to scale the business.

  • Why did the sharks ultimately decide not to invest?

    -The sharks were concerned about the company's valuation, low sales figures, and the founders’ ability to differentiate their product in a competitive market. They also felt that the digital marketing strategy wasn't sufficiently explained to justify an investment.

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Étiquettes Connexes
Fashion InnovationMen's WearStartup PitchTech-Infused ApparelCrowdfundingPeruvian CottonSustainable FashionDigital MarketingStain ResistanceShark Tank
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